Payments Dive
AUGUST 2, 2018
A recent study from A.T. Kearney urges FIs en masse to begin issuing contactless cards now that merchants have the necessary payment terminals and consumers are more aware of the “tap,” thanks to NFC-enabled mobile payments.
Bank Innovation
AUGUST 2, 2018
Fintech M&A deals have sustained volume and value this quarter. During 2Q 18, fintech deals totaled $12.7 billion, up from $7 billion in 2Q17. This boost in transaction volume is mainly due to the consolidation of sectors, according to KPMG’s biannual “Pulse of Fintech” report. Major deals such as PayPal’s $2.2 billion acquisition of iZettle, […].
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Chris Skinner
AUGUST 2, 2018
The USA is a little bit confusing. On the one hand, they have some of the fittest people in the world; on the other, they have some of the fattest. On the one hand, they’ve championed the banning of cigarettes far more than any other nation and were the first … The post Banks can now be born in the USA appeared first on Chris Skinner's blog.
Bank Innovation
AUGUST 2, 2018
Bank-backed neobanks are giving traditional organizations the opportunity to cater to specific audiences, usually younger tech-savvy audiences. But lately, more banks are realizing that a digital platform free from a legacy system can provide more opportunities for personalization. One such example of this is the Turkish bank Albaraka Turk, which launched a digital-only bank in […].
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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
Chris Skinner
AUGUST 2, 2018
Things we’re reading today include … Barclays half-year profits fall 29% following settlement Firms being ‘left in the dark’ on Brexit Could a basic income replace Universal Credit? London Stock Exchange triggers plans for hard Brexit as Schwimmer takes the reins Holidaymakers’ NatWest debit cards declined New era for the … The post Things worth reading: 3rd August 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.
PYMNTS
AUGUST 2, 2018
As Americans increasingly turn to their mobile devices to instantly pay through peer-to-peer (P2P) services like Venmo and Zelle, the act of writing a check or heading to the ATM for quick cash is becoming a thing of the past. This technology is also changing how consumers lend and borrow money, according to Travis Holoway, founder of short-term lending exchange platform SoLo Funds , particularly when it comes to low-dollar or short-term loans.
Bobsguide
AUGUST 2, 2018
“It should be better known as artificially inflated,” says Fabrice Brossart, CRO of AIG, upon discussing the role that Artificial Intelligence (AI) plays within the insurance giant. A buzzword of many years, Brossart believes that there is not enough penetration into the various.
PYMNTS
AUGUST 2, 2018
Blockchain, blockchain everywhere. Reports came this week that the much-touted distributed ledger technology (DLT) may be less savior for all manner of problems across the business landscape than thought. Bloomberg noted, for example, that there may be a slowdown looming in terms of projects that may actually see the light of day. Ah, but. Concerns of a slowdown overall?
CFPB Monitor
AUGUST 2, 2018
Consumer advocacy groups are questioning the purported benefits of H.R. 435 the “ Credit Access and Inclusion Act of 2017 ,” a bill that passed with bipartisan support in the House of Representatives in June, and is currently under consideration by the Senate. The new law would amend the Fair Credit Reporting Act (“FCRA”) to allow landlords (including the Department of Housing and Urban Development), utility companies, and telecommunications providers to provide consumer credit information to co
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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
PYMNTS
AUGUST 2, 2018
WEX posted results Thursday that showed traction in its core fleet and travel-related business, amid gains in payment processing activity. Revenues were just under $371 million, which were 22 percent higher than last year’s second quarter, and of that increase, $16.6 million came from higher fuel prices — but beyond that, gains in the travel and fleet divisions drove results.
Bobsguide
AUGUST 2, 2018
Cloud management platforms are technologies that are used to monitor and operate applications, services and data, which are situated on the cloud. In order to select the most effective cloud management software, one needs to pay close attention to a number of features: multiple cloud management.
PYMNTS
AUGUST 2, 2018
The U.S. Department of Justice (DOJ) announced that Wells Fargo will pay $2.09 billion in penalties to settle claims related to mortgage loans that the lender processed before the last recession. “Abuses in the mortgage-backed securities industry led to a financial crisis that devastated millions of Americans,” said Acting U.S. Attorney for the Northern District of California Alex G.
Bobsguide
AUGUST 2, 2018
In July news broke that a person’s data on a well-known mobile payment service app could be seen publicly. In case you missed it, a researcher analysed over 200 million publicly available transactions made using the money-sharing app. Her aim was to draw attention to the amount of.
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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.
PYMNTS
AUGUST 2, 2018
Retail is undergoing a reinvention with the rise of eCommerce, and merchants are trying new approaches to their brick-and-mortar stores. Nordstrom , for example, has rolled out a new store concept , Nordstrom Local, that premiered in West Hollywood. The idea, according to Senior Vice President of Customer Experience Shea Jensen, is that “shopping today may not always mean going to a store and looking at a vast amount of inventory.
Insights on Business
AUGUST 2, 2018
As risk management stress tests have become commonplace to avert a crisis where a financial institution does not have the capital to meet their financial commitments, the Basel Committee on Banking Supervision has released a consultative document on stress testing principles and also a range of practices report on supervisory and bank stress testing , both at the end of 2017.
PYMNTS
AUGUST 2, 2018
If one flips back in retail history — and not even back all that far, maybe a little over 100 or so years — the nature of retail was very personal, Manish Chandra, founder and CEO of Poshmark , told PYMNTS in a recent conversation. It was routine, he noted, for consumers to know the people who served them where they shopped, and for those workers to very specifically tailor orders to individual shopping needs.
SWBC's LenderHub
AUGUST 2, 2018
By now, you've probably heard the sad auto industry news, that vehicle sales are down this year and are not expected to rebound anytime soon. Basically, auto manufacturers did too good a job in recent years, building cars that last longer than ever and still run properly. As a result, consumers are not forced to replace their vehicles as soon or as often as in years past.
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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.
PYMNTS
AUGUST 2, 2018
Japanese clothing retailer Uniqlo rolled out shopping chatbot Uniqlo IQ on Thursday (August 2), which acts as a digital concierge service. According to a report in VentureBeat , the machine learning chatbot will provide Japanese users with personalized style recommendations from its collection. “As retail moves deeper into the digital realm, shopping needs to be not just portable and perpetual, but personal as well.
Payments Source
AUGUST 2, 2018
Companies report that cross-border payments account for just 20% of payment volume but typically take 80% of accounts payable's time. That's simply not scalable. You can’t just keep throwing people at this problem, writes Karla Friede, co-founder and CEO of Nvoicepay.
PYMNTS
AUGUST 2, 2018
Apple became the first company trading in the U.S. to have a market capitalization of more than $1 trillion, hitting that milestone earlier on Thursday (Aug. 2). According to a report in The Verge , shares jumped for two days in a strong showing in Apple’s third quarter, as the iPhone maker boosted its targets for the remainder of the year and surpassed Wall Street views for its fiscal third quarter.
Payments Source
AUGUST 2, 2018
Tailoring company objectives to customers’ changing expectations is no longer a choice. Customer loyalty programs are not just the source of bringing repeated business but also the determinant of the future key players across all industries, writes Donika Kraeva, Communications Manager at Dentacoin Foundation, Netherlands.
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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.
PYMNTS
AUGUST 2, 2018
Accounts receivable (AR) management solutions provider Invoiced has enhanced its platform through a partnership with U.K.-based GoCardless in an effort to streamline payment acceptance for business users. The company announced in a press release Wednesday (August 1) that its collaboration with GoCardless enables businesses to support direct debit payments when they invoice their customers.
Bobsguide
AUGUST 2, 2018
“It should be better known as artificially inflated,” says Fabrice Brossart, CRO of AIG, upon discussing the role that Artificial Intelligence (AI) plays within the insurance giant. A buzzword of many years, Brossart believes that there is not enough penetration into the various.
PYMNTS
AUGUST 2, 2018
Shifting consumer habits are causing a sea change in the retail landscape. And businesses that are unprepared for this change – including gas station retailers – could risk getting drowned out by the competition that more quickly adapts to this reality. Driving this change is a group of more-connected consumers with higher expectations of what they want from their shopping experiences.
Payments Source
AUGUST 2, 2018
For their own sake, GrubHub and Uber should have purchased Caviar when Square reportedly offered it to them for sale in 2016. Instead, they now have a competitor who’s looking to eat their lunch in the restaurant delivery business.
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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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