Tue.Aug 13, 2019

A bank that runs accounts for just 50 cents a year

Chris Skinner

I recently attended a FinTech conference where Henry Ma, Vice President & Chief Information Officer of WeBank, presented an update of how the bank is faring in China. For those unaware, WeBank is the offshoot of WeChat Pay, WeChat and Tencent, and focsuses upon financial inclusion in China.

Fintechs, banks target Gen Z consumers with mobile apps, financial education

Mobile Payments Today

Fintechs and traditional banks are targeting Gen Z consumers, millions of whom have limited access to banking or credit, with targeted mobile apps and financial education

Mobile 209

Chris Skinner’s TEDx Talk

Chris Skinner

Well, I’ve always thought there’s a few accolades that would be good on the profile. Advisor to the White House, World Bank, World Economic Forum and United Nations all sounds good. Now I can add TEDx Speaker.

FTC Chair: Breaking Up Big Tech Is An Option

PYMNTS

The chief of the U.S. Federal Trade Commission (FTC) said he’d he’d be willing to break up tech companies if necessary, according to a report by Bloomberg.

Things worth reading: 14th August 2019

Chris Skinner

Things we’re reading today include … Danish bank launches world’s first negative interest rate mortgage Apple/Goldman Sachs: pay pals U.S. SEC to consider new guidance on investor use of proxy advisors What comes after Bretton Woods II?

Apple 175

Subscriptions Change How Online Gaming Plays To Win

PYMNTS

Video games have changed a lot since the early days of home gaming in the late 1970s and early ’80s. The graphics improved, the games got more expensive and elaborate and a whole lot more people from every walk of life are playing them.

Online 240

Challenger banks raise $649m in Q2 as investor confidence grows

Bank Innovation

Challenger banks are the single biggest segment among the fastest growing fintech startups, CB Insights reported Tuesday. According to the latest CB Insights’ State of Fintech Funding report, digital-only challenger banks raised $649 million across 17 deals in the second quarter of 2019.

More Trending

Achievement is a Moving Benchmark

Credit Union Geek

Originally published as feature article in February 2015 issue of student newsletter at my dojo, University Karate Center. Then published on CUInsight.com Training in martial arts isn’t easy. Same with any other sport or activity.

How Merchants Turn Showrooming Into A Sale

PYMNTS

It can be challenging to recall the fear brick-and-mortar retailers had of mobile commerce seven to 10 years ago.

Trends 233

Verrency, Coinify team up to enable crypto payments through banks

Bank Innovation

Payments provider Verrency and virtual currency platform Coinify are partnering to enable customers to carry out digital currency payments through their banks, Verrency CEO David Link told Bank Innovation.

FCA Agrees To 18-Month SCA Implementation Timeframe

PYMNTS

The Financial Conduct Authority said Tuesday (Aug. 13) that it has agreed to a phased implementation of the Strong Customer Authentication (SCA) rules slated to start taking effect beginning next month.

How Amex is using Resy’s platform to tailor offerings to customers

Bank Innovation

Fresh off the acquisition of restaurant reservation service Resy, American Express is using the platform to build customer loyalty and potentially offer customers more products.

What Cambodia’s Debt Crisis Means For Microlending

PYMNTS

There is a debt crisis slowly but surely building in Cambodia that could see millions of people losing their homes and family farms — the result of microlending run amok amongst 15 percent of the population.

Study 231

The power of precision: AI-driven predictive analysis versus Amazon’s HQ2 decision [Sponsored]

Bank Innovation

Making sense of massive amounts of unstructured data from news and other sources is complicated, but artificial intelligence can be leveraged to process large datasets to make intelligent predictions.

Faster Checkout Might Be The Key To Boosting Retail App Adoption

PYMNTS

In June, Costco launched a revamped digital membership app that allows members to use its mobile device rather than flashing a physical card upon entry and during checkout. Convenient? However, it can’t be used for in-app payments.

Retail 230

How Your Bank Can Pick Up 40 Basis Points of Margin

Banker to Banker

IMPROVING MARGIN Community banks face intense competition from different institutions and various industries. There is currently a market phenomenon that is creating an unusually challenging environment for community banks that compete for real estate financing.

More Than Pretty Pictures: The Rise Of Visual Commerce Boosts Retail

PYMNTS

For fans of retail or marketing history — or just fans of how people communicated in the past — reading old magazine and newspaper advertisement from, say, before the 1960s can be fun and illuminating.

Retail 215

Dressed to Sell

ABA Community Banking

How smaller banks looking for a turn at the M&A table can prepare for the best possible deal. The post Dressed to Sell appeared first on ABA Banking Journal. Community Banking Featured M&A

Payroll Faces Cyber Threats From All Sides

PYMNTS

Amid the growing list of cybersecurity concerns businesses must keep on top of, payroll is a growing target for attackers both inside and outside the enterprise. The latest cases of payroll-related cyber incidents reveal the vulnerabilities of the financial process of compensating employees.

Your data's just sitting there. Machine learning can change that.

BankThink

The technology can help banks get the most out of the vast amounts of information at their disposal. Consumer banking Dodd-Frank GDPR Customer data KYC Artificial intelligence Machine learning

Data 99

Amazon India Launches B2B App Marketplace

PYMNTS

Amazon India is rolling out an online marketplace to connect vendors on its platform to B2B services. Reports in the Economic Times of India on Monday (Aug.

eBook 214

Challenger banks rake in venture capital bucks

BankThink

Changing consumer attitudes about these companies and the emergence of open banking have made them appealing to venture investors, whose commitments rose 15% in the first half of the year. Digital banking Mobile banking Disruptors Venture capital Venture funding Fintech CB Insights

Back-To-School Season Fuels Retail Activity And Innovation

PYMNTS

You can probably tell by the happy looks on all the children’s faces, but in case not — back-to-school season is upon us. Not only is it a big time for retail but, in a sense, a kind of dress rehearsal for the upcoming all all-important holiday shopping season.

Retail 211

ASB bank invests in TradeWindow supply chain blockchain

The Paypers

(The Paypers) New Zealand-based ASB Bank has invested in blockchain startup TradeWindow to digitise international trade documentation

How Automation Helps Treasurers Weather The FX Volatility Storm

PYMNTS

The continuing uncertainty over Brexit and geopolitical volatility in the U.K. that has led to a depreciation of the pound are having widespread impacts throughout supply chains with touchpoints in the markets. Reports Monday (Aug.

Bango, Spotify partner for resale and bundling services

The Paypers

(The Paypers) Bango and Spotify have partnered to increase access to the audio streaming subscription service

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BoA: Amazon’s Prime Day Boosted Retail Sales In July

PYMNTS

A new report has revealed that Amazon’s Prime Day — along with promotions by other retailers — led to a boost in July retail sales. Michelle Meyer, Bank of America Merrill Lynch’s head of U.S. economics, told CNBC that she expects retail sales — excluding autos — to have risen by 0.6

Retail 209

FHFA reverses course, will let VantageScore pitch model to GSEs

BankThink

The regulator of the government-sponsored enterprises retreated from an earlier proposal that had barred VantageScore because of its ties to the credit bureaus. Credit scores GSEs Mark Calabria FHFA Fannie Mae Freddie Mac VantageScore Solutions FICO

Challenger Banks Raise Record Funds To Take On Traditional FIs

PYMNTS

Digital challenger banks are hoarding money to take on traditional banking competitors and have raised a total of $2 billion from eager investors, The Financial Times reported on Tuesday (Aug.

FDIC 205

Creative economy, micropayments and Bitcoin

Daily Fintech

Note; originally published Januuart 2016, republished August 2019 (as this becoming true about 4 years later) About 40% of the labor force in America will be self employed by 2020. Globally, including the developing world, well over 50% is self-employed. Whatever you call it – the free agent economy or the on demand economy or the […]. The post Creative economy, micropayments and Bitcoin appeared first on Daily Fintech.

In India, Dialing Up Blockchain Via Telecom

PYMNTS

Blockchain efforts — on a large scale — got a boost this week when Reliance Jio, the India-based mobile network operator, said it would set up one of the largest blockchain networks in the world.

VCs building an 'ecosystem' through fintech investments

Payments Source

VCs have been devoting more attention — and funding — to U.K.-based based digital remittance providers such as TransferWise, Revolut, WorldRemit and their smaller rival Paysend.

Can On-Demand Pay Stop QSRs’ Employee Churn?

PYMNTS

The faster payments landscape is changing rapidly, most recently with the U.S. Federal Reserve’s announcement that it will launch its own real-time payment and settlement system called FedNow.

Level One deploys capital from IPO to buy Ann Arbor Bancorp

BankThink

The Michigan company will pay $68 million to expand in a high-priority market. Community banking M&A Growth strategies Capital Michigan

Why Local Powers Global Recurring Payments

PYMNTS

“Go West, young man,” or variations on that thought once served to point the way toward potential prosperity for workers and budding entrepreneurs.

Bitfury launches artificial intelligence unit

The Paypers

(The Paypers) The Bitfury Group , a Europe-based blockchain company, has launched its artificial intelligence (AI) division

ASB Bank Invests In Blockchain Trade Tech Startup TradeWindow

PYMNTS

Australia and New Zealand-based ASB Bank has acquired a stake in a New Zealand startup developing a blockchain-powered trade management solution. Reports in Scoop.co.nz said Monday (Aug.