Payments Dive
DECEMBER 2, 2019
Black Friday shopping figures in the U.S. showed more consumers embracing mobile and general online shopping for the best deals. Meanwhile average order volume increased, showing more willingness to make big ticket purchases via smartphone.
Bank Innovation
DECEMBER 2, 2019
Bank of Franklin County, a Washington, Mo.-based bank with $273 million in assets, is using ‘cash sweep’ technology to gain large deposits from public funds without having to put up its own assets as collateral. While accepting large deposits is not a pain point for most financial institutions, accepting public funds requires additional steps.
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Chris Skinner
DECEMBER 2, 2019
I’ve said on a number of occasions recently that banking and finance is at the heart of the climate crisis. Banks provide the financing for fossil fuel firms who are destroying the planet. The key numbers: Coal supplies a third of all energy worldwide, with the top coal consumers and producers in 2018 being China, … The post Financing fossil fuel firms fracks our future appeared first on Chris Skinner's blog.
Bank Innovation
DECEMBER 2, 2019
When it comes to keeping users engaged, payments apps seem to be missing the mark. According to a report from mobile analytics platform App Annie and the mobile marketing platform Adjust, only 6% of users globally who download a payment app will use that same app 30 days later. “Mobile payments are still on the […].
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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
DECEMBER 2, 2019
Things we’re reading today include … Britain’s Best Bank Accounts TSB bonuses to be docked for failure to meet gender balance targets UK’s six richest people control as much wealth as poorest 13m – study Lagarde: ECB should do more to tackle climate emergency How big tech is dragging us … The post Things worth reading: 3rd 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.
South State Correspondent
DECEMBER 2, 2019
Throw all the facts that you want at someone, and you won’t move them to a position anywhere near the effectiveness than if you can work the facts into a story. From the dawn of man, our brains have become hardwired to place facts in context, and a story helps get us that context in the most efficient manner possible. Recently seeing the Irishman, reminded us what a good story is all about.
PYMNTS
DECEMBER 2, 2019
The U.S. Department of Justice (DoJ) has accelerated its probe into Deutsche Bank’s participation in a $220 billion Danske Bank money laundering scheme, Reuters reported on Monday (Dec. 2), citing four sources. The DoJ is inquiring if Germany’s largest bank Deutsche assisted with moving dirty money to the U.S. from Denmark’s largest lender Danske , one source told Reuters.
Accenture
DECEMBER 2, 2019
With technologies such as digital currencies and blockchain gaining momentum in the banking industry, more players are looking to adopt them to improve their services and build market share. The most recent example is Facebook’s announcement of the launch of a new cryptocurrency, Libra. In technical terms, Libra is a “permissioned blockchain digital currency”.
PYMNTS
DECEMBER 2, 2019
Shifting employee landscapes, changes in workers’ demands over how and when they get paid, and technological innovation have combined to open the floodgates for payroll FinTech. However, a rise in new service providers has added opportunity for industry consolidation, with payroll companies finding acquisitions a strategic way to augment their offerings, and keep pace with evolving needs among businesses and their employees.
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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
South State Correspondent
DECEMBER 2, 2019
INCREASING LOAN SALES There are many reasons why some customers are more debt-averse than others. Research has shown that millennials are particularly reluctant to take on debt and are also teaching their kids, Gen Z, to avoid borrowing. However, lenders need to understand how to position their loan products and provide advice for when taking a loan makes good sense for the customer.
PYMNTS
DECEMBER 2, 2019
BMO Harris Bank, in partnership with Mastercard, has introduced the True Name feature for debit Mastercard holders, which will allow for those in the transgender and non-binary communities to use their true first names on their payment cards without the need for a legal name change, according to a release. The initiative for the True Name feature was developed by Mastercard to help fight discrimination in those communities.
South State Correspondent
DECEMBER 2, 2019
INCREASING LOAN SALES There are many reasons why some customers are more debt-averse than others. Research has shown that millennials are particularly reluctant to take on debt and are also teaching their kids, Gen Z, to avoid borrowing.
PYMNTS
DECEMBER 2, 2019
Japanese multinational conglomerate SoftBank has announced the launch of SBC Wallet Cards, which utilize its own encryption system, and boast multiple encryption mechanisms, as well as hot and cold wallet functions. Released on Nov. 27, SBC is designed to shorten the time before card issuance, as well as decrease the cost of having to issue multiple cards, while improving the relationship between users/merchants and issuers.
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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.
Ron Shevelin
DECEMBER 2, 2019
Debates concerning bank branches, AI, data, cryptocurrencies, and China will shape fintech in the coming decade.
PYMNTS
DECEMBER 2, 2019
Technology firms in China are framing facial recognition policies at the United Nations (UN), The Financial Times (FT) reported on Sunday (Dec. 1), citing leaked documents. . The data obtained by FT shows that Chinese tech firms are striving to expand markets for the latest facial recognition technology while advancing a global standard. Telecommunications equipment maker ZTE, security camera firm Dahua Technology and the state-owned Chinese telecommunication company China Telecom are among the
Payments Source
DECEMBER 2, 2019
PayPal extends link to Mastercard; Swatch boots its payments app; and other information you need to start your day, from PaymentsSource and around the web.
PYMNTS
DECEMBER 2, 2019
Cyber Monday is tracking to break eCommerce records and possibly go down in history as the biggest day ever for online sales in the U.S., The Financial Times (FT) reported on Sunday (Dec. 1). . Early data that shows fewer people shopped at physical stores on Black Friday shines a light on Amazon’s retail disruption. Across Thanksgiving and Black Friday, retail visitors dropped a combined 3 percent from 2018, according to analytics company ShopperTrak.
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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.
Matt Wilcox Pro
DECEMBER 2, 2019
This just in from Associated Press: This year’s Black Friday was the biggest ever for online sales, as fewer people hit the stores and shoppers rang up $7.4 billion in transactions from their phones, computers and tablets. That’s just behind the $7.9 billion haul of last year’s Cyber Monday, which holds the one-day record for online [.
PYMNTS
DECEMBER 2, 2019
Nonprofit organizations are responsible for providing multiple community services, including access to shelters, clothing, food and clean water, as well as educational and mental health resources. These groups also face a common small- to medium-sized business (SMB) challenge — needing to track every transaction to prove fiscal responsibility to donors and regulators.
Ron Shevelin
DECEMBER 2, 2019
Debates concerning bank branches, AI, data, cryptocurrencies, and China will shape fintech in the coming decade.
PYMNTS
DECEMBER 2, 2019
It’s said that change is the only constant in life. So it is with business, with payments, with the ways we pay — when and even where and certainly how. The ripple effects of the digital age have touched the ways firms manage cash, and by extension, the ways treasury professionals approach their day-to-day activities in managing that cash. In the latest iteration of the “Executive Insight” series, executives at Citigroup take stock of the treasury function evolution from a somewhat predictable,
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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
DECEMBER 2, 2019
Adoption of contactless is already well under way, and in a few years consumers will likely look back and recall the bad old days when valuable time was taken up waiting for transactions be processed and wonder how they ever coped without the speed, ease and convenience of contactless payment cards, writes Fiserv's Jamie Topolski.
PYMNTS
DECEMBER 2, 2019
Wells Fargo has hired former Santander head executive, Scott Powell, as its new chief operating officer, according to a release on Monday (Dec. 2). Powell will start his new job on Dec 9. Powell will serve on the bank’s Operating Committee and he’ll report directly to company CEO and President Charlie Scharf. Powell most recently worked as the CEO of Santander Holdings USA, and he was also the CEO of Santander Consumer USA Holdings Inc., which was a company that was consumer finance-focused and
Payments Source
DECEMBER 2, 2019
More people are buying digitally, but issues of fraud and authentication could affect this trend.
PYMNTS
DECEMBER 2, 2019
The Central Bank of Sri Lanka has a call out for tech companies that can help it develop a blockchain-based know-your-customer (KYC) platform. The bank made the announcement on its website on Nov. 29, requesting tech companies who can build a “proof of concept” shared KYC system that would allow commercial banks and the central government to share and update customer data on a blockchain.
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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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