Payments Dive
MAY 23, 2019
Choosing the right payment processor for your business, whether it be a retail shop, restaurant or service provider, is a critical decision that requires several major considerations, including security, PCI compliance, convenience and ease of use.
Chris Skinner
MAY 23, 2019
Things we’re reading today include … The Bank of England’s influence is ‘draining away because of its obsession with Brexit’ JPMorgan Chase cuts ties with Purdue Pharma over alleged role in opioid crisis Deutsche Bank shares slump further as fallout from bad press continues Morgan Stanley and Goldman Sachs: the … The post Things worth reading: 24th May 2019 appeared first on Chris Skinner's blog.
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Bank Innovation
MAY 23, 2019
A new study from Juniper Research expects fintech revenue will grow 59 percent over the next five years. The digital technology research and consulting firm predicted fintech revenue to increase from $263 billion this year to $638 billion in 2024. “Every industry is going through a digital transformation, including financial services,” said Niall Cameron, global […].
PYMNTS
MAY 23, 2019
Kaspersky Lab, a cybersecurity and anti-virus company, has reported a rise in a specific malware intended to steal money and credentials from people’s bank accounts. The company found 29,841 files of the malware in Q1 of 2019, which is up from 18,501 in Q4. Attacks on upwards of 300,000 users were detected. Kaspersky Lab released its IT threat evolution in its Q1 2019 report.
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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
Bank Innovation
MAY 23, 2019
Payday advance app Earnin, which has been downloaded more than 11 million times according to Aptopia data, is on track to become a personal finance platform. It's building out its feature set through in-app bill management features that let users know when bills are due, negotiating with bill payees and offering cash back rewards. On […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MAY 23, 2019
Scotiabank launched its new app on Tuesday morning with a simplified user experience that includes the ability to transfer money between accounts, manage peer-to-peer payments, bill payments and a new slide-to-pay feature. Most of the features within the updated app aren't new, but a better overall user experience was the objective. The bank examined user […].
PYMNTS
MAY 23, 2019
Technology may be changing, but the level of service consumers want from businesses is not. With a growing number of consumers around the globe now participating in the sharing economy, customer service and personalization are becoming crucial to connect with consumers. While many of these customers belong to the millennial and Gen Z age groups, and prefer to communicate via text or Messenger, companies in the sharing economy still need to maintain familiar channels, like contact lines, to satis
Bank Innovation
MAY 23, 2019
Small business lender BFS Capital has hired industry veteran Fred Kauber as chief technology officer and chief product officer. Kauber will be leading a revamp of the company's core lending technology stack, its risk engine, CRM and web experience for an expected rollout later this year. Mark Ruddock, CEO of BFS Capital, told Bank Innovation […].
PYMNTS
MAY 23, 2019
When it comes to innovation, go to the source. And when it comes the task of feeding people, that means to go to the people who provide the beverages. In other words, PepsiCo Inc. has joined the ranks of companies and brands setting up innovation labs. According to a statement , the beverage behemoth has “announced the launch of PepsiCo Foodservice Digital Lab, a first-of-its-kind suite of capabilities built to connect foodservice operators with the companies, services, insights, and solutions
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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
Bank Innovation
MAY 23, 2019
With the barrage of AI-based banking tools on the market, cultural- and gender-based algorithmic biases are top of mind for bankers. As AI and machine learning tools are increasingly deployed to anticipate customer behavior or assess creditworthiness, taking a step back and understanding how bias is introduced into the process is key. Speaking at SourceMedia's […].
PYMNTS
MAY 23, 2019
IBM and British startup Cera Care are teaming up to test out how lidar laser sensors might be able to help seniors. The six-month pilot will look into whether the sensors — which are used to help self-driving cars “see” — can allow elderly people to stay in their homes for longer without violating their privacy. The lidar systems utilize laser light pulses to capture fine-grained images.
Bobsguide
MAY 23, 2019
A year since the introduction of the EU’s General Data Protection Regulation (GDPR), errors continue to be made, and three countries have yet to implement the regulation into national law. On May 22, figures published by the European Commission revealed that since 2018, 89,271 complaints.
PYMNTS
MAY 23, 2019
Zero, a company that aims to modernize credit cards for the millennial generation, has raised $20 million in a Series A funding round, according to a report. The round, which was led by New Enterprise Associates (NEA), brings the company’s total funding amount to $25 million, which includes both debt and equity funding. Other investors include Nyca Partners, SignalFire, Eniac Ventures and others.
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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.
CFPB Monitor
MAY 23, 2019
The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal enforcement initiative involving the FDIC, OCC and other federal agencies. In July 2017, the D.C. federal district court denied the agencies’ motions to dismiss and/or for summary judgment and permitted the plaintiffs’ due process claims to proceed.
PYMNTS
MAY 23, 2019
Digital cross-border money transfer company InstaReM has announced a partnership with Kasikornbank to power cross-border payments for the bank’s customers in select markets. InstaReM announced the news on Thursday (May 23). The company was founded in 2014 in Singapore and it has licenses and offices in Australia, Malaysia, Hong Kong, India, Canada, the EU and the United States.
Payments Source
MAY 23, 2019
At first blush, Netflix may seem to have a fairly simple payment process: Collect a card number once, and keep charging it every month until the customer cancels. But even this process can be demanding.
PYMNTS
MAY 23, 2019
Google users can now place restaurant orders right from Google Maps, Google Assistant or Google Search. The function taps into partnerships with delivery companies, and consumers can order without downloading another mobile app, The Verge reported. The function operates in Google Maps and Google Search through an “Order Online” button that shows up when consumers look for a supported restaurant.
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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
MAY 23, 2019
Payment solutions that lower the cost of electronic payments through exchange rate transparency ultimately improve the buyer’s relationships with their suppliers, writes Nvoicepay's Alyssa Callahan.
PYMNTS
MAY 23, 2019
Social media giant Facebook said it removed 2.2 billion fake accounts in the first quarter of 2019, according to a report by Bloomberg. The statistics came through the company’s third content transparency report, a biannual document outlining Facebook’s removal of posts and accounts that violate the company’s policies. In Q4 of last year, Facebook got rid of 1 billion fake accounts, and removed 583 million in Q1.
Payments Source
MAY 23, 2019
Targeting a 100% gpi ratio for Swift payments among banks will be crucial to enlarging the global reach of payments, writes Marc Recker, global head of institutional market management and cash management for Deutsche Bank.
PYMNTS
MAY 23, 2019
Digital banking is not the main element that drives consumers toward using a credit union. According to the Credit Union Innovation Playbook , a PYMNTS and PSCU collaboration, trust is the driving factor in that choice. However, as Lumin Digital President Jeff Chambers told Karen Webster in a recent conversation, that doesn’t mean the digital banking experience isn’t critical to credit unions’ relationships with their members.
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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
MAY 23, 2019
Even though the General Data Protection Regulation has put data security and privacy top-of-mind throughout Europe in its first year, it is not likely the U.S. will see a similar federal mandate any time soon — if ever.
PYMNTS
MAY 23, 2019
Dutch bank Rabobank announced it will not proceed with its plans for a cryptocurrency wallet called Rabobit. “After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation,” a Rabobank spokesperson told The Next Web. However, the spokesperson added that working on the project has given the bank “valuable insights and experiences for work in general.
Payments Source
MAY 23, 2019
Square is changing an earlier ban on cannabis payments and is conducting a pilot, raising the possibility that cannabis merchants may get greater access to banking and payment processing.
PYMNTS
MAY 23, 2019
The Consumer Financial Protection Bureau (CFPB) has expanded a financial education tool called Misadventures in Money Management (MiMM), which is aimed at educating service members and helping them manage their money. The CFPB announced the expansion on Thursday (May 23). MiMM was initially created for future service members who had signed a contract to enlist but hadn’t yet been to basic training.
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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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