Sun.Aug 04, 2019

article thumbnail

Eyes wide open

Chris Skinner

I sat through a soul-destroying meeting the other day. The meeting was with a C-level decision maker in a bank, and we were brainstorming. Ideas were flowing and, at the end of the ideation process, we went to see the C-level person to get his view. It wasn’t good. You … The post Eyes wide open appeared first on Chris Skinner's blog.

Meeting 336
article thumbnail

Big Banks Don’t Want Fed’s Real Time Payments Rails

PYMNTS

Big banks aren’t happy with the Federal Reserve’s plan to update its payments system that would allow for almost instant transactions. Currently, the system doesn’t operate on weekends and can take days to process certain transactions. All that could change as soon as this week, when the Fed is expected to announce changes. “The United States is far behind other countries in terms of having real-time payments,” Fed Chairman Jerome Powell said last week, adding that while the Fed hasn’t mad

Payments 193
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

It's not easy to eliminate checkout—but investors want to make it happen

Payments Source

Investors are making bets on checkout-free retail, a category that is just as challenging as it is innovative. But it's payment technology's race to the moon, a chance to seize a favorable position in the struggle to save retail.

Retail 122
article thumbnail

People’s Bank Of China Ramps Up Crypto Development

PYMNTS

China’s central bank, the People’s Bank of China (PBoC), announced that it has accelerated the development of its own cryptocurrency, reported Cointelegraph on Sunday (Aug. 4). PBoC hosted a video conference on Aug. 2 to discuss its priorities for the second half of 2019, saying cryptocurrencies will be closely monitored. It suggested that it should accelerate the research and development of its digital currency.

article thumbnail

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

article thumbnail

Debunking 7 Myths About Working Moms

BankBazaar

Working or not, mothers don’t have it easy. What probably makes their lives harder is a gaggle of assumptions that work to pull them down or pit them against each other. Time to debunk these. There’s probably not a better time to be a working mother. Organisations these days, are upping their ante to come up with policies and benefits like opening crèches, giving working mothers time off, flexible work-from-home options etc. that go a long way in retaining female employees.

More Trending

article thumbnail

SBI Home Loans

BankBazaar

The largest and most popular lender, State Bank of India, has some attractive Home Loan schemes. Here’s all the information you may need. State Bank of India (SBI) is perhaps the most sought-after bank in India. This is not only because SBI is the largest lender, but also because of its service over the years. Another fact is that SBI offers the lowest rates and charges when compared to other lenders.

Handbook 104
article thumbnail

StockX Said To Have Misled Customers After Breach Of 6.8M Records

PYMNTS

Apparel and shoe trading marketplace StockX was reportedly hacked, allegedly exposing sensitive information of more than 6.8 million users worldwide, TechCrunch reported on Saturday (Aug. 3). Without saying much, the fashion and sneaker marketplace sent out a general password reset email to its users on Thursday (Aug. 1) citing “system updates,” according to TechCrunch.

article thumbnail

Nationalizing a New York reg could combat Capital One-style breaches

Payments Source

Under the regulation, banks and financial services providers must secure their own systems as well as implement third-party risk management programs, which can mitigate insider threats from third parties, says Michael Magrath, director of global regulations and standards for OneSpan.

article thumbnail

FTC Launches Antitrust Probe Into Apple-Amazon Deal

PYMNTS

The Federal Trade Commission is reportedly carrying out an antitrust investigation surrounding a partnership between Apple and Amazon , according to The Verge. The tech giants made a deal last year which would allow Apple to sell its products directly to consumers through an official store on the Amazon site. While the move allegedly aimed to prevent counterfeit goods and make the products more available to the eCommerce giant’s customers, concerns that it was also cutting out most third-party s

Apple 138
article thumbnail

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

article thumbnail

How To Do Product Management Without Product Profitability

Jeff For Banks

Quick answer: I don't know. I posited this question on Twitter because product management has come up during various financial institution strategic planning sessions. I also don't know of many new banking products since I've been in the business. See my post on that subject here from nearly two years ago. But product management is a function that is performed, at some level and degree, in most financial institutions.

article thumbnail

KKR To Acquire German Digital Payments Firm Heidelpay

PYMNTS

Gobal investment firm KKR is acquiring a majority in German payments group Heidelpay for more than 600 million euros ($668 million), according to the Financial Times. Heidelpay Group and its majority stakeholder AnaCap Financial Partners reached an agreement on the terms of the investment from KKR, making KKR the new majority shareholder. AnaCap had the upper hand against rival Nordic Capital and EQT from Sweden.

Payments 136
article thumbnail

Financial Institutions Must Become Digital Innovators

The Financial Brand

Innovation in banking needs to be an ongoing process that transcends the entire organization, improving efficiency as well as the customer experience. The post Financial Institutions Must Become Digital Innovators appeared first on The Financial Brand.

article thumbnail

Questions Being Raised About Viability Of The Cloud For FinServ

PYMNTS

The woman responsible for the Capital One hack reportedly pulled it off through a vulnerability in the cloud. Last week Capital One revealed that on July 19 it discovered that there was unauthorized access by an outside individual, adding that it immediately fixed the configuration vulnerability that was exploited and immediately notified federal law enforcement.

Capital 128
article thumbnail

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.

article thumbnail

How Bank of America Became a Tech-Driven Powerhouse

The Financial Brand

Chairman & CEO Brian Moynihan likes innovation that scales and branches that evolve. He also wants to see fintech competitors face bank rules. The post How Bank of America Became a Tech-Driven Powerhouse appeared first on The Financial Brand.

America 33
article thumbnail

Goldman Sachs On Apple Card: Purchase of Cryptocurrencies Not Allowed

PYMNTS

Ahead of the launch of the Apple Card, backer Goldman Sachs said in the customer agreement it will not allow the purchase of cryptocurrencies, Reuters reported Friday (Aug. 2). Aside from forbidding the purchase of cryptocurrencies, the agreement also indicates the card cannot be used to purchase cash advances or cash equivalents that include casino gaming chips, race track wagers or lottery tickets. .

article thumbnail

Get Over Wells Already and Start Smart Cross-Selling Again

The Financial Brand

Even as branches morph into advice centers, many financial firms still lack better approaches to encouraging branch-level selling. The post Get Over Wells Already and Start Smart Cross-Selling Again appeared first on The Financial Brand.

article thumbnail

Bitcoin Daily: New Data Set To Help Flag Illicit Crypto Transactions; MIT Study Finds Only 2 Pct. Unlawful

PYMNTS

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. Elliptic collaborated with researchers from the Massachusetts Institute of Technology (MIT) on the data set, which was taken from 200,000 bitcoin transactions worth $6 billion — the largest set of labeled transaction data publicly available in any digital currency in the world.

Bitcoin 115
article thumbnail

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.

article thumbnail

How BofA’s Chief Turned Giant Problem Into Tech-Driven Powerhouse

The Financial Brand

Chairman and CEO Brian Moynihan believes in practices that work in good times and bad, innovation that scales, and branches that evolve. The post How BofA’s Chief Turned Giant Problem Into Tech-Driven Powerhouse appeared first on The Financial Brand.

article thumbnail

Reliance To Invest $42M For 87.6 Pct. Stake In Fynd

PYMNTS

Indian company Reliance Industries revealed that is acquiring a 87.6 percent stake in Fynd for 2.95 billion Indian rupees ($42.33 million). Founded in 2012, Mumbai-based Fynd helps offline retailers sell their products to consumers directly through its online store, as well as allows them to connect with eCommerce platforms including Amazon India and Flipkart.

Retail 108
article thumbnail

Instagram, WhatsApp Rebrand By Adding Facebook’s Name

PYMNTS

Facebook is adding its name to Instagram and WhatsApp as part of a rebranding aimed at unifying all three apps, The Wall Street Journal reported Friday (Aug. 2). A “From Facebook” tag will be added to Instagram and WhatsApp brands, and the Facebook name will be visible in all marketing. “We want to be clearer about the products and services that are part of Facebook,” spokeswoman Bertie Thomson said in an email to WSJ.