Mon.Jun 10, 2019

Challenger banks don’t matter as they’re not a primary account

Chris Skinner

During Money 2020 Europe, I bumped into a chap from Monzo. No names mentioned, but he was buzzing and no wonder. The start-up has just boomed through two million users and is growing at over 60,000 account openings a week or 10,000 per day.

The Price For Attention in Bank Marketing

Banker to Banker

BANK MARKETING If you are still spending money on print and direct mail, we ask you why? Not only is it hard to track, but it is likely the least effective form of marketing that you can do. While building a brand is good, generating an emotional connection is better.

Things worth reading: 11th June 2019

Chris Skinner

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How KeyPoint uses location-based alerts to target inactive app users

Bank Innovation

Silicon Valley-based KeyPoint Credit Union is seeing a lift in user numbers resulting from targeted push notifications. The push notifications target members who haven’t used the app in three weeks, alerting them to the app’s features.

Uber Hooks Into FinTech To Expand Beyond Ride-Hailing

PYMNTS

Uber is expanding its services and moving toward providing financial products, according to a report by CNBC. The company has reportedly been hiring numerous product managers and engineers. Its new FinTech team could ultimately have more than 100 workers.

Digital-only First Internet Bank retains 90% of its original customers

Bank Innovation

As upstart digital-only banks face increasing pressure to acquire and retain customers, a 20-year-old online-only bank has managed to hold on to most of its original customer base.

Amazon Launches Card For Prime Users With Bad Credit

PYMNTS

Amazon is linking with Synchrony Financial to offer a new credit card for Amazon Prime members who have bad credit.

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More Trending

Airbnb Is Cooperating With A Subpoena From NYC

PYMNTS

Airbnb is reportedly complying with a New York City subpoena that wants information about some of its listings, according to reports. The online housing marketplace is giving anonymized data on hosts and listings from the start of last year through Feb. 18 of this year.

Amazon launches secured card for underbanked customers

Bank Innovation

Amazon has added a secured credit card to its suite of financial services offerings today, the latest effort to entice underbanked and low-income customers to shop with the e-tailing giant.

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Will The 2020s Be The Digital Trust Decade?

PYMNTS

With summer upon us, it might have escaped notice that the decade of the 2010s is about to end.

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World Elder Abuse Awareness Day: What Can Financial Institutions Do to Become More Aware?

Abrigo

Every year, it is estimated elder adults are exploited for up to $36 billion. World Elder Abuse Awareness Day aims to bring worldwide awareness to this under-reported problem. It is an international United Nations observance day that is commemorated by most countries around the globe on June 15.

Business Writing Gets A Boost From Big Data

PYMNTS

The digital age is nothing if not an ongoing revolution in communication – which, of course, powers innovation in payments, commerce and business operations.

Mobile Payments: Comparison of Two Powerhouses of the World

Let's Talk Payments

China and the USA are the largest economies of the world, and one of the most important criteria for being a large economy is having an evolved financial infrastructure.

P2P Lenders Look To New Regs To Purge Competitors

PYMNTS

The U.K.’s ’s peer-to-peer (P2P) lenders are hoping that tighter regulations by the Financial Conduct Authority (FCA) can help restore the sector’s damaged reputation. Despite lending £6.7 billion (more than $8.5

The Fintech Fast-Follower Fallacy

Ron Shevelin

A lot of financial institutions think they're "fast followers" when it comes to fintech. Most are just deceiving themselves

Token CEO: Why Open Banking Is Really ‘Closed Banking’

PYMNTS

Open Banking is brand new, except it isn’t — at least, to some observers. More than a year into Open Banking’s debut in Europe, Token.io

Saas offerings, re-bundling and the pot of gold

Daily Fintech

Source. Jessica Ellerm wrote about ` Something as a service`, the new fintech paradigm while looking at Raisin`s offering. This prompted a discussion with Richard Turrin and Aki Ranin around Saas models for banking. Richard is a proponent of `Buy versus build` which allows for rapid deployment.

Deutsche Bank Auditors Found AML Process Weaknesses

PYMNTS

Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting.

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How to Invest Your Money So It Grows

Let's Talk Payments

To build a fortune, it is wise to learn how to invest. There are several great ways to do this, and the more you learn, the more money you can make.

‘Scattered Canary’ BEC Scams Aim At US Firms

PYMNTS

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. firms. As reported by Threatpost , earlier this month, researchers in London identified a cybersecurity gang that has evolved markedly in scale.

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'Banks no longer cut it': Why a young VC firm is fueling open-banking startups

Payments Source

Digital payments are creating a wealth of data that can be used to inform other types of financial services for managing debt or promoting financial inclusion — and these services are, in turn, attracting the interest of venture capitalists. Venture capital Venture funding Payment processing

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Visa’s Shrauger On What’s Next (And Why Now) For Visa Next

PYMNTS

A bit more than a month ago, Visa debuted Visa Next, a platform that offers a growing menu of beta application programming interfaces (APIs) that can be (and are being) used by issuers and issuer processors to build and test new digital-first products.

Will the titans of payments clash over open banking?

Payments Source

PayPal and Mastercard are independently making high-profile moves to shore up gaps in open banking and data compliance, and both companies are downplaying any competitiveness. APIs Compliance pso cardline lead PayPal Mastercard

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The Public Sector Takes The Lead On eProcurement

PYMNTS

Government procurement moved to the spotlight last week when New York City Comptroller Scott Stringer announced he is closely monitoring the state’s eProcurement project following reports of surging costs.

Mobile Wallets—Redefining Customer Experience through Enhanced Features

Banking Exchange

Why Robotization Is Critical To Amazon’s One-Day Shipping Vision

PYMNTS

Cathryn Kachura is a a “flow control specialist” at Amazon’s Denver, Colorado sortation center, an extra-large warehouse that is informally known as the “robot highway.”

Within the Financial Services Industry, Even High Wage-Earners are Often Financially Fragile

Banking Exchange

On the surface, the nation’s economic picture looks positive, however, dig a little deeper and you’ll see a slightly different picture Retail Banking Risk Management Customers The Human Element People Human Resources Feature Financial Trends Feature3 Fintech Financial Research. 1Risk Management

Waze Gets Google Assistant Integration

PYMNTS

Waze, the GPS app owned by Google since 2013, just got an upgrade by being integrated into Google Assistant. According to a report citing Google, with the enhancement, customers will be able to use the smart voice companion within the Waze app.

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Goldman Sachs Bucks Majority of Bank Analysts on Interest Rate Speculation

Banking Exchange

They expect the FOMC to keep the funds rate unchanged in the remainder of the year Risk Management The Economy Financial Research Feature Financial Trends Rate Risk Credit Risk Event Coverage Feature3. 1Risk Management

CEOs Ramp Up Risk Mitigation As Trade War Threat Grows

PYMNTS

As the trade war between the U.S. and China could escalate, CEOs are trying to figure out how they will mitigate the risks that could impact their businesses. Toyota , for example, created a “virtual war room” of about 150 employees to look into the potential impacts of different U.S.

Market data and experts

Manage Your Bank, Not Your Model

While I’ve always suspected this, it is refreshing to see it in picture form. Future forecasts: The Grumpy Economist. The market is terrible at predicting Federal Reserve interest-rate moves, chart shows.

Microsoft To Boost Power Platform With AI, Blockchain

PYMNTS

Microsoft is expected to announce Monday (June 10) enhancements to its Power Platform during its two-day Microsoft Business Applications Summit. According to a report in GeekWire , the updates include tools that make it easy to add artificial intelligence (AI) code packages to PowerApps applications.

European wallets, Alipay partner to standardize QR code payments for travelers

Payments Source

European mobile wallet providers Bluecode, ePassi, Momo pocket, Pagaqui, Pivo, and Vipps are working together with China's Alipay for the first time to promote a unified, interoperable QR code that would connect Europe's current fragmented mobile payment landscape.

FLEETCOR Accused Of Clean Energy Fraud

PYMNTS

About a month after reports surfaced that commercial fleet payments technology firm FLEETCOR is facing a lawsuit over claims of anticompetitive behavior, a new report from Citron Research is accusing the company of clean energy fraud.

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Previewing What Promises To Be A Wacky Week

New York's State of Mind

To understand the New York State legislature in the closing week-and-a-half of the legislative session, you should think back to your school days. Deadlines which seemed to be in the distant future suddenly arrive and all that work you swore you had already done needs a lot of fine tuning. Get ready for the late […]. Advocacy Compliance Economy General Mortgage Lending New York State bond yeilds CFPB DFS FCC jobs report legislative session payday loans robocalls title insurance

How The Sharing Economy Is Changing Online Sales

PYMNTS

The sharing economy has transformed the way consumers get transported from point A to B, how they rent vacation homes, how they get food delivered and, increasingly, how they shop.

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Will A.I. kill bank industry jobs?

Matt Wilcox Pro

Crowing about the need to bring jobs back from across the ocean makes for powerful rhetoric, but technological advances account for the lion’s share of lost jobs in the U.S. Financial Times pointed out: The US did indeed lose about 5.6m manufacturing jobs between 2000 and 2010.

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