Mon.Feb 10, 2020

The Stories We Tell Ourselves About Open Banking

Chris Skinner

I recently spotted a great write-up on Open Banking by Alex Johnson, who has kindly agreed I can republish it. So, here we go … The Stories We Tell Ourselves About Open Banking Distinguishing between what’s true and what we want to be true.

Fiat Chrysler To Debut Robot Taxis In China

PYMNTS

Fiat Chrysler , in partnership with Chinese-based AutoX , wants to launch robo-taxis in China later this year, according to an announcement.

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Things worth reading: 11th February 2020

Chris Skinner

Things we’re reading today include … Australia plans new bank stress tests to assess climate change impact 2 in 5 would consider digital banks but only once they are ‘popular and successful’ Starling Bank raises £60m from existing investors Deutsche Bank’s revamp plans win support Ex-Virgin Money chief joins cultural … The post Things worth reading: 11th February 2020 appeared first on Chris Skinner's blog. Reading

Capital One’s Eno evolves to give proactive advice 

Bank Innovation

Capital One is determined to turn its digital assistant Eno into an affable, personal finance watchdog to build loyalty between the brand and customers.

Inside The Fight For Digital Driver’s Licenses

PYMNTS

Biometric digital identity verification solutions are becoming more and more commonplace thanks to their implementation in everyday devices like smartphones and fitness wearables.

Fiserv: Open banking key to banks’ survival 

Bank Innovation

As banks continue to explore best practices around handling customer data, insight from core technology provider Fiserv suggests open banking can help banks compete with fintechs and large incumbents alike. “By

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Edison Partners’ Ford: Alternative banks are improving financial services

Bank Innovation

As the number of challenger banks increases, so do the number of options and access to financial services for their customers. Princeton, N.J.–based

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Countries Brace For Global Economic Impact Of Coronavirus

PYMNTS

Canada Finance Minister Bill Morneau said that the coronavirus is probably going to have a “real” impact on that country’s economy, according to a report Monday (Feb. 10) by Bloomberg. Countries are keeping watch on the spread of the virus and its potential economic effect.

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Edison Partners’ Ford: Alternative banks are improving financial services

Bank Innovation

As the number of challenger banks increases, so do the number of options and access to financial services for their customers. Princeton, N.J.–based

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Retailers Focus On Visual Search For Apps, Kiosks

PYMNTS

Visual search and in-store kiosks are coming more into focus, with the category powering consumer adoption and shopping at a pace that has led executives to dub the business “ visual commerce.” Target, in one case, has incorporated Pinterest ’s visual search tool for a few years.

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Loan Floors and the Zero Interest Rate Environment

Banker to Banker

EXTREME ALCO We are working with numerous community bankers to develop strategies for instituting floors on commercial loans

Visa On Bringing More Female Founders Into The Reinvention Of Retail

PYMNTS

In some ways, the dawn of 2020 is a golden time for female entrepreneurs — in that there are more female-founded firms than ever before. In fact, women are founding new firms at 1.5 times the rate of their male counterparts.

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US commercial card spend expected to exceed $1 trillion by 2024

Accenture

US commercial card spend grew an estimated 13 percent in 2019 and strong growth is expected to continue through 2024.

Amazon Expected To Control 70 Pct Of US Smart Speaker Market By Next Year

PYMNTS

Amazon holds the dominant edge in the market for smart speakers, as about 70 percent of people in the U.S. who use the devices are using an Amazon Echo, according to a report Monday (Feb. 9) by eMarketer.

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The Slow Death Of Checking Accounts

Ron Shevelin

Checking accounts have become paycheck motels--and they're on their way to extinction

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Buy Now Pay Later Startup Sezzle Tops 1M Active Customers

PYMNTS

Digital payments FinTech startup Sezzle announced on Monday (Feb. 10) that it topped 1 million active customers. . Founded in 2016 and headquartered in Minneapolis, Sezzle’s buy now, pay later (BNPL) payments platform is in the U.S. and Canada and is quickly growing.

Hindsight is 2020: The payments past shows the future

Accenture

Unless you are Nostradamus, being a prognosticator is tough business. Consultants are often accused of over-hyping the short term and underestimating the long term. With this blog, I have attempted to strike the balance between long-term trends and short-term, actionable insights. With the start of the new year, I thought it would be a good time to…. The post Hindsight is 2020: The payments past shows the future appeared first on Accenture Banking Blog.

eCommerce Drives Logistics Job Boom

PYMNTS

The rise of eCommerce is an inexorable one, with real-world ripple effects that extend all the way to feet and wheels on the street — and, by extension, burgeoning payrolls. To that end, hiring within the logistics sector has gained ground, even beyond the holiday season.

Citi tries new tack to push its social agenda: Venture investing

American Banker

Ed Skyler, the bank's global head of public affairs, says a newly established $150 million fund will make equity investments in firms seen as having a positive impact on society. Women in Banking Investment funds Philanthropy Venture funding GSIBs Citigroup

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UK Will Use Border Controls After Brexit For EU Imports

PYMNTS

The U.K. said it is going to start putting import controls on goods coming in from the European Union after the Brexit transition finishes at the end of this year, according to a report by Reuters. Britain Senior Minister Michael Gove said the U.K.

Climate activists want former Exxon chief off JPMorgan's board

American Banker

Few people are in a position to influence Jamie Dimon, the chief executive who turned JPMorgan Chase into the biggest U.S. The longtime climate skeptic who turned Exxon Mobil into the biggest U.S. oil company is one of them. Climate Change Jamie Dimon JPMorgan Chase

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PSCU Taps New Leaders To Advance Products, Innovation

PYMNTS

PSCU has appointed Denise Stevens as senior vice president and chief product officer, while Scott Young will head the product delivery leadership team as vice president of innovation, PSCU announced today (Feb. Stevens will oversee product delivery and management, as well as its innovation teams.

Inside BBVA’s banking-as-a-service strategy

American Banker

The bank is working with fintechs like Digit, Simple and Catch to provide new financial products to people with limited access to banking, says Susan French, head of products in the open platform division.

Taking A Sharing Economy Approach To Hotel Booking

PYMNTS

Roost Co-founder and CEO Sam Tate went on an extended vacation two summers ago after his junior year of college. It was a “month-long solo backpacking trip to Europe,” he told PYMNTS in an interview.

Varo gets vital FDIC OK for bank charter

American Banker

It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.

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Reynolds CEO: Recreating Grocery’s Home Goods Aisle For The Millennial

PYMNTS

Aluminum foil is not a new product by any stretch of the imagination. Its precursor — tin foil — was used for cooking, starting in the early 1800s. In 1910, the world of foil enjoyed its most important historical innovation: The Swiss figured out how to make it out of aluminum instead of tin.

FDIC aims to smooth de novo process for nontraditional firms

American Banker

The agency released two new manual supplements and other materials to help nonbanks and its own staff better understand application procedures. FDIC ILCs Varo Money Licenses and charters Fintech regulations Nonbank De novo institutions Community banks

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Revolut Starts Open Banking Service For UK Customers

PYMNTS

Revolut has announced a new Open Banking feature that will allow customers to access all their bank accounts on a single app. The move will make everything easier and more efficient in dealing with people’s finances, according to a press release.

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Synovus hires former Regions execs to form affordable housing business

American Banker

The additions come as the Georgia regional looks to maintain momentum in commercial lending. Regional banks Recruiting Affordable housing

Innoviti Launches UPI-Compliant B2B POS Solution In India

PYMNTS

Indian payment solutions company Innoviti has launched a point-of-sale (POS) solution called Saadhan to give B2B businesses a convenient payments package that meets the regulatory requirements of providing UPI and RuPay acceptance, according to a press release.

Affordable housing cuts, CFPB funding: Takeaways from Trump budget

American Banker

The administration proposed to end the housing trust funds now financed by Fannie Mae and Freddie Mac, and to subject numerous agencies to the congressional appropriations process, among other things.

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