Chris Skinner
NOVEMBER 13, 2019
I always like to hear what bankers think about the future of banking – it’s probably more accurate than what janitors or futurists think – and so was pleased to see two items in my in-tray this week, one from HSBC and the other from Wells Fargo. According to the … The post Tomorrow’s bank? What do HSBC and Wells Fargo think? appeared first on Chris Skinner's blog.
Bank Innovation
NOVEMBER 13, 2019
To Switzerland-based banking tech provider Temenos, a human-centered digital approach will help small institutions compete with large players. Through its acquisition of software-as-a-service provider Kony last August, Temenos added social platform Engage to its toolkit for client banks. Engage features profiles of bankers reminiscent of dating apps, matching customers with associates.
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PYMNTS
NOVEMBER 13, 2019
Nike announced that it is parting ways with Amazon and will no longer sell its products on the eCommerce marketplace, ending a pilot program that began in 2017, The Wall Street Journal (WSJ) reported on Tuesday (Nov. 12). The sneaker and sports apparel company said it is going forge new retail partnerships and concentrate on its direct business. For many years, Nike opted out of an Amazon partnership due to concerns that it would weaken the brand.
Bank Innovation
NOVEMBER 13, 2019
Google has partnered with Citigroup Inc. and a local California credit union to offer consumer checking accounts, a person familiar with the matter said. The product will launch in 2020 with Citigroup handling most of the financial and compliance requirements, the person said, asking not to be identified because the project hasn’t been announced publicly. […].
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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
Chris Skinner
NOVEMBER 13, 2019
Things we’re reading today include … Warren lashes out at Goldman over Apple Card bias claims: Bloomberg HSBC to let customers block spending on gambling websites EU prepares tweak to Mifid rules after backlash City watchdog slams own staff’s ‘shameful’ toilet habits Apple’s ‘sexist’ credit card isn’t just a PR … The post Things worth reading: 14th November 2019 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
NOVEMBER 13, 2019
IoT providers have hit an innovation streak in recent years, utilizing increasingly sophisticated technologies such as artificial intelligence (AI) and data tools like machine learning (ML) to rapidly expand the world of connected things. 5G’s rise will only compound this growth, adding crucial support for future devices. Providers must still keep watchful eyes on their 5G devices’ security measures, according to Sarah Tatsis, vice president of the Advanced Technology Development Labs business u
Bank Innovation
NOVEMBER 13, 2019
Tide, a U.K.-based business banking startup, is integrating with Intuit QuickBooks to save users time and eliminate tedious bookkeeping tasks. With the QuickBooks integration, which will go live by mid-November, small businesses using Tide have their transactions automatically filled out and categorized within the Tide app. While the tie-up with QuickBooks makes banking more convenient […].
South State Correspondent
NOVEMBER 13, 2019
COMMERCIAL SEGMENTATION Much has been written about the merits of community banks developing banking expertise around specific verticals. We recently worked with a bank that won the banking mandate for a family-run funeral home. At first we were surprised that the term loan was 93% LTV. But when we looked at the entire underwriting package and the borrower’s financials (showing 3.2X DSCR) we recognized the importance of understanding industry specifics and how the funeral industry might be a
PYMNTS
NOVEMBER 13, 2019
Google is planning to launch consumer checking accounts next year in partnership with Citigroup and Stanford University, The Wall Street Journal (WSJ) reported on Wednesday (Nov. 13). Code-named Cache, the accounts will be handled by Citigroup and a credit union at Stanford University. The branding will reflect the financial institutions and not Google.
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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
South State Correspondent
NOVEMBER 13, 2019
DIGITAL MARKETING If you think the average American is on their phone throughout the day you are largely right. However, they may not be on your bank’s app. While the usage of the average app on your smartphone peaks at 8 pm at night, largely driven by social media, the average banking app peaks around lunchtime. In an attempt to better understand the banking customer, both retail and commercial, we charted the average banking app’s usage to uncover some actionable insights.
PYMNTS
NOVEMBER 13, 2019
The timing seems about right. As a brand-new decade looms – one that promises great strides for digital payments and commerce – digital ID, already on the ascent, is getting a big seal of approval from an influential global group. The approval serves as a signal that digital ID efforts are ready to grow up in the new decade, so to speak, and also to do more heavy lifting when it comes to financial inclusion.
BankBazaar
NOVEMBER 13, 2019
Teaching your children to invest from an early age prepares them to take on financial responsibilities with confidence later on in their life. Read on. As parents, our focus tends to remain on ensuring that our kids receive the best of education, feel emotionally stable and turn out to be polite, law-abiding citizens. We also leave no stone unturned when it comes to providing them a financially-secure future, so that they can manage well on their own when they leave the nest.
PYMNTS
NOVEMBER 13, 2019
Sustainable notions of commerce are moving ever more to the forefront of retail, and judging by shifting consumer trends — especially the preferences of younger consumers coming into their own — you can bet the trend will only get more intense in the coming years. And recent retail innovations would seem to bolster that point. Take the sale of eyeglasses for instance — already radically changed by eCommerce and mobile technology, and now showing signs of getting more sustainable (the general vie
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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.
Payments Source
NOVEMBER 13, 2019
Adyen has traditionally focused on streamlining card acceptance, processing and settlement for online payments, and now it wants control more of the merchant relationship by issuing its own virtual and physical payment cards.
PYMNTS
NOVEMBER 13, 2019
In the life of any brand, a pivot – or even a series of pivots – is normal. Times change, tastes expand and brands that don’t evolve generally don’t survive – a lesson that any number of retailers have spent the last several years learning the hard way. And perhaps nowhere is this more true than in the world of apparel retail, where being “on trend” is particularly important – and falling behind the times can be the kiss of death.
Jack Henry
NOVEMBER 13, 2019
My seven year-old son wanted a really scary costume for Halloween this year. Naturally, I suggested one of the scariest things I could think of: a liquidity crisis! Can you imagine the terrified looks on the faces of the other children when they saw all the red numbers indicating that funding sources weren’t going to meet the funding needs? Oh, the horror!
PYMNTS
NOVEMBER 13, 2019
After a $40 million Seed funding round, payment startup PalmPay has officially launched in Nigeria. The funding round was led by Chinese company Transsion’s subsidiary, TECNO , with participation from China’s NetEase and wireless communications hardware firm MediaTek. As part of the deal, PalmPay has now established a strategic partnership with mobile companies TECNO, Infinix and Itel, with its app being pre-installed on 20 million phones next year.
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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.
Payments Source
NOVEMBER 13, 2019
With the help of fintechs, some of the world’s largest financial institutions have gotten ahead of the curve to implement data sharing programs, says Urjanet's Sanjoy Malik.
PYMNTS
NOVEMBER 13, 2019
Goldman Sachs, in response to criticism that its algorithm for setting credit limits varies wildly between men and women, even if they are husband and wife (and the wife has a better credit score), said on Wednesday (Nov. 13) that it’s going to allow households to share an Apple Card credit line, according to a report by Bloomberg. Previously, only individuals were allowed to apply for the card, regardless of their marital status.
Payments Source
NOVEMBER 13, 2019
For decades card networks and issuers outside of China have tried to enter the giant Chinese consumer payments markets, but mostly have run into walls because of shifting regulations.
PYMNTS
NOVEMBER 13, 2019
A satisfied customer is a loyal customer. Perhaps. But, then again, maybe not. The conventional wisdom that all a merchant must do to keep customers coming into stores or clicking through sites and pulling out wallets (digital and tangible) is to keep them satisfied is conventional, yes, but not wise. In an interview with PYMNTS, Mladen Vladic, general manager of loyalty solutions at Fidelity National Information Services ( FIS ), said bridging the gap between a satisfied customer and a loyal on
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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.
Payments Source
NOVEMBER 13, 2019
Visa and Mastercard are once again in the crosshairs of U.S. antitrust regulators over policies that can prohibit merchants from routing card transactions over alternative debit networks.
PYMNTS
NOVEMBER 13, 2019
New Zealand’s cloud-based accounting firm Xero is overhauling payments to integrate with TransferWise , Stripe and GoCardless , Xero said in a press release Wednesday (Nov. 13). The integration will make it easier and faster for small businesses in the U.K. to set up card and debit payments for customer invoices and bills. The company announced the new relationships at Xerocon London 2019 with 3,000-plus accountants, bookkeepers and partners in attendance.
Payments Source
NOVEMBER 13, 2019
Google has partnered with Citigroup and a California credit union to offer consumer checking accounts, a person familiar with the matter said.
PYMNTS
NOVEMBER 13, 2019
Fast food giant McDonald’s is facing backlash over its push to install touch-screen kiosks in a majority of its stores, according to a report by Bloomberg. The kiosks don’t help the significant portion of McDonald’s customers who don’t have debit or credit cards, which is about 8.4 million of U.S. households. The kiosks are in about 9,000 McDonald’s locations around the country, and they’ve been troublesome for franchise owners because they don’t accept cash.
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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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