Chris Skinner
MAY 29, 2018
I was invited to address a commercial bank this week, and they wanted me to make it specific to their strategy. In reading their strategy, I saw something that jumped off the page: new branches. Why, in the digital age, would any bank be opening more branches? I asked them … The post When an app replaces 1200 bank branches … appeared first on Chris Skinner's blog.
Payments Dive
MAY 29, 2018
New foodservice technologies — including self-order kiosks, mobile ordering and EMV-enabled payment systems — are being introduced at a rapid pace. Operators with existing POS investments need to be able to integrate new capabilities into their existing systems.
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Bank Innovation
MAY 29, 2018
General data protection regulations (GDPR), an EU privacy and data protection law, went live last week. The regulation seeks to give citizens control over their own data and unify laws within Europe, although provisions also apply to how personal data is exported outside of Europe. These new laws will impact how banks interact with consumers […].
Chris Skinner
MAY 29, 2018
A month ago, I blogged about the problems at TSB when implementing the change-over of their core systems. Yes, core systems replacements are challenging, but they’re not risky when done right. Unfortunately, TSB’s change-over shows all the marks of how to get it wrong. Not only has it been highly … The post What cost a system outage? appeared first on Chris Skinner's blog.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Bank Innovation
MAY 29, 2018
A lot happened in the digital banking world this month, from major events in the payments worlds like PayPal acquiring iZettle for $2.2 billion only days before its IPO to major regulations such as GDPR going live last week. Here are some of the important trends that Bank Innovation pulled out of the fintech chatter […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 29, 2018
U.S. software company Verint Systems, Inc. is looking to buy NSO Group, an Israeli company that sells military-grade technology, for around $1 billion. The Wall Street Journal reported that Verint has offered to pay NSO’s controlling shareholder, San Francisco-based private-equity firm Francisco Partners , with its own stock and assumed debt. If the deal is completed, Francisco Partners would become the largest Verint shareholder.
Payments Source
MAY 29, 2018
It's vital to be in touch with consumer shopping and payment tastes for individual retail categories and consumer groups. That may or may not include removing cash and human interaction, according to Andrew Wind, principal product manager at Worldpay.
PYMNTS
MAY 29, 2018
In the early 1950s, an engineer named William Fair encountered a mathematician Earl Isaac who together decided to work out an automated credit scoring system for banks. In 1954, they came-up with the first version of the Fair Isaac credit score — or the FICO. It was a huge flop. Banks didn’t trust that an automated system could do nearly as good a job as personal bankers when it came to evaluating customers and their likelihood to repay.
Payments Source
MAY 29, 2018
Alibaba Group Holding Ltd. is leading the purchase of 10 percent of Chinese delivery service ZTO Express (Cayman) Inc. for $1.38 billion, a deal that’ll augment the e-commerce giant’s ability to ship packages around the globe.
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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
PYMNTS
MAY 29, 2018
New research from Kaspersky Lab shows that the average cost of experiencing a data breach globally is on the rise. The annual Kaspersky Lab Corporate IT Security Risks survey is a worldwide survey of IT business decision makers, which this year had a total of 6,614 respondents from 29 countries. The company found that breaches now amount to $1.23 million on average for enterprises (up 24 percent from $992K in 2017), and $120,000 on average for small and medium-sized businesses (up 36 percent fro
Bobsguide
MAY 29, 2018
Recent news that a Maersk company carried arms components from North Korea to Egypt - in violation of international sanctions - acts as a fresh warning for those facilitating global trade to be diligent in monitoring and reporting suspicious activity. The transportation of electrical components by a.
PYMNTS
MAY 29, 2018
More than half of all drivers think they are better than average at driving — a fact that mathematical possibility cannot approve. Some of those people are certainly wrong but, though it is fun to judge, the fact is that knowing what one doesn’t know — and where to fill in the gaps — is not easy. It’s especially difficult when one is adapting to a new regulatory order , building to the API-driven future , creating a C-suite team or even underwriting a loan for a rarefied population like soldiers
Payments Source
MAY 29, 2018
The information you need to start your day, from PaymentsSource and around the Web Today: IBM Watson expands payments in France; Bug bounty discovers weakness at T-Mobile; Chinese city turns to blockchain for municipal payments; U.K. student builds payment device for street performers.
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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
PYMNTS
MAY 29, 2018
If you really know the music industry , you know that many tour managers and accountants are barely a half-step removed from the glory days of the abacus. So many of them — along with their peers in other areas of show business — spend long hours counting paper receipts and going through a laborious, nearly ancient process of paying for, and recording, petty expenses.
Payments Source
MAY 29, 2018
A direct correlation between the chip migration and rampant merchant data breaches is hard to prove. But experts say retailers' prioritization of EMV compliance contributed to other payment card security gaps, leading to the current high level of merchant data breaches.
PYMNTS
MAY 29, 2018
The authorities in the country of Kenya have charged 54 people — most of them civil servants — with stealing close to $100 million of public funds. In what is seen as a rare move to hold officials accountable for graft, Reuters reported that, according to Kenyan’s Chief Prospector Noordin Mohamed Haji, among those “charged was the head of the National Youth Service, … senior accountants within the government agency and the chief internal auditor of the national treasury.” Durin
Payments Source
MAY 29, 2018
Citigroup Inc. is considering the idea, as well as other types of rewards for checking and savings accounts, to entice customers to sign up for its fledgling online bank, which it began to roll out nationwide earlier this year.
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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.
PYMNTS
MAY 29, 2018
The basic rule of personal security has changed little since ancient times: A person’s home — or hut, cottage, hovel or flat — is that person’s castle, the main location where relatives and valuables are secured from nefarious forces outside the door. Not any longer. That’s according to Tony Ball, senior vice president and general manager of identity and access management for Entrust Datacard , during an interview with Karen Webster for the PYMNTS “ Economy of Trust ” podcast series.
Payments Source
MAY 29, 2018
Facebook Inc. is set to offer its WhatsApp payment services to the whole of India as early as next week in an attempt to win market share, even though its partners aren’t all ready, said people familiar with the matter.
PYMNTS
MAY 29, 2018
Rocket Internet , the Germany eCommerce company, is aiming to invest in financial technology and artificial intelligence startups with the $3 billion in cash it has, reports Reuters. Reuters, citing comments the company made after reporting earnings Tuesday (May 29), reported that Chief Executive Oliver Samwer wants to invest in the tech sector, but didn’t offer a time frame as to when the company will deploy its cash.
Payments Source
MAY 29, 2018
Square's taking on hundreds of millions of added debt to battle PayPal, indicating that the simple business model of turning a smartphone into a point of sale terminal is largely a thing of the past.
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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.
PYMNTS
MAY 29, 2018
EMVCo , the global technical body that manages EMV Specifications, announced it has created a QR Payment Mark to promote global interoperability across EMV QR Code payments. In a press release , EMVCo said it “developed reproduction requirements and a free licensing structure to enable” everyone who uses “EMV QR Code solutions to use the mark.” The EMV QR Code Specifications was implemented last year to address two common QR Code payment use cases: consumer-presented, in which the consumer displ
Bobsguide
MAY 29, 2018
In recent years we have seen the rapid progress of two independent developments in the payments space, namely the transition to the ISO 20022 standard and the rise of API-based interfacing. Now we see these two streams beginning to merge. The transition to ISO 20022 has largely been driven by the.
PYMNTS
MAY 29, 2018
A new survey has found that one-third of employers are using payroll technology that is at least 10 years old. The “Evolution of Payroll Technology Survey,” conducted by Kronos with the American Payroll Association , polled nearly 1,000 payroll professionals from small, mid, and enterprise-size organizations (SMBs) across all industries. The results found that outdated, manual processes and legacy payroll solutions limit a payroll department’s ability to track and report key performance indicato
Payments Source
MAY 29, 2018
The service aims to offer consumers in Ghana more digital transfer options while also expanding the company's digital growth.
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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.
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