Wed.Nov 06, 2019

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It’s time for banks to take cues from big tech

Bank Innovation

Last week’s Money 20/20 in Las Vegas showcased numerous innovations in financial services, ranging from the launch of Uber Money to Facebook’s continued push for Libra, and the growth of Amazon Pay. But perhaps more interesting was what the conference lacked: fresh ideas and product propositions from incumbents. Financial institutions’ long-held fears of increasing competition […].

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FX transfers that are wise

Chris Skinner

I got an email the other day from TransferWise, a service I use frequently. Why do I use it? Because I moved to Poland. Poland’s currency is the Zloty and paying everything on my card in British Pounds with conversion rates seemed stupid. It really struck home when I was … The post FX transfers that are wise appeared first on Chris Skinner's blog.

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Deloitte Digital taps Finxact to help banks boost digital capabilities

Bank Innovation

As legacy banks build competitive arsenals against digital-only challengers, partnerships are the way forward. Deloitte and Finxact, a Jacksonville, Fl.-based core banking provider, are working together to help banks create and integrate new digital products for customers, the companies confirmed this week. According to Frank Sanchez, Finxact’s CEO, the tie-up will enable banks to create […].

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Things worth reading: 7th November 2019

Chris Skinner

Things we’re reading today include … Deutsche Bank collapse rebuttal sets off Twitter storm Factbox: How the SEC is making life easier for corporate America Goldman’s journey: from high finance to the Mittelstand Second U.S. law firm plots rival London forex class action London Stock Exchange considers shorter trading day … The post Things worth reading: 7th November 2019 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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JPMorgan has a plan to help Amazon and Airbnb look more like banks

Bank Innovation

JPMorgan Chase & Co. has long feared that technology giants will act more and more like banks. The firm’s surprising solution: help them do it. The bank has spent the last year developing an e-wallet tailored for companies such as Airbnb, Lyft Inc. and Amazon.com Inc. that it says could help online marketplaces and companies […].

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More Trending

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How to Increase Member Business Lending

Abrigo

Small Business Loans | 5 minute read Key Takeaways Credit unions' small business loans hit a record low, while small business lending continues to remain strong at big banks and community banks. Going digital can help reduce the cost of small business lending and capture more member business loans. SBA loans do not count against the MBL cap and can be a great way for credit unions to support local businesses and entrepreneurs. .

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Amazon To Build $40M Robotics Innovation Hub Near Boston

PYMNTS

Amazon is planning to build a $40 million state-of-the-art robotics innovation hub near Boston that will result in the creation of 200 tech and manufacturing jobs, Amazon announced in a press release Wednesday (Nov. 6). Tye Brady, chief technologist at Amazon Robotics, said the new hub will speed-up innovation and will be a “world-class facility, where our teams can design, build, program, and ship our robots, all under the same roof.”.

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What The Fed Pause Means For Commercial Loan Production

South State Correspondent

COMMERCIAL LENDING STRATEGIES

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Facebook To Enhance Encryption On Messenger Despite Regulators’ Protests

PYMNTS

Facebook said it is going to enhance encryption capabilities on its Messenger communication platform, despite requests from lawmakers and regulators not to do so because of the potential result that pedophiles and criminals will be harder to track. Facebook also said it is going to go over safety measures and tell users how to avoid unwanted content, or how to report it, Reuters reported.

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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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Security Risk Assessments – A Balance of Risk and Controls

Jack Henry

Risk – the possibility that something undesirable will occur – is always around us. And we make decisions based around risk every day, from the moment we take our first step, ride our first bike, drive our first car, or buy our first home. These types of risks are usually common and easily understood. As such, we have health insurance in case we get sick or injured, wear helmets on our bikes, wear seatbelts in our cars, and install alarm systems in our homes, all to reduce the risks around us.

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Why Barclaycard Says Consumers Are Key To SCA Success

PYMNTS

As Strong Customer Authentication (SCA) becomes fully implemented, the merchants, banks and third-party payment services within the European Union (EU) are still working out the particulars. The impact of the regulation on the way payments and authentication can be conducted is being felt throughout the EU, but regulators in a variety of markets are still evaluating how SCA can best be applied.

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How Europe's banks plan to counter Visa, Mastercard

Payments Source

Isolationist politics are creeping closer to the payments industry, with European banks threatening to build a localized payment ecosystem to push back against the major American card brands.

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FinTech Startup Digits Notches $10.5M

PYMNTS

FinTech startup Digits has announced the close of a $10.5 million Series A funding round, led by Benchmark. There was also participation from 72 angel investors in the funding, including founders and CEOs from companies like Box, GitHub, Tinder, Twitch, Stitch Fix, SoFi and others. “We’re also excited to share that Peter Fenton has brought his wealth of board experience from AirTable, Twitter, NewRelic, Yelp and many others to Digits,” the company wrote in a blog post. “We’d li

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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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JPMorgan has a plan to help Amazon and Airbnb look more like banks

Payments Source

An e-wallet in development would give tech companies the ability to provide millions of customers virtual bank accounts and to offer perks such as car loans or discounts on home rentals to those who keep money stashed there.

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Kroger Aims To Drive Innovation With Grocery Experience, Partnerships

PYMNTS

Kroger ’s retail transformation was front and center at its analyst day, as the firm aims to remake its business with its Restock Kroger framework. Chairman and CEO Rodney McMullen said during the Tuesday (Nov. 5) meeting that “Restock Kroger is repositioning our business by widening and deepening our competitive moats” in four main areas. The first area is redefining the grocery environment, enhancing the customer connection by creating an experience that is seamless, simple, easy and intuitive

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Amex, Coupa Pay chart a global course for digital supply chain payments

Payments Source

American Express is integrating its virtual cards with Coupa Pay's corporate business spending platform for clients in the U.K and Australia by the end of 2019, with plans to extend the service in the U.S. in mid-2020.

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Building A Challenger Bank That Actually Challenges Traditional Banking

PYMNTS

There are several reasons why consumers might complain about the services provided by their traditional banks. Perhaps the worst, HM Bradley CEO Zach Bruhnke told Karen Webster in a recent conversation, is when one gets the feeling that their bank isn’t all that interested in them — until it is suddenly. This isn’t just a hunch, he told Webster, but something he personally experienced in his earliest days as an entrepreneur — and a successful entrepreneur, at that.

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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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Asian firms set a payments innovation example for the world

Payments Source

Ant Financial's success is instructive in the way it developed products that reach many different areas of their finances. And it's hardly the only success story to come out of the Asia Pacific Region, says Rapyd's Eric Rosenthal.

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P2P Payments’ Rising Appeal Beyond Millennials

PYMNTS

Peer-to-peer ( P2P ) payments are exploding. P2P payment network Zelle’s Q3 results show its year-over-year payment values rose by 58 percent, while transaction volume increased by 73 percent. During the quarter, $49 billion was sent through the Zelle Network in 196 million transactions. “Today, one in two adults with a U.S. bank account have access to Zelle in their mobile banking app,” Lou Anne Alexander, group president, payments solutions at Zelle operator Early Warning, said in a press re

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Green Dot's future is less Walmart, more Apple and Uber

Payments Source

After the last two decades of selling prepaid cards and bank accounts direct to consumers, Green Dot has increasingly been shifting gears to rent out its payments and banking infrastructure to nonbanks who want to offer cards and banking services to their users.

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Coupa Taps Amex, Mastercard Track In Spend Management Expansion

PYMNTS

Enterprise spend management solution provider Coupa is expanding its offering with new features and a partnership with American Express, the companies said Wednesday (Nov. 6). In a press release , Coupa announced the launch of Source Together, a solution allowing businesses to harness the power of group buying to obtain greater leverage to access discounts and savings.

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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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Processors often overpromise, leaving businesses holding the bag

Payments Source

Firms often say they’ll increase conversion rates and offer discounts, but the reality is more complicated, contends 2Checkout’s Erich Litch.

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Why Being Proactive Can Create Fraud Blind Spots

PYMNTS

When it comes to fighting fraud, it’s not really what you know – not exactly, at least. It’s what you don’t know, and how you go about finding those gaps and putting up defenses via better data and new technology. That sounds like some cheap philosophical riddle, perhaps, but it serves as wisdom from the front lines of the fight against digital and financial services fraud – at least according to the story told in a new PYMNTS discussion involving Karen Webster and Yinglian Xie, CEO and co-found

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Morning Brief 11.6.19: Paytm sheds one-time passwords for most payments

Payments Source

Interac makes an ID deal; a Calibra exec takes a long view for Libra; and other information you need to start your day, from PaymentsSource and around the web.

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JPMC Opens eWallet So Tech Firms Can Offer Virtual Bank Accounts

PYMNTS

JPMorgan Chase developed an eWallet product for tech companies like Airbnb, Lyft and Amazon designed to help them provide customers with virtual bank accounts, Bloomberg reported on Wednesday (Nov. 6). Tech companies benefit by avoiding payment processing fees to third-party vendors whenever customers use their virtual accounts for payments, the report said, while JPMorgan benefits by being the sole payment processing and cash movement firm for tech companies that offer the eWallet to their cus

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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.