Mon.Aug 19, 2019

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The future of The City of London

Chris Skinner

As I walk around The City, I’m often finding new buildings, new developments and major erections rising around the Square Mile. On that latter note, I don’t mean Boris Johnston, but major new office blocks. Obviously, with Brexit, a lot of people would think that this would not be the … The post The future of The City of London appeared first on Chris Skinner's blog.

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Better.com raises $160m to expand partnerships, launch insurance products

Bank Innovation

Better.com, a New York-based mortgage lending startup, raised $160 million in a Series C funding round on Monday to develop new products, hire new employees and launch new partnerships. Activant Capital, Ping An Global Voyager Fund, Ally Financial, Citigroup, AGNC, Healthcare of Ontario Pension Plan and American Express Ventures joined existing shareholders Goldman Sachs, Pine Brook and […].

New York 186
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Things worth reading: 20th August 2019

Chris Skinner

Things we’re reading today include … ECB Says the Next European Bank Hack Is Just a Matter of Time Bank of America Applies for Multi-Tiered Crypto Wallet Patent Is mobile banking app Monzo too good to be true? Banking bodies look at shorter trading day to draw women Saxo chief … The post Things worth reading: 20th August 2019 appeared first on Chris Skinner's blog.

America 200
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How savings app Plinqit wants to help banks

Bank Innovation

While third-party savings apps like Digit, Qapital and Tip Yourself aim to help customers save money automatically, Plinqit is pitching its savings app as a tool that partner banks can use to drive more business. Plinqit was developed by Ann Arbor-based startup HT Mobile Apps (HTMA), which confirmed on Monday that it added Bank Michigan […].

Michigan 170
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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BoA Looks To Create Multi-Currency Digital Wallet

PYMNTS

To provide users with different levels of access to funds that are stored, Bank of America is reportedly aiming to patent a security system that is “partitioned” for crypto-wallets. The North Carolina-based bank filed a “Multi-Tiered Digital Wallet Security” application in February 2018 with the United States Patent and Trademark Office (USPTO), Coindesk reported.

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A Few Things About The Internet Of Things

PYMNTS

Devices are everywhere – and are now intelligent and interacting with us through all manner of daily routines. There are billions of devices in the world helping to monitor and regulate everything from room temperatures to restocking the fridge. The Intelligence of Things Tracker has shown that smart cities, security and even healthcare are all getting a boost from tech-powered devices that promise ease and convenience in keeping our lives, well, humming.

Analytics 192
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Credit unions team up on payment tech strategy

Payments Source

Banks are under competitive and regulatory pressure to either compete or partner with fintechs that support services such as mobile payments, and credit unions are in the same boat — though with a very different challenge at the start.

Strategy 102
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 Ransomware Gains Traction, UK BEC Fraud Spikes

PYMNTS

Aided by technology – and emboldened by the rise of cryptocurrencies – fraudsters are stepping up ransomware campaigns. As reported earlier this week, a new strain of ransomware has been hitting US firms and firms based overseas. The latest news centers on Sodinokibi, a ransomware strain that has helped fraudsters make higher ransom demands. Through that ransomware they have been hijacking companies’ systems and demanding bitcoin payment in exchange for a decryption key.

Fraud 180
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Silicon Valley Is Eating The Crumbs From The Banks' Lunch

Ron Shevelin

A Financial Times article on how Silicon Valley is "eating banks' lunches" got it all wrong. It's time to set the record straight.

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The State of Automation in Financial Services 2024 Report

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

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Why It’s Time To Break Mobile Commerce Stereotypes

PYMNTS

Don’t count out older consumers when it comes to mobile commerce – that’s one trend going forward into the 2020s that is important as the population continues to age. That said, there seems little question that younger consumers will continue to drive most changes in mobile, including its often complex place in the retail and shopping chain. In a new PYMNTS interview, Sri Narasimhan, head of strategy, partnerships and business development at LISNR , dug into the findings of new research from his

Mobile 179
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BofA patent application hints at digital wallet plans

Payments Source

Bank of America has joined the likes of Walmart and Mastercard in seeking patents for blockchain technology that could be used for a digital currency or mobile wallet.

America 95
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Can Email Change The Payments Game For SMBs?

PYMNTS

Poor cash flow is a business killer. Almost half of all businesses fail within the first four years because of poor cash flow management. A big part of that ongoing struggle is the pervasiveness of checks as the primary method for how businesses, particularly small businesses, are paid — and the delays and uncertainty overpayment that can create. However, efforts are picking up to move more of those payments from checks to digital methods.

Payments 169
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Bank Marketing Best Practices: Right People. Right Message. Right Time.

Banking Exchange

Data shows the events, habits and patterns that shape peoples’ lives, needs and preferences. Marketers need to discover those events and patterns and act on them to reach the right people with the right message at the right time. Retail Banking Technology Feature3 Financial Research Feature Financial Trends Big Data.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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Crypto.Com Adds Social App For Direct Crypto Payments

PYMNTS

Crypto.com has launched “Pay Your Friends,” which will allow for no-fee, direct crypto payments and offers a $50 equivalent in rewards for getting friends to use the Crypto.com Chain (CRO), according to reports. “What we want to achieve with ‘Pay Your Friends’ is to give our users a reason to bring all their friends into cryptocurrency. The user experience is instantaneous and free — the more users get a chance to experience it, the closer we get to global adoption,” the company said in a blog p

Payments 160
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CFPB names private education loan ombudsman

CFPB Monitor

The CFPB has announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman. Mr. Cameron joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was a high-ranking official responsible for litigation, compliance, and risk mitigation efforts. The ombudsman position was created by the Dodd-Frank Act.

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Why Mobile Rewards Programs Attract Fraud

PYMNTS

In the latest Mobile Order-Ahead Tracker , PYMNTS explores the latest developments in the world of QSR rewards programs and how credential stuffing and account takeovers are plaguing the industry. According to the Restaurant Readiness Index , 80 percent of QSR managers and customers reported positive experiences with loyalty programs. So, what are the downsides?

Mobile 159
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Static security isn't keeping up with e-commerce data

Payments Source

Digital incentive marketing, gift cards and loyalty points creates more information to attract crooks, says PerimiterX's Omri Lluz.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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How Merchants Can Reverse The Subscription Churn Curse

PYMNTS

In many ways, consumers are living in a golden age of subscription commerce, with streaming services like Netflix offering award-winning series’ and movies, while Amazon Prime provides members with access to a growing bundle of content and services. These prominent platforms are raising the bar of consumer expectations at a time when the subscription commerce market as a whole is getting more crowded, with providers offering meal kits, wardrobe boxes and myriad other products.

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The Importance of Transacting an Omnichannel Strategy in Banking

Banking Exchange

How can banks provide incredible in-branch experiences and engage deeper with their customers? Community Banking Customers Core Systems Branch Technology/ATMs Bank Performance Human Resources Feature Management Financial Trends Retail Banking The Human Element People Performance Feature3.

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Restaurant Industry Sales Projected To Reach $863B In 2019

PYMNTS

As more consumers spend a larger part of their budgets on dining, U.S. Census Bureau data noted that sales at establishments for eating and drinking are up over 4 percent this year. And overall industry sales are forecast to hit a high of $863 billion this year, per projections from The National Restaurant Association, CNBC reported. Morningstar Senior Restaurant Analyst R.J.

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Crypto behemoth Binance planning a rival to Facebook’s Libra

Payments Source

One of the largest cryptocurrency exchanges is looking to partner with governments and companies to develop new digital currencies as it competes with the Libra project spearheaded by Facebook Inc.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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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Amazon Raises Seller Fees Due To Digital Tax In France

PYMNTS

With a 3 percent digital tax passed by the French government, Amazon is hiking seller fees for small and medium-sized businesses in France beginning in the fall. The eCommerce company cited the tax as the reason for the increase, CNBC reported. Amazon said in a statement, according to the report, “This tax is aimed squarely at the marketplace services we provide to businesses, so we had no choice but to pass it down to selling partners.

Taxes 144
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8.19.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: How well do voice assistants understand commands?; Hy-Vee suffers a breach; Shared workspace adds biometric payments; London deploys more contactless payment points for donations.

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 AppZen On The State Of Spend Auditing

PYMNTS

Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees. Deploying technology — especially artificial intelligence (AI) — can streamline the auditing process and boost cost savings significantly. As AppZe n noted in a recent report titled “The State of AI in Business Spend,” companies that do not use AI audit only 10 percent of their spending.

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CA regulator proposes regulations to implement new law requiring consumer-like disclosures for commercial financing

CFPB Monitor

The California Department of Business Oversight (DBO) has issued proposed regulations to implement SB 1235 , the bill signed into law in September 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans, merchant cash advances, and factoring. The law contains exemptions and carve-outs for, among other things, depository institutions, financings of more than $500,000, closed-end loans with a principal amount of less than $

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.