Chris Skinner
MAY 18, 2020
There’s lots of talk about civil unrest, an unjust society, the need for a universal basic income, a change in attitude towards everything from capitalism to socialism to democracy to inclusion. Good discussions but hard to know how it plays out. In many countries, people are suffering so much. They’re … The post Here’s what the new normal looks like appeared first on Chris Skinner's blog.
PYMNTS
MAY 18, 2020
Japan-based credit card and payment firm JCB has announced a partnership with tech startup accelerator TECHFUND to explore the idea of a payment system with blockchain options, the company said on Friday (May 15). It is currently unknown whether the idea will focus on public blockchain or if the idea will just use the accelerator to access entrepreneurs.
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Chris Skinner
MAY 18, 2020
Things we’re reading today include … Lloyds Bank’s isolation campaign gets frank about mental well-being Alibaba’s Jack Ma resigns from SoftBank board We will need banks to stay healthy and survive the crisis too UBS’s Iqbal Khan on shaking up world’s biggest wealth manager What did eight weeks and $3 … The post Things worth reading: 18th May 2020 appeared first on Chris Skinner's blog.
PYMNTS
MAY 18, 2020
Uber plans to cut 3,000 more jobs and close 45 offices — all while eyeing other cutbacks as the COVID-19 economy keeps pummeling the ride-hailing giant. Job cuts do not include drivers, who technically are not employees. Meanwhile, the company is seeking to buy Uber Eats rival Grubhub, which spurned the offer over the weekend. The talks between the two companies have so far not been fruitful.
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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
Payments Source
MAY 18, 2020
The U.S. Patent office published a Visa patent application to create a technology gateway that could allow central bank currencies for any nation to be digitized.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
South State Correspondent
MAY 18, 2020
While it is too soon to get the data on bank commercial real estate (CRE) portfolio delinquencies and forbearances, we take our benchmarks from the commercial mortgage-backed securities market as of May 14 th. As any commercial banker can tell you, hospitality and retail remain under the most pressure, jumping up more than 5x and 3x, respectively. Office delinquencies are up 71%, month-over-month, industrial properties remain relatively unchanged while Other (self-storage, specialty, etc.) is
PYMNTS
MAY 18, 2020
Swiggy, India’s biggest food delivery startup, is laying off 1,100 workers as the coronavirus pandemic takes an economic toll on businesses across the globe. Sriharsha Majety, chief executive officer and co-founder of Swiggy, said in a Monday (May 18) email to employees that it’s with a “heavy heart” that he announces scaled-back operations and layoffs. “… today is one of the saddest days for Swiggy as we have to go through an unfortunate downsizing exercise.
South State Correspondent
MAY 18, 2020
PYMNTS
MAY 18, 2020
Healthcare personnel shortages in India are being filled by artificial intelligence (AI) to help make medical services available to segments of the population that are often skipped over, according to a Monday (May 18) report in Financial Times (FT). In a review of the country’s AI-powered healthcare offerings, the nonprofit research group Centre for Internet and Society said the primary focus of the technology is to expand services to underserved populations.
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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
MAY 18, 2020
As the coronavirus crisis fuels even stronger demands for early earned wage access, Ceridian seeks to rise above the competition with its own on-demand digital wallet and prepaid Mastercard.
PYMNTS
MAY 18, 2020
Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The New York payment network giant said fraud was up 17 percent at gas pumps through the end of last year through its Europay, Mastercard and Visa ( EMV ) credit card terminals that allow chip cards and smart cards. The enhanced consumer protection program was designed to provide merchants and banks with tools to help them navigate the heightened risk of fraud, Maste
Payments Source
MAY 18, 2020
Remote work has hampered business payment systems. Automated decentralized options are key to continuity, says Nvoicepay's Josh Cyphers.
PYMNTS
MAY 18, 2020
Bank of America has lowered its rating of Square Inc. by two notches Monday (May 18), downgrading the stock to “underperform” from “buy” amid fears that shops, restaurants, and salons will struggle once COVID-19 funds are spent. Shares of the San Francisco-based mobile payment company fell by 2.29 percent at noon on Monday (May 18), according to Yahoo Finance.
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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
MAY 18, 2020
American Express Chief Executive Steve Squeri said a majority of the company’s employees will work remotely through 2020 as it seeks to slow the spread of the coronavirus.
PYMNTS
MAY 18, 2020
Users of the digital trading platform Robinhood have taken to social media once again to express their outrage about outages locking them out of a stock market rally on Monday (May 18), according to a report. Although Robinhood said on Twitter that the service is operational (the tweet has since been removed), some of the platform’s 10 million users countered that they were still having issues.
Payments Source
MAY 18, 2020
In line with the other major card brands, Mastercard is extending its EMV liability shift at gas pumps to April 2021. It is also launching a data-driven fraud protection tool for fuel merchants who have not completed their upgrade to chip-card EMV pumps.
PYMNTS
MAY 18, 2020
Wholesale change — the type that leads to seismic shifts, upending daily life across the way we travel, eat, live, work — always comes when a tipping point is reached, when the “old” way of doing things no longer makes sense, or is no longer is feasible. Sometimes that tipping point comes when technology is available and cheap enough for everyday people to embrace.
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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.
BankDeals
MAY 18, 2020
As online banks cut their deposit rates, many online banks now have higher interest rates on their savings accounts than their 5-year CD rates.
PYMNTS
MAY 18, 2020
To enable safe, easy delivery of meals straight to the cars of its diners, Panera Bread has unveiled its Panera Curbside geofence-enabled service. The quick-service restaurant (QSR) chain has expanded its Wi-Fi coverage beyond its doors so that when guests who have opted into the service drive up, Panera will receive automatic notifications that they have arrived, according to an announcement.
Payments Source
MAY 18, 2020
The coronavirus pandemic has had an immediate impact on a wide swath of consumer spending habits and payment choices — some of which may remain in place for some time after the crisis subsides — as certain categories such as travel have fallen to the wayside and others such as grocery stores have risen as more consumers eat meals at home.
PYMNTS
MAY 18, 2020
FedEx Corp. and Microsoft Corp. plan to launch a multi-year collaboration that they say will transform commerce by combining the transportation company’s logistics network with the power of cloud computing technology, the firms announced on Monday (May 18). Terms of the deal were not disclosed. The initiative is expected to roll out this summer, with customer access coming later. “ FedEx has been reimagining the supply chain since our first day of operation, and we are taking it to a new level w
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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.
BankInovation
MAY 18, 2020
A new partnership between Cross River Bank and Remitly, a Seattle-based remittance company, has enabled Remitly customers to receive international disbursements in near real time, thanks to Cross River’s recently expanded push-to-card capabilities. “Cross River’s expansion into the international arena, with our enhanced technology and leading payments capabilities will fundamentally change cross-border transactions, allowing consumers […].
PYMNTS
MAY 18, 2020
It’s not often that a CEO publicly admits they made a blunder, but that’s just what SoftBank Founder and CEO Masayoshi Son did Monday (May 18) regarding the firm’s WeWork investment, which went south, Business Insider reported. “It was foolish of me to invest in WeWork,” he said during an earnings presentation as the Tokyo-based holding company valued WeWork at $2.9 billion at the end of March, down from $7.3 billion at year’s end, following its failed initial public offering (IPO).
BankInovation
MAY 18, 2020
A coalition of more than 75 Canadian credit unions wants to “future proof” its organizations through IBM. The coalition, Prairie Payments Joint Venture (PPJV), recently announced an agreement with IBM to modernize its payment structure. “It’s not necessarily what the platform does or the payment type. It’s helping us get ready for a future that […].
PYMNTS
MAY 18, 2020
Tide Capital, now accredited as a lender , will have the authority to distribute loans between £2,000 and £50,000 during the coronavirus pandemic to struggling businesses. The bank plans to start with a series of Bounce Back loans from May 18 and onwards. The Bounce Back Loan Scheme (BBLS) offers lenders a 100 percent government backed guarantee, with any business established in the U.K. before March 1, 2020 and which suffered negative finances due to the pandemic eligible — in addition to not h
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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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