Chris Skinner
MARCH 2, 2020
I just received a report from Deloitte about credit and debit cards. It says the future is not so bright: “more payment choices, along with changing consumer preferences, are threatening the long-term viability of the credit card business model.” Damn. I said that fifteen years ago. It made me think … The post The end of cards and cash … just fifteen years late appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 2, 2020
Robinhood Markets Inc.’s brokerage website experienced technical issues Monday with some customers unable to make trades on a day when the market was rebounding from last week’s rout. A system-wide failure began as the U.S. markets opened and continued through midday. At 11:18 a.m. New York time, the company posted a statement on the website […].
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Chris Skinner
MARCH 2, 2020
Things we’re reading today include … Goldman Sachs builds up 8.5 per cent voting rights in Metro Bank Deutsche Bank under pressure from UK regulator over compliance failings Thought Machine raises $83m in series B funding Top central banks appear primed to act to combat coronavirus risk Winners and losers … The post Things worth reading: 3rd March 2020 appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 2, 2020
As large financial institutions struggle to reach small business clients, nonbank lenders like BlueVine and Brex have stepped up to offer better services for such enterprises, according to company representatives at Bank Innovation Ignite in Seattle on Monday. Herman Man, chief product officer at BlueVine, explained how the company creates solutions specifically for its small- […].
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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
MARCH 2, 2020
Tech giants in China are deploying a color-coded health rating system to help officials track the millions of people returning to work in the wake of the fast-spreading coronavirus outbreak, The New York Times (NYT) reported on Sunday (March 1). The government of Hangzhou collaborated with Alibaba and Ant Financial to create a smartphone app feature called the Alipay Health Code that segments people into three categories — green, yellow or red — based on their medical conditions and travel hist
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MARCH 2, 2020
Target Corp. is bringing Boar’s Head brand cheeses and meats to its brick-and-mortar stores. The retailer is adding 50 to 200 products from the brand to up to 200 locations in 2020, with offerings to include provolone cheese slices and maple-glazed turkey breast, Bloomberg reported. Boar’s Head, which is now based in Florida, was established by Frank Brunckhorst in 1905.
Bank Innovation
MARCH 2, 2020
BankMobile has partnered with Billshark to add bill pay functions to the company’s mobile banking platform for students, BankMobile Vibe. Billshark, a billing service that allows customers to renegotiate bills, lower monthly payments for utilities and cancel unneeded subscriptions, is designed for customers to gain control over their financial lives.
PYMNTS
MARCH 2, 2020
If we had to pick a favorite highly quoted Jeff Bezos aphorism, “your margin is my opportunity” would almost certainly be a contender for the top spot. The “almost “is simply because it is not clear that it is even a legitimate quote. Like many famously quotable people, a lot of things are attributed to Amazon’s founder and CEO that he may not have ever actually said.
Bank Innovation
MARCH 2, 2020
Robinhood Markets Inc.’s brokerage website experienced technical issues Monday with some customers unable to make trades on a day when the market was rebounding from last week’s rout. A system-wide failure began as the U.S. markets opened and continued through midday. At 11:18 a.m. New York time, the company posted a statement on the website […].
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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
MARCH 2, 2020
Healthcare in the U.S. is a massive industry. According to the Centers for Medicare and Medicaid , $3.5 trillion — or roughly $11,000 per person — was spent in the U.S. in 2017 on healthcare services. By the year 2027, the expectation is that those costs will have swelled to $6 trillion annually or roughly $17,000 per citizen or 19 percent of the GDP.
Bank Innovation
MARCH 2, 2020
JPMorgan Chase & Co. is asking thousands of U.S. employees to work from home as it tests a contingency plan for closing domestic offices should the coronavirus spread, according to people with knowledge of the matter. Managers requested that about 10% of staff across its consumer bank work remotely as part of the plan’s resiliency […].
PYMNTS
MARCH 2, 2020
Amazon has announced it has a new artificial intelligence (AI) model that helps convert text to images to aid in searching for products, according to a blog post by the company. “Generative adversarial networks (GANs), which were first introduced in 2014, have proven remarkably successful at generating synthetic images. A GAN consists of two networks, one that tries to produce convincing fakes, and one that tries to distinguish fakes from real examples.
Bank Innovation
MARCH 2, 2020
As large financial institutions struggle to reach small business clients, nonbank lenders like BlueVine and Brex have stepped up to offer better services for such enterprises, according to company representatives at Bank Innovation Ignite in Seattle on Monday. Herman Man, chief product officer at BlueVine, explained how the company creates solutions specifically for its small- […].
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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
MARCH 2, 2020
Coronavirus, also called Covid-19, is wreaking havoc on the stock market, with a heightened effect on the travel industry. It could also cause a drastic change in payment habits, as consumers shift to digital channels to reduce their risk of infection from handling cash.
PYMNTS
MARCH 2, 2020
How important are humans to your retail banking experience? It’s a fair question given that ATMs and mobile banking can now make the whole “teller in a window” thing disappear permanently. Is that what people really want? It’s one of the themes explored in the February 2020 Digital-First Banking Tracker® , done in collaboration with NCR Corporation.
Ron Shevelin
MARCH 2, 2020
You've got your Facebook feed, your Twitter feed, your LinkedIn feed, your Instagram, and who knows how many other feeds. Get ready for another one: your financial feed.
PYMNTS
MARCH 2, 2020
To purchase the Asian assets of U.K. grocer Tesco , Charoen Sirivadhanabhakdi, one of the wealthiest men in Thailand, has obtained almost $10 billion in financing commitments. His TCC Group has put in a bid for the Tesco’s assets, with funding already in place in the event that the bid is successful, The Wall Street Journal reported, citing unnamed sources.
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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.
South State Correspondent
MARCH 2, 2020
LENDING PORTFOLIO MANAGEMENT There has been substantial research on how prepayment speeds of residential mortgages affect the profitability of individual loans and portfolios. Because of the homogenous nature of residential mortgages, many firms have developed highly predictive models to calculate prepayment speeds based on past behavior, portfolio makeup, and macroeconomic variables.
PYMNTS
MARCH 2, 2020
Lloyd’s of London , the insurance firm, is supporting a new policy that protects digital currency held in digital wallets from hackers, Coindesk reported on Monday (March 2). The policy is reportedly a new insurance type that has a limit that changes with the price fluctuations of covered digital currency assets. Lloyd’s insurance syndicate Atrium underwrites the policy and is provided by digital currency “lifestyle” service provider Coincover.
South State Correspondent
MARCH 2, 2020
Here is the funny thing about the tongue-brain connection - your brain can project, with a very high degree of certainty, what it will feel like if you lick any given object such as your desk, your shirt, car hood, a stucco wall, computer keyboard - you name it. This is despite the fact that you are likely to have zero experience in licking any of those objects in the past.
PYMNTS
MARCH 2, 2020
Intuit QuickBooks is forging a new agreement with Visa to fortify its strategy for small and medium-sized business (SMB) customers in India, Intuit announced on Monday (March 2). Intuit’s QuickBooks Online is used by over 4.5 million small businesses and accountants. The partnership with Visa is a first of its kind for QuickBooks in India. It stems from the firm’s global plan to create strategic partnerships with additional firms that provide financial services.
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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
MARCH 2, 2020
Something as simple as the sale of cheese can show how fear instantly affects the economy, disrupting trade and the transaction fees that processors rely on.
PYMNTS
MARCH 2, 2020
In response to fraud from the American Immigration Center, the Federal Trade Commission (FTC) is sending out refunds for those defrauded, according to a press release. The FTC will issue 4,976 refund checks and 44,136 PayPal payments to victims, totaling over $2 million to help make them whole. The fraud reportedly started in 2010, according to the FTC, when the company falsely implied it was affiliated with the U.S. government in order to sell immigration paper prep services to customers.
Payments Source
MARCH 2, 2020
For the past decade, the drive for modern restaurant point-of-sale terminals and software has turned into a highly competitive race seeking new looks and ideas.
PYMNTS
MARCH 2, 2020
There is no lack of good ideas in financial services, nor is there a lack of enthusiasm for putting them in place and enhancing the customer experience among banks and other financial service providers. Two years of tracking by the Innovation Readiness Playbooks has clearly demonstrated that financial institutions (FIs) of all sizes are interested in innovating – and avidly looking to invest in the initiatives that delight their customers.
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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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