Chris Skinner
MAY 16, 2019
Three years ago, I blogged about three phases of FinTech. Three years later, I can expand on that theme and talk about five phases of FinTech. The five phases of FinTech are (dates are rough guide): Disruption (2005-2014) Discussion (2014-2017) Partnership (2017-2022) Integration (2022-2027) Renewal (2027+) Phase One: Disruption (2005-2014) … The post Five phases of FinTech (2005-2027) appeared first on Chris Skinner's blog.
Payments Dive
MAY 16, 2019
Research confirms that cashless readers do not undermine cash sales in a vending machine. In fact, the cashless technology serves to improve both cashless and cash activity, particularly for machines doing lower volume sales.
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Chris Skinner
MAY 16, 2019
Things we’re reading today include … Lloyds to start paying quarterly dividends Bitcoin extends losses, down more than 20% to below $6,300 Top banking regulator stresses UK should not be ‘rule taker’ post-Brexit Mifid II critics are not seeing the big picture Metro Bank got there eventually, but this story … The post Things worth reading: 17th May 2019 appeared first on Chris Skinner's blog.
Payments Dive
MAY 16, 2019
Research confirms that cashless readers do not undermine cash sales in a vending machine. In fact, the cashless technology serves to improve both cashless and cash activity, particularly for machines doing lower volume sales.
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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
Bank Innovation
MAY 16, 2019
Mobile enrollments made some major leaps this year, surpassing even computer enrollments. According to a study from IDology, an identity verification and fraud prevention company, 61% of Americans used a smartphone to enroll in some sort of an account this year, while 56% used a computer or laptop. The study also found a 19% jump […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 16, 2019
Death, taxes and data breaches – those are perhaps the only sure things in life, and new evidence is emerging that hackers are finding increasing profit in targeting online retailers. The news comes amid yet another online retail cyberattack, this one targeting Japan’s Fast Retailing, the company that owns the Uniqlo retail chain. A recent report from KrebsonSecurity said that “until quite recently, credit card data stolen from online merchants has been worth far less in the cybercrime undergrou
Bank Innovation
MAY 16, 2019
KOHO, a Toronto-based digital banking startup, has raised C$42 million (US$31 million) in a Series B round to add new products and services. KOHO, with its millennial friendly aesthetic and messaging, currently offers its users debit cards, personal finance management tools and cashback features. CEO and co-founder Daniel Eberhard told Bank Innovation the new funding […].
PYMNTS
MAY 16, 2019
To provide consumers with an immersive way to experience its brand, Taco Bell is launching The Bell: A Taco Bell Hotel and Resort in Palm Springs, California for a limited time this summer. The property’s amenities, from poolside cocktails to guest rooms to breakfast choices, will boast a “Taco Bell twist,” the quick-service restaurant (QSR) chain said in an announcement , which described the concept as a “tacoasis.” Taco Bell ‘s Chief Global Brand Officer Marisa Thalberg said
Insights on Business
MAY 16, 2019
In a competitive financial marketplace, banks are turning to incentive compensation management (ICM) solutions for competitive advantage. While the value of motivating employees is indisputable, bankers increasingly recognize the value of going beyond improvised morale building tactics to deploying a structured incentive compensation system. However, making the case to senior bank executives of the need to deploy a sales compensation management solution can be challenging.
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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
PYMNTS
MAY 16, 2019
From finding a nearby restaurant to finding a date, smartphone location controls are used by consumers for many cases. These mobile controls, however, also offer consumers a powerful tool for dealing with arguably higher stakes: the risk of credit card fraud. Location controls can be used to prevent merchants from charging consumers’ credit cards if their smartphones aren’t close by, and restrict purchases to a particular geographic area or country.
ATM Marketplace
MAY 16, 2019
With big players like Mastercard and Visa now mandating that all new cards and payment terminals issued must be contactless-enabled, global growth of the technology is set to soar in the next few years. This sets the stage perfectly for biometric payment cards.
PYMNTS
MAY 16, 2019
The gig economy has operated — and thrived — in a gray area. There has been a question as to whether workers are actually employees or contractors. The classification is far less nebulous as the Labor Department weighed in on the side of companies like Uber and Taskrabbit last month and suggested that gig workers were contractors. This means these workers won’t qualify for the federal minimum wage or overtime, and will be responsible for their share of Social Security taxes.
Bobsguide
MAY 16, 2019
Financial services firms in the US are being overwhelmed by the volume, variety and velocity of sensitive data they have to process, according to Kristina Bergman, CEO of Integris Software, and calls from the Consumer Banking Association (CBA) for a federally-mandated privacy law could help solve a.
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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.
PYMNTS
MAY 16, 2019
The robots are coming, and they are going to take our jobs. A simplification, perhaps — but if one were looking for the simplest statement to explain the narrative following the era of automation, that would probably be it. In a world where customers can order on mobile, use a touchscreen or talk to an artificial intelligence (AI)-based bot, the service industry will no longer need human workers, because machines will be able to do all of those jobs.
Bobsguide
MAY 16, 2019
As regulation, customer expectation and increased data volumes push legacy bank data models to breaking point, UK financial services provider Nationwide has added a real-time event-streaming platform. “We’ve recently announced a large investment to modernise our IT estate. Kafka and.
PYMNTS
MAY 16, 2019
The robots are coming, and they are going to take our jobs. A simplification, perhaps – but if one were looking to find the simplest statement explaining the narrative following the era of automation, that would probably be it. In a world where customers can order on mobile, use a touchscreen or talk to an AI-based bot, the service industry will no longer need human workers, because machines will be able to do all of those jobs.
Payments Source
MAY 16, 2019
The most enlightened regulator or legislator can’t match the dynamic intelligence of billions of market decisions by consumers, merchants, banks, networks and processors, argues Eric Grover, a principal at Intrepid Ventures.
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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.
PYMNTS
MAY 16, 2019
Take a minute and think of the morning rush at a favorite coffee shop. The beverages roll off what amounts to an assembly line before landing on the far counter. Consumers’ names are written in marker on the sides of the cups, with the baristas sometimes exchanging personal greetings with their regular customers. It’s a mix of mass, frenzied activity and personalization.
CFPB Monitor
MAY 16, 2019
As we reported, a dark cloud is now hanging over the OCC’s decision to accept applications for special purpose national bank (SPNB) charters from fintech companies as a result of the opinion issued on May 2 by a New York federal district court in the lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of the charters.
PYMNTS
MAY 16, 2019
Jack Ma, the Chinese billionaire and founder of Alibaba, expressed concerns technology companies will be harmed by increased regulation coming out of Europe. CNBC , citing comments Ma made during the Viva Technology Conference in Paris Thursday (May 16), reported Ma said increased rules and laws hurt innovation and restrict tech companies. “Everything they do is full with rules and laws,” Ma said of Europe, according to the report.
CFPB Monitor
MAY 16, 2019
Earlier today, I published a blog post explaining why I believe the American Law Institute’s members should not approve the Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”) on which they will be voting at ALI’s annual meeting next Tuesday in Washington, D.C. As I indicated in my blog post, the upcoming vote on the Restatement presents an unusual circumstance where both consumer and business groups find themselves in agreement that the Restatement should be r
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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
MAY 16, 2019
Across the European Union (EU), technology providers and social media platforms are increasingly playing a bigger role in the Open Banking ecosystem. At the same time, however, many players, like Facebook and Google , are squaring off against regulators that are looking at their data and payment policies with more scrutiny. In the latest PSD2 Tracker , PYMNTS examines how companies, merchants and eCommerce platforms are repositioning themselves, and developing new ways to participate in the fina
CFPB Monitor
MAY 16, 2019
The Office of the Comptroller of the Currency (OCC) has opened its own “sandbox” through a Proposed Innovation Pilot Program (Program) designed to promote its innovation initiatives, add value through proactive supervision, and continue its objective to lead fintech innovation expansion. The comment period for the Program is open until June 14, 2019.
PYMNTS
MAY 16, 2019
The trouble with direct-to-consumer (DTC) brands is that the name belies how hard it actually is to reach and recruit the consumer. This is particularly hard for unknown emerging brands — and it gets exponentially harder the more crowded the field gets with competitors. When everyone is trying to reach the consumer directly, the mounting noise level make it hard for any individual brand to make itself heard over the din.
CFPB Monitor
MAY 16, 2019
The Federal Reserve Board has published in the Federal Register a notice of proposed rulemaking with request for comment on a proposal to simplify and increase transparency of its rules for determining control of a banking organization. The proposal’s comment period closes on July 15, 2019. The proposed revisions to the Board’s control regulations would significantly expand the number of presumptions used by the Board to determine control and would, in codifying those presumptions, provide tran
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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.
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