Fri.Apr 06, 2018

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The risks mobile payments present to financial services

Payments Dive

It's no secret that the financial services industry is a top target for cybercriminals looking to steal valuable data. This growing risk comes at a time when financial services firms are turning their focus to innovating new technologies and features to meet evolving consumer demands.

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Banks Aren’t Addressing ‘Real, Human Problems,’ Monzo CEO Says

Bank Innovation

EXCLUSIVE— Banks need to focus on fixing all of the little problems humans encounter in daily life, rather trying to sell more mortgages and credit cards to their users, Tom Blomfield, CEO of UK neobank Monzo, said today in an online Q&A. Banks need to focus on “real, human problems,” Blomfield wrote, in response to […].

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Some banks are technology companies

Chris Skinner

I was having a chat about Artificial Intelligence (AI) in banking the other day. It was an interesting conversation, although most of the examples were for customer service via Chatbots, which doesn’t impress me much. I know that systems like Erica, short for Bank of AmErica, are up and running … The post Some banks are technology companies appeared first on Chris Skinner's blog.

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PeerStreet Will Use $29.5M Funding for New Kinds of Loans

Bank Innovation

Real estate startup PeerStreet has raised $29.5 million in a Series B, which will be used to fund new loans on the platform as well as for general expansion, the company announced. World Innovation Lab led this round, with existing investors such as Andreessen Horowitz and Felicis Ventures also taking part. PeerStreet’s platform aggregates loans […].

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Insurers Test Blockchain To Manage Provider Data

PYMNTS

The blockchain is making inroads into healthcare. Earlier this week, five healthcare firms operating across the U.S. insurance landscape said they’re launching a pilot program that will help boost the management of healthcare provider data. The five organizations include insurers Humana , UnitedHealthcare , Quest Diagnostics , Optum and MultiPlan. (Optum and UnitedHealthcare are part of UnitedHealth Group).

More Trending

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Coinbase Starts Cryptocurrency Venture Fund

PYMNTS

To give cryptocurrency startups and their founders a boost, Coinbase has started a new incubator fund called Coinbase Ventures. While the popular cryptocurrency exchange expects the fund’s profits to be small compared to those of its overall business, the fund already has $15 million and is expected to grow, CNBC reported. “We’re going to invest off our balance sheet into crypto-companies,” Coinbase President and Chief Operating Officer Asiff Hirji told CNBC.

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Stripe Targets Startups Businesses With Billing Tool

Bank Innovation

Payments company Stripe has created another billing platform to help developing software-as-a-service business with payments and revenue growth, the company announced yesterday. The tool, which is designed to work with those companies creating subscription models, will allow such businesses to manage their own reoccurring revenue and invoicing right from the Stripe platform, focused on smaller […].

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Machine Learning for Retailers: Driving Results with Artificial Intelligence Tools

Payments Dive

Discover how machine learning is helping retailers analyze and improve business results with Synchrony insights.

Retail 199
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Millennial Women Are (Still) Held Back from Investing by Student Debt, SoFi Says

Bank Innovation

Millennial women have the funds available to start investing, but are held back by a fear of beginning the process, as well as the typical reason most millennials aren’t investing: debt, a study released yesterday by loan provider SoFi found. While 53% of millennial women have emergency money set aside — about three- to six-plus […].

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The State of Automation in Financial Services 2024 Report

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

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Meet Ben, An AI-Based Bitcoin Friend

PYMNTS

Much has been written about buying bitcoin in specific, and cryptocurrency in general. Whether it’s investing or gambling, whether it’s a good idea or immoral – no ink has been spared in uncovering every angle on cryptocurrency and what its purchase and sale will mean for the future of money. With one, curious exception, as Ben, Inc. co-founder and CEO Miguel Kudry noted in an interview with PYMNTS.

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Wells Fargo to Combine Corporate and Investment Banks, WSJ Reports

Bank Innovation

Wells Fargo is looking to integrate its corporate and investment banks, according to a Wall Street Journal article, which cited sources familiar with the matter. The move to combine the two entities comes as the bank looks to reduce costs and better serve its customers, the article said. This move could result in layoffs for […].

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In Latest Hacking News, Best Buy Breached?

PYMNTS

Hacking 24/7 when it comes to [24]7.ai ? Seems that way. In a week that saw possible data breaches at Delta , Kmart and Sears , Best Buy joins the parade of victimized firms. Data pilfered may have spanned names, credit card details and other important bits of personally identifiable information. There’s a common thread that runs through the roster of companies that may have been exposed.

Software 151
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U.K. Neobank CivilisedBank Gives up Banking License

Bank Innovation

SME-focused challenger bank CivilisedBank is giving up its banking license? Yep. The U.K.-based bank announced today that it will release its license and instead focus on building its IT platform. In today’s statement, Chris Jolly, non-executive chairman of said: The Board, with the support of our main shareholder Warwick (Capital Partners, its largest shareholder), has […].

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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The Synchrony Trend Spotter: Five Retail Trends to Watch in 2018

Payments Dive

Are you ready for what's next? Find out what the top five retail trends of 2018 mean for your business with Synchrony insights.

Trends 150
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TRENDING: Why Simple Is What Sells mPOS

PYMNTS

The U.S. is home to more than 8,700 registered farmer’s markets, not to mention thousands of crafts and arts fairs, holiday festivals and other events, where small vendors come together to sell their wares. But making sales move and boosting the bottom line isn’t only about making compelling products. It’s also about utilizing the mPOS system to make it easy for merchants to accept payments quickly, stay organized and not spend too much revenue on fees.

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Disrupting the disruptors: Are incumbents are winning the battle?

Insights on Business

Finding reliable and trustworthy business intelligence can be a challenge. Business leaders are often tasked with making critical technology decisions that can affect an entire organization. Informed, data-driven choices based on real-world experiences and facts gleaned from peers are central to gathering the market intelligence to act with speed and confidence.

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How Restaurants Can Offer Digital Corporate Event Booking

PYMNTS

When a water pipe burst in his office, Ron Shah needed to find a place to hold meetings. He turned to the internet, but he couldn’t find a place to book spaces online. As a result, he came to understand the experience of booking meeting spaces offline: It’s hardly a hassle-free experience and can involve calling an individual property. Then, of course, people who work for large companies have the added complication of, say, needing the legal team to review the documentation.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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Ripple's just the start of blockchain's takeover of cross-border payments

Payments Source

Fintech companies such as WorldFirst, TransferWise, OFX, and WorldRemit give people more cost-effective means to make cross-border transfers, writes Jon Dela Cruz, a researcher for iCompareFX.com.

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Walmart Chooses Towers Over Lockers For Pickup

PYMNTS

After receiving positive feedback on its Pickup Towers, Walmart is rolling out 500 additional machines – with some new added features. The towers will also come equipped with Pickup Lockers to enable customers to receive merchandise such as televisions, Chain Store Age reported. “Our customers have been clear: They love the Pickup Tower,” Walmart wrote in a blog post. “But, they also told us they wanted the ability to retrieve larger items the same way.”.

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CRM Family Vacation

Gonzobanker

Customer relationship management has become the banking industry’s big family vacation. Nobody can agree on where to go, the frustrating topic is habitually postponed, and, in the end, nobody goes anywhere. For many, an equally frustrating memory is of the remnants of the first attempts at CRM years ago that resulted in the equivalent of an electronic paperweight.

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Just-In-Time Manufacturing Lowers Entry Barrier For Artisans

PYMNTS

Technology like 3-D printing is getting more affordable and accessible by the day, so it seems almost inevitable that it would start to have an impact on manufacturing and production for consumer retail, but Voodoo Manufacturing CEO Max Friefeld says it’s not happening yet, and it likely won’t occur in a big way until the industry settles a bit from the digital shakeup.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.

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Data leaks put a plug in branding and investments

Payments Source

Brand and access to capital can suffer if companies don't take proper care of data from payments and other online activities, according to David Thomas, CEO of Evident ID.

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Amazon Rolls Out Alexa Announcements For Echo

PYMNTS

With Alexa Announcements, Amazon ’s Echo can now function as a one-way intercom that lets users broadcast messages throughout their homes, TechCrunch reported. If an Echo user tells their device, “Alexa, announce that dinner is ready,” Alexa will do just that: relaying the phrase, “Dinner is ready,” through all Echo speakers in a user’s home. The feature, which Amazon has started offering to customers in the U.S. and Canada, joins other functions, such as Alexa Calling, Messaging and Drop In.

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FICO Scores, Artificial Intelligence and Machine Learning

FICO

How are advances in artificial intelligence and machine learning changing credit risk assessment? That’s a topic I’ll be exploring in three presentations at FICO World 2018 , April 16-19 in Miami Beach. These three presentations have a common thread: How FICO applies artificial intelligence and machine learning not as a “silver bullet” but carefully balanced with human domain expertise in the formulation of problems and models.

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DBS Bank Targets Singapore’s Corporate Check Problem

PYMNTS

In its latest initiative to promote the digitization of B2B payments, Singapore’s DBS Bank said it’s working to support its corporate customers’ shift away from the paper check. Reports in The Business Times on Thursday (April 5) said DBS Bank wants a 30 percent reduction in corporate check use by 2020. According to the Head of Digital at the financial institution’s Institutional Banking Group, Raof Latiff, businesses are already demanding digital solutions at a greater pace than before.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.