Thu.Nov 08, 2018

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Teach children the things that machines cannot learn

Chris Skinner

I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see if they can remember. It’s … The post Teach children the things that machines cannot learn appeared first on Chris Skinner's blog.

System 416
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More Banking CFOs Take Lead Role in Innovation, Accenture Says

Bank Innovation

A recent survey by Accenture found chief financial officers are taking on expanded roles in helping banks become data-centric and better equipped, in terms of technology, for what will likely be a volatile future. In its report on the survey, The CFO Reimagined: Banking, Accenture said three in four banking CFOs are “confident” their teams can […].

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SWIFT Disconnects From Iran’s Banks

PYMNTS

Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all. This week SWIFT, the financial messaging service based in Belgium (and where the acronym stands for the Society for Worldwide Interbank Financial Communications) said that it would suspend access for at least some Iranian banks.

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Credit card issuers see progress in mobile transaction protocols amid challenges

Payments Dive

A panel at the Money20/20 show cited progress in transaction protocols for mobile payments.

Mobile 253
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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PayPal Working Capital Steps Into Germany

PYMNTS

PayPal is broadening its small business financing offering into the German market, a press release announced on Wednesday (Nov. 7). PayPal Working Capital will launch in Germany as PayPal Businesskredit, offering small and medium-sized businesses access to working capital financing that is deposited directly into their PayPal accounts. The rollout of its SMB lending offering comes nearly 15 years after PayPal first launched operations in the market, and adds Germany to the list of markets in whi

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UK Retail Banks Draft FinTech Alliance Guidelines

PYMNTS

Top U.K. banks and financial technology firms have worked together to create a set of guidelines to improve the relationship between FinTech startups and financial institutions (FIs). The new guidelines, developed by the British Standards Institute (BSI), aim to address issues that interfere with FinTech firms and banks forming alliances. The U.K. banks that put them together includes the Royal Bank of Scotland (RBS), Barclays, HSBC UK, Lloyds Banking Group and Santander — as well as vendors l

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Square Hopes to Grab Significant Market Share with New Payment Terminal

Bank Innovation

Square Inc. saw a payment volume of $17.4 billion in the third quarter this year, almost a 32% year-over-year increase. But, according to CEO Jack Dorsey, the company’s two greatest accomplishments this quarter are its point-of-sale Square Terminal and its Reader SDK, an external developer tool that allows customers to connect to Square’s hardware. During […].

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NEW REPORT: Buzz Vs Reality — Measuring The AI Gap In Payments And Banking

PYMNTS

“Artificial intelligence” (AI) may be a financial industry buzzword, but how many banks actually use it? The truth is that AI is still relatively rare in the banking world, with only 5.5 percent of banks in our survey equipped with genuine AI systems. Meanwhile, the rest are relying on automation and machine learning (ML) technologies. In other words, financial institutions (FIs) that use AI are few and far between, but that’s not to say FIs from aren’t investing in it — or rather in what they t

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More Banking CFOs Take Lead Role in Innovation, Accenture Says

Bank Innovation

A recent survey by Accenture found chief financial officers are taking on expanded roles in helping banks become data-centric and better equipped, in terms of technology, for what will likely be a volatile future. In its report on the survey, The CFO Reimagined: Banking, Accenture said three in four banking CFOs are “confident” their teams can […].

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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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7-Eleven’s Chief Digital Officer On The Launch Of ‘Scan & Pay’

PYMNTS

Cashierless payments are set to increasingly be part of the convenience store checkout model. To that end, 7-Eleven said earlier this week that is debuting scan-and-go options at 14 of its Dallas-based stores, with the goal of bringing that technology to additional locations through 2019. The Scan & Pay feature exists within the convenience store operator’s eponymous mobile app.

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Square Hopes to Grab Significant Market Share with New Payment Terminal

Bank Innovation

Square Inc. saw a payment volume of $17.4 billion in the third quarter this year, almost a 32% year-over-year increase. But according to CEO Jack Dorsey, the company’s two greatest accomplishments this quarter are its point-of-sale Square Terminal and its Reader SDK, an external developer tool that allows customers to connect to Square’s hardware. During […].

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Square GPV Gains Amid Larger Sellers, Capital Loans Surge 34 Pct

PYMNTS

Square posted results Wednesday (November 7) that showed double-digit gains in gross payment volumes, continued traction amid a base of larger merchants, and notable growth in subscription and software-based revenues. The company’s third quarter adjusted revenues came in at $431 million, up 68 percent, and better than the $414 million consensus. Further adjusted revenues, said the firm, exclude Weebly and Zesty results, up 56 percent.

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After Another Record Quarter, Green Dot Sees Opportunity in Small Business

Bank Innovation

Green Dot, the technology company with a banking license, reported another strong quarter, and CEO Steve Streit noted the company sees significant growth opportunity in the small business space for its banking-as-a-service product. The Pasadena, Calif.-based company posted $231 million of revenue, up 14% over last year, and EBITDA of $43 million, a 33% year-over-year increase.

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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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How J.Crew, H&M, Others Push Hard On Payments Innovation, Loyalty

PYMNTS

In a bid to increase loyalty, merchants are driving innovations in their stores. To that end, some brick-and-mortar retailers have begun to offer rewards programs for the very first time to bring shoppers through their doors. The idea? Retailers are taking new approaches to the way they attract customers. J.Crew , for instance, has a new loyalty program that offers standard perks such as a store credit when customers hit a certain spending threshold.

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Where is the Financial Services Industry in the digital transformation journey?

Insights on Business

At last month’s Money20/20 conference, the event brought over 10,000 people together and hosted speakers from start-up disruptors to incumbent financial institutions, and everything in between. IBM was there in full force. And I had the pleasure of hosting a panel of CEOs three mornings in a row. I thought one panel participant explained eloquently where the financial services industry is in the digital transformation journey when he put it in terms of the incumbent bank’s relationship with fint

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The Restaurant Tech Race Gains Fresh Buzz From Fast Casual Dining

PYMNTS

Some of them provide an easy target for mockery, especially among younger consumers who often see them as offering bland, unhealthy fare. Some can make a pragmatic destination for holidays and gatherings, places with enough menu variety to please nearly everyone — and some of them serve alcohol, taking the edge off family reunions and obligatory work events.

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Barclays casts global net to find its fintech investments

Payments Source

Barclays is leveraging its global network of offices and its business expertise to sponsor fintechs through its Accelerator programs in London, New York and Tel Aviv.

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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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An Australian Taxi Bidding Model In The Age Of Rideshares

PYMNTS

In the dot-com era of the 1990s, Priceline came onto the scene with a revolutionary idea for travel: Travelers could use a “name your own price” feature to bid for airline tickets , before the company ended the feature when it became too difficult for consumers to complete the bidding process on mobile devices instead of computers. To use the system, they would make an offer to airlines that was for presumably less than the going rate for their itinerary.

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Real-time payments data fills credit gaps for banks

Payments Source

Data that exists as static facts and figures on a spreadsheet often has little in-the-moment value. But when it's real-time and expressed as a dynamic visualization, it becomes instantly digestible and increasingly actionable, according to Michael J. Alfonsi, senior vice president of digital solutions and strategy at Exela Technologies.

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American Express Launches New Business Gold Card

PYMNTS

American Express announced on Thursday (Nov. 8) the launch of its new Business Gold Card, which comes with four times Membership Rewards points on the top two categories that the business spends the most on each month. In a press release , American Express said the 4X Membership Rewards points are on the first $150,000 each calendar year. What’s more, card members get a 25 percent airline bonus on qualifying airline purchases booked using Membership Rewards Pay with Points through American

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Uncovering hidden risks behind mirror trades

Insights on Business

Recently, financial institutions have come under fire for a not illegal, but potentially suspicious form of investing. And while not especially complex in its execution, this scheme exposes the lack of insight and oversight across large institutions, especially institutions that operate across different geographies. Of course, I’m talking about mirror trading. ‘ Mirror trading ’ is a legitimate strategy where a trader tracks and copies trades of another trading/investment entity.

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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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MoneyGram To Settle With FTC For $125M

PYMNTS

The Federal Trade Commission (FTC) said on Thursday (Nov. 8) that MoneyGram will pay $125 million in penalties after having violated a six-year-old settlement tied to anti-money laundering (AML) controls. According to the FTC , the company violated the settlement struck in 2012 that stemmed from charges that the company had aided and abetted wire fraud.

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Colorado passes 36% payday loan rate cap

CFPB Monitor

By an overwhelming vote (approximately 1,4270,000 million to 433,000), Colorado voters passed Proposition 111, a ballot initiative that places a 36 percent APR cap on payday loans. The question presented to voters was: Shall there be an amendment to the Colorado Revised Statutes concerning limitations on payday lenders, and, in connection therewith, reducing allowable charges on payday loans to an annual percentage rate of no more than thirty-six percent?

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India Finance Minister: Visa, Mastercard Losing Local Market Share

PYMNTS

In the battle across India for consumer transactions, in the battle for hearts and minds and wallets, might Mastercard and Visa be losing share? Reuters noted this week that, according to the country’s Finance Minister Arun Jaitley, those two payment giants are losing share to domestic rivals such as RuPay and the Unified Payment Interface (UPI), which the newswire stated allow for fast interbank transfers.

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Square puts itself on a collision course with the biggest terminal makers

Payments Source

As companies mature out of their startup phase, their sales growth curves begin to flatten and costs start to rise — unless, of course, they change their business model. And that’s exactly what Square is doing to maintain its startup-style growth.

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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.