Bank Innovation
JULY 31, 2017
Does your roboadvisor have too little automation, too much, or just enough to satisfy consumers? That’s the question robodavisory services should be asking themselves, according to Matt Wilcox, senior vice president of marketing strategy and innovation for Fiserv. The reason is that while automated investing services are becoming more mainstream in financial service, it’s the […].
Chris Skinner
JULY 31, 2017
The Turing test, developed by Alan Turing in 1950, is a test of a machine’s ability to exhibit intelligent behaviour equivalent to, or indistinguishable from, that of a human. Although there had been numerous claims that Eugene Goostman passed the Turing test, that simply is not true. Let us just say that he cheated the test in a lot of ways (further reading).
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Bank Innovation
JULY 31, 2017
Now that the Securities and Exchange Commission (SEC) has established that it will keep an eye on ICOs, the question remains: will other regulatory bodies follow? Early last week, the SEC released a report iterating that the DAO violated the law for failing to register its cryptotokens as securities. The SEC’s statement is its first […].
Chris Skinner
JULY 31, 2017
Things we’re reading today include … Japan’s biggest bank ‘set to move investment operations from London to Amsterdam’ because of Brexit Hack on Italy’s largest bank affects 400,000 customers Last-minute talks bid to halt first Bank of England strike in 50 years The 16 highest-paid CEOs in the world of banking HSBC profits rise as bank launches $2bn share buyback Banks settle currency manipulation claims for $111m What banks want to learn from Bletchley Park&
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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper
Bank Innovation
JULY 31, 2017
A brand new chapter of the bank transformation that has been going on for years is here, and it’s about virtual branches. Standard Chartered recently performed the biggest launch in history , with 9 countries and 5 million customers, and Citibank’s launch is expected to reach customers across 16 countries. But what exactly sets a virtual branch […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JULY 31, 2017
No one likes to sit on the tarmac. No one likes to chase their luggage across time zones due to logistics snafus. No one likes to be bumped from a flight. But just about everyone likes an apology when those things happen. And money, too. As many as 234 million people will take to the skies worldwide this summer alone, according to stats from industry trade group Airlines for America.
Let's Talk Payments
JULY 31, 2017
In the last decade, mobile payments have started taking hold worldwide as consumers ditch cash and cards, and instead use their smartphones to complete transactions. While many of the financial innovations we see.
PYMNTS
JULY 31, 2017
Is the credit union market ready for its close-up? It’s a market that is showing clear signs of growth. In fact, the federally backed National Credit Union Administration (NCUA) reported credit union membership grew by 4.3 million in Q2 of this year alone, with the value of loans held by credit unions now almost at $885 billion. To keep tabs on the latest developments in the credit union landscape, enter the PYMNTS Credit Union Tracker™, powered by CO-OP Financial Services.
Let's Talk Payments
JULY 31, 2017
We recently met with Jeff Schilling, Chief Security Office of Armor Defense, a cloud hosting company that takes security very seriously. Their focus on security (not just compliance) led to.
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In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202
PYMNTS
JULY 31, 2017
If a marketplace can work for aggregating goods from disparate providers, why not for services, too? After all, service industries make up more than three-quarters of the United States’ total GDP — and four out of five jobs. Why should merchants be the only ones who get to leverage the speed, convenience and low-friction environment of the online marketplace?
Gonzobanker
JULY 31, 2017
Are mobile wallets a threat to PayPal’s online payment dominance? In the past two weeks, PayPal has signed agreements with Chase, Citi and Bank of America, in addition to expanding its deal with Visa to issue Visa debit cards in Europe. Pretty dramatic shift in strategy for a firm that not so long ago threatened to challenge the existing world order in payments, no?
PYMNTS
JULY 31, 2017
A new report from FIS finds small businesses continue to feel fed-up with their big banks, despite a rebound in large bank loan approval rates for SME borrowers. The research, published last week, found that there are more aspects to small business banking than borrowing money that are frustrating SME customers. According to the FinTech’s latest “ Performance Against Customer Expectations (PACE) Report ,” SMEs are unhappy with a lack of options for high-tech products and services, and as more sm
Payments Source
JULY 31, 2017
The answer to develop self-service, machine learning tools that allow customers to take control of their data driven decision making, including fraud, writes Mark Goldspink, CEO of The ai Corporation.
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Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.
PYMNTS
JULY 31, 2017
“Everything must go” is typically a phrase reserved for big clearance or store closure sales. Speaking to the latter, what results from those brick-and-mortar stores shutting their doors can be devastating to many. After the last customer has been rung up and the last item has been sold from the store’s warehouse inventory, what’s left are usually several retail professionals looking for new employment.
Payments Source
JULY 31, 2017
In the next phase of India’s push to diminish the country’s heavy reliance on cash, the Reserve Bank of India has approved the rollout of a national electronic bill-payment system.
PYMNTS
JULY 31, 2017
The rumor mill is churning and, as of today (July 31), there have been futher talks of Office Depot potentially engulfing Staples ‘ brick-and-mortar locations. As PYMNTS recently reported , Staples was acquired by Sycamore Partners for $6.9 billion about a month ago. With 1,500 Staples store locations at its disposal, Office Depot would take the reigns on possibly the largest big box office supply retail chain in the country.
Jeff For Banks
JULY 31, 2017
The S&P 500 Bank Index is up 41% in one year. US Regional Banks' price-earnings multiple was 16.6x and price to tangible book value was over 2x (see chart). So are banks over-valued? It depends. One way to compare is to look at the p/e ratio compared to the market. The S&P 500 p/e currently stands at 24.6x. So it looks like bank stocks are not overvalued.
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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
PYMNTS
JULY 31, 2017
Visa , a global payments technology company serving more than 200 countries and territories, has announced two new appointments to its India and South Asia teams. The appointments are part of Visa’s ongoing efforts to fortify its leadership in the region. “At Visa, we take pride in our people, our biggest asset,” said TR Ramachandran, Visa’s group country manager, India and South Asia. “We are excited to have experienced professionals like Murali [Nair] and Manmeet [Vohra
Payments Source
JULY 31, 2017
Welcome to the PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: Uber and Lyft work on cards; U.K.'s big payment project; Blockchain collaboration expands; Amazon targets apartment delivery.
PYMNTS
JULY 31, 2017
Watch out, Netflix: Facebook is jumping on the original content bandwagon with its first exclusive spotlight shows set to premiere in mid-August 2017. Facebook hopes the move will help it siphon more revenue from the $70-billion TV advertising market and give it more space for ads beyond the crowded newsfeed. Of course, Facebook TV was supposed to go live last month, so there’s no guarantee people will be watching it by summer’s end, but it’s definitely on its way sooner or later.
Matt Wilcox Pro
JULY 31, 2017
With every Siri, Alexa, Google Assistant, and Cortana upgrade, conversations about AI—artificial intelligence—inevitably arise. Also inevitably, out roll the usual questions from definitions to ethics, usually set against the backdrop of a dystopian future. But in the here and now, the growth and status of AI-like applications portend no small developments for the financial services [.
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Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.
PYMNTS
JULY 31, 2017
Most people don’t immediately associate makeup with avid lovers of the outdoors. Cosmetics, on the whole, are often viewed as products for the more indoors, the sorts of people who like temperature and humidity control. Because, as any number of fish-out-of-water stories about “city slickers” roughing it in nature have pointed out, cosmetics don’t wear quite the same way in the wilderness.
Bobsguide
JULY 31, 2017
The US has always been more business-friendly than the Old World, and New York is peppered with temples to industry built by 19th century tycoons such as John D. Rockefeller and J. P. Morgan. Appropriate then that The Clearing House (TCH) in New York should be designing their real time payments.
PYMNTS
JULY 31, 2017
Taps. Can you hear them? They’re the almost-silent beat of the mobile ordering revolution. Loaded potato skins — tap. Pan-seared pot stickers — tap. Place order — tap. Mobile order-ahead technology has changed the game for restaurants, even for those that aren’t focused on speed. But could declining consumer appetite for downloading lots of individual apps (the mobile variety) add a new ingredient to the revolution?
Bobsguide
JULY 31, 2017
Earlier this month we wrote about the biggest fintech-fintech acquisitions of 2017 so far. Whilst fintechs are continuing to seek collaboration, they’re not the only ones looking to form strategic partnerships and acquisitions. Tier 1 banks and financial services are also eyeing up.
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
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