Bank Innovation
APRIL 16, 2018
Goldman Sachs today announced it acquired PFM fintech Clarity Money for an undisclosed amount. The Wall Street Journal first reported that the two were in talks regarding the deal in February. The WSJ reported that Goldman was paying a “high eight-figure sum” for Clarity, which reported over 500,000 users within seven months of its launch […].
Chris Skinner
APRIL 16, 2018
Things we’re reading today include … Bank web apps are the “most vulnerable” to getting hacked, new research says Blockchain to disrupt Swiss hold on global bank system, Moody’s says Wall Street still has lessons to learn about overworked staff BofA profit beats estimates on higher interest rates, loan growth … The post Things worth reading: 17th April 2018 appeared first on Chris Skinner's blog.
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Bank Innovation
APRIL 16, 2018
Standard Chartered has officially open its eXellerator facility, a center designed to promote the innovation of fintech, in Hong Kong, the bank announced today. The bank will operate the innovation center under its SC Ventures arm, which invests in emerging fintechs and other startups. The eXellerator, designed by co-working space company WeWork, is a space […].
PYMNTS
APRIL 16, 2018
Foursquare is offering small businesses (SMBs) and startups access to its geolocation API, according to VentureBeat reports on Friday (April 13). The company already offers location identification services to companies like Snapchat and Uber, enabling geolocation within their own platforms. Now, Foursquare is extending this service to SMBs via its Places API for Startups.
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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
APRIL 16, 2018
Coinsecure reported the loss of about 438 bitcoins, or about $3 million worth of the cryptocurrency, the Indian cryptocurrency platform reported. The hack was attributed to an employee who was extracting bitcoin for the platform’s customers, the company said in a statement last week, when the bitcoins were siphoned away during the process. The company […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 16, 2018
Barclays Bank today launched a new venture arm to focus on investing in technology. This unit labelled Barclays UK Ventures (BUKV) will allow the bank to invest and partner with technology companies that will spur the bank’s technological innovation and growth. It will be led by the bank’s former group head of strategy: Ben Davey. […].
PYMNTS
APRIL 16, 2018
Startups FitPay and NXT-ID are working to take eWallets to the next level. Existing smartphone-based eWallets may have achieved the ultimate convenience, compressing bulky physical wallets into a nice, tidy digital space and enabling consumers to carry just one item when they leave the house. However, for some, phone-based eWallets leave a lot of questions unanswered in terms of security, particularly as hacks and data breaches continue to leave more and more consumer data exposed.
Bank Innovation
APRIL 16, 2018
EXCLUSIVE— More and more consumers switch to mobile banking every day, as this quarter’s numbers prove: each of the top U.S. banks reported steady quarterly user growth, but JPMorgan Chase continues to outpace its competition. The bank reported 30.9 million mobile users during its first quarter earnings results last week, a figure about 2% higher […].
PYMNTS
APRIL 16, 2018
Barclays , gearing up to drive more innovation, and thus profit, in its U.K. business is creating a venture capital-type unit. According to news from Reuters , Barclays has been having a tough time boosting growth in the U.K. and is launching Barclays UK Ventures to turn that around. The unit will be led by Ben Davey, former head of Barclays group strategy.
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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
Bank Innovation
APRIL 16, 2018
EXCLUSIVE —The age of signing receipts for in-store purchases met its end last week, and while this means the end of tedious paperwork, authentication checks, and backlogs for credit card providers, consumers themselves probably didn’t notice. This is according to Jason Bohrer, senior vice president and general manager, secure card solutions for CPI Card Group. […].
PYMNTS
APRIL 16, 2018
There are any number of conclusions one might draw after watching the Facebook hearings on Capitol Hill last week. That most of our elected officials don’t have any clue how Facebook, much less the platform business models that have powered so much innovation across industry segments for thousands of years, work. That Mark Zuckerberg showed remarkable restraint in the face of being asked, repeatedly, over the course of two days and 10 hours, questions that highlighted that lack of understanding.
Bank Innovation
APRIL 16, 2018
The deadline has been extended for submissions to its annual Global Innovation Awards, BAI announced today. As its name implies, the awards are handed out to innovators around the world for their work in financial services. The awards began in 2011 and recognize innovation in a number of areas: product and service innovation, channel innovation, […].
PYMNTS
APRIL 16, 2018
Coinsecure, a cryptocurrency exchange based in India, said Monday (April 16) that roughly $3 million worth of bitcoin were stolen from the company’s bitcoin wallet. The number of bitcoins stolen, the company said, comes to about 438. Reuters reported that the theft stands among the largest in the country’s nascent cryptocurrency arena and might have the impact of dampening trading activity.
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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.
Bank Innovation
APRIL 16, 2018
EXCLUSIVE - The recent decline in the stock market doesn’t scare Noah Kerner, CEO of financial advisor platform Acorns. In fact, Kerner, who was appointed CEO of Acorns just last year, told Bank Innovation that addressing this “fundamental challenge,” of missing financial literacy for working Americans is at the top of his list for Acorns’ strategy […].
PYMNTS
APRIL 16, 2018
As Chinese tech companies ramp up their efforts to offer financial services, BlackRock Co-Founder Robert Kapito said that existing Western firms may struggle to compete. “This is a story that I do not think ends very well,” Kapito said at an event in Switzerland, The Financial Times reported. In his remarks, Kapito drew corollaries to show how tech companies have disrupted various industries, saying they could shake up the financial world next. “ Apple was not in the music industry, Google was
Payments Source
APRIL 16, 2018
Financial institutions in the U.S. are not only under tremendous pressure to determine how they’ll become a part of the new Federal Reserve-driven faster payments ecosystem, but also what the shift to immediacy will mean to their current operating model, long-term strategy, and future relevance to consumers and corporates, writes Bruce Lowthers, COO at FIS.
PYMNTS
APRIL 16, 2018
Continuing the run of earnings beats for banks, Bank of America announced news on Monday (April 16) that loan growth helped lift results above Wall Street estimates, while digital initiatives showed strong momentum. CEO Brian Moynihan said in the earnings release that “strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings.”.
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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.
Bobsguide
APRIL 16, 2018
Capital and securities markets are among the banking sectors that could most enjoy the benefits of blockchain technology, according to speakers at a bobsguide webinar. Keith Bear, global leader for financial markets at IBM, Dr Lee Braine, blockchain leader at Barclays, and Sophia Grami, CEO and.
PYMNTS
APRIL 16, 2018
About two years after J. Crew decided to close its wedding-dress business, Gap Inc. plans to shutter Weddington Way shops within Banana Republic stores, Bloomberg reported. Even with the closure, Weddington Way may continue to serve customers through its eCommerce website. But the brand could only guarantee that it would fill orders through the site until June.
Payments Source
APRIL 16, 2018
Global policy makers are all over the map when it comes to regulating cryptocurrencies. But industry participants are eager to have some direction — and soon.
PYMNTS
APRIL 16, 2018
With more than double the average monthly visits of JCPenney ’s website, Macy’s has been ranked the top eCommerce destination for apparel in SimilarWeb ’s latest index. The retailer’s website has 55.9 million average monthly visits, retail news source Retail Dive reported. Still, Macy’s is losing market share to competitors such as Amazon , according to Coresight Research.
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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.
Bobsguide
APRIL 16, 2018
The UK has always made it clear that it intends to adopt major parts of EU law, and its new Data Protection Bill is proof. However it’s already apparent that the EU isn’t going to let the UK have it easy. Earlier this year it issued a notice to stakeholders to be prepared, reminding.
PYMNTS
APRIL 16, 2018
After looking sluggish in the first few months of the year, U.S. retail sales bounced back a bit in March, according to figures just released by the Commerce Department, The Wall Street Journal reported. A bit of a commerce chill settled on consumer-spending patterns in the later days of 2017 and early 2018, but it seems customers have found their appetites again for cars, appliances and furniture.
Bobsguide
APRIL 16, 2018
The Markets in Financial Instruments Directive (MiFID) II is the largest regulatory change to hit the financial services industry since the crisis. Although the legislation has been in effect since January 2018, the industry is still scrambling to put the infrastructure in place to meet the new.
PYMNTS
APRIL 16, 2018
Domino’s Pizza announced news on Monday (April 16) that as of today, more than 150,000 Domino’s Hotspots are now active nationwide, enabling customers to receive delivery orders in locations that don’t have traditional addresses — like a park, sports field or a beach. In a press release , Domino’s said its stores located around the U.S. chose the Domino’s Hotpots, which are new locations where drivers can meet customers to provide curbside delivery of orders.
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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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