Chris Skinner
AUGUST 5, 2019
Over a decade ago, I curated a book about MiFID – the Markets in Financial Instruments Directive. I don’t blog about this much these days, as my audience is firmly in the retail and payments technology space, but I still keep close track of the investment markets, clearing and settlement, … The post How does MiFID II and FinTech work? appeared first on Chris Skinner's blog.
South State Correspondent
AUGUST 5, 2019
Put a rat in a maze, and they will speed up as they get near the end as can smell the reward. Forget rats, human sprinters also run the last 15% of a race faster than the previous 30%. Forget athletes, citizens make more donations to a charity as that charity gets closer to its fundraising goal. Forget citizens, bank customers also complete more new account applications, hit savings goals, and complete conversions if they can view a goal that is close.
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Bank Innovation
AUGUST 5, 2019
Brazilian digital challenger banQi is rolling out personal loans aimed at underserved customers. Airfox, banQi’s U.S.-based parent company, is teaming up with ZestFinance to offer the loans. By using alternative data to underwrite loans with Zest, BanQi will reach underbanked customers who don’t have access to credit. “With the credit market in Brazil, there is […].
PYMNTS
AUGUST 5, 2019
There are many ways to introduce an idea to the world. There is something to be said for going big — fireworks, a parade and a vast array of headlines. This, in short, seems to be the route Facebook decided to take with Libra — big announcement, big white paper, big partners and, most importantly — big, big plans. In short, Facebook hopes to create a new set of payments rails with the Libra cryptocurrency — with the aiding and backing of a veritable who’s who of payments and luminaries —
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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
AUGUST 5, 2019
U.K.-based digital lender OakNorth is using its tech platform as the pillar of its U.S. expansion strategy. The company, which has a U.K. banking license and is currently valued at $2.8 billion, is an anomaly among digital-only challenger banks because it’s been profitable for more than a year — a milestone that stands in contrast to […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
AUGUST 5, 2019
Starling Bank seems to be taking flight, quite literally. In a letter published by CEO Anne Boden earlier today, the bank highlighted the company’s milestones and future goals. According to Boden’s assessment, Starling is on the cusp of reaching break-even status, while many well-funded challengers like Monzo and N26 aren’t yet turning profits.
South State Correspondent
AUGUST 5, 2019
It sometimes pays to be opportunistic in marketing your community bank’s products. There is currently an exceptional market opportunity for community banks to win profitable business from larger competitors. The recent decrease in interest rates presents an opening for smart bankers to poach good quality clients and lock them in as customers for a decade.
Chris Skinner
AUGUST 5, 2019
Things we’re reading today include … PIN the blame on us, says Monzo in mondo security blunder: Bank card codes stored in log files as plain text The new IMF chief should not be chosen by Europe alone | Amanda Khozi Mukwashi HSBC CEO Flint leaves abruptly after only 18 … The post Things worth reading: 6th August 2019 appeared first on Chris Skinner's blog.
PYMNTS
AUGUST 5, 2019
Software company Salesforce has joined Mastercard’s small business program, along with Intuit, to supply solutions in the small business space, according to a release. The aim is to help businesses succeed by increasing revenue, boosting customers and improving customer engagement. Salesforce benefits are now available in Mastercard Business and Mastercard Business World Elite offerings.
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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
Abrigo
AUGUST 5, 2019
“I don’t think there’s any more important topic at this time in our recovery in the economy and the state of community financial institution management,” said Dave Koch, Managing Director of Advisory Services at Abrigo on the topic of core deposits. “Deposits are a thing that we have coveted for a while and became quite easy. Now once again we’re back to the question of, where do I go to get more deposits?
PYMNTS
AUGUST 5, 2019
Cross-border payments company InstaReM is expanding its InstaReM for SMEs solution into Singapore, targeting cross-border trade and B2B payments between Singapore and China. In a press release late last week, InstaReM said Singaporean small and medium-sized businesses (SMBs) that import from China will be able to pay their cross-border vendors via InstaReM, which aims to elevate their business payments experience with faster transaction speeds.
Ron Shevelin
AUGUST 5, 2019
Despite grandiose claims to bank the unbanked, Walmart's application for a cryptocurrency patent is mostly about one thing: Eliminating interchange.
PYMNTS
AUGUST 5, 2019
Fraud comes in many flavors, and a payments-related lawsuit arising from the growing business of legal, recreational marijuana is proof of that point. That new industry is growing, and new services, including online ordering and delivery, are rising to meet consumer demands for legal pot. But federal law still views marijuana as an illegal substance, which prevents most financial institutions, payment card networks and other providers from taking part in those sales.
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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.
Gonzobanker
AUGUST 5, 2019
Marketing needs to go beyond execution and make a more strategic contribution. The title of a recent Financial Brand article asks the question, “Are Financial Marketers Worthy of C-Suite Status?” The question insinuates something that many bank and credit union chief marketing officers (CMOs) would probably rather not admit to: That they (and their departments) don’t have a seat at the proverbial table in their organizations.
PYMNTS
AUGUST 5, 2019
If there was a handbook for how to become a successful fraudster, the first sentence of the first chapter would go something like this: “Go where the money is.”. Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living.
Insights on Business
AUGUST 5, 2019
Building a strategy and doing the right planning in order to achieve corporate objectives is the key to any business, and no doubt, planning sales compensation plays a crucial role in meeting those goals. A lot of time and effort goes into planning these at the beginning of the year, but sudden changes in the business environment or market dynamics can always overturn your planning assumptions.
PYMNTS
AUGUST 5, 2019
Merchants who sell their products on both Amazon and Walmart are complaining about the pressure they’re getting from Amazon to raise their prices on Walmart. As Bloomberg has reported, Amazon scans rivals’ prices to see if they’re lower, and if it finds a cheaper product on a site such as Walmart.com, the eCommerce giant sends an alert to the seller and then makes the product harder to find on its own marketplace — unless the merchant raises the price on the other site.
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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.
Payments Source
AUGUST 5, 2019
David Marcus spent more than 15 years climbing the ranks in the mobile sector before becoming PayPal’s president and then moving onto Facebook, where he now leads the blockchain team that launched the controversial Libra stablecoin project.
PYMNTS
AUGUST 5, 2019
Small businesses appear to be pulled in two different directions. On the one hand, the latest payroll data show job growth continues, with small firms reporting confidence in the overall economy and their ability to grow with it. On the other hand, however, geopolitical volatility and a hiring squeeze from low unemployment have small business owners struggling. “An organization’s talent is often a company’s only differentiator,” said Anne Tate, director, PEO, Centralized
Payments Source
AUGUST 5, 2019
Many businesses are not doing enough to protect their client sensitive PII information. They do not realize that internet and cloud services are not bullet-proof, says Pravin Kothari, founder and CEO of CipherCloud.
PYMNTS
AUGUST 5, 2019
Connected and self-driving cars and truck stand as some of the next big frontiers when it comes to retail and retail innovation, but challenges to that future — real and potential problems that could slow down progress when it comes to autonomous vehicles — are increasing appearing on the horizon. The latest example comes from The New York Times , which recently reported that jaywalking could jam up self-driving cars and trucks.
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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.
Payments Source
AUGUST 5, 2019
Addressing payment security and achieving interoperability with a rival, private-sector network are just some of the challenges the central bank faces in building a government-backed real-time payment system.
PYMNTS
AUGUST 5, 2019
The App Store and the Google Play Store collectively offer more than 5 million mobile apps offering every type of service imaginable — ridesharing apps, music and video streaming apps, aggregator apps, banking apps, quick-service restaurant (QSR) apps and retail merchant apps, among countless others. Yet, for all the millions of apps available, 77.6 percent of consumers keep only five or fewer merchant apps on their mobile phones at any given time.
Insights on Business
AUGUST 5, 2019
Building a strategy and doing the right planning in order to achieve corporate objectives is the key to any business, and no doubt, planning sales compensation plays a crucial role in meeting those goals. A lot of time and effort goes into planning these at the beginning of the year, but sudden changes in the business environment or market dynamics can always overturn your planning assumptions.
PYMNTS
AUGUST 5, 2019
B-North has announced plans to open a network of small-business-only bank branches throughout the U.K. by the end of next year. The branches will offer small business loans starting at £500,000 and going up to £5 million, as well as revolving credit facilities and buy-to-let finance. Manchester will be the location of the first B-North branch, followed by branches in Yorkshire, the Midlands and London in stage one, with another four locations planned for stage two.
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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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