Chris Skinner
OCTOBER 22, 2018
Someone told me I should start a travel blog, as I fly more than most pigeons do. True. But I’m not sure my travel blog would be read so much. However, it does make me reflect on travel and money. Some countries are still reliant on cash whilst others are … The post Technosocialism? As if … appeared first on Chris Skinner's blog.
PYMNTS
OCTOBER 22, 2018
Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019. According to the Wall Street Journal , the UltraFICO Score should help many consumers get approved for loans because it factors in how consumers manage the cash in their checking, savings and money-market accounts, which could serve as an indication of how likely they are to repay their debts.
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Payments Dive
OCTOBER 22, 2018
The economics of card acceptance at POS are dependent on efficiently processing high volumes of everyday payments. With regulatory caps on interchange rates, entry of non-traditional competitors and emergence of new channels and payment instruments acquirer margins are under pressure.
PYMNTS
OCTOBER 22, 2018
Tala, the consumer lending app in emerging markets, announced Monday (Oct. 22) a strategic investment from PayPal. In a press release , Tala said the undisclosed investment from PayPal will help the company bring visibility and access to underserved regions in emerging markets across the world. According to Tala, more than two-thirds of the adult population in the world has no formal credit record, which makes it hard for them to access traditional financial services.
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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
OCTOBER 22, 2018
Things we’re reading today include … Bank of England in the spotlight again over ‘staggeringly high’ expenses Bank CEO says the European financial system is not in good shape yet 13 million people in Britain have seen their local bank branch close down in past 10 years PayPal backs emerging … The post Things worth reading: 23rd 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 22, 2018
Thanks to a large unbanked population and growing importance of the millennial customer, the digital-first bank business model is spreading not just in developed economies but also emerging markets like those in Asia. And while this development is no big surprise to the financial services community, a new report from CB Insights titled "How 60+ […].
PYMNTS
OCTOBER 22, 2018
Facebook is reportedly gearing up to acquire a cybersecurity company in an effort to assure users that security is a top priority of the social media company. CNET , citing a report from The Information, reported Facebook has reached out to several security companies that could be takeover targets. The Information cited unnamed sources for its report, noted CNET.
Payments Source
OCTOBER 22, 2018
The Bank of Lithuania is positioning the country’s capital Vilnius as a hub for payments-related fintechs wanting to enter the European market — a move that's timed to take advantage of the uncertainty Brexit has cast over London's claim to the title.
PYMNTS
OCTOBER 22, 2018
The business-to-business (B2B) buying experience has changed; there’s no doubt about that. The business-to-consumer (B2C) commerce landscape has had a massive influence on corporate buying habits, from sourcing through payments. It’s often described as the “ Amazon effect,” as suppliers explore how to provide a consumer-like experience to business buyers.
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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
OCTOBER 22, 2018
Payment and banking apps are deploying passwordless experiences for convenience and some degree of improved security ahead of a goal to eliminate passwords from the authentication process altogether. We should not, however, conflate passwordless experiences with system architecture where there is no password in use, writes George Avetisov, CEO of HYPR.
PYMNTS
OCTOBER 22, 2018
In an average week, the average consumer spends about 24 hours online – exactly 1/7 of their time. They use their phones to order food and to decide what they eat before they order. They shop, pay bills, book and manage travel – all digitally. With risk, of course, due to endemic identity theft concerns – but also with a lot of reward. Consumers have more retail modes than ever before, in more regions of the world – and a greater ability to expand and customize their commerce activit
Payments Source
OCTOBER 22, 2018
New York's new AML rules clarify how institutions should monitor transactions and screen sanctions lists issued by the US Office of Foreign Assets Control (OFAC). But critically, it goes a lot further, writes Sophie Lagouanelle, Head of Solutions at Accuity.
PYMNTS
OCTOBER 22, 2018
As Uber seeks to attract investors ahead of a potential initial public offering (IPO) with aspirations beyond ridesharing, food delivery in the skies might be in the company’s not-so-distant future: It is reportedly looking to launch drones for takeout in the next few years. In a job posting, the company noted that it wanted to make delivery drones work by 2019 at the earliest, and have the drones operational in some markets when 2021 rolls around.
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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 22, 2018
The gap in attitudes and outlook on gender inclusion is wide enough that women and men in financial services often have entirely different takes on gender in the workforce, with men much more likely to have an outsized positive view on progress in gender inclusion.
PYMNTS
OCTOBER 22, 2018
The Centers for Medicare and Medicaid Services announced Friday (October 19) that a government portal that insurance agents and brokers use to help customers sign up for healthcare was hacked, with the bad guys getting off with the personal data of 75,000 people. In a press release late Friday, CMS said that earlier in the week staff detected anomalous activity in the Federally Facilitated Exchanges (FFE)’s Direct Enrollment pathway for agents and brokers.
Bobsguide
OCTOBER 22, 2018
Mikhail Sosonkin, a Russian hacker and security specialist told a panel at Money 20/20 that most hackers don’t want to work for banks. “A lot of hackers tend to have the mentality of wanting their own freedom. They want to have this uncontrolled aspect in their work.
PYMNTS
OCTOBER 22, 2018
A sense of control and security goes a long way toward building confidence, and that’s especially true in payments and commerce. Make consumers feel as though they are in charge, and give them more transparency into their personal payment transactions, and you might not only win their loyalty, but could also encourage them to spend more, or use your payment methods more often.
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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.
Bobsguide
OCTOBER 22, 2018
At bobsguide we value insights from the market. Now, with the 2018 Software Rankings, we’re asking those who engage with the fintech community - financial services and corporates – to put forward those software vendors they consider to be providing outstanding service.
PYMNTS
OCTOBER 22, 2018
An increasingly non-controversial point is that artificial intelligence (AI) and machine learning (ML) have been — and will continue to be — major boons to human advancement. Self-driving cars, voice assistants, digital personal stylists, logistics, digital security — there is an application for AI and “smart computers” around almost every corner these days.
Payments Source
OCTOBER 22, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon Go's not the first cashierless store in San Francisco; A new score; JPMorgan's opening a fintech campus; Volvo revs up subscriptions; Western Unoin and banks battle human trafficking.
PYMNTS
OCTOBER 22, 2018
The CEO of Jaguar Land Rover has warned that key industries will be destroyed by a hard Brexit. Last month it was reported that the U.K. is making preparations in case a Brexit deal doesn’t go through by the March 2019 deadline. In July, Brussels rejected the U.K.’s proposals on how to govern London’s access to the European market after Brexit, saying that British Prime Minister Theresa May’s latest plan would take away the EU’s “decision-making autonomy.
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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.
Bobsguide
OCTOBER 22, 2018
“The regulatory burden on a financial institution operating in multiple regimes - plus Brexit - is incredibly large,” said Harry Chopra, chief client officer of AxiomSL on the sidelines of Sibos 2018 in Sydney, Australia. “You get regulatory fatigue at some point,” said.
PYMNTS
OCTOBER 22, 2018
A recent deal that expands Instacart ’s same-day grocery delivery for Sam’s Club members stands as more than good news for the delivery service. This is the latest example of how the digital and physical are merging in retail — and also shows just how far consumer convenience has developed over the last few decades. Those were among the messages from a new PYMNTS discussion between Karen Webster and Sachin Padwal, VP of product management at Walmart -owned Sam’s Club.
Bobsguide
OCTOBER 22, 2018
The real-time underwriting space provides a great opportunity for insurance market participants, an audience at this year’s Money2020 conference heard. But while current “rigid” corporate structures among incumbents are holding those players back, the industry is facing a pivotal.
PYMNTS
OCTOBER 22, 2018
Despite the rise of FinTech firms and challenger banks hoping to offer small businesses (SMBs) a better banking experience, large traditional financial institutions (FIs) continue to hold the dominant position in the SMB financial services (FinServ) space. However, that’s not for lack of interest among the small business community in switching providers.
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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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