Bank Innovation
MARCH 11, 2020
Simple, one of the first mobile-only banks in the U.S, is in the midst of rethinking its customer experience to keep pace with new expectations. To do this, it’s querying its customer base to understand pain points, an effort led by former Tesla executive Moin Moinuddin, who joined the company as vice president of engineering […].
PYMNTS
MARCH 11, 2020
From cash and coins to mobile wallets to wearables … to invisible payments. About 90 percent of purchases are still being made in-store, but the payment modalities are changing — and rapidly. To that end, said Matt Good, senior vice president and general manager of Elan Advisory Services , in an interview with PYMNTS, fledgling ways to pay — where wearables are wielded as payment instruments, and where mobile wallets replace leather ones — will soon become everyday methods.
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Bank Innovation
MARCH 11, 2020
NorthOne wants to bank “mom and pop” businesses across the U.S. and has raised $21 million in Series A funding to grow its product and customer acquisition efforts. The company is targeting brick-and-mortar small businesses that may benefit from digitized finance and accounting capabilities. It partners with Radius Bank to offer branch-free banking, access to […].
PYMNTS
MARCH 11, 2020
To assist in bringing at-home testing kits for COVID-19, the disease caused by the coronavirus , to homes of Seattle-area residents, Amazon Care is reportedly in discussions with local health groups, according to a CNBC report. The talks have been occurring for over a week, according to unnamed sources. Amazon Care rolled out last fall as an experimental effort to provide employees and dependents in the area of Seattle with high-quality health care.
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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
MARCH 11, 2020
WSFS Bank is working with Intain, a blockchain firm based in Chennai, India, to help automate capital markets transactions. The Wilmington, Del.-based bank, a subsidiary of WSFS Financial, said it’s using Intain’s blockchain-based tool to facilitate trustee reporting for asset-backed securities transactions. This collaboration allows automation of a reporting requirement that is usually done manually, […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MARCH 11, 2020
At Royal Media, Bank Innovation‘s publisher, we take great pride in the value of our exceptional industry conferences and the effort we put into their production. We rightly view our more than a dozen annual conferences as crucial opportunities for business development in our industries. Equally, we are greatly focused on the health, safety and […].
PYMNTS
MARCH 11, 2020
Procede Software, which works in heavy duty and commercial auto dealer management systems and solutions, will team up with Nvoicepay to make strides in payment automation for dealerships, according to a press release. The two companies will use “intuitive cloud-based software and comprehensive services” to simplify payments for dealerships, making invoice processing easier for accounts payable (AP) teams via automation.
Bobsguide
MARCH 11, 2020
Blockchain’s place in capital markets remains uncertain as it threatens custodian revenues and raises questions over counterparties' roles, say market participants. According to Christopher Sier, chairman at ClearGlass and HM Treasury fintech envoy, despite the great potential.
PYMNTS
MARCH 11, 2020
To provide a personalized experience to its shoppers, Publix is debuting its Club Publix membership program, according to announcement. Current holders of accounts at publix.com will be enrolled in the offering automatically, while others can join the program by web, text or app. “We’re always looking for ways to create a more convenient and rewarding shopping experience for our customers that delivers more of what matters to them,” Mark Irby, Publix vice president of Marketing, said in the anno
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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
Jack Henry
MARCH 11, 2020
Do you remember the actor Ben Stein? My generation knows him as the monotone teacher in Ferris Bueller’s Day Off (“Bueller.Bueller.”). I’ll bet you didn’t know that his father, Herbert Stein, was actually the more famous member of the Stein family. Herbert was an economist of some repute to whom credit is given for Stein’s Law. Stein’s Law states that if something cannot go on forever, it will stop.
PYMNTS
MARCH 11, 2020
As the coronavirus continues to spread, international corporate trips have largely been suspended as the travel sector braces for an estimated revenue hit of $820 billion, Reuters reported on Wednesday (March 11), citing an industry survey. A survey by the Global Business Travel Association (GBTA) indicated that China has been the hardest hit, accounting for almost half of all travel-related losses.
Payments Source
MARCH 11, 2020
Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.
PYMNTS
MARCH 11, 2020
The Celo Foundation on Wednesday (March 11) rolled out its Alliance For Prosperity with 50 members, according to reports. The alliance, a Libra competitor, provides an avenue for developers to create decentralized apps based on Celo blockchain technology as well as U.S. stablecoin. Members include Andreessen Horowitz, Anchorage and Bison Trails, among others.
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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 11, 2020
As the fintech industry looks for ways to boost the number of women, crossover hiring – recruiting from traditional financial service firms to fintechs – has emerged as an effective strategy, according to Shearman & Sterling's Donna Parisi and NYC Fintech Women's Michelle Tran.
PYMNTS
MARCH 11, 2020
The coronavirus could have wide-reaching effects on restaurants, movie theaters, eCommerce and sporting events. Here are the latest updates on the coronavirus around the world. Businesses are putting into place paid leave for staff who are under quarantine or reconsidering their sick time policies for hourly workers, CNBC reported. Walmart , in one case, has implemented a policy for emergency leave on the heels of a store associate in Kentucky having a positive result for the virus.
Payments Source
MARCH 11, 2020
The Amazon effect in financial services will be much bigger than the one experienced by the retail industry—it will have a deeper impact due to the financial services industry being bigger and more vulnerable, and because consumers are now more comfortable with change, says TigerGraph's Todd Blaschka.
PYMNTS
MARCH 11, 2020
With personal interactions under scrutiny due to the COVID-19 disruption, it’s a good time for retailers to take stock of their mobile and online commerce capabilities and technologies. Several companies have stepped up this week with some innovative remote solutions. The first is Perfect. The company produces a virtual reality makeup app, YouCam, and counts beauty salons and health and beauty stores among its client base.
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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
MARCH 11, 2020
Capital One Financial Corp. requested that its employees work from home if they can, joining other companies in trying to stem the spread of the deadly coronavirus.
PYMNTS
MARCH 11, 2020
SpotOn, a point-of-sale payment solution company for small and medium-sized businesses (SMBs), has raised $50 million in a Series B funding round, according to a report by TechCrunch. The company also offers SMBs different tools to help them move forward, like appointment booking, loyalty services and marketing help. SpotOn had a strong 2019 and wants to capitalize on its momentum by expanding further.
American Banker
MARCH 11, 2020
Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.
PYMNTS
MARCH 11, 2020
Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. Fines related to noncompliance increased 160 percent between September 2018 and December 2019, in fact. This year also kicked off the implementation of the Fifth Anti-Money Laundering Directive (5AMLD), which included among its provisions requirements that cryptocurrency companies be more vigilant in preventing financial crimes from being commit
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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.
Banking Exchange
MARCH 11, 2020
More central bank action expected after Bank of England also cuts interest rate to offset COVID-19 effect on economy Consumer Credit Business Credit Mortgage Credit The Economy Bank Performance Feature Financial Trends Mortgage Mortgage/CRE Residential Commercial Blockchain Feature3.
PYMNTS
MARCH 11, 2020
Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). A California statue caps interest to an annual rate of 37 percent a year but out-of-state banks have figured out how to sidestep the law and use rates allowable where they are headquartered.
Banking Exchange
MARCH 11, 2020
MutualFirst’s merger with Northwest Bank has also taken a step closer with investor approval granted last week Management Feature Financial Trends M&A Feature3 Community Banking.
PYMNTS
MARCH 11, 2020
The passage of time is a bit unusual in financial services. With the digitization of the ecosystem and rapid emergence of FinTechs over the last decade, any company in business longer than six months old seems old, and anything that’s been around for more than five years seems ancient. In a world where adjectives like new, innovative and disruptive are vastly preferred over descriptors like experienced, established and knowledgeable, advanced age is not generally considered a major advantage.
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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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