Bank Innovation
NOVEMBER 12, 2018
INV Fintech, Bank Innovation’s sister accelerator, has announced its sixth accelerator class, which begins this week with six unique startups seeking to revolutionize financial services. The six startups were selected for participation after a rigorous review process by INV Fintech and its partners, which include Fiserv, TIAA, BB&T, Standard Bank of Africa, and Texas Capital Bank. […].
PYMNTS
NOVEMBER 12, 2018
As the U.K. continues its move to adopt the ISO 20022 payments messaging standard, the Bank of England is reportedly planning to create a panel aimed at streamlining the adoption of the standard for more efficient payments in the country. In a press release issued last week, the Bank of England said that it, along with Pay.UK, is inviting interested parties to join its Standard Advisory Panel to help guide adoption of the payments messaging standard across the New Payments Architecture (NPA).
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Bank Innovation
NOVEMBER 12, 2018
MUFG Bank and Banco Bradesco will use distributed ledger technology from Ripple, a San Francisco-based software vendor specializing in global real-time settlements, to create a new cross-border payment service between Japan and Brazil. A recently-signed memorandum of understanding between Tokyo-based MUFG and São Paulo-based Bradesco extended an existing 2017 collaboration agreement, although the relationship between the […].
PYMNTS
NOVEMBER 12, 2018
Nordstrom has suffered a data breach that exposed employee names, Social Security numbers, dates of birth, checking account and routing numbers, salaries and more. According to The Seattle Times , a company spokesperson confirmed that employees received an email notification and apology from Co-president Blake Nordstrom last week regarding the breach.
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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
NOVEMBER 12, 2018
MUFG Bank and Banco Bradesco will use distributed ledger technology from Ripple, a San Francisco-based software vendor specializing in global real-time settlements, to create a new cross-border payment service between Japan and Brazil. A recently-signed memorandum of understanding between Tokyo-based MUFG and São Paulo-based Bradesco extended an existing 2017 collaboration agreement, although the relationship between the […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
NOVEMBER 12, 2018
INV Fintech, Bank Innovation’s sister accelerator, has announced its sixth accelerator class, which begins this week with six unique startups seeking to revolutionize financial services. The six startups were selected for participation after a rigorous review process by INV Fintech and its partners, which include Fiserv, TIAA, BB&T, Standard Bank of Africa, and Texas Capital Bank. […].
PYMNTS
NOVEMBER 12, 2018
In the connected age, consumers have more ways to interact with retailers than ever before. While brick-and-mortar stores are still popular with shoppers, they are also looking to new channels to buy clothes or their weekly groceries. Simply said, consumers are turning to their mobile devices to make purchases that they might have once made in a brick-and-mortar store.
Insights on Business
NOVEMBER 12, 2018
Today, governance, risk and compliance (GRC) is being transformed by not only rapidly-evolving regulatory standards and growing costs of non-compliance, but also by the clear and present need for greater GRC adoption/engagement – by the first line of defense – while delivering added value by empowering business users. A new IBM white paper – Transforming Governance, Risk and Compliance: Empowering the first line of defense with cognitive capabilities and enhanced user experience – reveals not on
PYMNTS
NOVEMBER 12, 2018
Online lender Social Finance (SoFi) continues to struggle, recording an adjusted loss of around $12 million during the third quarter before interest, taxes, depreciation and amortization. The FinTech company has now recorded losses for the second consecutive quarter. In August, it posted a second quarter loss of about $200 million. According to The Wall Street Journal ( WSJ ), the earnings losses follow an adjusted profit of $56 million in Q3 of 2017.
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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
Matt Wilcox Pro
NOVEMBER 12, 2018
Hi. I’m Matt and I’m a Millennial. (The group responds: Hi Matt!) These days bankers spend a lot of time analyzing Millennials, which is to say, people between the ages of 18 to 37. (Or it is 22 to 38? 20 to 36? No one seems to agree.) And no wonder. We are digital banking’s [.
PYMNTS
NOVEMBER 12, 2018
Ripple , the cryptocurrency startup behind the XRP tokens, and its affiliated defendants have filed documents to move a consolidated class action lawsuit to federal court. According to CoinDesk , Ripple lawyers want the suit to be moved from its previous venue at the San Mateo Superior Court to the U.S. District Court in the Northern District of California.
Payments Source
NOVEMBER 12, 2018
A multichain architecture that allows synergy between different platforms is the only viable option for ambitious applications, writes Evan Kereiakes, core researcher at Terra.
PYMNTS
NOVEMBER 12, 2018
Another exit scam has hit the crypto world. This time, South Korean blockchain company Pure Bit has reportedly stolen $2.7 million worth of investors’ money after raising 13,000 Ethereum in an ICO. According to The Next Web , hours after moving all raised funds out of its wallet, the company shut down its website, deleted its social media accounts and kicked all users off its chat group.
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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
NOVEMBER 12, 2018
Taking a cue from his previous success in commercial cash checking services, Conext CEO Michael Casalini hopes a Venmo-style mobile app that supports a quick conversion of checks to digital money can attract small businesses.
PYMNTS
NOVEMBER 12, 2018
The Centers for Medicare and Medicaid Services ( CMS ) confirmed on its website that it was the victim of a data breach in October — the Marketplace system used for agents and brokers was hacked. In a statement on HealthCare.gov, the government agency said the breach allowed “inappropriate access to the personal information of approximately 75,000 people who are listed on Marketplace applications.
Payments Source
NOVEMBER 12, 2018
Hotel and airline breaches have become far too common, according to Pravin Kothari, CEO of CipherCloud.
PYMNTS
NOVEMBER 12, 2018
Walmart plans to bring an Intelligent Retail Lab to a Levittown, New York, store to experiment with customer and associate experiences. The idea is to apply artificial intelligence (AI) technology to a grocery store as opposed to a warehouse club setting, according to reports. In one case, the retailer could use the technology for inventory: It could reorder items when a store is running low.
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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.
Payments Source
NOVEMBER 12, 2018
Think of Western Union, and its yellow placard advertising an agent location comes to mind. It's a physical branding and marketing component that few money-transfer providers can match — but one that's of diminishing value in a digital world.
PYMNTS
NOVEMBER 12, 2018
Dollar Shave Club first made a name for itself with a solid concept — and a series of very entertaining ads that brought the inexpensive razor company into the national consciousness. The problem it was founded to solve was simple: buying a razor was a miserable experience that cost too much. “The problem that we’re solving at the very basic level, and that we have been very focused on for the last couple years, has been that razors are really expensive in the store.
CFPB Monitor
NOVEMBER 12, 2018
This afternoon, Pew Charitable Trusts will host an event in Washington, D.C. focusing on Ohio’s Fairness in Lending Act. Enacted in July 2018, the Act places new limitations on payday loans including an interest rate cap, a limit on the total cost of a loan, and other structural restrictions. The Act is viewed as a significant victory for consumer advocates with the potential to be followed through legislation in other states or through ballot initiatives.
PYMNTS
NOVEMBER 12, 2018
Lyft , the ride-hailing company that reached 1 billion rides in September, announced news on Monday (November 12) that it is gearing up to roll out a loyalty program dubbed Lyft Rewards. In a company blog post , Lyft said the program is being launched in the coming weeks for select passengers. The ridesharing firm already has the All-Access Plan , which it introduced in October, that’s geared toward those who take Lyft rides frequently.
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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
NOVEMBER 12, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Walmart's testing new retail tech; The no-cashier market's getting more crowded; U.K. businesses win ATM tax case; Contactless spreads for trivia contests.
PYMNTS
NOVEMBER 12, 2018
Singapore bank DBS is introducing a new solution for small businesses to embrace digital payments and better manage cash flow, according to an announcement on the FI’s website late last week. Dubbed DBS MAX, the solution is a mobile-based QR code payment tool that lets small and medium-sized businesses receive payment from both consumers and business partners.
ATM Marketplace
NOVEMBER 12, 2018
Navigating blockchain, regulatory and fintech trends can be a challenge. The Financial Services Data Security Summit, sponsored by Networld Media Group and Thales eSecurity, can help provide some clarity on these topics.
PYMNTS
NOVEMBER 12, 2018
Alibaba has set a new Singles Day sales record, generating more than $30.8 billion during the 24-hour shopping event. In Chinese currency, gross merchandise value (GMV) totaled 213.5 billion yuan, beating last year’s figure of 168.2 billion yuan — a nearly 27 percent year-on-year rise. However, it was smaller than the 39 percent year-on-year growth in 2017, according to CNBC.
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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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