Bank Innovation
AUGUST 27, 2018
Fintech funding this year has been on the rise. In the second quarter alone, funding for financial technology companies around the world reached $20.3 billion in nearly 400 deals. Right now, venture capital firms, banks, and investors are pouring funds into companies Artifical Intelligence, the clear flavor of the year. But AI means more than chatbots […].
Chris Skinner
AUGUST 27, 2018
I’ve made the comment many times that it is astounding that around $2 trillion is laundered through the banks of the world each year, up from $1.6 trillion in 2009. It’s about 2.7% of global GDP and $1 in every $50 traded through our banks is criminally driven, getting washed through … The post Every $1 in $50 in the banks is laundered money (and maybe more) appeared first on Chris Skinner's blog.
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PYMNTS
AUGUST 27, 2018
Alibaba’s Lazada has announced a partnership with Finaxar , which will offer new credit options for SMEs in Southeast Asia. Finaxar will offer its services to Lazada sellers in Singapore, with plans to eventually expand to cover other parts of Southeast Asia. The goal is to increase the number of retailers in the region, which boasts 650 million consumers.
Chris Skinner
AUGUST 27, 2018
Things we’re reading today include: Risk of no-deal Brexit grows every day, says German industry chief Bank of Spain’s website hit by cyber attack Banks consider ‘early warning system’ to fight misconduct Bank of mum and dad sees average parents spending £18,000 on supporting their grown up children Warren Buffett … The post Things worth reading: 28th August 2018 appeared first on Chris Skinner's blog.
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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
Insights on Business
AUGUST 27, 2018
Three years ago, a group of IBM Cloud experts, myself included, answered an important question still facing nearly every incumbent bank worldwide today: How can we rethink our architecture to better serve our customers with more innovative applications, through more agile, faster development? Though this question has a simple answer for many industries — move client facing functions to the cloud — it’s not that simple for the financial services industry.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
AUGUST 27, 2018
Growing consumer expectations for 24/7 digital access and real time decisions as well as competitive pressures have reduced the time that organizations have for manual review, writes Mike Lynch, chief strategy officer at InAuth.
PYMNTS
AUGUST 27, 2018
To enhance liquidity, ATM servicer and software provider Diebold Nixdorf has secured a $650 million capital commitment from two institutional lenders and started a process to amend its existing credit agreement. The funds will be used to acquire remaining shares of Diebold Nixdorf AG and repay debt, among other purposes, the company said in an announcement.
Payments Source
AUGUST 27, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Alipay cracks down in cryptocurrency; Visa invests in digital payments; Mobile wallets are growing quickly; A consortium pushes a universal blockchain.
PYMNTS
AUGUST 27, 2018
Welcome to The Axis, your late look at payments news from around the world. Coverage includes LumoXchange ’s launch in the Philippines. In addition, Wirecard Brazil is rolling out new features for entrepreneurs, and UAE Exchange has rebranded its operations in Fiji. LumoXchange has unveiled the launch of a money transfer service to the Philippines that allows consumers to compare exchange rates between banks in the country, the company said in an announcement.
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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 27, 2018
Canada’s credit unions have been losing out to the country’s banks in terms of business banking market share, and have struggled to keep up with the banks’ capacity for technological innovation. Central 1 wants to redress this imbalance in the credit unions’ ability to compete with the banks.
PYMNTS
AUGUST 27, 2018
The fast food segment has become a highly competitive place of late, with upgrades and discount promotions seemingly pouring in at all times — a reality that has hit Yum! Brands as it labors to keep not one, but three chains up, running and avidly competing. Pizza Hut, Taco Bell and KFC are all large operations in their own right, and they’re all facing the stiff headwinds that are blowing throughout the fast food segment.
Payments Source
AUGUST 27, 2018
Selling outside of app stores forces users to deactivate a crucial safeguard which would otherwise prevent the download of potentially malicious apps onto their mobile device, contends Samuel Bakken, senior product marketing manager for OneSpan.
PYMNTS
AUGUST 27, 2018
More “entry-level” prices and more plus sizes and other options: that’s reportedly the plan for reversing sales declines at J.Crew , where comparable store sales have dropped for 15 straight quarters. “We must reflect the America of today, which is significantly more diverse than the America of 20 years ago,” James Brett, the retailer’s CEO, told The Wall Street Journal for an article on Monday (Aug. 27).
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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
AUGUST 27, 2018
When Chris Winship, partner of FTV Capital, paid $35 million in private equity funds for a slice of the digital gift card player Tango Card in May 2018, he did so with the expectation that he would quickly find a buyer.
PYMNTS
AUGUST 27, 2018
The initial verdicts of General Data Protection Regulation (GDPR) are in, at least in terms of compliance – or lack thereof. In news this past week, studies have shown that compliance rates are indeed low, three months in. Data from Dimensional Research shows that many companies – in fact, a majority of them –are not yet in compliance with the mandates.
Payments Source
AUGUST 27, 2018
In the same way a card skimmer steals credentials at an ATM, gas pump or point-of-sale terminal, the Magecart malware hides beneath the surface of a website with a digital skimmer to obtain card and personal information.
PYMNTS
AUGUST 27, 2018
To help parents protect against child identity theft, Experian is rolling out a Child ID scan. The service comes as 1 million children had their identities stolen last year, and Experian has designated Saturday (Sept. 1) as Child Identity Theft Awareness Day, the company said in an announcement. The scan seeks to find if a child’s Social Security number (SSN) matches an Experian credit file.
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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
AUGUST 27, 2018
Wirecard is expanding its reach in Brazil by enabling small businesses and to send funds and pay bills through its digital platform, with plans to add card payments this year.
PYMNTS
AUGUST 27, 2018
When thinking about the “Amazon Effect,” one may think invariably about retail, and the impact the eCommerce giant has on the sector — changing the very nature of how everything from books to clothes are bought and brought to end customers. Might there be another “Amazon Effect” worthy of illumination? Bloomberg reports that Amazon might be helping keep inflation lower than some economic models might have guessed — an impact that has been fairly long lived, and has lasted through the economic ex
Payments Source
AUGUST 27, 2018
The Texas bank, which partners with the U.S. Treasury to dispense federal benefits via prepaid cards, is alleged to have dropped the ball as hundreds of cardholders say their money was forwarded to fraudsters posing as them.
PYMNTS
AUGUST 27, 2018
CVS has partnered with on-demand, in-home beauty service Glamsquad to offer customers beauty treatment and services at select CVS locations. According to Well+Good , the treatments will be the center of CVS’ new BeautyIRL store concepts. Some of the services that will be available include blowouts, dry styling, braids, a 30-minute makeup refresher, skin services and manicures.
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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.
Payments Source
AUGUST 27, 2018
The advent of Faster Payments services plus Europe’s PSD2 have heightened concerns among banks about increased fraud risks. This has created opportunities for firms such as New York/Israel’s BioCatch and Sweden’s BehavioSec, both of which develop technology around behavioral biometrics analysis.
PYMNTS
AUGUST 27, 2018
Call it a $285 million shot across the digital payments bow. A new embrace of high tech, and a notable one for a famed investor known for his old economy picks. Maybe it’s a $360 million volley. And the buyer? He’s no slouch, as his picks have racked up billions of dollars in profits over several decades. We’re talking about Warren Buffett, of course.
Payments Source
AUGUST 27, 2018
To expand its Asia Pacific regional reward redemption program, Pay with Points, Citi announced that it is enabling credit cardholders to spend their rewards points and miles to pay for a Spotify premium account.
PYMNTS
AUGUST 27, 2018
Volkswagen has a $4 billion plan for connected and autonomous vehicle technology, one that includes a proprietary software operating system and will support car sharing, delivery and other services. The German automaker’s investment plan comes as rivals are ramping up their own connected vehicle efforts and as the standards battle heats up for that industry.
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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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