Mon.Sep 03, 2018

article thumbnail

The culture of banking is skewed to be dishonest

Chris Skinner

I was reading The Guardian’s John Quiggin’s article yesterday, about banking being geared towards the 1% and a major crash being needed to fix it. John Quiggin is an economist at the University of Queensland and the thrust of his article is that “financialised capitalism has failed, and cannot be … The post The culture of banking is skewed to be dishonest appeared first on Chris Skinner's blog.

Capital 216
article thumbnail

Digital Payments Advance In India And Africa

PYMNTS

The summer, now drawing to a close, brought significant payments and commerce activity outside the Western world. A new PYMNTS story offers an in-depth look at all the recent digital happenings in India — a country that’s experiencing more competition from the likes of Google , Amazon , Walmart-owned Flipkart and Alibaba. Online retail continues to grow in the country, and that market could hit $200 billion by 2026 if one goes by a Morgan Stanley estimate.

Payments 132
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Things worth reading: 4th September 2018

Chris Skinner

Things we’re reading today include … U.S. Growth Powers Canadian Banks SocGen expects around $1.4 billion in U.S. sanctions penalties Funding Circle launches £2bn stock market flotation plan Britain’s TSB hit by another IT glitch, angering some customers Russia’s VTB bank apologizes for CEO who called UK’s Boris Johnson a … The post Things worth reading: 4th September 2018 appeared first on Chris Skinner's blog.

Marketing 157
article thumbnail

New Global FinTech Deal Highlights Collaborative Trend

PYMNTS

The latest global FinTech collaboration ties together Singapore and Dubai in a deal designed to encourage innovation in digital payments, online and mobile commerce, and related areas. According to a recent statement , the Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) have signed a deal “that provides a framework for cooperation and referrals between the innovation teams of each authority.”.

Fintech 111
article thumbnail

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

article thumbnail

Thinking differently about data: the new opportunity for banks

Bobsguide

Often described as the ‘new oil’ or even the currency of the digital economy, data is key to the business strategy of every organization. For banks, building an understanding of how to harness the variety, velocity and volumes of data available to them will dictate the difference between.

Data 106

More Trending

article thumbnail

Small biz has conquered digital payments. It's processing that needs work.

Payments Source

While there are automated reconciliation and straight-through processing (STP) solutions for large businesses, small businesses, in particular, continue to be underserved due to their smaller and less frequent invoices, contends Blair Jeffery, COO of Noventis.

article thumbnail

India’s Payments Power Moves

PYMNTS

Cash continues to command the loyalties of consumers in India. However, as demonstrated this summer, the country is not only embracing digital payments, but increasingly attracting competition from some of the biggest players in the industry. In 2016, Prime Minister Narendra Modi put forth a policy that took the largest banknotes in circulation out of the system (500 rupee and 1,000 rupee bills), a move intended to reduce tax evasion and corruption.

Payments 108
article thumbnail

W3C pushes browser pay security without input from banks and card networks

Payments Source

The World Wide Web Consortium (W3C) is sending a message to the payments industry that it might not be wise to wait on the card networks to solve the growing problem of mobile and online payments fraud.

Cards 63
article thumbnail

Bitcoin Daily: Rakuten Plans To Acquire Crypto Exchange, Asia Sees Surge In Blockchain Job Postings

PYMNTS

Japanese eCommerce company Rakuten is planning to acquire the cryptocurrency exchange service called everybody’s bitcoin Inc., according to an announcement. The deal could happen through a stock purchase agreement between Rakuten subsidiary Rakuten Card Co., Ltd. and everybody’s bitcoin parent company Traders Investment, Inc. In a statement, Rakuten said it “decided to acquire everybody’s bitcoin shares so that it can realize the early registration as a cryptocurrency exchange” and combine ever

Bitcoin 102
article thumbnail

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

article thumbnail

Collaboration key to creating perfect payment experience

Bobsguide

Payments is a fast-paced sector – new technologies and payment methods are entering the market all the time. This means that the way consumers want to pay for goods and services is rapidly diversifying, as each individual seeks out a more convenient, seamless payment experience. People are.

article thumbnail

Walmart Overhaul Of eCommerce System Results In More Out-Of-Stock Items

PYMNTS

Walmart customers are finding that some products in the company’s warehouses are out of stock after it overhauled its eCommerce system so that it is not shipping items that are very expensive to ship. According to a report in the Wall Street Journal , the changes to its eCommerce system mean that laundry detergent and cat food stored in a warehouse too far away won’t be available for purchase.

System 101
article thumbnail

Can Deutsche achieve ROI from other banks' payment IT projects?

Payments Source

Deutsche's investment in Modo Payments is a bet that banks need to spend money on technology that connects to popular non-bank payment apps.

article thumbnail

Amazon’s Alexa Hits 20,000 Devices

PYMNTS

Amazon has announced that Alexa now works with 20,000 devices — a fivefold increase in just eight months. “Just this year, Alexa has sung Happy Birthday millions of times to customers, and she’s told over 100 million jokes,” said Amazon executive Daniel Rausch at Berlin’s IFA tech show this past weekend, according to CNET. Rausch, Amazon’s vice president of smart home, explained that at the beginning of 2018, Alexa worked with just over 4,000 devices.

article thumbnail

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.

article thumbnail

Resume Tips For an Entry Position in the Banking Industry

ABA Community Banking

You may be asked by friends what is the best way for a young professional to break into the banking industry. With any entry position, a resume that stands out is an important step. Here are some suggestions. Feature Feature2 Feature3.

article thumbnail

Apple Had First Self-Driving Car Crash Last Week

PYMNTS

Apple revealed that its first self-driving car crash happened in California last week. According to the filing Apple employee Steve Kenner submitted to the California Department of Motor Vehicles, the vehicle — a Lexus RX450h — crashed during a driving test at 2:58 p.m. (PST) on August 24 near Apple’s headquarters in Cupertino. “An Apple test vehicle in autonomous mode was rear-ended while preparing to merge onto Lawrence Expressway South from Kifer Road,” according to the report published by t

Apple 100
article thumbnail

Banking Customers’ Biggest Financial Concern is Retirement

ABA Community Banking

While home loans and car loans may be in front of mind for some regional banks, their customers seem to have a bigger concern. Technology Feature Feature2 Feature3 Community Banking.

article thumbnail

Five Unexpected Lessons Of Summer 2018

PYMNTS

The term “thinking outside of the box” originates from advice that puzzle management consultants famously gave to clients in the 1970s and 1980s to encourage creative thinking. Called the “nine dots” puzzle, the trick was to connect all nine dots in the puzzle with four straight lines without tracing over or overdrawing any lines, or lifting their pen from the paper.

article thumbnail

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.

article thumbnail

OPINION: To Realize the Promise of Open Banking, US Banks Need to Think Like VCs

ABA Community Banking

Fintech is one of the most globalized industries in the world. Your take on its dynamism depends very much on what part of the world you’re looking at. Technology Feature Feature2 Feature3 Fintech.

US 40
article thumbnail

 Tracking PYMNTS Trackers Into 4Q And Beyond

PYMNTS

To know where you are going, it helps to know where you’ve been. And it helps to have a compendium at your elbow — a roadmap, always tracked, always tracking and always looking toward the future. And it especially helps to have original research and data points gleaned through the insights of thousands of businesses and consumers, across industry verticals, in order to make sense of what’s been and what’s coming.

Mobile 100
article thumbnail

Why The Banking Industry Is Where To Invest

ABA Community Banking

If you are working at a bank, like most Banking Exchange readers, market forecasts for 2019 are in your favor. Technology Feature Feature2 Management Feature3 Financial Research Financial Trends Fintech.

article thumbnail

The PYMNTS 2018 Summer Top 10 List

PYMNTS

Almost 33 years ago, David Letterman introduced his singular innovation in stand-up comedy: the Top 10 List. It’s a matter of some confusion and debate about who first came up with the concept. Most people credit the idea to Late Night writer Randy Cohen, who claims the inspiration first came care of Cosmopolitan Magazine and an article rating the top 10 sexiest men over 60.

Branding 100
article thumbnail

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.

article thumbnail

Collection Optimization At Shop Direct = Loyal Customers (video)

FICO

Earlier this year at FICO World 2018 , we held a session with Shop Direct (as one of our FICO Decision Award Winners ) on their journey with collections optimization. As an online retailer, Shop Direct decided to go beyond rules and scoring in improving debt collection and rehabilitation. They wanted to "take it to the next level" increasing collections while reducing expenditures.

Video 40
article thumbnail

Jaja Finance rolls out mobile-first credit card after GBP 7 mln funding

The Paypers

(The Paypers) UK-based Jaja Finance has announced the launch of its first product, a mobile-first credit card called Jaja, after receiving GBP 7 million in funding.

Mobile 47
article thumbnail

Digital Banking Creates Amazon Prime Opportunity

The Financial Brand

By meeting the digital banking experience expectations of consumers, banks and credit unions may be able to monetize their products and services. The post Digital Banking Creates Amazon Prime Opportunity appeared first on The Financial Brand.

article thumbnail

Mexican ecommerce to thrive after trade deal with the US

The Paypers

(The Paypers) Mexico and the US have reached a deal to revamp the North American Free Trade Agreement, but talks with Canada are not yet completed.

US 31
article thumbnail

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.