Chris Skinner
MAY 8, 2019
I recently gave a speech where the title was FinTech or TechFin? Everyone had been give a copy of my book Digital Human, and the speech was transcribed. Here it is: FinTech or TechFin? Thank you for inviting me to join you here. It is a great honour. I’m a technologist … The post FinTech or TechFin (speech transcript) appeared first on Chris Skinner's blog.
Bank Innovation
MAY 8, 2019
Having spent a lot of time attending to retail customers, banks are now trying to digitally transform their wealth management and commercial lending businesses. In the process, banks hope retail customers will buy these non-retail products. "Statistically speaking, digital innovation on the commercial banking side has been significantly slower than what we've seen on the […].
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Chris Skinner
MAY 8, 2019
Things we’re reading today include … Bank Workers Who Survive Robot Uprising Stand to Make More Money Deutsche Bank Accused of Bribery in London Lawsuit Investors urged to protest against Deutsche Bank chairman Bank of England hits the road to assess Brexit impact on economy Wells Fargo creates new unit … The post Things worth reading: 9th May 2019 appeared first on Chris Skinner's blog.
PYMNTS
MAY 8, 2019
Amazon was the target of an “extensive” cyberattack in which hackers stole money from merchant accounts and funneled them into their own, according to a report by Bloomberg. The attacks occurred between May and October of 2018. Amazon said the hackers compromised about 100 seller accounts, taking cash from either loans or sales and putting it into their own accounts.
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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
MAY 8, 2019
The inner workings of Facebook Inc.’s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. Those people said that its product, which Bloomberg earlier reported will be a type of cryptocurrency, could be announced as soon as next quarter. Launched last May, Facebook’s blockchain unit now counts 50 […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MAY 8, 2019
Until recently, BankMobile, the mobile-first division of Customers Bank, didn’t have an executive dedicated to customer experience, at least not formally. However, with roughly 2 million checking account customers, a growing white-label business and partnerships with the likes of T-Mobile on its newly launched mobile checking product, the bank is thinking broadly across its offerings. […].
PYMNTS
MAY 8, 2019
The world is becoming one big marketplace — even if the marketplace doesn’t always look like one. That’s not some ancient riddle updated for these roaring days of digital commerce and payments, but informed knowledge passed along by Adrien Nussenbaum, CEO and co-founder of Mirakl , during the latest edition of the PYMNTS Matchmakers interview series.
Bank Innovation
MAY 8, 2019
A new route for financial institutions looking to build virtual assistants could soon open. Microsoft’s new conversational engine powered by artificial intelligence and natural language processing will be made available to outside developers through the Bot Framework, as well as other Azure cloud-based surfaces, the company announced at its event in Seattle this week.
PYMNTS
MAY 8, 2019
Anything that grows faces various challenges, and even choke points — those things that can directly or indirectly cut off oxygen and other fuel, and slow or even eliminate further progress. One can see it in evolution, and in business. One can certainly see it in digital commerce and payments, as they continue to spread across the globe. Among those challenges and choke points is seamless identity verification, especially when it comes to financial services and payments.
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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
Bobsguide
MAY 8, 2019
It’s official. Insurance has moved on. It is very big business and new technologies have changed how agencies offer their products – as well as how customers buy their cover. It’s a revolution that demands modernization. The $1.2trn insurance industry understands.
PYMNTS
MAY 8, 2019
The U.S. Federal Trade Commission (FTC) is eyeing tighter scrutiny of small business lending practices as Commissioner Rohit Chopra calls on the regulator to combat predatory SMB loan contracts, reports in Bloomberg said on Wednesday (May 8). Chopra spoke at an agency forum in Washington, D.C., calling out the small business lending industry’s issue of abusive loan terms that “have led to a flood of questionable legal actions” against borrowers. “We are accountable for cl
Bobsguide
MAY 8, 2019
Tech stack build decisions at banks and financial institutions are becoming increasingly more complex, with more vendors providing different types of technological solutions for a variety of processes. Nowhere is this more evident than within the treasury sector. On top of that, organizations.
PYMNTS
MAY 8, 2019
Facebook is shoring up its secretive blockchain team with hires from PayPal, according to a report by Bloomberg , and the company might be planning to release its own type of cryptocurrency, which could be announced as soon as the next quarter. The blockchain team at Facebook now has about 50 employees, and one in five of those used to work at PayPal.
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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.
Bobsguide
MAY 8, 2019
Decades-old know your customer (KYC) processes in corporate banking are unsustainable, says Bart Claeys, head of KYC at SWIFT, and nascent technology like distributed ledger technology (DLT) has a way to go to prove its effectiveness in assisting market requirements. “I think today there is.
PYMNTS
MAY 8, 2019
It hasn’t exactly been the best of times lately for FreightRover , at least not when it comes to legal drama and company leadership. The Indianapolis-based firm, which works to accelerate B2B payments to truck operators, apparently has removed its CEO and COO — the result of a financial accounting scandal at another trucking firm where FreightRover executives had worked.
Payments Source
MAY 8, 2019
Google has made significant headway against merchant reluctance and branding confusion on its path to offer mobile payments. But an influx of contactless cards in the U.S. threatens another setback to mobile wallet adoption.
PYMNTS
MAY 8, 2019
NACHA and its Payments Innovation Alliance announced that it is working with the U.S. Faster Payments Council (FPC) to expand the Faster Payments Playbook. The Playbook is an educational and online decisioning platform that will enable banks, credit unions and businesses to develop a faster payments strategy. Its first version will focus on financial institutions (FIs), such as credit unions, as well as community and regional banks, while one for business end users is set to follow.
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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.
Insights on Business
MAY 8, 2019
If you’re reading this, then the chances are that you’re already aware that Sales Performance Management can be something of a niche subject within organizations, often only truly understood by a handful of people such as yourself perhaps. As a function, it can sit in Sales, HR, Finance and IT, and sometimes, a combination of these. Working in this industry as a compensation specialist, you can feel like you’re hemmed in on all sides by competing demands, unable to make the time to take a holist
PYMNTS
MAY 8, 2019
Lyft shares continue to fall below their opening day price, and on Wednesday (May 8) they dropped almost 11 percent to a new record low after the company posted a big Q1 loss, according to a report by Reuters. The news puts even more pressure on Uber as it prepares for its own IPO pricing on Thursday, when investors on Wall Street will decide whether they’re going to invest in the ride-hailing giant.
Payments Source
MAY 8, 2019
Amazon.com Inc. said it was hit by an "extensive" fraud, revealing that unidentified hackers were able to siphon funds from merchant accounts over six months last year.
PYMNTS
MAY 8, 2019
Uber will price its initial public offering (IPO) at either the middle of its target range or below, according to a report by CNBC. The price range set up by Uber in an updated filing in April was $44 to $50 a share. This would mean Uber’s valuation on the low end of the range would be $80.53 billion and $91.51 billion on the high end. On a fully diluted basis, the midpoint would be an estimated $86 billion. .
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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.
Insights on Business
MAY 8, 2019
When it comes to AML compliance, or the lack thereof, the financial industry is having rough year. A number of money laundering schemes have come to light, including the $8.8 billion Troika Laundromat , which have exposed or implicated a large swathe of the industry. Despite wide talk of deregulation, penalties from Office of Foreign Assets Control (OFAC) of the U.S.
PYMNTS
MAY 8, 2019
There was no lift for Lyft from an earnings report that may have been viewed by investors as having been … uneven. In its first quarterly report as a publicly-traded company, on Tuesday evening (May 7) the ride-hailing firm posted better top line than had been expected. But Lyft’s numbers also showed that revenue and growth have been borne atop a sea of red ink.
Payments Source
MAY 8, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Visa's Earthport deal clears regulatory hurdle; Deutsche adds payment cloud; Campus crooks, Mastercard adds more biometrics; Co-op Financial Services reorganizes payments and financial technology.
PYMNTS
MAY 8, 2019
Welcome to The Axis, your late look at payments news from around the world. Coverage includes the unveiling of an eWallet payment service with Boost and Shell Malaysia. In addition, Countingup is teaming up with insurance solutions provider Hokodo in the U.K. , and Grab is tapping into hotel reservation as well as video steaming offerings for users in the Philippines.
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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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