Bank Innovation
MAY 14, 2018
Over the past few years, mobile payments has become a service that customers expect from their banks, FIs and e-commerce platforms. Most countries have their own idiosyncratic mobile payment platforms. In the US, we have PayPal-run P2P platform Venmo, and the bank-backed Zelle, among many others. If there is one overarching promise mobile payments makes, […].
Chris Skinner
MAY 14, 2018
Things we’re reading today include … Singapore’s Biggest Bank Takes on China Giants in Fintech Battle Banks are already bumping up against the limits of AI in lending decisions Santander Will Roll Out New Online Bank In UK Inside Shanghai’s robot bank: China opens world’s first human-free branch Eurozone economic … The post Things worth reading: 15th May 2018 appeared first on Chris Skinner's blog.
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Bank Innovation
MAY 14, 2018
Wells Fargo is hoping its new digital and mobile features will help better establish trust between the bank and its customers, one of the top goals of the bank after it was rocked by a series of breaches and scandals last year. This is according to Tim Sloan, the bank’s chief executive officer, who noted […].
PYMNTS
MAY 14, 2018
If one were to play a word association game and throw the term “cable home shopping” into the mix, more likely than not the two most frequent responses would be “QVC” or “HSN,” the two leading players in the space. Classifying them as two separate players is a bit outdated, though, since QVC’s parent firm, Liberty Interactive Corp , purchased the remainder of HSN’s parent, HSNi, in July of last year.
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 14, 2018
Most veterans of the financial technology space can confess to some cynicism about new technology and products. Consumers, especially those with genuine day-to-day financial struggles, don't seem to see much improvement. We're all still waiting for blockchain and mobile payments to transform the financial system. But change is happening all around us, and consumers' lives […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MAY 14, 2018
INV Fintech, the sister accelerator to this site, announced its fifth class of startups today. The six companies were chosen from among a wide array of applications from across the globe. Here are the six companies comprising the new class of INV Fintech: Active.ai is a conversational AI tool for facilitating intelligent financial micro-conversations.
PYMNTS
MAY 14, 2018
Can a shift in demographics lead to ripple effects – and maybe even a sea change – in the way gig economy workers get paid? The PYMNTS Gig Economy Index has estimated that gig workers account for 3.7 percent of GDP, worth roughly $711 million in income in 2017. Right alongside those tallies, payroll cards are gaining traction, having accounted for six million cards at the end of last year and expected to grow to as many as eight million cards in 2022, Aite Group reported.
Payments Dive
MAY 14, 2018
Don't let a data breach derail your business.
PYMNTS
MAY 14, 2018
Taking a page from Goldman Sachs’ book, Morgan Stanley is beginning to lend to FinTech startups in Brazil as it seeks more of a return on its investments. Bloomberg , citing four people with direct knowledge of the matter, reported that Morgan Stanley purchased $14 million in local subordinated bonds from online consumer lender Geru Tecnologia e Servicos.
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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
Bobsguide
MAY 14, 2018
Following years of new regulations, nobody in the financial sector is particularly keen on new rules. Since Dodd Frank and its related slew of regulatory and reporting requirements, the very thought that regulations could become more demanding should send shivers down the spine of anyone working in.
PYMNTS
MAY 14, 2018
Global financial institution Citi is expanding its existing partnership with the Asian Development Bank (ADB) to share risk in trade finance transactions, reports in The Financial said Friday (May 11). The ADB’s Trade Finance Program reached a deal worth $100 million with Citi that sees the financial institutions (FIs) sharing risk on trade finance transactions in an effort to bolster support for trade and access to finance across Asia.
Payments Source
MAY 14, 2018
If an organization can’t evolve to create the level of customer experience expected, someone else will, writes Jay King, president of financial services for Alorica.
PYMNTS
MAY 14, 2018
Alternative lender LendingTree is expanding with the acquisition of Ovation Credit Services, the company said Friday (May 11). The marketplace lender, which facilitates financing for consumers and small businesses, will pay $20.75 million for the credit services company, the firms said in a press release. Ovation Credit Services offers a credit repair software solution that integrates directly with credit bureaus.
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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
MAY 14, 2018
Money launderers seem to be ramping up their use of a favorite strategy to clean their illegal funds — paying a small fee to a bank account holder to simply receive and send money transfers. And these so-called money mules are starting young.
PYMNTS
MAY 14, 2018
While the best customer experience can mean the full white-glove, high-touch interaction, sometimes customers want to make like Fleetwood Mac and go their own way. That is true in restaurants where the way to a consumer’s heart (and wallet) is often through a self-service kiosk. It can also be true when the consumer is sitting home and needs little else than, perhaps, the occasional hand from an AI to guide their at-home digital journey.
Payments Source
MAY 14, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Walmart's mixed response in India; Paytm makes a transit pay deal; Cryptocurrency dash expands in Asia; Bitfury adds DoJ vet.
PYMNTS
MAY 14, 2018
The QR code has had its place in retail, advertising and payments, but one Israeli tech company feels it’s time to take this low-tech solution high-tech. Amir Darbi, founder and CEO of BrightCodes , concedes that it would be a long and difficult road for any new tech to replace the QR code entirely. In fact, ousting it may not even make sense in certain settings, like the developing economies in which the QR code has succeeded because of its low-tech nature.
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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
MAY 14, 2018
Even with the world’s best known virtual currency down more than 50 percent from its record high, thousands of advocates are expected to descend upon New York in what’s been dubbed Blockchain Week.
PYMNTS
MAY 14, 2018
May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. The rule, of course, amended Bank Secrecy Act regulations in ways that seek to enhance transparency in reporting of ownership of legal entities. Specifically, the rules look to blunt money laundering and terrorist funding activities.
FICO
MAY 14, 2018
In our previous blog post , FICO revealed research on the credit behavior of young people with a student loan actively in repayment to determine the behaviors that are driving FICO® Score increases and decreases. Using a nationally representative sample, we identified 10 million scorable consumers age 18 to 30 who had a student loan actively in repayment as of October 2016.
PYMNTS
MAY 14, 2018
Citizens Financial Group announced on Monday (May 14) plans to launch Citizens Access, a nationwide direct-to-consumer online bank. In a press release , Citizens Financial said the digital platform will offer FDIC-insured deposits products aimed at serving people who want to save and want the flexibility of an online banking service. The company said it will provide digital deposit services at attractive rates and lower costs to help consumers save more for the future.
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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.
Payments Source
MAY 14, 2018
Each year, 50,000 small and medium-sized businesses in the U.K. are forced under due to late payments. This is the net result of a culture where many large companies regularly make their suppliers wait far beyond agreed terms, before processing payment.
PYMNTS
MAY 14, 2018
Bringing a popular classic gaming system back to market, Nintendo said that its NES Classic will be available for sale again this summer. The company said that consumers will be able to purchase the console in late June, TechCrunch reported. “ #NESClassic Edition will return to stores on June 29!” Nintendo wrote in a tweet. “This system and the #SNESClassic Edition system are expected to be available through the end of the year.”.
Bobsguide
MAY 14, 2018
A recent poll taken at the bobsguide Fintalk webinar, ‘Real-Time Payments: the growth opportunities and challenges’ revealed that 56% of the webinar audience would adopt real-time payments within two years. Interestingly, a further 36% were undecided on adoption highlighting how.
PYMNTS
MAY 14, 2018
In many ways, eCommerce has dissolved borders, creating new expectations for business to be conducted between countries with different currencies, languages and regulations. And as the ability to send payments electronically becomes faster and cheaper with innovation, it seems like doing business globally should no longer be a big deal. Indeed, this borderless economy has made it easier for consumers to buy what they want on giant marketplaces like Amazon and Alibaba from global sellers they oth
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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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