Sun.Jan 26, 2020

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A Davos Day

Chris Skinner

I’ve watched Davos from afar for years now and often wondered what it would be like to be there so, when I got an invite this year, I took it straight away. The United Nations Media Group asked if I could join them and talk about sustainable finance, which I … The post A Davos Day appeared first on Chris Skinner's blog.

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New FICO scoring to lower risks for lenders

Bank Innovation

FICO is updating its credit scoring system to rely more on debt-to-income ratio, with consumers scoring below 600 to feel the brunt of the scrutiny. The credit bureau last week rolled out its FICO Score 10 Suite, which institutions will launch by the end of the year. The new scoring model is designed to improve underwriting […].

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Things worth reading: 27th January 2020

Chris Skinner

Things we’re reading today include … Why won’t our banks take a simple step to stop fraud? Bank of Thailand considering licences for digital-only banks Inside Curve’s botched attempt to become the ‘Amazon of banking’ Bank heavyweights inject $80m into City fintech Currencycloud London loses top spot as global finance … The post Things worth reading: 27th January 2020 appeared first on Chris Skinner's blog.

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Grasshopper Bank advances inclusion, stamps out ‘pattern matching’

Bank Innovation

New York City-based Grasshopper Bank is geared toward startups, with a focus on pain points for founders. Grasshopper opened in May 2019 after securing FDIC and OCC approval, a rare distinction for a digital-only bank. Jeremy Shure, global head of Grasshopper’s early-stage practice, told Bank Innovation that the company serves founders where the banking industry […].

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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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The Finanser’s Week: 20th January 2020 – 26th January 2020

Chris Skinner

The main blog headlines are … Survey: Banks just aren’t ready for digital I’ve just been reading Jim Marous’s Digital Banking Report which ties in nicely with my new book Doing Digital, as the themes are similar. In Jim’s 70+ page report, Jim concludes that: “While there is an almost universal … The post The Finanser’s Week: 20th January 2020 – 26th January 2020 appeared first on Chris Skinner's blog.

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More Trending

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Bank Of France Gov Says Central Banks Should Control Crypto

PYMNTS

Bank of France Governor Francois Villeroy de Galhau said on Saturday (Jan. 25) that central banks should be in charge of issuing electronic currency, not private companies, Reuters reported. Partially brought on by the emergence of cryptocurrencies and Facebook’s upcoming introduction of the Libra coin, central banks across the globe have been looking into launching eCurrency as a means of maintaining states’ control over money.

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Gas stations become a driving force for in-car commerce

Payments Source

Two of the largest U.S. fueling station chains are adopting technology that separates the act of pumping gas from the transaction — and in the process, enabling that the purchase of fuel to become a gateway to in-car shopping.

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SoftBank To Lead $125M Round For LATAM FinTech AlphaCredit

PYMNTS

Latin America-based AlphaCredit has signed up for a funding round to raise $125 million, led by SoftBank’s Latin America fund. AlphaCredit is a FinTech platform with a focus on consumer lending and finance solutions. It provides credit lines to individuals and has usually worked in communities without much access to banks. In Mexico and Colombia, it has loaned more than $1 billion total to various clients.

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The Demographic Hurricane Makes Landfall

ABA Community Banking

U.S. birth and marriage rates—and the life expectancy of its young people—are falling. How should banks respond to America’s demographic disaster? The post The Demographic Hurricane Makes Landfall appeared first on ABA Banking Journal.

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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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Grocery Stores Shutter In-Store Pharmacies

PYMNTS

Supermarket pharmacy counters are closing across the U.S. as they struggle to keep customers coming back. The move, happening in states as varied as Washington, Minnesota and everywhere in between, comes as customers have been making fewer trips to visit pharmacy counters while doing grocery shopping. Also, the large hand of big pharmaceutical companies has had an influence.

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Most consumers don't trust mobile payments. There's a way to fix that

Payments Source

For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features, and more time-saving capabilities, says Informa Financial Intelligence's Gina DeCorla.

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New EU Policy Pushes For Data Sharing To Foster Blockchain, AI Use

PYMNTS

The EU is looking to adopt new antitrust rules that will aim to give European companies more leeway in the market. The new rules, described by Reuters as protectionist, will be unveiled in March. Documents obtained by Reuters show that the EU wants to adopt a strategy of utilizing more aggressive trade defense instruments against companies thought to be unfairly benefiting from foreign subsidies.

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Industry to Crapo: Detach pot banking from public health debate

American Banker

The pot banking bill is a long shot after recent criticism by the Senate Banking chairman, but bankers are trying a new argument in a last-ditch effort to sway lawmakers.

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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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Monzo Courts SoftBank As Part Of £100M Capital Raise

PYMNTS

British banking unicorn Monzo is in talks with Japanese investment conglomerate SoftBank for financial assistance in its growth plans into the U.S. Monzo Co-founder Tom Blomfield sat down with senior officials from SoftBank’s Vision Fund, sources told The Telegraph on Sunday (Jan. 26). The digital bank is looking to raise around £100 million (nearly $ 130.6 million USD) in new funding.

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Important Innovation Lessons for Banking from Clayton Christensen

The Financial Brand

Legacy organizations rarely create disruptive change. Banking must embrace the advice of the late Clayton Christensen to survive in the future. The post Important Innovation Lessons for Banking from Clayton Christensen appeared first on The Financial Brand.

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Google Limits Chrome Browser Extensions Amid Spike In Fraud

PYMNTS

Google has announced that all paid commercial extensions have been temporarily suspended from being published or updated in the official Chrome Web Store due to fraud, ZDNet reported on Saturday (Jan. 25). Fraudulent transactions began earlier in January, then started happening “at scale,” according to Google engineers. As a result, Google’s security team indefinitely suspended the extensions, which impacts all paid extensions.

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Consumers’ Surprising Views on the Future of Banking

The Financial Brand

People are much more open-minded about using fintechs than you might think, especially for payments, and they predict far fewer branches. The post Consumers’ Surprising Views on the Future of Banking appeared first on The Financial Brand.

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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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Microsoft Health Exec Calls For More Transparency Of Patient Data

PYMNTS

Peter Lee, corporate vice president of Microsoft Healthcare , wants to make sure patients have access to their healthcare records. Lee, speaking with CNBC , said he wanted to follow the general trend set by Microsoft CEO Satya Nadella and make sure they keep to a standard of openness and transparency. Lee said Nadella’s policies were enlightened and added that it was important for patients to have access to their records whenever they need.

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How Divorce Can Seriously Hurt Your Credit Score

BankBazaar

Divorce for many can be messy and can wreak havoc on your finances as a couple. Here’s how it can also pull down your Credit Score. No matter how amicably things end, there’s nothing about divorce that can make the experience more palatable or less painful. From doing the rounds in courts to finalise your divorce, finding a new living arrangement and splitting finances that you’ve been taking care of together all these years – the process can be hard and long-drawn-out.

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LA’s CREXi Real Estate Marketplace Lands $30M For Digital Expansion

PYMNTS

Online commercial real estate marketplace CREXi — which serves as a digital toolkit of sorts for buyers, sellers and investors — has raised nearly $30 million from investors, according to reports. It has nestled its way into the Los Angeles area, one of the U.S.’ biggest metro areas, and one that makes sense for breeding talented real estate businesses.

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Services Sector Drives US Business Growth; Europe Loses Momentum

PYMNTS

Breaking trends in the rest of the world, the U.S.’ business activity is on the upswing so far in 2020. In other major countries, that hasn’t been the case, as their economies have been performing weaker, The Wall Street Journal reported. Data company IHS Markit reported earlier this week that its composite purchasing managers index in the U.S. had hit “a 10-month high of 53.1 in January, up from 52.7” last month.

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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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EU Regulator Loosens Requirements For Bank Mergers

PYMNTS

Europe’s main banking regulator, an arm of the ECB , is trying to make it easier for the continent’s financial lenders to merge. The logic is that the move will help jump-start a lagging economy. The regulator is in charge of covering the largest eurozone banks, and it has only made the softening of its stance on mergers known privately thus far, according to bankers, supervisors and analysts, although some officials have talked about the problem in public recently.

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Tight UK Scooter Regs Lead To Bird Chief’s Exit

PYMNTS

Bird Rides, Inc. , the eScooter startup, lost its U.K. and Ireland boss Richard Corbett, who stepped down from the job after two years at the helm of the company, according to Bloomberg. Corbett stepped down from the job because it was “impossible” to overcome regulations on Bird Rides while Brexit was in process. Laws in Britain effectively ban eScooters from being on the roads, and Corbett had finally had enough.

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Codat, Temenos Partner For Bank, SMB Alliance

PYMNTS

Swiss banking software firm Temenos is partnering with London accounting API startup Codat , Temenos announced on Friday (Jan. 24). “I am very pleased to welcome Codat to the Temenos community. Temenos MarketPlace continues to provide the most innovative and diverse FinTech ecosystem, with solutions spanning digital engagement, risk and compliance, customer servicing and payments, among others,” said Paul Roberts, marketplace and development community director at Temenos.

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Life House Tech-Focused Hotel Brand Closes $30M Fundraise

PYMNTS

Ashton Kutcher is among the many investors closing a $30 million deal to help Life House continue its disruption of hotels, Life House announced on Friday (Jan. 24). The Series B funding was led by Thayer Ventures, with Tiger Global, JLL Spark, and Ashton Kutcher and Guy Oseary’s Sound Ventures. Additional funds also came from investors David Hamamoto, the former chairman of Morgans Hotel Group, and Jim Ketai, the owner of Detroit’s Shinola Hotel.

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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.