Chris Skinner
MAY 24, 2019
Reading about FinTech unicorns and pizzas worth $80 million, you would think that the world was bubbling over with wealth. FinTech investments last year peaked at over $110 billion, more than double the year before, and IPOs for firms like Uber and WeWorks are seeing valuations in the stratosphere. Everything … The post When will the FinTech bubble burst?
Bank Innovation
MAY 24, 2019
As big banks try to win over customers with digital upgrades that resemble slick user interfaces from fintech startups, community banks are looking at new ways to keep pace with customer expectations. Many are seeing partnerships as the path to growth. Radius Bank, a one-branch Boston-based community bank with $1.2 billion in assets, is using […].
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PYMNTS
MAY 24, 2019
Intelligence of Things (IoT) devices are continuing to gain popularity. By some estimates, more than 14 billion devices are expected to be in use by the end of the year. However, with this growth comes the increased risk of data breaches and fraud. It has also raised concerns among privacy advocates and security experts, with many warning against the dangers of weak security protocols and constant vigilance.
Bank Innovation
MAY 24, 2019
The Royal Bank of Canada, Canada's largest bank, is seeing results from its $3.2 billion investment in digital transformation. In a second-quarter earnings call on Thursday, the bank reported that year-over-year digital adoption (desktop and mobile) increased 52 percent and 90-day active mobile users increased 17% from one year ago to 4.1 million, resulting in […].
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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
PYMNTS
MAY 24, 2019
The more things change, the more things stay the same. The merchant acquiring, processing and services industry has seen its share of headlines so far this year, with big players coming together in waves of deal-making to get bigger, and provide a greater range of processing and payment services. The year started off with a bang, as Fiserv struck a $22 billion megadeal to acquire First Data , aiming to offer “a one-stop shop” for integrated offerings to banks, merchants and service providers.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 24, 2019
Baoshang Bank, based in Inner Mongolia, will be taken over by China’s banking and insurance regulator over critical credit risks, according to a report by Reuters. The takeover starts on Friday (May 24) and will last a year, both the Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBOC) said on their respective websites. Takeovers of banks are rare in China, and this is the first one in almost 20 years.
Bank Innovation
MAY 24, 2019
Wells Fargo, through its partnership with cross-border B2B payments provider TransferMate, is showing its global payments ambitions. According to Judd Holroyde, Head of Global Product Management for Wells Fargo, as e-commerce grows, digitally-driven social interactions between people and between businesses are blurring traditional, physical borders.
PYMNTS
MAY 24, 2019
There is no shortage of apps aiming to help consumers improve their fitness, on the go and on their own time. Aerobic workouts, strength training, Pilates, yoga, cycling – name a form of exercise, and the odds are good to great that there plenty of fitness apps one can choose from to work out at home. But for all the choices, Obé Co-founder Mark Mullett noted, there isn’t a lot of variety.
Payments Source
MAY 24, 2019
Insecure software development and insufficient use of security best practices creates significant risk for both consumers and commercial organizations alike, writes Carl Wright, CCO of AttackIQ.
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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
PYMNTS
MAY 24, 2019
Clothing is expensive and trends are quick to change, making fashion rental platforms especially appealing for consumers who want more choice, convenience and flexibility. The clothing rental market in the United States is projected to reach $4.4 billion by 2028 and millennial women are leading the charge, according to Brittany Johnson, CEO and co-founder of online subscription-based clothing service FashionPass.
Bobsguide
MAY 24, 2019
Banks’ middle management and specialists must do more to convince the executive of the opportunities and cost saving benefits posed by T2/T2S (TARGET2 & TARGET2 Securities) Consolidation. Affecting some 1,700 EEA bank accounts, the T2/T2S Consolidation project - which is due to go live.
PYMNTS
MAY 24, 2019
Here comes GlobalCoin. That’s the name of digital payments system that Facebook plans to deploy in “about a dozen counties by the first quarter of 2020,” according to a report Friday (May 24) from the BBC. According to the report , the social media giant is looking to begin testing its own cryptocurrency, “which has been referred to internally as GlobalCoin, by the end of this year.
Payments Source
MAY 24, 2019
Fintechs that offer installment loans are having a major impact on credit card lending — and many card issuers are ill equipped to compete.
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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.
PYMNTS
MAY 24, 2019
If they can make it there, can they make it anywhere? May 31 marks the launch of a contactless payments pilot with a joint effort between the Metropolitan Transportation Authority (MTA) in New York City and Chase. The MTA, as Visa has said, becomes the first U.S. transit agency to implement contactless payments by leveraging Visa’s global transit framework.
Jeff For Banks
MAY 24, 2019
On October 3, 1993, the U.S. launched a raid to find forces of Somali warlord General Mohammed Farah Aideed, who had been ordering attacks on U.N. forces assigned there for humanitarian missions. Things went badly. Black Hawk Down That raid, initially the kind soldiers train for routinely, erupted into a crisis when militiamen downed two Black Hawk helicopters using rocket propelled grenades.
PYMNTS
MAY 24, 2019
Entrepreneurs often start companies stemming from their personal experiences. Heidi Hertel founded Fitz Frames , for instance, after her experiences with buying eyeglasses with her children. She has three kids, and two of them have worn glasses since they were toddlers. “I spent a lot of time with them shopping for eyeglasses,” Hertel, who is also the company’s co-CEO, told PYMNTS in an interview, adding that it was consistently an unsatisfying experience.
Payments Source
MAY 24, 2019
The digital banking provider Simple has been part of BBVA for five years, and its reputation as an easy way to handle and transfer digital money has only grown in that time frame through the addition of faster payments and P2P services.
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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.
PYMNTS
MAY 24, 2019
Charles Ponzi built his eponymous schemes on the promise of profits tied to postage stamps. But ours is a decidedly high-tech world, where fortunes are made and lost – and in the case of bad doings, unwitting victims parted from hard-earned cash – through bits and bytes. The cryptocurrency realm may have fallen short, thus far, of its promise to transform commerce, to kill hard currency and to render central banks obsolete.
Payments Source
MAY 24, 2019
Global Payments Inc. has held talks with Total System Services Inc. about a potential deal, according to people familiar with the matter, in what could be the third mega-merger in the payments industry this year.
PYMNTS
MAY 24, 2019
The crux of the Payments and The Platform Economy Playbook is that with 162 million workers in the U.S. and Europe currently involved with the gig economy, projected to be serving 86.5 million consumers by 2021, sharing economy platforms can’t just meet customers’ needs – they also have to anticipate them. Additionally, customer service is becoming a differentiator among digital platforms.
CFPB Monitor
MAY 24, 2019
The OCC’s Semiannual Risk Perspective report focuses on key issues that pose threats to bank safety and soundness and legal compliance. Among such issues discussed in the Spring 2019 report , which generally reflects bank data as of December 31, 2018, are risks arising from financial innovation and new technologies. One of the most significant issues discussed in the report involves artificial intelligence and alternative data, with the OCC highlighting the potential fair lending risks arising
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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.
PYMNTS
MAY 24, 2019
Look no further than the lobby of a typical office building for a glimpse of the living past — along with a potential vision of the digital future. Think about it. Entry often involves the use of paper and pencil to log in, sometimes accompanied by the scribbling of one’s driver’s license number or other personal identification information (PII) on a paper log that’s maintained by a total stranger.
Payments Source
MAY 24, 2019
Payments technology provider AscendantFX has added an international payment scheduling service to its APay online payment platform to help corporations automatically schedule and submit batches of cross-border transactions in advance of due dates.
PYMNTS
MAY 24, 2019
The Financial Crimes Enforcement Network ( FinCEN ) is launching an initiative called the FinCEN Innovation Hours Program, as a call to private sector companies that have developed tech to fight money laundering and terrorist financing, the organization said in a release. “The Innovation Hours Program will provide financial technology (FinTech) and regulatory technology (RegTech) companies and financial institutions the opportunity to present their new and emerging innovative products and servic
Payments Source
MAY 24, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: BNP Paribas adds wearable payments; Facebook's cryptocoin takes another step; USAT expands its executive ranks; Google deploys technology on the New York subway; Japan's regulators take a closer look at cryptocurrency.
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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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