Chris Skinner

APRIL 8, 2019

During the weekend I presented the trends on FinTech and Tech Fin, my two favourite subjects. I’ll update on that shortly but I was also involved in a study the organisers – The European House Ambrosetti, a leading economics think tank based in Italy – conducted before the conference. The … The post The challenge of transforming into “Banks of the Future” (research) appeared first on Chris Skinner's blog.

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Conference Study Trends Fintech 368

PYMNTS

APRIL 8, 2019

Hundreds of thousands of new small businesses (SMBs) open their doors every year in the U.S., be them physical or digital. The latest estimates from the Small Business Administration (SBA) peg the number of new SMBs at 414,000 each year, spurring job creation and economic growth for the country, with millennial entrepreneurs at the helm. The high failure rate of a new small business has entrepreneurs focused on simply surviving their first few years in operation.

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Strategy Millennials Data Online 279

Chris Skinner

APRIL 8, 2019

Things we’re reading today include … World’s biggest data breach is just the tip of the iceberg – Dark Web dangers are growing U.S. bank executives say Wall Street has reformed, though crisis scars linger Wall Street loves socialism for bankers, but not for ordinary people | Robert Reich Is … The post Things worth reading: 9th April 2019 appeared first on Chris Skinner's blog.

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Data 219

Bank Innovation

APRIL 8, 2019

Aiming squarely on the gig economy, digital lender BlueVine on Monday launched a "Term Loan" product to diversify its offerings. The product is the latest in what is now a crowded lending sector. The loans will range between $5,000 to $250,000, offered through an end-to-end digital experience. The application process is online and a customer […].

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Lending Online Security 210

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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

Lending

PYMNTS

APRIL 8, 2019

All those children’s TV shows and stories lied: Sharing is not easy. Sharing is, in fact, enormously complex, prone to fraud and frustration, at least when it comes to digital payments and commerce. The rise of the global sharing economy — tied to online marketplace operations — is sparking challenges related to trust, security and confidence for buyers and sellers alike.

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Payments Data Fraud social media 195

PYMNTS

APRIL 8, 2019

Amazon.com is aiming to enable Alexa, its voice-activated digital assistant, to keep tabs on customers’ medicine and provide personal health updates. As part of an effort to expand into healthcare , Amazon took the first step last week announcing Alexa is HIPAA-compliant and that five healthcare companies including Cigna, Livongo Health and hospital partners have created new Alexa skills, enabling Alexa to make appointments at urgent care facilities, track prescription drug shipments and provide

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Data Innovation Strategies New York Google 189

Bank Innovation

APRIL 8, 2019

Upstart, an artificial intelligence lending startup, today announced a $50 million equity investment to expand its artificial intelligence-powered platform to other types of credit beyond unsecured personal loans. Dave Girouard, co-founder and CEO of Upstart and a former president of Google Enterprise, told Bank Innovation that the latest influx of funding — from Progressive Investment […].

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Lending Google Innovation Operations 170

PYMNTS

APRIL 8, 2019

An Israeli startup that creates anti-fraud services that deal with online transactions wants to raise $200 million for expansion, according to a report in Bloomberg. Riskified , which was founded in 2013 and is based in Tel Aviv, is potentially considering going public, possibly by 2020. When asked, however, the company didn’t provide any details about its future business.

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Ron Shevelin

APRIL 8, 2019

Cybersecurity is at the top of the list of bank CEO's concerns. But that doesn't mean there's consensus about what they believe about cybersecurity. There are five common myths about cybersecurity that need to debunked.

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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

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PYMNTS

APRIL 8, 2019

The gig economy now is a noun, where once to “gig” was a verb, without critical mass — to “gig” in other words, was to supplement income, to make ends meet. And yet with the latest iteration of the Gig Economy Index , some new data show traction is gaining, and where at the end of last year more than 32 percent of workers surveyed were participants in the gig economy.

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Survey Meeting Data Payments 174

Insights on Business

APRIL 8, 2019

You’re probably familiar with philosopher George Santayana’s admonition: “Those who cannot remember the past are condemned to repeat it.” While that’s hard to dispute, most of us will admit to occasionally falling short. And when we do remember not to forget, we don’t always question history in a meaningful way. A recent survey of a range of businesses by SalesGlobe, found that the sales quota-setting process is challenging.

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US Leadership Analytics Survey 152

PYMNTS

APRIL 8, 2019

Goldman Sachs and Moody’s Analytics are warning that credit scores of consumers have been inflated during the past ten years, hiding the danger of defaults and increasing the risks for lenders. According to a report in Bloomberg citing Goldman Sachs and Moody’s, the warnings out of the two are backed by Federal Reserve data which points to an increase in credit scores during the economic expansion of the last decade, saying it led to so-called grade inflation.

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Analytics Report Lending Retail 174

Payments Source

APRIL 8, 2019

Because various aspects of the General Data Protection Regulation were made public two years before they became official law, European lawmakers naturally felt it gave companies plenty of time to get data security compliance in place. But it appears most companies either lost track of time or haven't solved the compliance puzzle yet.

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Compliance Regulation Data Security 111

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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.

Lending

PYMNTS

APRIL 8, 2019

Worldwide spending on information technology is expected to reach about $4 trillion in 2019, according to a report by CNBC. Those numbers come from global research and advisory firm Gartner, which also predicts that companies will spend $125 billion on cybersecurity alone in 2019. The reason for all that spend is mostly because cyber threats can come from anywhere.

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National Trends Security System 154

Bobsguide

APRIL 8, 2019

The new directions issued by the Competition & Markets Authority (CMA) offering extensions to Open Banking deadlines for five CMA9 banks is a public “naming and shaming” according to a Payment Systems Regulator panel member Mark O’Keefe. “What are the ramifications of.

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Regulation System Marketing Payments 92

PYMNTS

APRIL 8, 2019

Brick-and-mortar pharmacy retailers are taking new approaches to delivery in the omnichannel age: CVS Pharmacy , for instance, is doubling down its on-demand offerings with a faster and expanded option. Instead of having its customers wait a day or two for their prescriptions, the retailer is delivering prescriptions within a matter of hours in some cases.

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Payments Source

APRIL 8, 2019

Regulation is effectively priming the virtual currencies ecosystem for banks to engage by increasing transparency, reducing some of the associated risk, and lowering the barriers to entry. All of this will make it easier for banks to establish a role and to design new payment products, writes Elina Mattila, executive director at Mobey Forum.

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Payments Regulation Bitcoin cryptocurrency 81

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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.

US

PYMNTS

APRIL 8, 2019

Big Tech is busy disrupting healthcare and shaping the industry’s future, and Amazon is showing the latest example of that — though it’s hardly the only force putting pressure for change on that massive sector of the economy. Amazon wants to enable Alexa , its voice-activated digital assistant, to keep tabs on customers’ medicine and provide personal health updates, and is taking the steps to achieve that.

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Google Apple San Francisco Exercises 149

Payments Source

APRIL 8, 2019

The information you need to start your day, from PaymentsSource and around the Web. Today: Attackers hit DNS servers at financial companies; Shareholder sues over Fiserv's deal to buy First Data; New sandbox; Digital ID advances in the Philippines; Russia's gas company turns to DLT.

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Data Company 73

PYMNTS

APRIL 8, 2019

For the most part, the employment picture in the United States is strong. Last week’s jobs report indicated 196,000 positions were added to the U.S. economy in March, beating analyst expectations and demonstrating a big bounce back from an unusually weak February. Initial reports indicated only 20,000 were added, though last week those figures were adjusted to a better, but still low, 33,000.

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Retail Study United States Report 148

Payments Source

APRIL 8, 2019

Payment processor and financial messaging integrator Volante Technologies is partnering with the Banco Base financial group to provide end-to-end payments software for domestic and international payments.

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Payments Software Groups Technology 71

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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.

Compliance

PYMNTS

APRIL 8, 2019

The gig world is becoming a mainstream part of the economy, and workers are pursuing specialized jobs in the space. Last month, the all-in-one platform for solo entrepreneurs HoneyBook announced a Series C round. In retail, RADAR ’ s inventory technology could significantly shape the store experience. And the vacancy rate of community shopping centers in Q1 was unchanged from Q4 of 2018.

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Community Payments Data Retail 138

CFPB Monitor

APRIL 8, 2019

The Federal Financial Institutions Examination Council (FFIEC) announced that CFPB Director Kathy Kraninger became the Chairman of the FFIEC on April 1, 2019. Ms. Kraninger is the first CFPB Director to serve as FFIEC Chairman. Her two-year term runs until March 31, 2021. The FFIEC chairmanship rotates among the FFIEC’s federal members for two-year terms in the following order: OCC, Federal Reserve, FDIC, CFPB, and NCUA.

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FDIC System Report Company 68

PYMNTS

APRIL 8, 2019

Kabbage, the global financial services company for small businesses, announced Monday (April 8) it has closed the largest asset-backed securitization (ABS) by a small business online lending platform to date for $700 million. In a press release , Kabbage said the most senior class of the five-tranche transaction had an AA(sf) rating from Kroll Bond Rating Agency, the highest ABS rating earned by a small business online lending platform for a three-year facility.

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Lending Online Strategy Company 137

Matt Wilcox Pro

APRIL 8, 2019

Last week nostalgia swept over me as I stepped inside an architectural masterpiece. An elegant survivor from banking’s bygone era of marble and polished brass, the entire building suggested strength, security, and longevity, all needful symbols for the early 20th century when people weren’t too sure about their banks. I pulled open the massive double doors suspended [.

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Security 68

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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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