Chris Skinner

MAY 3, 2020

In the latest example of a bank that couldn’t hack the digital bank market, RBS gave up on Bó last week. It surprised me as the bank only launched last November, to a fanfare of £100 million investment and the acquisition of the start-up they had been co-funding, Loot. The … The post Little Bó peeps … creeps … and sleeps … why big banks fail at digital banks appeared first on Chris Skinner's blog.

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PYMNTS

MAY 3, 2020

The road to recovery after the coronavirus pandemic is widely expected to be a winding one as businesses, consumers and officials work to figure how to restart an economy intentionally shut down roughly two months ago. It is a situation complicated by the fact that a roughly comparable event hasn’t occurred in the U.S. in over a century, meaning there is no living expert with any practical expertise at managing the fallout from an incurable pandemic.

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South State Correspondent

MAY 3, 2020

In these challenging times, both bankers and bank customers are stressed and exhausted. Typical schedules are disrupted, work environments are upended, and business models are challenged. Because this pandemic shock has brought us into new territory, there has never been a better time in modern banking history than now to enhance your value as a banker.

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PYMNTS

MAY 3, 2020

Corporate ransomware payment amounts rose sharply in the first quarter of this year, with a wave of coronavirus -related attacks and other peripherally-related cases because of complexities with shifting to remote work for many people, according to a Coveware blog post. The average ransomware payment, according to Coveware , a cybersecurity company, hit $111,605, a 33 percent jump from Q4 2019.

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Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Payments Source

MAY 3, 2020

The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope.

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BankBazaar

MAY 3, 2020

The COVID-19 crisis has spelled doom for our jobs. But will getting a job loss insurance help? Let’s find out. The writing is on the wall – it will take us another couple of years at least to recover from the COVID-19 crisis and the doom it has spelled for our jobs. In fact, until a vaccine develops and is made commercially available, which realistically speaking will take at least a year, we’re far from the end of this crisis.

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PYMNTS

MAY 3, 2020

Bó , the digital bank developed by U.K. High Street lender Royal Bank of Scotland (RBS), is being closed down by the British state-backed lender NatWest, following a six-month opening launch, according to a Yahoo Finance UK report. One of Britain’s largest banks, Bó had been positioned to compete with FinTechs like Monzo and Revolut. Instead, RBS said Friday (May 1) that it would “wind down Bó as a customer-facing brand” in only a half-year since the neo bank was rolled out to the public.

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American Banker

MAY 3, 2020

Many banks are slashing their spending. Others are changing their messaging strategies. And those that banks partner with pro sports teams are stuck in limbo, since it remains unclear when games will resume.

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PYMNTS

MAY 3, 2020

Payment solutions company GreenBox POS has announced a new Same Day ACH program to help businesses manage point of sale (POS) to business payments faster than usual, according to a press release. GreenBox said it saw the challenges in managing cash flow faced by clients during the coronavirus pandemic. Usually, an ACH payment issued before the day’s 6 p.m. cutoff time takes until the next day to go through.

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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

Lending

Payments Source

MAY 3, 2020

What works for regular commuters may not work for occasional riders, says OSPT's Jean-Philippe Wolyniec.

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PYMNTS

MAY 3, 2020

A lawsuit against Uber alleges that the company engaged in deceitful practices to drive its competitor Sidecar Technologies out of business in 2015, according to Reuters. The lawsuit by SC Innovations, Sidecar’s successor, has been allowed to go forward by Judge Joseph Spero in San Francisco. The lawsuit claims Sidecar, which was formed in 2012 and was the first company to offer ride-sharing practices, was crowded out of the business by Uber’s reportedly aggressive tactics.

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American Banker

MAY 3, 2020

Small businesses that received loans from the Paycheck Protection Program pandemic still don’t know how much they may have to repay after the government missed a deadline to give specific guidance.

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PYMNTS

MAY 3, 2020

Texas hospitality group Ashford Inc. is buckling under pressure and will return $70 million in Paycheck Protection Program (PPP) loan money it received due to the coronavirus pandemic, according to The New York Times. The network of hotels run by Texan Monty Bennett had dozens of PPP applications in the works totaling $126 million. The public outcry that the money should have gone to the neediest of businesses prompted the hospitality group to announce it would return the bulk of the money.

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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

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American Banker

MAY 3, 2020

The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope.

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Boston Payments 60

PYMNTS

MAY 3, 2020

Drivers for Uber will soon be required to wear masks in several countries, including the U.S., the company said. Representatives for Uber confirmed that this policy had been voted into action at a recent meeting. Masks are highly recommended by healthcare professionals as a way to reduce one’s chance of infecting others with latent cases of the coronavirus.

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The Financial Brand

MAY 3, 2020

The future of many communities will rely on the financial support of banks and credit unions beyond short-term stimulus packages. The post Banking Industry Must Support Consumers & Businesses Post COVID-19 appeared first on The Financial Brand.

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Industry Community Branding Digital Banking 39

PYMNTS

MAY 3, 2020

San Francisco tech startup founders are accepting tougher funding terms — if they can even get any money — as many announce layoffs, cuts and spending freezes amid the global coronavirus pandemic, according to the Financial Times (FT). “At least for the short term, gone are the days where it is a founder’s world,” Rachel Proffitt, a partner at the Silicon Valley-based law firm Cooley, told FT in a Friday (May 1) report.

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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.

Lending

The Financial Brand

MAY 3, 2020

Of the rest, nearly half say growth prospects are 'constrained.' A study identifies priorities and investments to change that outlook. The post Just ‘Surviving’ is Growth Plan for One in Three Financial Institutions appeared first on The Financial Brand.

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Study Branding Customer Experience Innovation Strategies 37

PYMNTS

MAY 3, 2020

China is experiencing a return to normal as travelers head to tourist locations after the country reopened following the global coronavirus pandemic, according to a report by the Financial Times (FT). In excess of 50 million tourism trips took place in China over the May Day holiday on Friday (May 1) and Saturday (May 2), state media indicated, as reported by FT Sunday (May 3).

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Chris Skinner

MAY 3, 2020

Things we’re reading today include … Mifid II influence spreads beyond EU borders Donald Trump pushes for an economic reopening Warren Buffett dumps US airline stocks, saying ‘world has changed’ after Covid-19 U.S. processes over $500 billion in small business loans to stem coronavirus fallout UK business confidence at all-time … The post Things worth reading: 4th May 2020 appeared first on Chris Skinner's blog.

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PYMNTS

MAY 3, 2020

Data from Google shows that residents of countries like Brazil, Japan and Singapore stayed home in April as the coronavirus hit them, worried and trying to stay healthy, while the U.S. and Australia broke lockdown rules, fatigued by the long time spent indoors. The data, taken from aggregated cell phone patterns, seemed to show disobedience with lockdown orders issued in March, but more compliance with those from April.

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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.

Lending

PYMNTS

MAY 3, 2020

Block.one, which is behind the EOSIO (EOS) protocol, now has a patent for a blockchain-based bidding system for promotional exposure for social media, according to Cointelegraph. The U.S. Patent and Trademark office approved the patent on April 28. The idea behind the program is to create a kind of bidding system where users can choose to compete to have their profiles displayed in better positions on popular trending posts.

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PYMNTS

MAY 3, 2020

American technology giant Intel has acquired Israel’s public transit app Moovit for $1 billion. Some 10 percent of the purchase price is anticipated to retain workers across the next two years. Founded in 2012, Moovit — based in the Israel town of Ness Ziona — has raised $133 million led by BRM Capital, Hanako, BMW iVentures, Sequoia Capital Israel and Vintage Investments Capital.

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PYMNTS

MAY 3, 2020

The U.S. government’s massive payouts of financial aid to health care providers of Medicaid and other programs have inadvertently resulted in taxpayer dollars going to companies or individuals under criminal or civil legal investigation. The payouts were reported by defense lawyers representing some of the firms and people at the center of the inquiries.

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