Mon.Oct 15, 2018

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It’s all about the data

Chris Skinner

Just continuing on the theme of how different industries can learn from each other, I used to work for NCR. NCR had several major industries they served: retailers, airlines, telcos and banks. The common thread across all of these industries was high frequency customer contact, and the challenge for all … The post It’s all about the data appeared first on Chris Skinner's blog.

Data 294
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From The Phone To Email: How Scammers Hit SMBs

PYMNTS

When Maryland Attorney General (AG) Brian E. Frosh issued a warning to the state’s small business (SMB) owners last week, he shed light on the fact that, despite business owners’ rising focus on cyberattacks, some scammers continue to use legacy tactics to target their victims. AG Frosh’s warning pertained to a specific small-business cybersecurity threat.

Maryland 192
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Banks can learn from airlines

Chris Skinner

The CEO of Australian bank Westpac says that we could all learn something from the airline industry. I agree, so here’s a learning story from United Airlines. Last week, I was having a moan on twitter about them. It’s an experience that I’m going to share, but this is not … The post Banks can learn from airlines appeared first on Chris Skinner's blog.

Industry 274
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Barclays Rivals Goldman’s Marcus With Digital Bank

PYMNTS

Barclays is ready to offer U.S. consumers a low-cost, digital-only bank that will directly compete with Goldman Sachs ‘s Marcus brand. Barry Rodrigues, CEO of cards and payments at Barclaycard International, told Financial Times that the new offering would “leverage Barclays’ U.K. knowledge and expertise” to create a checking account for its U.S. online bank, which already offers credit cards, savings and loans to 13 million customers.

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The State of Automation in Financial Services 2024 Report

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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Things worth reading: 16th October 2018

Chris Skinner

Things we’re reading today include … “World’s first design-led bank” Anna aims to attract creative businesses Former ‘Bad Bank’ Boss Accused Over Bribes, Banquets and Boudoirs China’s P2P lenders say regulation will fuel collapse Banks will not be forced to reveal climate change risks they face Bank of America profit … The post Things worth reading: 16th October 2018 appeared first on Chris Skinner's blog.

America 226

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Things worth reading: 15th October 2018

Chris Skinner

Things we’re reading today include … Terrifying moment giant PYTHON crashes through bank ceiling and scares staff Card clash: Mastercard is gaining market share in the UK payments market ECB should keep policy options open regardless of Fed Millennials and apps are shaking up asset management Barclays to challenge Goldman … The post Things worth reading: 15th October 2018 appeared first on Chris Skinner's blog.

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The Tale Of Two Malls In A Post-Anchor World

PYMNTS

It’s a tale of two malls: With closings of large anchor stores on the horizon, some mall owners would welcome the opportunity to find more profitable tenants. Other mall owners, however, find the loss of anchor stores to be a challenge. Either way, the news that Sears has filed for bankruptcy has brought to light the difference between malls – and how their owners may view the loss of a large anchor tenant differently.

Las Vegas 179
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Fintech Service Fragmentation and Innovation Are Just Getting Started

Bank Innovation

On the eve of the Money20/20 2018, where among the speakers are owners and top managers of Amazon, Virgin, Microsoft, and other giants, we interviewed Artem Timoshenko, the CEO of Maxpay, a payment processor with extensive risk management and fraud prevention expertise, on a few of the key trends in Fintech this year. Banking is […].

Fintech 150
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Supply Chain Management Fuels IoT Investment Boom

PYMNTS

A new study is predicting that Internet of Things (IoT) technologies will see a major boost in investment over the next five years, mostly due to projects in inventory and supply chain management. The data, from consulting and advisory firm Forrester Research’s report, “ Internet-Of-Things Spending Forecast, 2017 To 2023 (Global) ,” found that companies will spend $434.9 billion annually to design, plan, build, and run IoT solutions by 2023, an increase from $186.1 billion in 2017.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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John McCormick Joins Royal Media to Manage Content Production

Bank Innovation

John McCormick, a seasoned content executive, has joined Royal Media as Editorial Director. McCormick comes to Royal from SourceMedia, where he had the same title for 10 years. He was also a longtime senior editor at Ziff Davis. As Royal’s Editorial Director, a newly created position, McCormick will take responsibility for all Royal content production, […].

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Virgin Money Buyout By CYBG Receives All-Clear

PYMNTS

A court hearing late last week gave the all-clear for CYBG to complete its acquisition of Virgin Money for $2.24 billion, finalizing one of the largest bank mergers since the financial crisis, according to reports in Independent.ie on Monday (Oct. 15). The final approval followed clearance from the U.K. Financial Conduct Authority (FCA) and the Prudential Regulation Authority, as well as shareholders’ votes in favor of the deal.

Exercises 166
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JPMorgan Widens Lead as Mobile Banking Leader

Bank Innovation

JPMorgan Chase & Co. saw steady increases in active mobile and digital users, according to its 3Q18 earnings report released Friday. It remains the leader among the largest consumer banks in the U.S. in both digital and mobile users by millions of customers. The bank's 32.6 million active mobile customers who logged into mobile platforms within […].

Mobile 150
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Banks Turn To 3D Secure 2.0 To Fight Fraud

PYMNTS

Recent reports indicate an uptick in fraudsters targeting large FIs, and headlines surrounding security breaches and cyberattacks fill the news on a near-daily basis. According to the International Monetary Fund, banks and FIs could lose as much as $100 billion to cybercrime every year. As fraudsters continue to chip away at profits and threaten firms’ financial stability, security providers and banks alike are investing in solutions compliant with 3D Secure (3DS), protocols, which protect both

Fraud 165
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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Bank of America Improves in Mobile Users, But Falls Short on Digital Sales Goal

Bank Innovation

A few months ago, Dean Athanasia, president of consumer & small business at Bank of America, said his goal for the bank was to drive sales from digital channels up to 50% over the next 18 months. However, the bank has not made significant progress towards that goal yet. According to its 3Q earnings for […].

America 150
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Sears Files For Bankruptcy; To Close 142 Stores

PYMNTS

Sears Holdings made it official, filing for Chapter 11 bankruptcy Monday (October 15), gearing up to close 142 stores after decades of declining revenue and hundreds of store closures. According to a report in Reuters citing the Chapter 11 filing, Sears listed $6.9 billion in assets and $11.3 billion in liabilities. The bankruptcy filing is the culmination of years of effort on the part of Sears and chief executive officer Eddie Lampert to turn the company the billionaire acquired in 2004 arou

Branding 162
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Lisa Frazier, Wells Fargo’s Head of Innovation, to Speak at Bank Innovation Ignite

Bank Innovation

Lisa Frazier, Wells Fargo’s head of innovation, will deliver a presentation at Bank Innovation Ignite in Seattle in March 2019. Frazier joined the bank in May, but though she is new to Wells Fargo, she is not new to banking. She was Chief Digital Officer at the Commonwealth Bank of Australia, a Partner at McKinsey & […].

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MIT Bringing AI To Non-Computer Disciplines With New School

PYMNTS

Massachusetts Institute of Technology (MIT), aiming to take a lead in educating on artificial intelligence, machine learning and advanced computing, is creating a new college called MIT Stephen A. Schwarzman College of Computing with a planned investment of $1 billion. The New York Times , citing MIT, reported that two-thirds of the $1 billion has already been raised, including a $350 million gift from Schwarzman, who is chief executive of the Blackstone Group, a large private equity firm.

New York 152
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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.

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Transforming payments and creating new value chains with open banking

Insights on Business

Open banking at its core is about empowering the end customers as the owners of their data and enabling organizations to work together — through APIs — creating new value chains to produce better products and services. It is that simple. The old way of delivering traditional banking and financial services to customers is not going to cut it anymore.

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Today In Data: Offering Innovations In Risk-Rich Environments

PYMNTS

Where there are underserved consumers looking to enter the digital ecosystem, there are innovators big (and, in some cases, very big ) and small looking to serve them. But where there are new opportunities for access or speed, fraudsters and cybercriminals are sure to follow. And not all threats or risks come from bad guys – there’s also plenty of risk associated with good financial transactions, like underwriting going bad through mass defaults.

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Regulation by Enforcement is Dead

CFPB Monitor

Addressing the Mortgage Bankers Association (MBA) 2018 Annual Convention in Washington, DC on October 15, 2018, BCFP Acting Director Mick Mulvaney advised that regulation by enforcement is dead, and that he does not care much for regulation by guidance either. He noted to the members that they have a right to know what the law is. Acting Director Mulvaney advised that if a party is doing something that is against the law, the BCFP will take action against them.

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Amazon Files Patent To Enable Alexa To Detect Illness Via Voice

PYMNTS

Amazon is trying to make Alexa, its voice-activated personal assistant, act as a doctor or nurse, detecting illness by a change in the user’s voice. The Next Web reported the company recently filed a patent in which Alexa can determine different things about a person based on their voice. For instance, it can determine if someone is happy, sad, mad, bored or afraid by the sound of their voices, and can determine based on the user’s breath or voice if they are crying or tired.

National 148
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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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On Synthetic Identity Fraud

Matt Wilcox Pro

CHANCES ARE that identity fraud appeared the moment that presenting valid ID first became needful. Today’s inflated claims aside, The Balance’s Jack Stroup points out that in early U.S. history fake IDs were used to stuff ballot boxes. Since the advent of the minimum drinking age, underage youth out to purchase alcohol have resorted to ID fraud. And, of course, early credit cards [.

Fraud 84
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United Kitchen CEO On Restaurants’ eTail Future

PYMNTS

The digitization of the economy has been actively underway for the last two or so decades. In many regards, though, the digital age of restaurants has caught many restaurateurs off guard. Food is, by nature, a physical experience — so it’s been hard for restaurants to mentally bridge that digital divide. Kitchen United CEO Jim Collins told Karen Webster that, as the owner-operator of Montrose Town Kitchen & Grill in California, he had a front-row seat to this a few years ago when the Postma

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Merchants can use PSD2-powered loyalty to lure consumers from rivals

Payments Source

Allowing third-party access to bank data will open up the opportunity for far wider data aggregation than previously possible, writes Huw Davies, CCO of Token.

Data 84
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Amex Taps Alt-Lender Ezbob In SMB Financing Push

PYMNTS

American Express has announced a partnership with U.K.-based alternative lending platform Ezbob as it continues to broaden its small business financing offerings. In a press release issued on Monday (Oct. 15), American Express said it will refer qualified small- and medium-sized business customers to Ezbob to access up to £300,000 (about $395,000) in financing.

Lending 137
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Top 10 Benefits of Automating Closing Documents

In the fiercely competitive landscape of commercial lending, where FinTech's digital transformation initiatives take center stage, the complexities of loan documentation are constantly evolving. Today, automating closing documents stands as a crucial component in FinTech's top priorities, addressing challenges from compliance demands to managing fluctuating volumes during uncertain economic times.