Bank Innovation
AUGUST 6, 2018
Facebook has entered discussions with major U.S. banks in an attempt to gain access to customer data, the Wall Street Journal reports. The exact timing of the request is not clear. At a time when Facebook’s data management is under intense scrutiny, this news is unlikely to be greeted warmly by customers of those banks called out […].
Chris Skinner
AUGUST 6, 2018
I spotted a chart the other day showing the millions of dollars lost on cryptocurrency platforms … Source: The Wall Street Journal Since 2011, there have been 56 cyberattacks directed at cryptocurrency exchanges, initial coin offerings and other digital-currency platforms around the world, according to Autonomous Research, bringing the total … The post Why cryptocurrencies are more trusted than banks appeared first on Chris Skinner's blog.
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Bank Innovation
AUGUST 6, 2018
Roboadvisor Betterment is not interested in having its own national bank charter, Bank Innovation has learned. Last week, alongside the endorsement of the US Treasury, the OCC was finally opened the application process for fintechs seeking a special national banking charter. The one major stipulation from the Treasury was that the charter only be open […].
Chris Skinner
AUGUST 6, 2018
Things we’re reading today include … Australia’s big four banks and AMP have had to pay or offer $222m to customers Barclays criticised by competition watchdog for failing again to tell customers about PPI costs Do we still want to democratise finance? Where did it all go wrong for Wonga? … The post Things worth reading: 7th August 2018 appeared first on Chris Skinner's blog.
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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
PYMNTS
AUGUST 6, 2018
It will never be said of Apple that they lacked a flair for the dramatic – and hitting the U.S. public market’s first $1 trillion market cap two decades after it stood on the brink of bankruptcy was a pretty good twist as far as endings go. Not all twist endings are good in payments and commerce, however. The consumers who thought they were buying from a real merchant only to find that it was a fraudster surely don’t like that last-minute reversal.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
AUGUST 6, 2018
Billboards are not going gently into that good night. In fact, the old-fashioned form of outdoor advertising is winning over digital marketing heavyweights and finding ways to thrive in the online world. Examples abound. Amid data sharing and online privacy controversies, Facebook recently promoted on billboards what Bloomberg called the social media operator’s “new approach to user safety and privacy.
CFPB Monitor
AUGUST 6, 2018
On July 26, 2018, the Federal Reserve Board (“ FRB “) announced the launch of the “Consumer Compliance Supervision Bulletin” (the “ Bulletin “) and simultaneously published its first issue. Aimed at “senior executives in banking organizations,” the Bulletin is published by the FRB’s Division of Consumer and Community Affairs with the intent to provide high-level summaries of various consumer protection issues and to enhance the transparency
PYMNTS
AUGUST 6, 2018
Grubhub made news a couple weeks ago when it simultaneously delivered a very strong Q2 2018 earnings report and announced the acquisition of LevelUp. The focus then and the subsequent coverage since has been on the positive impact of the LevelUp acquisition on Grubhub’s ability to diversify its platform offerings. With LevelUp, Grubhub can now offer restaurants that are part of its network order ahead/pickup in-store and new CRM/loyalty initiatives to their mobile wallets using LevelUp’s white l
Bobsguide
AUGUST 6, 2018
Dubbed “bigger than Brexit” by the Deutsche Bank treasurer, the shift away from the Libor benchmark is unprecedented. Ever since evidence emerged of ‘the Libor Scandal’ back in 2008, and particularly its role in the crisis, global regulators are eager to move away from.
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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
AUGUST 6, 2018
Wells Fargo , the embattled national bank, disclosed in a Securities and Exchange Commission filing that hundreds of individuals saw their homes in foreclosure because of a glitch in software the company used. According to a report in CNN citing Wells Fargo , software it used denied mortgage modification requests incorrectly. The bank said it set aside $8 million to compensate the customers that were impacted by the computer glitch.
Bobsguide
AUGUST 6, 2018
The global rise of instant payments corresponds with the demand for “instant everything.” Customers want an economy that is like everything else in their lives: frictionless, on demand, and most important of all, fast. To meet this demand, central banking authorities everywhere.
PYMNTS
AUGUST 6, 2018
Digitally native brands are trying on a new brick-and-mortar model for size: Instead of opening the doors to cavernous stores, they are opting to create smaller-format locations. When Indochino made the transition from a digital-only to an omnichannel retailer, for example, the Canadian fashion brand opted to open smaller stores called showrooms, where customers can shop for made-to-order formalwear.
Payments Source
AUGUST 6, 2018
The partnership targets home improvement and some healthcare merchants that accept American Express. These merchants will be able to drive more sales by providing financing options for large purchases.
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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
AUGUST 6, 2018
China has ordered a lockdown of Beijing’s financial district Monday (August 6) to prevent individuals from protesting a crisis in the peer-to-peer (P2P) lending marketplace. According to a report in the Financial Times , hundreds of police officers and security guards gathered near the offices of banking and securities regulators, as well as the entrance to the underground train stop for the financial district.
Payments Source
AUGUST 6, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Apple Pay offers new incentives; Bids for Ofo; Aimia rejects Air Canada's bid; Patreon's payments problem.
PYMNTS
AUGUST 6, 2018
Two months after announcing its dating service, Facebook is testing it out internally with employees. The company confirmed to The Verge that the product is in testing within the Facebook app. No other details were given. And independent app researcher Jane Manchun Wong found evidence of the product last week. “This product is for U.S. Facebook employees who have opted-in to dogfooding Facebook’s new dating product,” a screenshot reads (dogfooding is slang for employees testing out their own sof
Payments Source
AUGUST 6, 2018
Interac and Bambora see an opportunity to pull back Canadian domestic e-commerce transactions from credit cards to Interac debit and make it possible for Canadians to shop online in the U.S. with Interac cards.
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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.
PYMNTS
AUGUST 6, 2018
Starbucks is not accepting cryptocurrencies as a payment method, despite media reports that alluded to that. According to a report in Motherboard , the company said in an email statement that it is “important to clarify that we are not accepting digital assets at Starbucks. At the current time, we are announcing the launch of trading and conversion of bitcoin.
Payments Source
AUGUST 6, 2018
Amazon Go provides Amazon with the opportunity to market testing and do advertising on a new group of customer that are not Prime customers or regular Amazon shoppers. The Go Store essentially become a retention and customer acquisition channel for Amazon, writes Hendrik Laubscher, marketplace research director at Buy Box Experts.
PYMNTS
AUGUST 6, 2018
Monzo , the digital bank, announced Monday (Aug. 6) that it is making its bank accounts open to anyone in the U.K. between the ages of 16 and 17. In a blog post , the bank said that it won’t be offering a minimalist version of its accounts, but will be offering the same accounts that people over the age of 18 can open with Monzo. According to the company, customers will get a full U.K. current account with an account number and sort code.
Bobsguide
AUGUST 6, 2018
Managing and monitoring transactions has always been crucial for any organisation, but with the slew of regulations to have reshaped markets over the past few years, the compliance requirements that have come with them have set the bar high in terms of administration and governance. From Mifid II to.
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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.
PYMNTS
AUGUST 6, 2018
In the digital age, shoppers are trading the grocery store aisles for online ordering and opting to have their items packed for pickup or delivery. But supermarkets face a dilemma: How to fill all of those eCommerce orders? Companies such as Takeoff Technologies provide an automated packing solution to help grocers process orders more efficiently. By partnering with supermarket chains, the company takes up only a small sliver of a brick-and-mortar location – about one-eighth of the space.
Payments Source
AUGUST 6, 2018
The debit card option will allow Spotify to reach new users in the country including those who don’t have a credit card or want to keep their information private.
PYMNTS
AUGUST 6, 2018
The movement to speed commerce comes alongside the movement to open up trade finance, the funding of international trade through various agreements between sellers and buyers. But when late payments become part of the tapestry, financing options and inventiveness suffer. The impact of late payments has been strong enough to merit a warning from Fitch Ratings.
Payments Source
AUGUST 6, 2018
CommuterClub provides loans so consumers can purchase annual season passes online, instead of monthly or weekly passes and spread the cost over monthly installments.
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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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