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.

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.

Things worth reading: 11th June 2019

Chris Skinner

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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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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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More Trending

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.

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.

How Understanding Loan Demand and Credit Quality Will Make You A Better Banker

Banker to Banker

A common line of thinking in the banking industry, especially regulators, is that recessions are driven by, or at least exacerbated by, the supply of credit. Banks, in an effort to stay competitive, tend to drop their lending standards to hit their loan growth targets.

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

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

Abrigio

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.

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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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.

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.

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.

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 year of the fintech merger

BankThink

A trio of big deals in the payments and financial service provider area and continued bank and venture capital interest in fintech investments are creating expectations for a banner year.

‘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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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.

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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Paper checks still predominantly used in B2B payments, study finds

The Paypers

(The Paypers) US-based consultancy Mercator Advisory Group has launched a report indicating that paper checks are still dominating B2B payments in the US

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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.”

Making bank complaint data more useful

BankThink

The information the Consumer Financial Protection Bureau collects about customer problems can be valuable, but analysts need to move past the headline numbers. Consumer banking Customer experience Customer service Policymaking CFPB

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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.

New leadership, same aversion to M&A

BankThink

An unusual succession plan at Burke & Herbert Bank raised speculation that Virginia's oldest bank might be interested in buying another institution, for the first time in its history, or even selling to a larger rival. The bank's interim CEO, and the man who will replace him, have other plans.

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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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.

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.

Mnuchin says no to 'recap and release' plan for Fannie Mae, Freddie Mac

BankThink

Treasury Secretary Steven Mnuchin was adamant that the Trump administration won’t just let Fannie and Freddie build up their capital buffers and then release the companies. He also said he backed an explicit government guarantee, something only Congress can do.

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.

'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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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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Cheat sheet: What Senate AML bill means for financial industry

BankThink

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry. AML KYC Regulatory reform Senate Banking Committee House Financial Services Committee Treasury Department FinCEN DoJ

Apple-Google Search Engine Deal Worth Billions, Took Months

PYMNTS

Apple’s former general counsel Bruce Sewell recently said the deal to make Google the default search engine for Safari on iPhones and Macs is worth billions and took about four months of daily negotiations to complete, according to a report by CNBC.

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GOP, Dem senators join forces on new AML reform bill

BankThink

The legislation includes a beneficial owner requirement and steps to study the utility of industry reporting, but avoids relieving banks’ burden to file data on suspicious transactions. AML Regulatory reform Regulatory relief Senate Banking Committee FinCEN

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White House Wants Extension For Part Of Huawei Ban

PYMNTS

The White House Office of Management and Budget is seeking an extension to implement the ban on working with Huawei , the Chinese telecom company.