Bank Innovation
JANUARY 7, 2020
At first glance, New York-based Qapital, a digital banking, investing and budgeting platform, might look like a challenger bank. But CEO and co-founder George Friedman says Qapital’s offerings are more than just a collection of financial products. To Qapital, which launched in the U.S. in 2015, the automation of money movement in conformity with the […].
Payments Dive
JANUARY 7, 2020
Instacoin now supports seven stablecoins — including the controversial tether — throughout its bitcoin ATM network. At its two-way machines, users can buy and sell up to nearly C$10,000 ($7,600) worth of tether a day, no ID required.
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Chris Skinner
JANUARY 7, 2020
I was going to write stuff about this but The Financial Stability Board did it for me. Here’s where the regulator will focus in 2020: The Financial Stability Board (FSB) published its work programme for 2020. The FSB’s work priorities for 2020 reflect the evolving nature of the global financial … The post The regulator’s focus for 2020 appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 7, 2020
JPMorgan Chase wants to continue to let customers use their favorite third-party apps, but the bank said it’s making moves to ensure these transactions take place in a secure way. The bank made headlines in various financial publications this month for stamping out a practice called screen scraping that allows third-party apps to access customers’ login and […].
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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
Chris Skinner
JANUARY 7, 2020
Things we’re reading today include … Barclays £322m Qatar deal ‘could be seen as way to hide payments’ Ignoring climate risk costs more than tackling it Former Goldman banker pleads guilty to insider trading Bitcoin: Should cryptocurrency owners make a will? Travelex customers ‘thousands of pounds out of pocket’ Wall … The post Things worth reading: 8th January 2020 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
South State Correspondent
JANUARY 7, 2020
MANAGING CREDIT RISK If you are like most banks you have your credit approval and risk process based around loan size. The assumption is that the larger the loan the more risk the bank is taking on so a greater level of risk review is needed. But, suppose the data didn’t bear that assumption out? If that assumption is wrong, then that means that your bank is probably underpricing the smaller loans, overpricing the larger loans, applying the wrong cost structure to the larger loans and misalignin
PYMNTS
JANUARY 7, 2020
U.S. shopping malls have reached the pinnacle of struggle, with empty shops hitting a 20-year high, the Financial Times (FT) reported on Tuesday (Jan. 7). By the end of 2019, there were more vacant stores than at any time during the past two recessions, according to Reis Moody’s Analytics. People are shopping and spending is strong, but eCommerce is getting most of the sales rather than physical stores.
South State Correspondent
JANUARY 7, 2020
RETHINKING PAYMENTS Last month, the Federal Reserve released its 7 th , tri-annual U.S. payments study, and, as usual, it had some eye-opening trends that all banks need to consider for their long-term strategic planning. For example, while consumers have always said they preferred debit cards over cash, last year was the first year in US history where consumers used their debit cards (28% of all transactions) more than they used cash (26% of all transactions).
PYMNTS
JANUARY 7, 2020
Google Assistant is aiming to help users in even more ways thanks to new features the company debuted at CES 2020 throughout this past week. Later this year, the popular virtual assistant, which is available on mobile and smart home devices in 90 countries and engaged by nearly half a billion users each month in 30 languages, will read web pages aloud in a more pleasant, realistic voice.
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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
JANUARY 7, 2020
Facebook’s Libra cryptocurrency project has drawn vast political pushback, but also more tangible government action as nations globally consider central bank supported digital currencies. It’s also sparking a potential bottom-up approach in New York.
PYMNTS
JANUARY 7, 2020
In the coming cyberwar with Iran, the U.S. may get hit hard. Planes may fall out of the sky, the financial system may be crippled, the energy grid may go dark — actually, it’s likely that none of this will come to pass. Amid the headlines speculating how, when and why Iran may respond to the killing last week of a top general, Qassem Soleimani, Director Samuel S.
Bobsguide
JANUARY 7, 2020
In my first article based on the Global Corporate Treasury Survey 2019, I explored why building customer relationships is becoming ever more pivotal to corporate banking business models. In this follow-up, I go on to examine the technologies and ecosystems that will characterise the new era of.
PYMNTS
JANUARY 7, 2020
Fresh foods present a singular problem for grocers when it comes to keeping the shelves stocked. They don’t come with expiration dates stamped on, they tend to vary in terms of quality and seasonal availability, consumer preferences are highly variable and they have a relatively short shelf life. As a result, of the eight million tons of food retailers throw away annually, the vast majority are fresh foods that spoiled before they were ever sold.
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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
JANUARY 7, 2020
Comerica will continue to handle the U.S. Treasury’s Direct Express prepaid card program, beating out other banks for the third time since the program launched in 2008, despite a high-profile glitch in 2018 that drew lawmakers’ scrutiny.
PYMNTS
JANUARY 7, 2020
The rise of FinTechs in the last decade – and the millions of customers they’ve siphoned away from mainstream financial institutions (FIs) – has changed the landscape for banks. Innovation is no longer optional – it’s table stakes to stay in the game. The good news: There is no shortage of innovative ideas and options for today’s FIs to offer to their customers: digital wallets, P2P payments, card controls, fraud and security protection, and loyalty and rewards perks among them.
CFPB Monitor
JANUARY 7, 2020
Yesterday, Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, announced the following three major improvements that have been made to FTC orders in data security cases: Specificity: To counter past criticisms that FTC orders to implement comprehensive information security programs were too vague, FTC orders will now require specific security safeguards that address specific allegations in the complaint brought against each company.
PYMNTS
JANUARY 7, 2020
Mobile wallets are on the march, so to speak, and what happens with them in their next phase of development — in 2020 and beyond — will say much about what happens to broader areas of payments. That’s a bit of a mouthful. But it stands as perhaps the main takeaway from a recent, turn-of-the-year PYMNTS conversation with Kevin Fox, executive vice president of NovoPayment , a banking as a service (BaaS) provider with a large presence across the Americas.
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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
JANUARY 7, 2020
Some security experts have warned that Iranian hackers may go after U.S. targets, including financial services companies, in retaliation for the U.S. government's assassination of Iranian military leader Qassem Soleimani.
PYMNTS
JANUARY 7, 2020
Dante Disparte, vice chairman of the Libra Association, spoke at the Digital Money Forum at the Consumer Electronics Show (CES) in Las Vegas on Tuesday (Jan. 7), arguing for Libra and against bitcoin as a payment system, according to CoinDesk. “Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset,” Disparte said. “It’s not a means of payment.
American Banker
JANUARY 7, 2020
Banks will have plenty of developments to follow this year, from Big Tech's evolving foray into the industry to data disputes and increased competition from digital-first challengers.
PYMNTS
JANUARY 7, 2020
Sprint has announced it is launching a redesign of its Sprint IoT Factory, which is a marketplace of Internet of Things (IoT) solutions for small and medium-sized businesses (SMBs), according to a release. The service provides plug-and-play solutions for IoT needs in industries like healthcare, foodservice and others. It is essentially a B2B eCommerce solution that aims to provide a clear avenue for SMBs to add IoT tech to their businesses. “Small businesses are looking for simple technolo
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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.
CFPB Monitor
JANUARY 7, 2020
On December 30, 2019, the California Department of Business Oversight (DBO) announced two actions regarding companies offering unregulated, point-of-sale financing to California residents. In the first action, the DBO denied the application of Sezzle Inc. for a lender’s license under the California Financing Law (CFL). According to the DBO in its Statement of Issues , license denial was warranted because Sezzle had engaged in unlicensed point-of-sale lending.
PYMNTS
JANUARY 7, 2020
If you can’t beat ’em, join ’em — at least when it comes to reporting structure. To that end, investment banking giant Goldman Sachs said it has revamped its reporting into new segments. By creating new divisions, the company may be training a brighter spotlight on its consumer banking efforts. And in doing so, the firm is fashioning itself in a way that may more closely resemble peers, and give investors a way to compare Goldman to, say, JPMorgan and others.
ATM Marketplace
JANUARY 7, 2020
As Big Tech encroaches upon banking, some of the leading app developers in the ride sharing and food delivery space are carving out a niche for themselves in financial services. The challenge posed by these companies could have profound implications for the future of payments.
PYMNTS
JANUARY 7, 2020
The longstanding practice of selling automobiles is getting a change — reflecting larger trends in commerce. For instance, online marketplace and auction site eBay has released eBay Motors , a new app that uses artificial intelligence (AI) to list a car in under five minutes, according to a report by The Verge. The app is a replacement for the previous eBay Motors app, which was discontinued in 2015, and it’s available in the U.S. for both iOS and Android.
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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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