Chris Skinner
NOVEMBER 10, 2019
I’ve said for a while that the Big Tech giants will not become banks. Amazon and Alibaba will do a lot of bank-like activities, but they will never move into full-service banking, as in offering deposit accounts. Why won’t they? Because that’s full banking activity which has all of the … The post Big Banks AND Big Tech (not versus) appeared first on Chris Skinner's blog.
PYMNTS
NOVEMBER 10, 2019
Kenya has passed a new data protection law in the hopes of attracting more foreign technology companies into the country. The law, which was approved by Kenyan President Uhuru Kenyatta last week, complies with European Union legal standards, placing restrictions on how personal user data can be handled, stored and shared. “Kenya has joined the global community in terms of data protection standards,” Joe Mucheru, minister for information, technology and communication, told Reuters.
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Chris Skinner
NOVEMBER 10, 2019
Things we’re reading today include … Deutsche Bank tech failings hit thousands of payments UBS wealth management co-head Khan unveils plans to grow business: paper TSB ‘may close up to 100 branches and put 400 jobs at risk’ Apple co-founder says Apple Card algorithm gave wife lower credit limit DWS … The post Things worth reading: 11th November 2019 appeared first on Chris Skinner's blog.
PYMNTS
NOVEMBER 10, 2019
China is looking to coax tech listings, following a failed attempt with mainland investors, The Wall Street Journal (WSJ) reported on Thursday (Nov. 7). . After an unsuccessful plan to connect with Alibaba Group and other mainland investors, the move is jump-starting a project to attract China’s most innovative companies to list domestically. New rules from regulators are expected soon, sources told WSJ.
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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
BankBazaar
NOVEMBER 10, 2019
Want to get a lower rate of interest on your personal loan along with quick approval? Read on to find out more. When it comes to Personal Loans , it is important for the bank or lender to be aware of how the borrower will repay the loan. If you can put up your home or car as collateral, there’s nothing like it. This will increase your credibility as a borrower and boost your chances of loan approval.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
NOVEMBER 10, 2019
Faster and real-time payments are finding more and more use cases, but the razor-thin transaction windows are alluring to fraudsters who want to make a swift getaway with stolen funds.
PYMNTS
NOVEMBER 10, 2019
Research firm Sanford C. Bernstein says affluent Chinese consumers are not indulging on luxury and non-essential goods, Bloomberg reported on Saturday (Nov. 9). Bernstein luxury goods analyst Luca Solca said the lowered interest by affluent Chinese customers could reduce the capabilities of premium companies. She indicated that “political monetary policy intervention” was needed amid the “lack of progress” in U.S.
Payments Source
NOVEMBER 10, 2019
The New York Department of Financial Services is opening a probe into Goldman Sachs' credit card practices after a viral tweet from a tech entrepreneur alleged gender discrimination in the new Apple Card's algorithms.
PYMNTS
NOVEMBER 10, 2019
Small business (SMB) tech startup Instamojo announced the launch of its Instamojo Credit Book, which aims to get rid of manual ledgers by digitizing records. Available through the company’s Android app, the ledger allows businesses to keep track of credit given to vendors, suppliers and customers; monitor cash receivables from customers, vendors and suppliers; send due payment reminders; and maintain a centralized record of cash flow.
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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
NOVEMBER 10, 2019
The lack of coordination may be due to functional and cultural differences, or the effect of technology silos, says Nvoicepay's Josh Cyphers.
PYMNTS
NOVEMBER 10, 2019
Ukraine is coming to terms with international lenders to settle an aid agreement concerning the nationalization of Privatbank, the country’s largest lender, Bloomberg reported on Saturday (Nov. 9). . The relief solution comes as Ukraine promises to recover losses associated with the Privatbank’s nationalization. The Cabinet Ministers of Ukraine as well as the central bank and Deposit Guarantee Fund “will make every effort” to return the funds spent by Privatbank depositors, Ukraine President Vol
Let's Talk Payments
NOVEMBER 10, 2019
In October 2019, FinTech startups across the world raised $2.81 billion worth of VC/PE investments from 166 deals. In terms of MoM trends, there was a decrease of 3.43% from the $2.
PYMNTS
NOVEMBER 10, 2019
Ingenico Group announced that it has partnered with Belgium ePharmacy firm Newpharma on a new payment solution for online pharmaceutical buyers. Launched in 2008, Newpharma was created to bring the pharmacy industry online, with non-prescription medication making up 15 percent of the company’s sales, and a large portion of those sales coming from France and the Netherlands.
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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.
The Financial Brand
NOVEMBER 10, 2019
Traditional financial institutions must do more than adapt legacy products to new digital forms. They must rethink what they're offering. The post How to Thrive in Financial Services in the Age of Digital Disruption appeared first on The Financial Brand.
PYMNTS
NOVEMBER 10, 2019
Current antitrust laws are “flexible enough” to handle issues caused by technology firms, said Makan Delrahim, assistant attorney general for the Antitrust Division of the U.S. Department of Justice, Reuters reported on Saturday (Nov. 9). “Some have suggested changing the antitrust laws, creating new agencies or even regulating the conduct of some firms … it bears repeating that our existent framework is flexible enough to detect harm in any industry and emerging ones,” Delrahim said at an
The Financial Brand
NOVEMBER 10, 2019
Executive training programs for new and existing bank management must support future needs as opposed to reinforcing legacy culture. The post Do Bank Management Training Programs Create ‘Leaders of Yesterday’? appeared first on The Financial Brand.
PYMNTS
NOVEMBER 10, 2019
Some small businesses have turned to an interesting place when in need of a cash infusion: GoFundMe. The donation platform’s CEO recently revealed that thousands of independent businesses have launched campaigns in 19 countries. “These independent businesses become pillars in a community, and when they can’t stay open, the communities really rally,” Rob Solomon said in an interview with The Wall Street Journal.
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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.
The Financial Brand
NOVEMBER 10, 2019
Fintech leader tells banks and credit unions how innovation and personalization will prevent them from falling victim to Digital Darwinism. The post What Financial Institutions Can Learn from a Disruptor’s Rebrand appeared first on The Financial Brand.
PYMNTS
NOVEMBER 10, 2019
China’s Alibaba rang up over $12 billion in sales in less than 90 minutes during its Singles Day shopping bonanza, Reuters reported on Sunday (Nov. 10). The sales for the Chinese eCommerce giant were up 22 percent over last year ’s Singles Day sales. Singles Day is similar to the U.S. Black Friday and Cyber Monday except it celebrates people who are single in China.
The Financial Brand
NOVEMBER 10, 2019
Refining customer experience by artificial-intelligence-supported listening helps retain relationships with small and medium-sized businesses. The post How AI-Powered Sentiment Analysis Supercharges Your CX Strategy appeared first on The Financial Brand.
PYMNTS
NOVEMBER 10, 2019
Carrot Founder and CEO Tammy Sun didn’t start out with an ambition to hit the reset button on how fertility is financed in the United States, because when she first dipped a toe into the world of fertility treatments, she didn’t realize just how expensive, confusing and friction-filled the system could be. Like most people who have never dealt directly with fertility services, she didn’t know all that much about it or think about it all that often.
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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.
PYMNTS
NOVEMBER 10, 2019
Goldman Sachs is being investigated for gender discrimination related to the algorithms it uses when deciding on credit limits for the new Apple Card. In a series of tweets, David Heinemeier Hansson, a partner at software development firm Basecamp, claimed that he was approved for 20 times the credit limit that his wife received — even though they file joint tax returns and she actually has a better credit score.
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