Chris Skinner
AUGUST 15, 2019
There are lies, darned lies and statistics. I often quote numbers in my presentations and get pretty annoyed if they’re wrong. I also prefer to take official sources rather than estimates. So I quote that last year China processed USD$40 trillion (277 trillion yuan) of mobile payments, as reported by … The post FinTech’s lies, damned lies and statistics appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 15, 2019
Banks and other financial services organizations will face new challenges in order to match mobile technology and in-person customer service to attract and maintain customers in the Generation Z era.
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Chris Skinner
AUGUST 15, 2019
Things we’re reading today include … Microfinance is driving many Sri Lankan borrowers to despair Malaysia charges 17 Goldman Sachs executives The chilling economic effects of Brexit uncertainty are intensifying Metro top and RBS bottom in banks’ customer ratings Countries most exposed to climate change face higher costs of capital … The post Things worth reading: 16th August 2019 appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 15, 2019
Cash is still king when it comes to buying things like a cup of coffee, pack of gum or a pint of beer in the U.S. Why? Because it's faster and often more convenient, especially when it comes to the little stuff.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
PYMNTS
AUGUST 15, 2019
Citigroup reported that its July credit-card delinquency rate increased to 2.91 percent in July, up from 2.56 percent in June. The lender’s three-month average is 1.54 percent, with a net charge-off rate of 2.91 percent, an increase from 2.56 percent in June, reported Seeking Alpha. The three-month average is 2.74 percent. According to the SEC paperwork, the total delinquency amount in July stood at $36,401,205,805.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
AUGUST 15, 2019
Starling Bank recently added peer-to-peer business lender Growth Street to its in-app marketplace. Growth Street’s revolving credit facility product is called GrowthLine, which allows small- to medium-sized enterprises to take out working capital loans that range between £25,000 and £2 million (between $30,289 and $2.4 million). “Businesses that have a struggling current account will be […].
PYMNTS
AUGUST 15, 2019
Carvana , the eCommerce platform for buying and selling used cars, opened its latest Car Vending Machine in the Westminster area of Los Angeles, the company announced today (Aug. 15) in a press release. . Eight stories high, the vending machine holds 30 vehicles where customers can pick up their purchase with the help of a Customer Advocate. The vending machine is activated by a commemorative, oversized Carvana coin.
Bank Innovation
AUGUST 15, 2019
Financial services provider TIAA launched a virtual safety deposit box called that takes the friction out of finding documents like wills, insurance policies, stock and bond certificates and birth certificates by co-locating them in one digital portal. The feature, called Safe Estate, launched this week. According to TIAA’s chief digital officer Scott Blandford, it’s an […].
PYMNTS
AUGUST 15, 2019
A European Central Bank (ECB) website has been shut down after a malicious hacking attack infected the site. Reuters is reporting that the incident happened on Thursday (Aug 15). No “market-sensitive” data that could compromise the markets was stolen, the ECB said. The attack was on its Banks’ Integrated Reporting Dictionary (BIRD), which provides bankers with information on how to create supervisory and statistical reports.
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
CFPB Monitor
AUGUST 15, 2019
We have reported on the attempt by the U.S. Department of Housing and Urban Development (HUD) to impose new documentation requirements for down payment assistance provided by government entities to be used in connection with Federal Housing Administration (FHA) insured mortgage loans. For now, those efforts have come to an end. Initially , HUD announced the requirements in Mortgagee Letter 2019-06.
PYMNTS
AUGUST 15, 2019
Monzo , an online bank out of London, has added loans to its menu of services, the Financial Times reported on Thursday (Aug. 15). Current customers in the U.K. can apply for loans as the online bank advances its efforts toward profitability. . The bank is offering loans from £200 to £15,000, following a successful test pilot last year. Monzo, valued at £2 billion, wants to take on higher-priced traditional lenders, the report said.
Payments Source
AUGUST 15, 2019
The Electronic Transactions Association has named Jodie L. Kelley as its new CEO to replace Jason Oxman, who left in January.
PYMNTS
AUGUST 15, 2019
The Federal Reserve has announced a leader of the new FedNow service, which was created to facilitate faster payments in the country with interbank real-time gross settlement (RTGS), as well as integrated clearing, according to a release. First Vice President Kenneth C. Montgomery will lead the development of the project, and the Federal Reserve Board of Governors announced that the reserve banks will offer the RTGS service.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Payments Source
AUGUST 15, 2019
Square's working to boost its appeal to third-party developers, especially as a growing number of competitors and broader economic challenges loom on the horizon.
PYMNTS
AUGUST 15, 2019
Accounts payable solution provider Finexio is collaborating with payment processing firm Payscout to enhance B2B payments services. In a press release Wednesday (Aug. 14) Finexio said it will combine its B2B supplier network with Payscout payment processing services and financial institution partner network, joining accounts payable (AP) payments with accounts receivable (AR) payment processing for joint customers. “This collaboration combines the best in global AR payments processing and
Payments Source
AUGUST 15, 2019
For many entrants in the integrated receivables space, payment data is the foundation for nearly every other business process or decision. Increasingly, banks are latching onto data services and making them available to their small and midsize business clients.
PYMNTS
AUGUST 15, 2019
Japan, in the last several years, has been something of a puzzle among mobile payments watchers around the world. It’s the market that should ignite but stubbornly refuses to. Its population is internationally renowned for being enthusiastic early tech adopters. They are eager participants in modern eCommerce, and Japanese firms were literally on the ground floor of the development of mobile payments since Japanese firms invented the two key cashless payments technologies that power the vast maj
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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
BankBazaar
AUGUST 15, 2019
Let’s find out how many of these Credit Score and credit report myths you thought were true. There is nothing more harmful than a financial myth. With the plethora of information on Credit Scores and credit reports out there, it’s not surprising that there has been a rise in the myths surrounding them. Let’s debunk 10 common myths about your Credit Score and credit report that can adversely affect your finances and future credit needs.
PYMNTS
AUGUST 15, 2019
Amazon has announced that it is set to open an Amazon Books location in Nashville, as well as an Amazon 4-star store in Boston. Geek Wire reported that the announcement came on the same day the eCommerce giant launched its fourth 4-star store in Seattle. The first location opened in New York City last September. Located in SoHo, on Spring Street between Crosby and Lafayette streets, every product is rated 4 stars and above, is a top seller or is new and trending on Amazon’s website.
ATM Marketplace
AUGUST 15, 2019
Cash is still king when it comes to buying things like a cup of coffee, pack of gum or a pint of beer in the U.S. Why? Because it's faster and often more convenient, especially when it comes to the little stuff.
PYMNTS
AUGUST 15, 2019
Step by step on the journey to getting rid of the password — and with Google, now a leap? Amid a series of announcements, marquee names in tech — Google and Microsoft — have fired shots across the bow of static security efforts that involve your mother’s maiden name or where you went to elementary school. Google announced via blog post earlier this week that users wielding Pixel phones will be able to log into some of the search giant’s services through the Chrome browser with biometrics, such a
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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
AUGUST 15, 2019
The Gulf region poses significant and unique challenges in AML, KYC and other compliance checks, according to Accuity's Nirhjar Daripa.
PYMNTS
AUGUST 15, 2019
Not with a bang but a whimper? And even some losses? Maybe initially. The Apple Card looms, with a rollout that began last week through Goldman Sachs, and according to at least one analysis, the card might underwhelm consumers, lead to muted results (at least at the outset) for its tech and banking backers, and for Goldman, even lead to losses, depending on the economic climate.
SWBC's LenderHub
AUGUST 15, 2019
In February 2019, Realtor.com released their 2018 Generational Propensity Report which outlined homebuying trends based on generational groups. Here are the biggest takeaways: Millennials passed Generation X as the group taking on the most new mortgages in January 2017.
PYMNTS
AUGUST 15, 2019
Quickly sending large sums of money abroad in 1803 might have meant loading gold bars onto ships and hoping for good weather and safe seas. In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messaging standards that enable sending and quickly processing comprehensive payment details. . The ISO 20022 messaging standard has been seen as a potential way of achieving the latter, and has been drawing increasing global attention.
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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.
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