Sun.Jan 12, 2020

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Mastercard turns to AR to visualize loyalty benefits

Bank Innovation

Payments giant Mastercard launched a new augmented reality (AR) app this month that lets cardholders get a bird’s-eye view of their benefits. It’s a move that the company hopes will drive engagement and loyalty, and add value to the offerings of its partner financial institutions. “At Mastercard, we’re using our technology and solutions to deliver multisensory […].

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China and India in 2020: Watch and Learn

Chris Skinner

I often written about how the developing world is leap-frogging the developed world. The reason is that the developing world had no infrastructure in place whilst the developed world implemented their infrastructure in the last century. The developed world has become a legacy world. The developing world is a world … The post China and India in 2020: Watch and Learn appeared first on Chris Skinner's blog.

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Trending Sources

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Challenger bank hype will result in better products, says Edison Partners

Bank Innovation

The rush to be the best bank-type platform has created a crowded market, both in the business-to-business and direct-to-consumer fintech sectors. Investors are placing their bets on tools that will gain wide adoption, creating a high bar for founders and product developers. To one fintech investor, the plethora of digital banking platforms is hardly a […].

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Things worth reading: 13th January 2020

Chris Skinner

Things we’re reading today include … Lloyds warns staff to expect first bonus cut in four years Bank of England’s Sam Woods warns of crackdown on the City LSE set to send $27bn Refinitiv deal to EU watchdog May I have a word about… nudniks and quantamental investing | Jonathan … The post Things worth reading: 13th January 2020 appeared first on Chris Skinner's blog.

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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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Wirecard partners with Sprint to drive cashierless checkout

Bank Innovation

As cashierless shopping continues to gain momentum with Amazon Go and its competitors, German payments company Wirecard is partnering with Sprint to develop a similar experience for its clients. Wirecard this month announced it would use Sprint’s Curiosity internet-of-things network to help deliver cashierless checkout and provide retailers with better data on shoppers.

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Wells Growth Hampered By Outdated Systems, Tech Failures

PYMNTS

Wells Fargo is striving to revamp its approach to technology to ensure systems stay online, satisfy regulators and block cybercriminals, the Wall Street Journal (WSJ) reported on Saturday (Jan. 11). Following the 2016 incident of bogus accounts, regulators have been watching the bank closely and have handed down edicts that Wells Fargo has had trouble meeting due to obsolete methods and resources, past and current personnel told the WSJ.

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As final EMV deadline nears, gas stations get inventive

Payments Source

After getting a reprieve from a 2017 deadline, gas stations now have less than a year to upgrade to EMV security at the pump — and the card brands aren't showing signs that they will be willing to postpone this mandate another time.

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Colombian Regulators Order Uber To Shut Down

PYMNTS

Uber will cease operating in Colombia at the end of the month, the company said in a statement. The decision — the latest blow to the rideshare company — comes after protests from Colombian taxi drivers that Uber was breaking the rules of the country’s taxi market. According to a lawsuit from the opposition company, Uber had an unfair advantage over other taxis because it did not have to pay the same regulatory fees that other taxis were subject to.

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11 bankers and disruptors to watch in 2020

American Banker

Can Charlie Scharf fix what ails Wells Fargo? How will Kelly King and Bill Rogers manage the integration of the biggest bank merger since the early 2000s? And will New Jersey Gov. Phil Murphy be able to beat back opposition from the banking industry and make good on his promise to create a state-owned bank? Here are 11 leaders to keep an eye on in 2020.

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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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Google To Tighten Android Security For Password, Payment Autofills

PYMNTS

Looking to tighten up security, Google is exploring adding biometric scans for password and payments to its Android Autofill options. The move, according to Android Central , will attempt to address concerns that Google’s password protection has often been less secure than it could be. For example, when one uses Google Autofill, a prompt to fill in the saved password simply appears without any kind of authentication that would only let the user log in.

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Payment tech is just as much part of the back office as the front line

Payments Source

By linking your POS to inventory management software, you can easily keep an eye on the amount of product you have and note when it’s time to restock or purchase from your distributors, says Bank of America Merchant Services' Sydney Ivey.

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Security Group Warns Iranian Hackers Could Target US Electric Utilities

PYMNTS

Iranian hacking groups are targeting U.S. electric systems , and intelligence officials worry that escalating tensions between the two countries could only make things worse in the future. Particularly after the killing of Iranian general Qassem Soleimani earlier this month, officials at industrial control system security firm Dragos said there was reason for officials to be wary.

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Banks try pooling resources to help defray AML costs

American Banker

A North Carolina group is trying to take regulators' cue to work together. A successful effort could encourage others to follow its lead.

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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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Casper Warns Social Media Celebs Could Pose Investment Risk

PYMNTS

U.S. mattress-in-a-box company Casper has underscored the increasing power of social media influencers to propel or hinder brands. The firm, moreover, cited its own digital advocates as a potential risk factor to its initial public offering (IPO). Launched in 2014, the company shot to immediate online fame when celebrity Kylie Jenner — with more than 150 million followers on her Instagram account — featured Casper photos, and positively reviewed the company.

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The Future of Banking Has Arrived

The Financial Brand

The future of banking already exists in China where customer insights, technology and experiences intersect. The post The Future of Banking Has Arrived appeared first on The Financial Brand.

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Goldman Launches Mobile App For Marcus — Three Years Later

PYMNTS

Goldman Sachs Group introduced its long-awaited app last week, according to Reuters. It will integrate with the financial giant’s digital bank Marcus. Loyal customers wishing to use smartphones for financial transactions have been frustrated by the company’s lack of an app until now. Previously, users could only make transfers and loan payments via Goldman’s website.

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How Personalization Strategies Can Backfire on Financial Marketers

The Financial Brand

No strategy, poor execution and even 'algorithmic hacking' can doom banking efforts to personalize marketing via artificial intelligence. The post How Personalization Strategies Can Backfire on Financial Marketers 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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Convenience Stores Elevate Their Food And Bev Offerings

PYMNTS

America’s eating habits are seeing a shift towards gas stations and convenience stores, as many peoples’ favorite eateries include chains like Wawa , Sheetz and Kwik Trip now. All three of those chains have noticed the desire among consumers for quick, easy meals, espresso, Kombucha and a wide array of snacks. The overhaul comes amid the mass-closing of malls and shoppers starting to prefer the ease of shopping online.

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Banks & Credit Unions Facing Mortgage Headwinds With Millennials

The Financial Brand

Younger adults are growing desperate for houses. The math challenges many lenders, but can they afford to hand this huge market to fintechs? The post Banks & Credit Unions Facing Mortgage Headwinds With Millennials appeared first on The Financial Brand.

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Hong Kong’s First Neobank Lures Consumers With High Deposit Rates

PYMNTS

The first in a new line-up of 10 digital-only banks in Hong Kong has sweetened its consumer appeal with a 6 percent introductory rate for deposits. ZA Bank will pay a select depositors more than 3 percent above other banks, such as HSBC and Standard Chartered, according to Bloomberg. Hong Kong is experiencing other business challenges. Thus, while many are skeptical that these compelling rates can be maintained, the introductory deal illustrates the competitive level for Hong Kong’s “$410

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How Personalization Strategies Can Backfire on Financial Marketers

The Financial Brand

No strategy, poor execution and even algorithmic hacking can doom banking efforts to personalize marketing via artificial intelligence. The post How Personalization Strategies Can Backfire on Financial Marketers appeared first on The Financial Brand.

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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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Standard Chartered Backs China’s Linklogis

PYMNTS

British bank Standard Chartered is investing an undisclosed amount in China’s supply chain platform Linklogis , earning an equity stake, and further enhancing its ongoing partnership, Standard Chartered announced. “Corporate clients globally are increasingly looking for efficient and secure digital platforms to meet their supply chain financing needs.

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Google Pay Co-founders’ Indian Neobank Has Raised $13.2M

PYMNTS

Two co-founders of Google Pay in India have raised $13.2 million in a Seed funding round for its neo-bank epiFi, led by Sequoia India and Ribbit Capital, TechCrunch reported on Sunday (Jan. 12). Also participating in the funding rounds were David Velez, Kunal Shah and VC fund Hillhouse Capital. Sujith Narayanan and Sumit Gwalani, both co-founders of Google Pay India — formerly called Google Tez — said the seed funding brings the neo-bank startup epiFi to a valuation of roughly $50 million.

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Wirecard Chairman Resigns After Resisting Calls For Audit

PYMNTS

Following months of debate, Wirecard chairman Wulf Matthias, citing personal reasons, has stepped down, the Wall Street Journal reported on Saturday (Jan. 11). Matthias, who has served as chair since 2008, will be succeeded by Thomas Eichelmann, a board member since 2019 and the head of its audit committee. Matthias will stay on the board until his term expires in 2021.

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Visa Tap To Phone Expands POS Acceptance For Retailers

PYMNTS

The mPOS landscape got more interesting today (Jan. 12), as Samsung has unveiled its Galaxy XCover Pro, an enterprise-grade smartphone that comes pre-installed with Visa’s Tap to Phone app. Tap to Phone enables sellers with Android phones to accept contactless payments without the need for additional devices or peripherals. The evolution of commerce comes down to a single but powerful word: acceptance.

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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.