Bank Innovation
DECEMBER 19, 2019
Small business lending company OnDeck is expanding its ecosystem of products. Through its application for a bank charter, the company wants to become a full-service digital bank for small businesses it says are overlooked by traditional banks. In this episode of Fintech Unfiltered, which is sponsored by Blend, Bank Innovation sat down with OnDeck CEO […].
Payments Dive
DECEMBER 19, 2019
Donna Embry is the SVP of global payment strategies at Evolve Bank & Trust, and she's involved with next-gen on multiple levels. ATM Marketplace spoke with her to learn more about why IADs, in particular, should be paying attention to the project.
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Chris Skinner
DECEMBER 19, 2019
So it’s the holiday season and time for some time off. I’m back on January 6th 2020. The only thing I can say is … here’s to a fantastic 2020 … the year of Doing Digital. “Stop what you are doing and read this book. It will transform your … The post Have Yourself a Merry FinTech Christmas appeared first on Chris Skinner's blog.
Bank Innovation
DECEMBER 19, 2019
The Federal Reserve is investigating the second significant disruption in 2019 of a payments service administered by the U.S. central bank. Certain bank transactions were delayed after ACH — which stands for the automated clearinghouse system — experienced delays but it is now up and running. “The FedACH service, which processes transactions for commercial banks, is currently […].
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
DECEMBER 19, 2019
Things we’re reading today include … Emerging market debt hit $55 trillion Goldman Sachs may admit guilt, pay $2 billion fine to settle U.S. 1MDB probes: source Bank of England deserves to be embarrassed about security breach RBS’s top two investment bank executives depart City regulator Andrew Bailey favourite to … The post Things worth reading: 20th December 2019 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
DECEMBER 19, 2019
For PayPal, eyeing growth and eyeing new markets, the gaze is, at least in part, turned eastward. News came Thursday (Dec. 19) that the company has closed its deal to buy a majority equity stake in China’s GoPay (the formal, official name of the company is Guofubao Information Technology Co. Ltd.). The deal had originally been announced at the end of September.
Bank Innovation
DECEMBER 19, 2019
Robinhood Financial agreed to pay $1.25 million penalty to a brokerage industry regulator for failing to ensure that its customers received best prices for securities orders. Robinhood, which lets its customers trade stocks for free, routed all trades to four securities firms that paid it for order flow, the Financial Industry Regulatory Authority said in […].
PYMNTS
DECEMBER 19, 2019
Savor this moment — these coming weeks, the next few months, the year or two that will follow. These are the last moments before artificial intelligence (AI) really starts to have a massive impact on one’s daily life, before the world really turns to AI. That is not meant to be mournful, or an expression of grief for a way of life — a non-AI way of life — that is on its way out.
Bank Innovation
DECEMBER 19, 2019
Analysts are anticipating U.S. consumers to have another year of positive credit activity, marking one of the longest periods of sustained consumer credit health in recent decades. Serious consumer delinquencies – loans 60 or more days past due – are expected to rebound for auto in 2020, falling 3 basis points year over year to […].
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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
Accenture
DECEMBER 19, 2019
Accenture’s ground-breaking 2019 Global Financial Services Consumer Study has seen four mindsets emerge from the data: Pioneers, Sceptics, Traditionalists and Pragmatists. In this series of blog posts, we’ll look at each type in the Australian context.¹ The global view As you might expect, Pioneers are typically younger than the average respondent (globally, half are aged….
Bank Innovation
DECEMBER 19, 2019
Throughout 2019, banks continued to partner with startups in their efforts to build multi-service platform offerings. These relationships have been necessary to help institutions evolve their distribution models and enable startups to develop product offerings that meet customer expectations. BMO Financial Group‘s Ben Schack, who leads the bank’s U.S. digital partnerships team in Chicago, is […].
PYMNTS
DECEMBER 19, 2019
In an effort to minimize future dependence on rivals Google and Apple, Facebook plans to develop its own operating system (OS), according to The Information. A customized OS may permit Facebook to break away from Android. Per the report, a Facebook spokeswoman said plans are connected to the technology giant putting greater focus on its future products such as augmented reality (AR) glasses.
Payments Source
DECEMBER 19, 2019
The success of Fiserv’s acquisition of First Data, FIS’ purchase of WorldPay, or Global Payments merger with TSYS rides on the companies’ ability to address merchants that are under extreme pressure.
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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
DECEMBER 19, 2019
Bank and credit card chargebacks are valuable tools, keeping consumers safe from credit card thieves, hackers and unscrupulous merchants. The Truth in Lending Act , signed into law in 1968, grants U.S. consumers the universal right to credit card charge reversals, while the Electronic Fund Transfer Act of 1978 affords the same rights to debit card holders.
Bobsguide
DECEMBER 19, 2019
Over the past year credit risk has accumulated across portfolios, volatility in market rates has led to increased levels of interest rate risk, and yield curve inversions have become a serious concern for banks. Operationally, retail banks have had to adapt to difficult conditions in the face of.
PYMNTS
DECEMBER 19, 2019
PayPal has acquired a 70 percent equity stake in Guofubao Information Technology ( GoPay ) and will head to China as the country’s first online-only payments platform, PayPal said in a press release on Thursday (Dec. 19). “We’re pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market,” said Dan Schulman, president and CEO, PayPal. “This important step will allow us to be a stronger partner to Chinese financial
Payments Source
DECEMBER 19, 2019
Adyen’s aggressive year of client and technology additions has been capped off by adding McDonald’s to its network, bringing in a merchant with a huge appetite for streamlined app-driven transactions.
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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
DECEMBER 19, 2019
FinTech and automation technology have cast a shadow of anxiety on the accounting industry in recent years, as certified public accountants (CPAs) began to wonder whether their jobs would be replaced entirely by robots. Those concerns have eased somewhat, however, as FinTech firms assure accountants that technology can operate in harmony with human professionals — and as analysts urge the CPA community to take on a more strategic role with their clients.
SWBC's LenderHub
DECEMBER 19, 2019
Exit planning is complex, and unfortunately, not many of your commercial customers have the technical acumen or resources needed to ensure they are prepared. They must establish their exit goals and plan for business transfer, build their business’ value, find an appropriate successor or buyer, navigate taxes, and keep their key employees happy enough to stick around, among other things.
PYMNTS
DECEMBER 19, 2019
In business – and especially in financial services and banking – trust is built up over decades, and can be destroyed in an instant. And trust, as has been well-documented, is one of the hallmarks of consumers’ relationships with credit unions (CUs). In an interview with PYMNTS, Jack Lynch, chief risk officer at PSCU and president of its CU recovery business, said that in the age of increasingly sophisticated cyberattacks, it is imperative for credit unions to look at various ways of building mu
CFPB Monitor
DECEMBER 19, 2019
The Taxpayer First Act adopted in the summer of 2019 includes the following provision that has an effective date of December 28, 2019: “Persons designated by the taxpayer under this subsection to receive return information shall not use the information for any purpose other than the express purpose for which consent was granted and shall not disclose return information to any other person without the express permission of, or request by, the taxpayer.”.
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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.
PYMNTS
DECEMBER 19, 2019
The PIT digital currency exchange of Blockchain.com is one of the few exchanges to turn on the U.K. Faster Payments Scheme, The Block reported. The Faster Payments Scheme, as it stands, is a U.K. banking effort that cuts payment times between the customer accounts of different banks to a matter of seconds from three working days. The initiative will enable users to instantly deposit and withdraw British pounds, and purchase digital currencies.
CFPB Monitor
DECEMBER 19, 2019
On December 12–13, 2019, the CFPB hosted its fourth research conference on consumer finance. The goal of the conference, as described by the CFPB, was “to connect the core community of researchers and policymakers with the best research being conducted across a wide range of disciplines and approaches that can inform the topic of consumer finance.”.
PYMNTS
DECEMBER 19, 2019
Chipotle announced on Thursday (Dec. 19) that it is testing out a different restaurant design in effort to keep its billion-dollar digital business growing. The U.S. chain of fast-casual restaurants will test out digital orders at its various restaurants, including a stand-alone location and an urban storefront, along with “Chipotlane,” its new modernized mobile drive-through lanes.
CFPB Monitor
DECEMBER 19, 2019
House Financial Services Committee Chairwoman Maxine Waters has sent a letter to CFPB Director Kraninger raising questions about the potential appointment of Thomas G. Ward as CFPB’s Assistant Director for Enforcement. . In her letter, Ms. Waters stated that, according to media reports, Mr. Ward is the leading candidate for the Enforcement Director position and that he currently serves as the Deputy Assistant Attorney General overseeing the torts branch in the Civil Division of the Depar
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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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