Chris Skinner
FEBRUARY 4, 2019
There was quite a bit of coverage of an analyst report last week, putting forward the notion that big banks should forget converting the existing organisation, systems and structures, and start over. This one is from Oliver Wyman and, for me, it goes straight into the same bin as the Gartner … The post Oliver Wyman recommend banks don’t try to be digital?
Payments Dive
FEBRUARY 4, 2019
This interview is part of a video series, “The Future of Fintech,” produced by Mobile Payments Today and powered by Galileo Processing.
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Bank Innovation
FEBRUARY 4, 2019
January marked a busy start to the year for banking and fintech. It was a month full of acquisitions and deals in the fintech space, as well as plenty of earnings reports from some of the biggest banks in the U.S. indicating digital shifts large and small are paying off. But which Bank Innovation stories caught […].
PYMNTS
FEBRUARY 4, 2019
Artificial intelligence has started — slowly — to make its presence felt in payments and commerce, including in fraud prevention, via early deployments of the technology and cutting-edge AI algorithms. And with those deployments comes increasing awareness of what AI can really do, how it can improve upon less sophisticated machine learning technology, and why it promises to play a vital role in the daily lives of consumers in the coming decades.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Bank Innovation
FEBRUARY 4, 2019
Bank-backed Zelle is valuable to banks for its P2P service and the market data it gathers from working with multiple FIs. Zelle has dedicated a department to customer listening, Ravi Loganathan, chief data officer at Early Warning Services LLC, the company behind Zelle, told Bank Innovation. Through this team, Zelle gathers data on how customers use their […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
FEBRUARY 4, 2019
BBVA’s new Group CEO Onur Genç could barely get through a sentence during the bank's fourth-quarter earnings call without saying the word "digital." He mentioned digital 34 times in his opening comments alone on Friday, crediting digital transformation with attracting new customers, leading revenue growth and improving efficiency at the Bilbao, Spain-based bank.
Chris Skinner
FEBRUARY 4, 2019
Things we’re reading today include … Cryptocurrency investors locked out of $190m after exchange founder dies Citi says prosecution delay hampers defense in Australia cartel case with ANZ, Deutsche Loose money era leaves trail of U.S. corporate debt junkies Barclays bosses pressured by Qatar to mask Gulf state PM’s holding, … The post Things worth reading: 5th February 2019 appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 4, 2019
Crypto fever has truly broken. That was a big takeaway this week from the Paris Fintech Forum, one of the biggest annual gatherings of its kind in Europe. On Tuesday and Wednesday, about 3,000 entrepreneurs, investors, bankers, and regulators descended on the neo-classical Palais Brongniart, once home to the stock exchange. Last year, with Bitcoin […].
PYMNTS
FEBRUARY 4, 2019
Rover180 has acquired Vemity , an Indiana-based company that specializes in artificial intelligence (AI) automation and machine learning. Located in Indianapolis, Rover180 provides alternative supply chain finance and factoring programs. The company will now use Vemity’s technology to cut costs related to invoicing and accelerated payments for the transportation industry.
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
Payments Dive
FEBRUARY 4, 2019
This interview is part of a video series, “The Future of Fintech,” produced by Mobile Payments Today and powered by Galileo Processing.
PYMNTS
FEBRUARY 4, 2019
What eventually becomes cutting-edge in retail and payments often originates in places that are dedicated to security, not commerce. New technology often starts out at the U.S. Department of Defense (DOD) or NATO , for instance. Former Israeli intelligence agents or military members have taken the knowledge they gained during their service and contributed to artificial intelligence (AI), fraud prevention and other efforts that do make — or can end up making — a difference in the daily lives o
Bobsguide
FEBRUARY 4, 2019
By 2030, artificial intelligence (AI) will save the banking industry more than $1trn, according to analysts. Of that vast sum, it is expected that banks and credit unions will save $217bn—simply by applying AI to their compliance and authentication practices, and to other forms of data.
PYMNTS
FEBRUARY 4, 2019
Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals. A series of regulations was established to encourage a safer, more transparent financial services environment following the 2008 financial crisis.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Payments Source
FEBRUARY 4, 2019
Proposals that would have financial firms monitor or refuse to finance certain firearms purchases are misguided, putting the onus on unelected corporations.
PYMNTS
FEBRUARY 4, 2019
Just days after Amazon announced its autonomous delivery robot Scout, a Reddit user has reportedly seen an Amazon trailer being transported via an Embark autonomous truck, according to CNBC late last week. Citing the Reddit post and photographs taken by a user, the publication said Amazon is now apparently testing the autonomous trucks to deliver cargo.
Bobsguide
FEBRUARY 4, 2019
In recent years, just like businesses in almost any other industry, insurance companies have been focusing on improving the customer journey. They are increasingly adopting automated systems which help to streamline their service, offering policyholders an efficient, easily navigated and hassle-free.
PYMNTS
FEBRUARY 4, 2019
Pacific International Lines used the electronic Bill of Lading (e-BL) built on the IBM Blockchain Platform to complete a successful real-time tracking shipment of mandarin oranges from China for the Lunar New Year. Combining e-BL with blockchain technology will enable companies to reduce their document processing times to almost zero. For example, Hupco Pte , a major importer in Singapore, took part in the e-BL trial as the consignee of about 108,000 mandarin oranges.
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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
CFPB Monitor
FEBRUARY 4, 2019
For years, the mortgage industry has urged the CFPB to issue informal written guidance on the TILA/RESPA Integrated Disclosure (TRID) Rule, as well as other rules. The CFPB resisted, providing most guidance in the form of actual rules, webinars or oral statements. The industry believed that it would be a cold day in Hades if the CFPB ever issued guidance similar to the FAQs that the Department of Housing and Urban Development issued to provide guidance on the 2010 Good Faith Estimate rule.
PYMNTS
FEBRUARY 4, 2019
IKEA will start leasing furniture as it transforms its business model in an effort to attract more customers and reduce its carbon footprint. The world’s largest furniture retailer will soon launch a trial program in Switzerland, with offerings that include several different types of furniture, such as desks and chairs for businesses. “We will work together with partners so you can actually lease your furniture.
Insights on Business
FEBRUARY 4, 2019
Innovation: How can we make it work better for everyone? When we talk about innovation, it’s not simply about introducing a new idea or implementing a new feature or a product capability. It has more to do with a process that involves multiple activities to uncover new ways to do things, changing the status quo, and making our lives better in the way we work and live.
PYMNTS
FEBRUARY 4, 2019
It may be said that one data point does not make a trend, but how about 100 data points? News came on Friday (Feb. 1) morning, according to the Department of Labor’s Bureau of Labor Statistics (BLS), that United States payrolls had increased by 304,000 positions in January. The number was eye-popping in that it beat expectations by 130,000 jobs.
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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
Payments Source
FEBRUARY 4, 2019
Facebook is inching closer to threatening traditional processors and financial institutions with its own digital currency by adding staff with expertise in the underlying technology.
PYMNTS
FEBRUARY 4, 2019
Warby Parker has officially joined the ranks of retailers embracing augmented reality (AR) and virtual reality (VR) tech with the launch of new virtual try-on features for users of the brand’s iPhone app (for iPhone X or later). The technology was reportedly built using Apple’s ARKit. The construction process, according to Senior Director of eCommerce and Consumer Insights Erin Collins, was something of an uphill climb.
Payments Source
FEBRUARY 4, 2019
U.K. credit unions have traditionally been associated with loan and savings products, but the industry is eyeing a move into the payments markets to offer an alternative to traditional banking.
PYMNTS
FEBRUARY 4, 2019
PayPal Credit said Monday that it has reached $50 billion in total payment volume. The company said that of that tally, PayPal Credit total payment volume in the United States alone was roughly $10 billion, and logged more than $2 billion across November and December. Regionally speaking, the company said Monday that use of the credit products has been global in scope, with “significant” traction across Germany and the United Kingdom.
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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.
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