Bank Innovation
NOVEMBER 1, 2018
The scale of mobile payments in China staggers the Western imagination. In 2017, $15.4 trillion in mobile payments were processed, 54% by Alipay, and 39% by Tencent’s WeChat Pay. By the most generous estimation, the U.S. market, though growing steadily, processes a tiny fraction of that amount. The payment solutions company SwiftPass, headquartered in Shenzen, […].
PYMNTS
NOVEMBER 1, 2018
Pick your metaphor: David vs. Goliath. Knocking the giant off the pedestal. Or, as a recent CNBC article put it, quoting a source, “a mass extinction event.”. The subject? The ongoing struggle, supposedly existential in nature, that pits upstart, relatively young FinTech firms against arrogantly complacent banks for supremacy in this new and growing world of digital payments and commerce.
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Bank Innovation
NOVEMBER 1, 2018
Marketing for financial services is more than simply acquiring new customers with pretty packaging and cool Snapchat filters. Dustin Cohn, who heads brand marketing for Marcus by Goldman Sachs, said marketing is also an important tool to service, and thus retain, existing customers. “The key to marketing in financial services today, and certainly the key […].
PYMNTS
NOVEMBER 1, 2018
Smartphones and NFC could help European citizens gain residency in the post-Brexit U.K. But there seems to be a hurdle, and it has to do with Apple — a story that shows how the pending political and economic move is having an impact on the technology that helps power payments and commerce. According to a Thursday (Nov. 1) report from 9to5Mac.com , the “U.K. government is set to launch an app that will help EU citizens apply for residency in the U.K. post-Brexit.
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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
NOVEMBER 1, 2018
A benchmark survey from the Center for Financial Services Innovation released today looked past the headlines and into the lives and habits of Americans across the financial spectrum. The results were troubling, reassuring, and everything in between. The organization’s inaugural U.S. Financial Health Pulse, facilitated by a partnership with the Omidyar Network, MetLife Foundation and AARP, found […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bobsguide
NOVEMBER 1, 2018
Thousands of UK businesses were unable to process payments because of a network outage at the beginning of the week, with reports suggesting Worldpay encountered a temporary fault.
PYMNTS
NOVEMBER 1, 2018
Whether picking up extra hours driving for Uber or consulting for a financial service firm, everyone has a side gig nowadays — with patience to receive that cash next to nil. The influx of freelancers is pushing companies to adopt even faster methods of disbursements to satisfy their need for payment speed. That means an end to the days of sending paper checks through the mail, and increased reliance on payment solutions that are often built right into the service itself.
Payments Dive
NOVEMBER 1, 2018
David Jones, editor of MPT, introduces himself.
PYMNTS
NOVEMBER 1, 2018
Checks, despite their near extinction in consumer payments, remain alive and well when it comes to businesses paying each other. And that, TransCard CEO Greg Bloh noted, is for a good – if often underappreciated – reason. When it comes to B2B disbursements, there are actually three things a payment method needs to do. Everyone knows the first one, he said, because it’s the most obvious: The method needs to be able to move money from one entity to another.
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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
Payments Source
NOVEMBER 1, 2018
As mega data collaborations among multinational companies threaten to dominate payment technology, developers are digging even deeper into decentralized models as a workaround to sell both greater data analysis and more security.
PYMNTS
NOVEMBER 1, 2018
Before CEO Toffer Grant founded PEX , he worked in the world of prepaid cards (gift cards in particular), where Christmas was the biggest challenge of every year. Gift card use would faithfully and intensely spike around Christmas, only to settle back to a more typical baseline six to eight weeks after the “event.”. That was, of course, predictable — people would get gift cards in lieu of a physical gift, and recipients redeemed those cards in the first few weeks after their receipt.
Bobsguide
NOVEMBER 1, 2018
Adapting to local regulatory regimes will stop the challenger banks in their tracks, according to Rick Striano, managing director of digital product development at Deutsche Bank. “On the topic of ‘challenger’ banks - while the underlying technology may be more adaptable, the.
PYMNTS
NOVEMBER 1, 2018
Mastercard and global non-profit Accion have announced a first-of-its-kind partnership to transform millions of underserved micro and small businesses around the world. Micro-merchants, such as grocers and “mom and pop” stores, operate largely in cash rather than through safe, secure and swift, digitally enabled transactions. And, without automated tools to accurately record business interactions, store owners struggle to build a credit history.
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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
NOVEMBER 1, 2018
Europe has also taken active measures to support the innovation of platforms and applications, writes Donika Kreava, strategic communications manager at Dentacoin.
PYMNTS
NOVEMBER 1, 2018
To better serve clients and help make their businesses run smoother and more efficiently, FinTech startups are tackling an array of challenges, from data security to card declines to clunky customer experiences. Last month, Modo helped merchants find ways to reduce card declines, DadeSystems sought to make data more secure through a “security by design” approach to development and AvidXchange looked to improve the customer experience by listening to suppliers.
Payments Source
NOVEMBER 1, 2018
While B2B will never perfectly mimic the B2C space, there’s a lot businesses can learn from their consumer-facing counterparts, writes Mark Bartlett, marketing chief at FPX.
PYMNTS
NOVEMBER 1, 2018
Amid a change in shopping habits from brick-and-mortar to eCommerce, online spending is expected to reach $124.1 billion this holiday season — an increase of 14.8 percent. That percentage is expected to be much higher than the 2.7 percent growth forecasted for traditional stores, Reuters reported. To arrive at the forecast, Adobe Analytics took a look at transactions at 80 of the top 100 retailers in the United States along with visits by consumers to U.S. retail websites.
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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.
CFPB Monitor
NOVEMBER 1, 2018
While the pace of the CFPB’s fair lending activities has slowed under its new leadership, significant fair lending developments are occurring elsewhere. In this week’s podcast, we discuss several of those developments and their broader implications. Our discussion focuses on New York and Connecticut fair lending developments involving auto finance, a private redlining lawsuit, and the FDIC’s recent report on the use of digital footprint data for credit underwriting.
PYMNTS
NOVEMBER 1, 2018
Braintree, the eCommerce payments company owned by PayPal, announced Thursday (October 1) that Braintree merchants in the U.S. can now accept Samsung Pay for in-app payments. In a press release , Braintree said support for Samsung Pay was driven by focusing on what will drive the future of commerce and help merchants. That means it is constantly looking at partners to add to provide the most diverse set of payment methods around the globe.
Payments Source
NOVEMBER 1, 2018
Legacy players cannot copy an upstart because legacy players have existing footprints and customers and are anchored by valuable business models, writes Ken Krupa, CTO of MarkLogic.
PYMNTS
NOVEMBER 1, 2018
Lower ATM operating revenue in the U.K. and Australia helped depress Q3 earnings revenue for Cardtronics , the world’s largest owner of ATMs. Late Thursday (Nov. 1), the company reported a 15 percent year-over-year decline in total revenue to $340.2 million. ATM operating revenue, meanwhile, declined 15 percent year over year to $329.8 million, Cardtronics said in its Q3 financials.
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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
NOVEMBER 1, 2018
Payments technology and fleet card provider WEX has partnered with Japanese-based international card network, JCB, as expands its virtual cards into Japan.
PYMNTS
NOVEMBER 1, 2018
Mastercard reportedly has lodged a protest with the U.S. government over the use of nationalism by the government in India to promote a domestic payments network there. According to a Reuters exclusive , “Mastercard told the Office of the United States Trade Representative (USTR) on June 21 that the prime minister “associated the use of RuPay cards with nationalism, claiming it serves as ‘kind of national service.’”.
Payments Source
NOVEMBER 1, 2018
Payments technology veteran Will Graylin is looking to build support for OV Loop, a universal conversation and commerce app he developed that harnesses any handset’s texting capabilities to support voice, text or video messages with an e-wallet to store tokenized payments.
PYMNTS
NOVEMBER 1, 2018
Thousands of miles from Seattle, where Amazon Go opened in January , the cashierless checkout model is taking hold in other parts of the world. Singapore, in particular, recently saw the opening of a supermarket that uses digital payment technology to allow consumers to pay for items instead of visiting cashiers. habitat by honestbee , which is an extension of a regional on-demand delivery service called honestbee, is a 60,000-square-foot space that is billed as both a grocery store and a dining
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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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