Chris Skinner
OCTOBER 1, 2018
We talk about platform companies, and many use the famous TechCrunch quote to illustrate this: Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. … The post What is digital transformation?
PYMNTS
OCTOBER 1, 2018
Ripple, the cross-border payments company and backer of the XRP digital token, said Monday (Oct. 1) that xRapid, its cross-border payments platform, is commercially available with three firms signing on as clients. According to a report in Reuters , citing the companies, the three clients that are using xRapid at the launch are Cuallix, Mercury FX and Catalyst Corporate Federal Credit Union. xRapid uses XRP to make faster cross-border payments.
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Chris Skinner
OCTOBER 1, 2018
Another regular argument I’m having is whether digital is a revolution or evolution. I firmly believe it is revolutionary. When industries are being rebuilt from the ground-up with new technologies and new business models, then it is a revolution. When we are living in an age where every human on … The post If you think it’s evolution and not revolution, think again appeared first on Chris Skinner's blog.
PYMNTS
OCTOBER 1, 2018
In the age of blockchain, all manner of physical assets are making the leap to bits and bytes. Blockchain can track transactions of all sorts and create a connected record — and that blockchain is rapidly cleaving from the cryptocurrency clamor to which it was once inextricably linked. When it comes to supply chains, proponents say blockchain — specifically, distributed ledger technology (DLT) — holds promise.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Chris Skinner
OCTOBER 1, 2018
Things we’re reading today include … Euro slides after Italian lawmaker mentions return to own currency Tesco Bank fined £16.4m by watchdog over cyber-attack Policymakers share blame for the shadow banking boom Turkey arrests 417 for transferring foreign currency abroad City boss on board of conservation charity pictured with slaughtered … The post Things worth reading: 2nd October 2018 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
OCTOBER 1, 2018
In the wake of Hurricane Florence, communities are struggling to rebuild, and banks, financial institutions, and insurance companies are at the center of this process. Giving tech, which facilitates charitable giving, could play an important role for banks. Goodcoin, a Charleston, S.C.-based fintech founded in 2015, works with financial institutions to integrate charitable giving offers solutions […].
PYMNTS
OCTOBER 1, 2018
As financial institutions (FIs) invest in technology in an effort to position themselves more competitively against FinTech firms, the development of so-called chat bots and “robo advisors” has accelerated. Projects from Wells Fargo , JPMorgan Chase and RBS have all surfaced in recent years, as FIs deploy artificial intelligence (AI) solutions that both meet their customers’ needs for digitized services and save those financial service providers money at the same time.
Bank Innovation
OCTOBER 1, 2018
A new report shows that millennials use Venmo more than they use ATMs as if there was any doubt that to this audience an app like Venmo is a prime method of payment. Rubiix, a social spending app that distributes advertising revenue among its users, released a report Friday showing ATM transactions among millennials have […].
PYMNTS
OCTOBER 1, 2018
Challenger bank Tide wants the U.K. to allow eMoney non-bank institutions to be able to compete for Royal Bank of Scotland (RBS) bail out funds , according to reports. The Daily Telegraph reported Sunday (Sept. 30) that digital and financial service startups claim they are unfairly kept out of competition for the $1 billion made available by the government via a deal with RBS.
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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
Bobsguide
OCTOBER 1, 2018
The great unbundling of the financial services industry continues in earnest as new market participants enter with increasing frequency. Their stated goal is to solve the problems that incumbent services are either too lethargic to handle or simply unable to provide. But it might be too easy.
PYMNTS
OCTOBER 1, 2018
Consumers have historically needed a bit of prodding to get them into a mobile state of mind when it comes to payments. Digital transactions on the whole are up – eCommerce, financial services, bill payments – but fully embracing mobile has been a bit trickier. But, by the numbers, that tide may be turning – particularly when it comes to younger consumers who are increasingly making their preference for app-based payments and commerce known.
Payments Source
OCTOBER 1, 2018
Collaboration is a critical part of how we prevent cyberattacks from turning into breaches that put consumer payment card data at risk, writes Lance Johnson, executive director of PCI SSC.
PYMNTS
OCTOBER 1, 2018
Consumers interact with product packaging on a daily basis. Packaged goods often reach consumers’ hands after traveling across oceans and being shipped between manufacturers, distributors and retailers. Faced with that kind of transit, brands want supply chain visibility: they don’t want to be left in the dark on where their products are in their journeys or on how quickly items are selling once they get to their retail destinations.
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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
Matt Wilcox Pro
OCTOBER 1, 2018
THE GOOD news for your financial institution is that it’s fairly easy for clients to add your card to a digital wallet. The bad news is that it’s fairly easy to add everyone else’s card, too. Or, they can bypass your card entirely with store cards paid via store websites. I need hardly point out [.
PYMNTS
OCTOBER 1, 2018
Cake: It’s that thing one can supposedly have as long as they don’t take a fork (or their fingers) and try to put some into their mouth. Otherwise, the universe will explode — or something like that. At least, that is what the great philosophers of contradiction, irony and gloom keep saying. In the payments world, cake is there for possession and taste-bud joy — assuming the merchant service provider (MSP), or independent sales organization (ISO), strikes the right balance between efficient onbo
Payments Source
OCTOBER 1, 2018
For merchants to reap the full benefits of the modern mobile payments ecosystem, their payments strategy can go beyond accepting a contactless tap-and-go card and encourage use of smartphone payments at the point of sale, writes Jason Oxman, CEO of the Electronic Transactions Association.
PYMNTS
OCTOBER 1, 2018
From Amazon to Home Depot , retailers are turning to lockers as a way for customers to pick up their orders in brick-and-mortar stores. These devices can store a wide range of products from the latest bestsellers to tools for a home improvement product. But can quick-service restaurants take advantage of this technology? Little Caesars found a solution through a mobile order pickup station that it offers in most of its U.S. stores.
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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.
Payments Source
OCTOBER 1, 2018
The payments industry is engaged in 40 active real-time payments programs worldwide, but it's not as chaotic as it sounds — except in the U.S.
PYMNTS
OCTOBER 1, 2018
Wells Fargo announced Monday (Oct. 1) the release of Control Tower , an addition to its mobile app that allows small business and consumer customers to gain a streamlined view of their finances. In its press release , Wells specifically identified the issue of recurring payments and unused — but paid for — subscriptions that customers may fail to manage because they lack a holistic view into their finances.
Bobsguide
OCTOBER 1, 2018
The cost of fraud to financial services increased by 9.3% over 2017, according to research conducted by LexisNexis Risk Solutions. For every $1 stolen by fraudsters, it costs financial services firms $2.92 in fees compared to $2.67 last year. Further, the level of fraud as a percentage of revenue.
PYMNTS
OCTOBER 1, 2018
People love mapping apps for three reasons: They completely, and correctly, plot the best route from Point A to Point B. They show changes to that route in real time as adverse conditions arise that might delay their journey. They offer options so the consumer can decide for themselves the path that best meets their needs. Vaduvur Bharghavan (who goes by VB), president and CEO of Ondot Systems , said that good financial apps should pay heed to the success of these mapping apps.
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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.
CFPB Monitor
OCTOBER 1, 2018
Governor Brown yesterday signed into law SB 1235 , a bill requiring consumer-like disclosures to be made on certain commercial finance products, including small business loans and merchant cash advances, among other things. Contrary to reports in certain press outlets, the law will not take effect by a date certain. Rather, the California Department of Business Oversight (“DBO”) is now required to adopt regulations addressing details such as calculation methods and the time, manner, and format
PYMNTS
OCTOBER 1, 2018
On Friday (Sept. 30), LendingClub officially closed the door on a two-year chapter in its corporate history that its current board and founding team would probably like to forget. Both the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have officially ended a two-year investigation of LendingClub, its subsidiary LC Advisors (LCA), its founder and former CEO Renaud Laplanche and its former CFO Carrie Dolan.
CFPB Monitor
OCTOBER 1, 2018
On September 19, 2018, the Georgia based Cooperative Baptist Fellowship (the “Fellowship”) filed a motion to intervene as a defendant in a case filed by the Community Financial Services Association of America Ltd. and the Consumer Service Alliance of Texas challenging the CFPB’s Payday Rule. The lawsuit was filed in April 2018 claiming, among other things, that the CFPB did not follow proper procedure in issuing the Payday Rule; that the CFPB improperly deemed certain lending practices unfair an
PYMNTS
OCTOBER 1, 2018
Business lending in Australia probably won’t face tougher loan regulation when it comes to small business loans. “The evidence and submissions provided to the commission did not reveal any great appetite to change the legal framework,” Commissioner Kenneth Hayne said in his interim report, according to the Australian Financial Review. “In particular, I did not understand there to be substantial support for changing the legal framework in ways that would bring some or all SMEs within the applicat
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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.
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