Bank Innovation
MARCH 6, 2019
Two real estate tech players, Compass and OpenDoor, each rather quietly raised $400 million from SoftBank in 2018, a year that included announcements like Credit Karma’s $500 million investment from Silver Lake and Plaid's $250 million raise that made it a unicorn. Meanwhile, JPMorgan Chase, Goldman Sachs and Citigroup all invested in real estate startups last […].
Chris Skinner
MARCH 6, 2019
There’s a lot of talk about trust when you meet with people in finance. Customers trust us with their money … there is trust in banks … we are trusted when it comes to advice … our brand is a trusted brand. I usually keep quiet as most of that … The post Trust me, I’m a banker … appeared first on Chris Skinner's blog.
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PYMNTS
MARCH 6, 2019
Global payments and receivables company Flywire enjoyed strong growth in 2018 that it plans to carry into this coming year and over $10 billion in total payments volume. Some of the company’s achievements last year included raising $100 million in new funding, expanding its presence in Asia-Pacific and EMEA and making significant gains in both regions.
Bank Innovation
MARCH 6, 2019
Generation X and baby boomers, not millennials, are driving adoption of P2P services like Zelle, according to a survey conducted by Early Warning Services, the network operator of the P2P service. The survey, titled "Digital Payments Adoption," found that 50% of first-time P2P users were age 45 and older. The report, released on March 4, […].
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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
Insights on Business
MARCH 6, 2019
“AI is not going to replace managers, but managers who use AI will replace the managers who do not,” Rob Thomas, IBM General Manager of Data and AI predicted at IBM Think 2019. [1] A 16 trillion dollar opportunity, AI will fundamentally change every business process, every role, and how organizations will impact their industries. AI implementation grew by 270% in the past four years, and 37% in just the past year, according to a 2019 Gartner study.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MARCH 6, 2019
Aberdeen, Washington, is a far Northwest outpost of JPMorgan Chase & Co., with one lonely branch perched near the Pacific, 2,900 miles from Wall Street. Now the bank is planning to depart the rainy timber town that gave the world Kurt Cobain. The next-closest Chase branch is 40 miles away. At the same time, JPMorgan […].
PYMNTS
MARCH 6, 2019
SnapPay, the Canadian cross-border payments company, and Alipay, the Chinese digital payments platform operated by Ant Financial Services, announced a collaboration Wednesday (March 6) that will enable Canadian Chinese grocery chain FoodyMart to accept Alipay. In a press release , the companies said consumers will be able to pay in Chinese currency at all locations including the Alipay Experience store, which is newly designed and located in Richmond, BC.
Bobsguide
MARCH 6, 2019
The second Markets in Financial Instruments Directive (Mifid II) presented a huge and ongoing task for firms with European exposures. The volume of data reported along with transactions, as expected, have been staggering. Five months into implementation in mid-2018, the FCA noted in a.
PYMNTS
MARCH 6, 2019
The French government is going after U.S.-based internet companies, announcing Wednesday (March 6) the introduction of a digital tax that will impact companies including Google, Facebook, and Amazon. According to a report in CNBC , France’s finance minister announced the 3 percent tax, saying it will apply to about 30 big companies, mainly from the U.S.
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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
MARCH 6, 2019
There may be plenty of fish in the sea, but there's also plenty of phishers. In today's digitally-driven culture, many people find their future spouse by dating online — and there are even financial advantages to doing so — but there are also major risks.
PYMNTS
MARCH 6, 2019
PayPal said on Wednesday (March 6) that it has provided more than £1 billion in financing to small businesses in the United Kingdom through its Working Capital program. As has been reported, the company’s capital lending program lets companies receive cash advances against future revenues. The company said in a statement that the total amount of funding advanced to firms was up 60 percent, reaching that £1 billion tally in 2018.
Bobsguide
MARCH 6, 2019
A regulatory sandbox is a framework that allows fintech start-ups and other innovators to conduct live experiments in a controlled environment under a regulator’s supervision. Nicole Sandler, vice president, fintech and regtech, EMEA legal lead, Barclays, says that “one of the.
PYMNTS
MARCH 6, 2019
Twitter Chief Executive Jack Dorsey is spending thousands of dollars per week to purchase bitcoin, betting the digital currency’s value will rise again. The Independent , citing comments Dorsey during a 30-minute interview on a Tales from the Crypto podcast, reported that in recent weeks, he had maxed out the $10,000 spending limit on his payment company Square’s Cash App buying bitcoin.
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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
MARCH 6, 2019
Amazon’s an attention machine, making its reported attention to Mexico’s criticized mobile payment project something banks have little choice but to see as a welcome development instead of a threat.
PYMNTS
MARCH 6, 2019
Walmart CFO Brett Briggs said that even though the retail giant anticipated the regulatory changes in India regarding foreign eCommerce companies, it was disappointing that things happened so quickly, according to reports. Briggs was speaking on a Raymond James Institutional Investors Broker conference call when he made the comments. “We will have legislation changes, we know that, and you work your way through it.
Insights on Business
MARCH 6, 2019
If you’re a parent, you have most likely discovered the benefit of technology to help keep your children safe. Tech like video cameras can assure you your child has made it home from school, while apps can let you know your child’s location or notify you if they’re speeding while driving, or can even tell you how much time they’re spending on social media.
PYMNTS
MARCH 6, 2019
The Federal Trade Commission (FTC) has requested comment on the proposed amendments of two rules that protect the privacy and security of customer data held by financial institutions (FIs). The proposed changes are related to the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act. The Safeguards Rule, which went into effect in 2003, requires FIs to develop, implement and maintain a comprehensive information security program.
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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.
Bobsguide
MARCH 6, 2019
One of the biggest challenges facing banks, issuers and retailers around card-not-present (CNP) fraud is the fact that a majority of payments and transactions are still being processed on decades-old technology. When this technology was put in place, no one could imagine a world where CNP.
PYMNTS
MARCH 6, 2019
Most have heard of the Amazon effect, and the Uber effect. It’s no secret that those tech behemoths are helping to shape consumer expectations about the ways we shop and pay — the whole continuum of action across transactions is streamlined, efficient and fast. If there’s one word that defines it all (what consumers and merchants want, and are pursuing in a world where omnichannel is a Holy Grail across brick-and-mortar and online activity), it would be “frictionless.”.
Insights on Business
MARCH 6, 2019
Evaluating and selecting a Sales Performance Management (SPM) solution can seem like a daunting task when you have not been part of this process for other enterprise solutions in the past. Typically, when an organization is evaluating and selecting a new CRM, ERP, HRIS or other enterprise solutions, the task is assigned to the IT or systems group. However, it’s not uncommon for sales, HR or compensation leaders to be the functional team members that are identified as the best team for selecting
PYMNTS
MARCH 6, 2019
Amazon will shutter all 87 of its pop-up stores in the United states by the end of next month, according to a report in The Wall Street Journal. The move would end the proliferation of the small shops in malls, Kohl’s stores and Whole Foods in 21 states. The stores are only about a few hundred square feet and have devices like Alexa-enabled speakers and Kindles.
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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
MARCH 6, 2019
Adding new mobile payment methods and integrated platforms can take some of the sting out of processing issues for small to medium sized businesses, according to Tina Hsiao, vice president of risk and chargeback operations at WePay.
PYMNTS
MARCH 6, 2019
Might one leg of the trade war between China and the United States have fallen away? As the Associated Press reports , China will stop demands that overseas firms give access to their trade and tech secrets to the government — a handover that up until now has served as a key to enter the much coveted Chinese market. At this writing, that policy change has yet to be enacted into law, but such a shift might be codified soon.
Payments Source
MARCH 6, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon may join Mexico's mobile pay program; Revolut faces another compliance query; Gaming clips company Medal adds payments; Square co-founder Tristan O'Tierney dies.
PYMNTS
MARCH 6, 2019
Grab , the Southeast Asian ride-hailing startup, has raised more than $4.5 billion in a round of funding led by SoftBank ‘s Vision Fund. According to a report in The Financial Times, Grab said SoftBank’s Vision Fund accounted for a third of the investment. The ride-hailing startup said the most recent fundraising effort was the largest private investment round to hit Southeast Asia.
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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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