Chris Skinner
FEBRUARY 7, 2019
A few years ago, I was invited to talk with Equitable Bank in Canada about digital banking. Since then, they’ve launched their digital bank called EQ Bank. So I was pleased when Simon Wahl, who heads up marketing at Flinks, sent me a podcast interview with Andrew Moor, EQ Bank’s … The post EQ Bank, Canada: a customer-obsessed bank appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 7, 2019
JPMorgan Chase had the highest "buzz ranking" among banks in 2018, according to YouGov's Brand Index, an annual poll measuring which brands are considered the best by consumers. Participants were asked, “If you’ve heard anything about the brand in the last two weeks, through advertising news or word of mouth, was it positive or negative?” The Buzz […].
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Chris Skinner
FEBRUARY 7, 2019
Things we’re reading today include … Wirecard: inside an accounting scandal UK economy set for worst year since financial crisis, says Bank of England Australia’s bruised big banks offered respite in inquiry wash-up Barclays hires internet banker from Deutsche Bank NAB’s bosses Andrew Thorburn and Ken Henry have quit – … The post Things worth reading: 8th February 2019 appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 7, 2019
Wells Fargo customers nationwide are experiencing technical difficulty accessing the San Francisco-based bank’s online and mobile banking services. As of noon today, Wells Fargo’s home page said only the following under a banner alert announcing technical difficulties: “We're experiencing a systems issue that is causing intermittent outages, and we're working to restore services as soon […].
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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
FEBRUARY 7, 2019
Time is up. That — according to CEO Kristian Gjerding of CellPoint Mobile and CEO Ralph Kaiser of Universal Air Travel Plan (UATP) — is the reality that airlines and other travel vertical players must wrap their minds around when it comes to thinking beyond card payments from leisure customers. Players can either get on board — and start leveling up their systems quickly — or risk watching their market share shrink fast.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 7, 2019
September approaches, of course (as it always does) – but this time, with a red-letter day on the 13 th as PSD2 takes effect. As readers of these digital pages know, the European Union directive mandates that bank customers can use third-party providers for financial services. The latest PSD2 Tracker , via joint efforts of PYMNTS and Whitepages Pro, found that though PSD2 looms, confusion reigns amid enterprises about what the rules mean, much less how to follow them.
Bank Innovation
FEBRUARY 7, 2019
According to software firm Okta’s 2019 Businesses @ Work report released today, PayPal widened the gap between itself and other financial companies last year as the most popular banking and personal finance app. “PayPal is a perfect example of how the power of network effects can grow the user base of modern banking apps,” the report said. […].
PYMNTS
FEBRUARY 7, 2019
British financial institution Barclays has invested $12.9 million in Bink, a startup that lets customers store and view all their loyalty cards on a phone, and also links payment cards to get points and rewards automatically, according to reports. The two companies said they’re looking forward to the results of the partnership, and that they will “work in collaboration to deliver a ground-breaking experience for customers.”.
Payments Dive
FEBRUARY 7, 2019
Proactively Deliver An Assured Service Experience.
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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
FEBRUARY 7, 2019
Aurora, a self-driving car technology company, has raised upwards of $530 million in a series B financing round led by Sequoia Capital, with a large investment from Amazon and T. Rowe Price Associates, according to reports. The announcement follows a $90 million funding round in February of 2018 from Index Ventures and Greylock Partners, bringing the total amount raised to around $620 million.
Payments Source
FEBRUARY 7, 2019
Today phishing scams have become so elaborate that they can take a variety of forms, including a phony job interview.
PYMNTS
FEBRUARY 7, 2019
A new report from the State Bank of Pakistan says a lack of electronic payment services like PayPal in the country has led the nation to lose out on as much as $2 billion in payments related to the information and communication technology sector. Reports in the Express Tribune on Wednesday (Feb. 6) said the central bank’s report has pointed to PayPal’s absence for the reason why the country has missed out on as much as $2 billion in payments related to information and communication t
Insights on Business
FEBRUARY 7, 2019
Every retiree deserves access to the life they’ve worked so hard for their entire adult lives, but poor financial planning often means that they fall short. Now, advances in technology are finally enabling them to plan for the retirement that they want by automating a critical part of financial planning: wealth decumulation. The Baby Boomer retirement tsunami is washing over us: By 2035, adults 65 years old or more will outnumber children.
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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
FEBRUARY 7, 2019
Entrepreneurs can sometimes find inspiration for their next projects from their pets. The founder of Internet of Things (IoT)-based pet subscription service PupPod was inspired to start his company after observing his dog. “He would react to things on TV that you wouldn’t expect,” PupPod CEO Erick Eidus told PYMNTS in an interview. Eidus said his dog wouldn’t bark at cartoons playing on the TV, but he would recognize a cartoon dog – and other cartoon animals – over the other characters.
Ron Shevelin
FEBRUARY 7, 2019
The lesson from Acorns and Stash's success is that banks will need to compete on who can best improve someone’s financial health (for a given cost)--and not on who has the best rates and fees.
PYMNTS
FEBRUARY 7, 2019
SunTrust Banks Inc. ( STI ) and BB&T Corp. ( BBT ) announced a $66 billion merger Thursday (February 7), combining the two regional banks. In a press release , the companies said the combined company will be the sixth-largest U.S. bank based on assets and deposits. The new company will have about $442 billion in assets, $301 billion in loans and $324 billion in deposits, serving more than 10 million households in the U.S.
Payments Source
FEBRUARY 7, 2019
Technology investors are bulldozing cash into blockchain and artificial intelligence, but the “why” is just starting to emerge, as is the true nature of the innovation.
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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.
PYMNTS
FEBRUARY 7, 2019
Reducing friction is among the top goals of the digital era. Sometimes, real-life payments hassles encourage entrepreneurial action to fix a global problem. Other times, innovators combine cutting-edge technologies in an attempt to bring more security and seamlessness to the healthcare space. Reducing friction also can be a relatively simple matter of point-of-sale innovating.
Payments Source
FEBRUARY 7, 2019
Having new guidelines and more regulations will allow for more transparency and give the opportunity for legitimate businesses to invest and strengthen their position in the market, writes Sushil Prabhu, CEO of OpenCrowd.
PYMNTS
FEBRUARY 7, 2019
Amid a push to make its restaurants more accessible to customers with digital technology, Chipotle Mexican Grill reported better-than-expected earnings results for the fourth quarter. The quick-service restaurant (QSR) chain reported sales of $1.23 billion and earnings of $1.72 a share compared with analysts’ estimates of $1.19 billion and $1.34. During the quarter, Chipotle Mexican Grill CEO Brian Niccol noted in an earnings conference call, the company saw a 6.1 percent comparable restaurant s
CFPB Monitor
FEBRUARY 7, 2019
The CFPB announced that it has entered into a settlement with the owners of payday loan retail outlets that operated under the name “Cash Tyme” in seven states to resolve alleged violations of the Consumer Financial Protection Act, the Gramm-Leach-Bliley Act/ Regulation P, and the Truth in Lending Act/ Regulation Z. The consent order requires Cash Tyme to pay a civil money penalty of $100,000.
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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.
PYMNTS
FEBRUARY 7, 2019
National Australia Bank chief executive Andrew Thorburn and chairman Ken Henry are leaving amid criticism of their leadership at the bank. The Financial Times , citing a statement from Thorburn, said the CEO acknowledged that the bank “has sustained damage as a result of its past practices and comments in the royal commission’s final report about them.
CFPB Monitor
FEBRUARY 7, 2019
The CFPB has issued highly-anticipated proposed revisions to its final payday/auto title/high-rate installment loan rule (Rule) that would rescind the Rule’s ability-to-repay provisions in their entirety (which the CFPB refers to as the “Mandatory Underwriting Provisions”). The Bureau will take comments on the proposal for 90 days after its publication in the Federal Register.
PYMNTS
FEBRUARY 7, 2019
Lloyds Bank, a British financial institution, has released a new feature to its banking app that will allow customers to see their accounts from other banks together on one screen, according to reports. The app will also have a feature referred to as open banking, which shows a list of scheduled payments and when they are due. Lloyds and Halifax customers can view personal accounts from six other banks, and the Bank of Scotland debuted the feature for its customers in December of 2018.
Payments Source
FEBRUARY 7, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: WeChat Pay gains another big mall; Coinbase adds bitcoin support for its wallet; Revolut's office perk; Airline ticket glitch.
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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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