Chris Skinner
SEPTEMBER 5, 2018
I recently blogged about JP Morgan Chase spending $10 billion a year on technology of which $3 billion goes into new projects. There were then several other announcements that caught my attention about Citibank and Bank of America investing similar amounts in digital. The question it prompted is: why are … The post We need to launch a digital bank?
Bank Innovation
SEPTEMBER 5, 2018
Since its February launch, PurePoint Financial, a hybrid physical/online neobank owned by Mitsubishi UFJ Financial Group, or more specifically MUFG Union Bank N.A., has gained 30,000 accounts, with $5 billion in deposits, and plans to build a mobile app. The app will have full banking functionality but have built-in solutions around checking, payments, PFM and offer […].
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PYMNTS
SEPTEMBER 5, 2018
Consumers want what they want, when they want it – and they want to be able to feel confident that they can trust what they choose, whether it’s shopping online, contemplating a connected car or choosing between a card and a mobile payment method. Trust means the transaction is secure , and also lives up to the customers’ expectations for the agreement.
Bank Innovation
SEPTEMBER 5, 2018
The digital banking service Varo Money announced last night it had received preliminary approval for a national banking charter from the Office of the Comptroller of the Currency, a division of the U.S. Treasury Department. As Bank Innovation previously reported, Varo raised $45 million for this purpose in January. Square CEO Jack Dorsey said his company was still […].
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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
Payments Dive
SEPTEMBER 5, 2018
More than 125 retail and restaurant executives gathered in Chicago last month for Networld Media Group's annual summit.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bobsguide
SEPTEMBER 5, 2018
Across financial services artificial intelligence (AI) is no longer the stuff of the future. It has been embraced by banks supported by third party fintechs, providers, and technology departments within banks keen to use their own resources to drive their use of the robotic process automation (RPA).
PYMNTS
SEPTEMBER 5, 2018
And, so, that was fast. In an about face that seems sharp enough to cause whiplash, Goldman Sachs seems poised to abandon its plans to establish a trading desk focused on cryptocurrencies. Reuters , in turn citing Business Insider, noted that the shift comes in the midst of an uncertain regulatory landscape. Business Insider said the news came from unnamed “people familiar with the matter.”.
Payments Source
SEPTEMBER 5, 2018
By transforming a traditional treasury into a cashless economy, cities will open the doors to wider and faster adoption of more complex smart city innovations, writes Sumeet Puri, senior vice president and global head of systems engineering at Solace.
PYMNTS
SEPTEMBER 5, 2018
In the 1961 movie “Breakfast At Tiffany’s,” Audrey Hepburn enjoyed a breakfast of a croissant and coffee while window shopping outside of the legendary store. It wouldn’t be until years later, however, that anyone, movie star or not, could actually purchase breakfast inside the store. That opportunity arose for customers last year, when the retailer opened the doors to a new eatery in its Fifth Avenue store called the Blue Box Café.
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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
Payments Source
SEPTEMBER 5, 2018
It’s possible for all types of companies to live in tandem and ultimately, benefit from this new business ecosystem, writes Khalid Fellahi, senior vice president and general manager of Western Union Digital.
PYMNTS
SEPTEMBER 5, 2018
Zara’s owner, and the world’s largest clothing retailer, Inditex , has announced that it will sell products from all of its brands on the web. “We want to make our fashion collections available to all of our customers, wherever they are in the world,” Chief Executive Pablo Isla said. “Even in those markets which do not currently have our brick-and-mortar stores.”.
Bobsguide
SEPTEMBER 5, 2018
According to the World Bank, almost 2.5 billion people in the world have no access to banking infrastructure, with an estimated 1.1 billion people unable to prove their identity – one in every seven individuals. These issues resonate in sub-Saharan Africa, where just four years ago, 66% of the.
PYMNTS
SEPTEMBER 5, 2018
Procurement’s digital transformation isn’t without its hiccups. Organizations are taking baby steps into eProcurement, digitizing supplier relationship portals, purchase orders, invoice management and payments, though not all businesses say their eProcurement efforts have paid off as much as they could, and should, be. The largest barriers to effective procurement digitization are familiar challenges.
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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.
Payments Source
SEPTEMBER 5, 2018
Blockchain technology has the potential to change the healthcare industry, placing the patient, at the center of the system by providing added security, privacy and interoperability to health data and payments, writes Donika Kraeva, strategic communications manager for Dentacoin.
PYMNTS
SEPTEMBER 5, 2018
Suppliers and vendors may feel a lack of control when it comes to accounts receivable. Once an invoice is sent out, it may seem largely out of a vendor’s hands whether a customer pays on time, pays late — as is the case with so many invoices — or never at all. In the U.S., 51 percent of organizations have had to declare outstanding invoices as uncollectible because a customer has declared bankruptcy.
Payments Source
SEPTEMBER 5, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon Go adds its biggest store; Elavon buys a Virginia fintech; Line Pay gets a major cash boost; and more.
PYMNTS
SEPTEMBER 5, 2018
Property management software provider Yardi is enhancing its payments capabilities through a new partnership with Fifth Third Bank. Yardi announced in a press release on Tuesday (Sept. 4) that its Yardi Payment Processing solution will now enable its corporate customers to pay vendors using a virtual card, with the services provided by Fifth Third.
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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.
CFPB Monitor
SEPTEMBER 5, 2018
In a press release , the organizers of Varo Bank, N.A. announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which they claim “put[s] Varo on track to become the first all-mobile national bank in the history of the United States.”. In July 2018, the OCC announced that it would begin accepting applications for special purpose national bank (SPNB) charters from financial technology (fintech) companies.
PYMNTS
SEPTEMBER 5, 2018
Alipay, the mobile and online payment platform operated by Ant Financial Services , announced on Wednesday (Sept. 5) that it will collaborate with a wider range of local Japanese partners to build a cashless environment for tourists coming to Japan, in particular for the Tokyo Olympic Games in 2020. In a press release , Alipay said that by collaborating with Japanese partners, it will enable a large number of visitors coming from China to experience easy payment methods while providing an opport
Payments Source
SEPTEMBER 5, 2018
Technology developers have little choice but to see big data deals like Mastercard’s reported collaboration with Google as an opportunity for deep, actionable analysis, setting aside the chilling effect of privacy concerns and a consumer buy in.
PYMNTS
SEPTEMBER 5, 2018
Amazon announced on Wednesday (Sept. 5) that it is ordering 20,000 Mercedes Benz vans to expand its delivery fleet. According to The Wall Street Journal , citing Amazon, the vans will also be used for small businesses to carry an excess supply of packages. Judging by the orders for the vans, the company expects 500 or more delivery companies to join its program.
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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.
Payments Source
SEPTEMBER 5, 2018
While the card networks have greatly benefited by the global boom in e-commerce, they are confronted with the corresponding growth in digital advertising. This will increasingly lead them to seek out data-sharing deals like Mastercard's reported arrangement with Google, which could prove vital to the networks' future survival.
PYMNTS
SEPTEMBER 5, 2018
To reach local customers in their own language, Amazon is rolling out support for Hindi on its India apps and website. The move comes as the eCommerce company reportedly wants to make the country into a major market, The New York Times reported. “The next 100 million customers will have to be in the vernacular language,” Amazon India’s director of customer experience and marketing, Kishore Thota, told the newspaper.
Payments Source
SEPTEMBER 5, 2018
Counter to the trend — pioneered by Amazon — of launching cashierless technology in small stores to keep traffic under control, the U.K. supermarket chain Sainsbury’s has launched a trial of cashierless mobile shopping in one of its busy London stores, Clapham North Station Local.
PYMNTS
SEPTEMBER 5, 2018
A new survey from procurement and supply chain networking company Procurious suggests that procurement professionals’ jobs remain largely tactical, despite expectations for the field to evolve into a more strategic component of the enterprise. The Procurious blog highlighted a new survey of 590 procurement and supply chain professionals in an effort to examine how the industry will evolve in the coming decades.
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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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