Tue.Oct 15, 2019

Mister Bó Jangles: the story of yet another new UK challenger bank

Chris Skinner

Like quite a few big banks, the Royal Bank of Scotland (RBS) has been messing about with doing digital by launching a number of new initiatives. The two of most note are Bó, a new retail bank, and Mettle, a service for small to medium enterprises (SMEs).*

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App security an issue when banks partner with fintechs

Mobile Payments Today

As banks strive to offer customers good online experiences, they often partner with a variety of fintechs. But how do they ensure that their apps are secure

Things worth reading: 16th October 2019

Chris Skinner

4 ways banks and credit unions can stay ahead of fintech startups

Mobile Payments Today

With the intensifying competition from fintech startups, financial institutions need to step up their game, especially when it comes to digital, or they risk losing ground to these newcomers

For Citi, cards are driving multi-product relationships

Bank Innovation

To Citibank, the world’s largest credit card issuer, cards are driving revenue and deeper relationships with the brand. On Tuesday, the bank reported that, in North America, revenue from branded cards grew 11% to $2.3 billion.

4 keys to a successful retail digital engagement strategy

Mobile Payments Today

As digital channel growth shows no sign of slowing down, it represents a significant revenue opportunity for brands, retailers and other consumer-facing businesses. But what does an effective strategy look like and how can businesses successfully create and execute against it

Digital-only bank partnerships reap benefits for retailers

Bank Innovation

Challenger banks are on the rise for attracting modern consumers who seek banking alternatives that are convenient and more affordable. In order for traditional banks and credit unions to compete, launching a digital-only bank has quickly become a survival strategy.

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More Trending

Mobile users drive deposit growth at Bank of America

Bank Innovation

For Bank of America, mobile and digital channels are sustaining its retail business. In a third-quarter earnings call Wednesday, CEO Brian Moynihan stressed the importance of digital banking offerings that are complemented by human support.

New Wahlburgers App Offers Order-Ahead And Rewards

PYMNTS

Wahlburgers, the burger bar and restaurant made famous for its association with movie star Mark Wahlberg, as well as a popular TV show, has introduced a mobile ordering app that offers exclusive rewards for users. The app allows customers to order on their phones, and to access limited-time offers, a store location feature and some exclusive content. The app is also linked to the WahlClub loyalty program. For every dollar spent using the app, customers will get a loyalty point.

Google’s payday loan app ban adds pressure on high-interest lenders

Bank Innovation

Google Play is banning digital lenders whose products have APRs of 36% or higher, per a Wall Street Journal report Sunday. While the move may be seen as pro-consumer, it’s a sign lenders have more than just regulatory compliance to consider in the evolution of their product strategies.

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The Difference Between Succeeding and Trying

Credit Union Geek

A few years ago, I had the pleasure of attending a Tony Robbins event. If your mental picture is a large gathering of people looking to become more positive through “ra ra” activities, then you’re half right. It is an enormous group of committed individuals. At a typical event, there are over 4,000 people in attendance. […]. The post The Difference Between Succeeding and Trying appeared first on Credit Union Geek.

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Wells Fargo sees modest growth in ‘digital active’ customers

Bank Innovation

Wells Fargo’s digital strategy is showing results. In an earnings report Tuesday, the bank confirmed it had 13.2 million “digital active” customers in the third quarter of 2019, up 4% year over year. The bank also saw a 7% increase in mobile-first customers.

Walmart Takes Part In $71M Funding Of Smart Lock Firm

PYMNTS

Smart lock startup Level Home has raised over $71 million in funding from Walmart, Hut 8 Ventures, and home construction and real estate company Lennar. Founded in 2016 by Apple vets John Martin and Ken Goto, Level Lock: Bolt Edition claims that it can transform any deadbolt into a connected lock.

African fintech migrates to Europe

Daily Fintech

Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia.

Top News In Payments: Contactless Payments Rise In UK; Libra’s Initial Members Sign Charter

PYMNTS

Today in the payments news roundup, UK Finance data indicates that contactless payments in the country continue to grow. Also, the 21 initial members of the Libra Association formally signed the organization’s charter. And AMC Theaters , the largest movie theater chain in the U.S., is rolling out an on-demand video service. AMC Theaters Gets Into Streaming With On-Demand Movies. The largest movie theater chain in the U.S., AMC Theaters , is rolling out an on-demand video service.

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iReceivables Blog Series – Part 2

Perficient Financial Servies

In Part 2 and the last of my iReceivables blog series I will dive deeper into some of the application’s cool features, review a feature and its related issues that are not so cool and finally give tips for a successful implementation as I had promised to do in my iReceivables blog series-Part 1.

Citi’s ‘Unpredictable Q3’ Sees Growth In Treasury Unit

PYMNTS

Citigroup had a flat third quarter but reported year-over-year gains in treasury and trade solutions services for that period. The financial institution, however, beat analysts earnings expectations — just barely — in what CEO Michael Corbat called an “unpredictable quarter.”.

How BNY Mellon is going further on AI

BankThink

The custody bank has deployed more than 300 bots and is using artificial intelligence throughout the organization. Artificial intelligence RPA Machine learning Clearinghouses/custodians Treasurys BNY Mellon

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Deutsche Investigated For Five-Year Delay In Reporting Suspicious Transfers

PYMNTS

Despite breaking off its relationship with Danske Bank in 2015, Deutsche Bank didn’t report more than a million suspect bank transfers until February of this year. The transfers weren’t reported until five years after they were flagged as suspicious by a whistleblower, Reuters reported, citing an unidentified person familiar with the matter. Investigators in Germany are now trying to figure out whether the transactions were covered up for a reason, and who’s responsible for doing so.

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'I don't think we can ignore digital currency'

BankThink

Banks shouldn't let the legal and regulatory hurdles deter them, attorney Felix Shipkevich says. Digital currencies Bitcoin Digital payments Cryptocurrencies Regtech Fintech regulations

White-Hat Hacker Swipes 26M Stolen Credit Cards From Dark Web

PYMNTS

Data from more than 26 million credit and debit cards was stolen from BriansClub, an underground marketplace for stolen credit card information, KrebsOnSecurity reported Tuesday (Oct. The hacked records were lifted from online portals as well as brick-and-mortar retailers over the past four years. The hacked info includes almost 8 million records added to BriansClub in 2019 alone.

Shopmatic acquires CombineSell to unify omnichannel selling

The Paypers

(The Paypers) Ecommerce company Shopmatic has acquired CombineSell , a Software as a Service (SaaS) platform that automates multichannel ecommerce selling by aggregating online marketplaces into one platform

JPMorgan, Citi, Wells See Strong Credit Card Growth In Q3

PYMNTS

In third-quarter earnings, credit card results at Citigroup Inc. JPMorgan Chase & Co. , and Wells Fargo & Co. were a highlight. Nomura’s Bill Carcache noted that card performance was a “bright spot” and pointed out that he’s more bullish on card issuers than banks, Bloomberg reported. JPMorgan was the leader of the group. It had the quickest rate of growth at 8.1 percent year-over-year.

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Emirates NBD signs MoU on blockchain trade finance solutions in Dubai

The Paypers

(The Paypers) The Dubai Chamber of Commerce and Industry has signed a memorandum of understanding (MoU) with Emirates NBD on trade finance solutions

New Facebook Portal Offers Enhanced Camera Privacy Options

PYMNTS

Facebook ’s latest Portal has placed a bigger emphasis on privacy as the company looks to reassure users their information is safe in its hands. Launched in 2018, the original Portal featured only a small piece of plastic that clipped over the camera. The new version comes with a three-position physical button that can open the camera and mic, cover the camera but keep the mic on, or disconnect both the camera and the mic. “[The

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Citi’s digital-first deposit strategy paying off — for now

BankThink

CEO Michael Corbat said he “wouldn’t rule out” building branches to keep the momentum going. Consumer banking Consumer lending Credit cards Deposits Digital banking Michael Corbat Citigroup

IMF: World Economy Will Grow Only 3 Pct In 2019

PYMNTS

As the self-inflicted wounds of the trade war between the U.S. and China have made for a “precarious” economic state, the International Monetary Fund (IMF) said worldwide growth is slated to drop to its slowest rate since the global recession in 2009. Tariffs have cooled investment and business confidence, which has forced central banks to reduce interest rates and left the worldwide trade in goods nearly stagnant, the Financial Times reported.

High-cost lenders already seeking ways around crackdown in California

BankThink

A law signed last week by Democratic Gov. Gavin Newsom caps interest rates on installment loans. But three large lenders are looking to avoid its restrictions by partnering with banks. Consumer lending Licenses and charters Payday lending Gavin Newsom OCC California

Reserve Bank Of India Provides Guidelines For Payment Systems

PYMNTS

The Reserve Bank of India (RBI) has set forth guidelines for “on tap” authorization for various payment systems, including the Bharat Bill Payment Operating Unit (BBPOU), Trade Receivables Discounting System (TReDS) and White Label ATMs (WLAs). The Economic Times is reporting that the guidelines include the minimum amount of net worth required, among other guidelines, in an attempt to foster innovation and competition.

Wells Fargo takes $1.6 billion legal charge, dragging down 3Q earnings

BankThink

Investors got a reminder that the bank isn’t past its problems even as it seeks a fresh start under a new leader. Disputes and judgments Regulatory actions and programs GSIBs Earnings Charles Scharf Wells Fargo

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Wells Fargo Misses On Earnings; Net Income Drops 23 Pct.

PYMNTS

Wells Fargo managed to a slight beat when it came revenue predictions when it announced earnings earlier today (Oct. 15) — but on the whole, there were more misses than hits by the numbers as the bank continues to recover for troubles that started to emerge with the account creation scandal of 2016.

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Former Municipal CU Board Chair Arrested

New York's State of Mind

On Friday, the U.S. Attorney for the Southern District of New York filed charges against State Supreme Court Justice and former Municipal Credit Union Board Chairwoman Sylvia Ash. Prosecutors allege that Ash intentionally obstructed the investigation into Kam Wong’s embezzlement of millions of dollars from the credit union. Investigators also arrested James Gagliardo, a retired […].

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US Accuses Turkey’s Halkbank Of Plot To Evade Iran Sanctions

PYMNTS

The U.S. has accused Halkbank , one of Turkey’s largest banks, of participating in a scheme to evade sanctions against Iran. In an indictment filed on Tuesday (Oct. 15) in Manhattan federal court, prosecutors alleged that the plot involved high-ranking government officials in Iran and Turkey. Halkbank’s systemic participation in the illicit movement of billions of dollars’ worth of Iranian oil revenue was designed and executed by senior bank officials,” said U.S.

11 Ways Retirement Has Changed Over the Last 25 Years

Money Crashers

The only constant in life is change. But it’s shocking how quickly the notion of retirement has changed in recent memory. A century ago, there was no Social Security, Medicare, or health insurance.

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Coinbase CEO Calls Senators’ Libra Opposition ‘Un-American’

PYMNTS

The CEO of San Francisco-based Coinbase , Brian Armstrong , had some strong words for U.S. senators he accused of intimidating other companies to drop out of the Libra project, Facebook ’s proposed cryptocurrency. The Express reported that Armstrong called the senators “un-American” for their tactics.

JP Morgan Bank Earnings Beat Expectations, What it Means for Banks

Banking Exchange

The bank outperforms its rivals. Retail Banking Financial Trends Feature Management Feature3 Performance Lines of Business. 1Retail Banking

True Balance FinTech Targets India Market With $23M In Funding

PYMNTS

South Korean startup True Balance announced that it has raised $23 million in a Series C funding round. Seven Korean investors — NH Investment & Securities, IBK Capital, D3 Jubilee Partners, SB Partners and Shinhan Capital, as well as existing partners IMM Investment and HB Investment — participated in the round.