Chris Skinner
MAY 6, 2020
Last October I wrote a piece on Revolut, questioning its valuation which, at that time, was estimated to be anything up to $10 billion: They claim to have 8M customers. Let’s assume *all* of them are active. If they are “valued” at $10Bn that’s a per customer lifetime value of … The post Revolut: over-hyped and immature? Yes and no … appeared first on Chris Skinner's blog.
PYMNTS
MAY 6, 2020
FinTech payments startup Nium , based in Singapore, is getting a new round of funding led by new investors Visa and BRI Ventures. Nium, formerly known as InstaReM, has closed four funding rounds totaling $59 million since it was founded in 2014. The size of this latest round was not disclosed. Prajit Nanu, chief executive officer (CEO) and co-founder of Nium, said in a statement on Wednesday (May 6) that he is “thrilled” to get the backing of “prestigious” new investors like Visa and BRI Venture
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Chris Skinner
MAY 6, 2020
Things we’re reading today include … Banking the rich and famous: the rise of private digital banks Bank of England expected to hold off on fresh stimulus for now Coronavirus threatens future of eurozone, Brussels warns Small firms secure £2bn in bounce-back loans in first 24 hours Virgin Money suspends … The post Things worth reading: 7th May 2020 appeared first on Chris Skinner's blog.
PYMNTS
MAY 6, 2020
Federal and state officials are investigating Wells Fargo regarding the bank’s management of Paycheck Protection Program (PPP) loans. A regulatory filing on Tuesday (May 5) indicated that the country’s fourth-largest bank received “formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans.”. The San Francisco-based bank started processing applications for PPP loans on April 4, a day after the program opened.
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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
MAY 6, 2020
It’s becoming clear that COVID-19 will have long-term impacts on our lives and the economy. Most auto finance companies are working to address immediate challenges: protecting employees and serving customers. While they face an increase in non-performing loans and a decrease in revenue, this is an opportunity to demonstrate commitment to supporting customers through this….
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
MAY 6, 2020
The former Treasury Department official would be the first CEO of the digital currency association, which is seeking payment licenses in the U.S. and Europe.
PYMNTS
MAY 6, 2020
The COVID-19 pandemic has had a noted effect on how several industries can operate and interact with their customers during this time including retail stores, movie theaters and casinos. The pandemic has shut down brick-and-mortar casinos in markets like the United States to help minimize risk, for example, leading consumers to turn to online casinos and sportsbooks.
Payments Source
MAY 6, 2020
The businesses that are open now are providing clues for payment hardware makers on how the retail landscape will look once the pandemic clears.
PYMNTS
MAY 6, 2020
Digital yuan could be on the horizon in China to replace paper money, authorities say. According to a report , the launch of the digital currency is likely to happen soon, and it could become prominent if four key components are met, per the former Bank of China President Li Lihui. Lihui said those components are as follows: better efficiency, lower costs for transactions, enough economic scale with commercial value, and people accepting it as legitimate.
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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
MAY 6, 2020
There is one area of commerce that has experienced an uneven consumer response to the coronavirus crisis: subscriptions. Some companies have benefited greatly while others have not.
PYMNTS
MAY 6, 2020
Financial fraud costs businesses an estimated $1.45 trillion, and it resulted in almost half of global organizations noting they were victims of fraud in 2018. Bad actors are constantly working to find online systems’ loopholes or weaknesses — a growing problem as such platforms enhance their operations to provide legitimate customers with more seamless experiences.
Banking Exchange
MAY 6, 2020
Authorities have inquired about Wells Fargo’s handling of PPP loans, according to a regulatory filing Compliance Duties Customers Channels People Compliance Management Fair Lending Compliance/Regulatory Community Banking Feature3 Feature The Economy PPP Covid19.
PYMNTS
MAY 6, 2020
Irish bitcoin ATM operator Boinnex found itself facing roadblocks from Allied Irish Banks (AIB), which shut down its account and said it didn’t want to deal with an unregulated form like cryptocurrency, according to CoinDesk. That forced the entire operation to shut down for six weeks until founder Bryan Tierney was able to establish another way of funding.
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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
MAY 6, 2020
Despite PayPal's efforts to get people to receive — and spend — their stimulus checks from PayPal accounts, the coronavirus pandemic caused its revenue for the first quarter to fall short of company guidance.
PYMNTS
MAY 6, 2020
Square reported earnings Wednesday (May 6) for the first quarter that showed slowing gross payment volumes, impacted by the pandemic and the shuttering of merchant locations, while the company also took reserves against potential losses. Yet the company also saw a significant uptake in its Cash App, even excluding Bitcoin transactions. In terms of headline numbers, the company’s reported revenues of $1.4 billion were up 43.9 percent year over year, and roughly $80 million better than cons
Banking Exchange
MAY 6, 2020
Consumer survey shows that just a quarter of bank customers expect to change their behaviours in the next 12-24 months Retail Banking Financial Trends Technology Feature3 The Economy Financial Research Feature People Performance Customers Covid19.
PYMNTS
MAY 6, 2020
Parcel delivery startup Ninja Van , working in overdrive during the pandemic, ended a funding round with $279 million. Ninja Van ’s clients include names like L’Oreal and Wing Tai’s G2000 label, which it has helped digitize and boost eCommerce sales. It also works with smaller operations, including social media influencers. The round was backed by France’s GeoPost SA and ride-hailing company Grab.
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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.
Payments Source
MAY 6, 2020
Shopify Inc. reported first-quarter revenue that topped analysts’ estimates as businesses moved swiftly online during the coronavirus pandemic.
PYMNTS
MAY 6, 2020
Stay-at-home orders and the mass work-from-home (WFH) migration that flew in the face of America’s sense of freedom acted as a tailwind for handmade eCommerce marketplace Etsy , pushing active buyers and sellers way up during the first quarter. Buoyed by the digital shift that had moved most shopping online and out of physical stores by mid-March, Etsy was well-positioned for the lockdown as people took to vintage crafts, collectibles and the other homey merchandise for which the eCommerce bran
Payments Source
MAY 6, 2020
Artificial intelligence-driven monitoring is an important tool to fight crime but it is not a total solution, and as bad actors develop their own AI capabilities, the battle will continue, says Authoriti's Michael Cutlip.
PYMNTS
MAY 6, 2020
There are three letters that best describe the state of higher education in the U.S. amid the pandemic: T-B-D. Colleges and universities, currently juggling the reality of empty campuses and classes held via video conference, are turning their attention toward the upcoming academic year. Many moving parts remain uncertain, however, thwarting educators from being able to definitively predict cash flows.
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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.
American Banker
MAY 6, 2020
Financial institutions have been monitoring workers' productivity at home with tracking software and webcams. Now they're mulling whether to mandate contact-tracing apps, COVID-19 testing and other practices that could raise further privacy issues.
PYMNTS
MAY 6, 2020
Amid a rise in orders and an increase in customers fueled by the coronavirus pandemic, Grubhub reported a 24 percent year-over-year increase in active diners and an 8 percent year-over-year increase in gross food sales in the first quarter of 2020 compared to the same period in 2019. The digital restaurant ordering platform had 23.9 million active diners and gross food sales of $1.6 billion for Q1.
Payments Source
MAY 6, 2020
While we all want to go back to the way things were before this pandemic struck, in the payments space, it is more about pivoting to the next normal.
PYMNTS
MAY 6, 2020
Predicting that U.S. consumers would not return to the gym anytime soon due to the pandemic, connected fitness brand Peloton smoked its quarterly earnings Wednesday (May 6), posting numbers that exceeded even the most bullish expectations. Total revenue for the third fiscal quarter grew 66 percent to $524.6 million. Total subscribers to the company’s connected digital platform grew 94 percent to over 886,100, and paid digital subscribers grew 64 percent to over 176,600; total members grew to ove
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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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