Chris Skinner
FEBRUARY 24, 2020
I guess my discussions of purpose-driven banking are growing. Maybe I just picked up the vibe or created it, but more and more I’m seeing bank CEO’s talking about purpose. Tom Blomfield, CEO and co-founder of Monzo, in Wired magazine: “Why do companies even exist? What are we here for? … The post Purpose? We need actions, not words! appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 24, 2020
Arthur Levy, vice president of business development at Brex, is attending Bank Innovation Ignite in Seattle, which takes place from March 2-3. He is speaking on a panel titled “How to make SME banking innovation work,” which will focus on small business products, payments and underwriting. Levy is in charge of partnerships, channel and rewards […].
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Chris Skinner
FEBRUARY 24, 2020
Things we’re reading today include … UBS releases diversity figures for Americas staff US hedge fund calls for Prudential breakup as it takes near-$2bn stake Barclays/Jes Staley: Europe’s last investment banker British fintech Revolut hits $5.5 billion valuation after funding round Mastercard says coronavirus to hit first-quarter revenue JPMorgan Chase … The post Things worth reading: 25th February 2020 appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 24, 2020
A “Shark Tank”-style pitch competition has been launched at Citizens Bank, allowing employees to compete for internal innovation fund dollars with ideas focused on the next generation of products and services. The bank intends to make 10 to 20 investments per year. RJ Sherman, vice president of innovation at Citizens, did not specify the level […].
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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
South State Correspondent
FEBRUARY 24, 2020
THE BANK CONTENT MARKETING HACK Banks that complain about not doing enough in marketing or not having a big enough budget may just not be taking the right approach. We rarely see a bank fully utilize their content. If done right, you can get at least five times the conversions for almost the same expense as you spend now. What bank wouldn’t want five times the loans, deposits, or fees?
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 24, 2020
Call it a tale of two bank deals. The stories come with significantly different price tags: $185 million and $13 billion. Yet, some common threads unite the respective bids by LendingClub for Radius Bank and by Morgan Stanley for E-Trade , with a nod toward the changing financial services landscape and serving customers through “one-stop shop” platform models.
South State Correspondent
FEBRUARY 24, 2020
PROTECTING BANK MARGINS We have written numerous blogs about why banks should reconsider the risk-for-yield business model when it comes to credit or interest rate risk. The return on equity (ROE) in risk-for-yield businesses is low, and the business outcomes during downturns are adverse. Instead, banks should construct an advisory business where taking risk may be just one element in delivering a customer-centric solution.
PYMNTS
FEBRUARY 24, 2020
For the accounts payable (AP) and enterprise resource planning (ERP) automation space, it’s no longer business as usual. Firms looking to strengthen their interactions with customers and vendors by adopting comprehensive, automated AP and ERP solutions are increasingly turning to cloud-based products in lieu of on-premises systems. These firms are finding that managing both systems in the cloud offers the flexibility and security needed to streamline invoicing and cut costs, while keeping operat
Payments Source
FEBRUARY 24, 2020
Intuit’s reportedly nearing a $7 billion deal to acquire Credit Karma, giving it an offering that could empower fintechs to more closely encroach on bank territory.
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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
FEBRUARY 24, 2020
“What, do you think we own the electric company? Then shut off that light!”. It is an admonishment that we’ve all heard, or at least a variation of at some point in our lives. Maybe one’s father asked this question, but the ending was always the same: a vigorous command to turn off the light that a child (or adult) left on when they left one room to go to another.
Matt Wilcox Pro
FEBRUARY 24, 2020
The digital payments business didn’t start in the late 19th century. But that’s when events were set in motion that would eventually bring us to last week’s press release from Fiserv, which happens to be where I’m employed. More on the press release in a moment. In 1884, coal merchant John Henry Patterson bought the company that [.
PYMNTS
FEBRUARY 24, 2020
The mobile order-ahead market continues to expand its footprint, growing by 23 percent over the past four years and now accounting for more than 3.1 billion restaurant visits and $26.8 billion in sales. Restaurants that do not adopt these services risk falling behind, with a recent survey finding that restaurants without delivery apps could lose up to 70 percent of their customer base by the end of 2020.
Payments Source
FEBRUARY 24, 2020
With Visa’s sweeping change continuing to hike up fees for credit card transactions, it is no surprise that many businesses, especially in the retail industry, are unhappy with the announced increase, says Fattmerhant's Suneera Madhani.
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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
FEBRUARY 24, 2020
As 2020 unfolds, the retail business has been dramatically altered. Macy’s started the year by laying off employees and closing stores. Simon Properties led a team of investors to essentially buy out one of its tenants, Forever 21. And the supermarket business has thinned its ranks, with several organic food players going out and Amazon coming in. But with consumer spending holding steady, it’s important for retailers to grasp the opportunity to create innovative ways to get, keep and grow custo
Payments Source
FEBRUARY 24, 2020
The U.K.’s Co-operative Group is creating a new model for online grocery shopping by using its network of convenience stores as local distribution centers.
PYMNTS
FEBRUARY 24, 2020
One of the most important innovations in history is the pendulum clock, which was invented in 1636 by Christiaan Huygens , a Dutch scientist and founder of the field of mathematical physics. Although humans had created mechanisms for keeping time for thousands of years, an accurate measure of time — one that also included a display mechanism for all to see — didn’t exist before Huygens’ invention.
Ron Shevelin
FEBRUARY 24, 2020
Credit Karma shouldn’t sell itself to Intuit. Intuit has a poor track record of integrating retail finance acquisitions. Maybe Amazon is the better fit.
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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
FEBRUARY 24, 2020
When the axe falls from Amazon , the ripple effects are significant, especially for smaller logistics firms. Several companies have enjoyed the fruits of partnering with the eCommerce giant, to be sure, but the partnerships — at least, some of them — are proving short-lived. That’s the partial takeaway, as Amazon has cut ties with UPS and FedEx. At a high level view, that means smaller logistics and last-mile freight firms have rushed in to fill the void.
Banking Exchange
FEBRUARY 24, 2020
The bank’s $3 billion fine was accompanied by penalties totaling $21 million for three former executives for their roles in the scandal that ran for 15 years Compliance People Customers Compliance Management Compliance/Regulatory Duties Financial Trends AML & Fraud Human Resources Feature Management Feature3 Community Banking.
PYMNTS
FEBRUARY 24, 2020
The first and oldest writings of human civilization were not poems or prayers: they were invoices. Transactions for livestock, spices, grain — the Sumerians began marking it all down in clay 5,500 years ago. We can imagine ancient traders in marketplaces awaiting payment, calling for “the end of clay” and cheering on disruptive new technologies like papyrus, quills and ink.
CFPB Monitor
FEBRUARY 24, 2020
The CFPB has issued a proposal that would require debt collectors to make specified disclosures when collecting time-barred debts (Disclosure Proposal). The Disclosure Proposal supplements the Bureau’s proposed debt collection rule issued in May 2019 (May Proposal). Comments on the Disclosure Proposal must be filed no later than 60 days after the date it is published in the Federal Register.
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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
FEBRUARY 24, 2020
Not all black swan events are created equally, at least when it comes to certain business verticals. Amid the plunging stock markets, and speculation about whether and when central banks might cut rates (or not), the blanket statement that the spreading coronavirus will crimp economic growth covers a few wrinkles. Namely, that some verticals may recover more quickly than others.
CFPB Monitor
FEBRUARY 24, 2020
FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC has authority to enforce the ECOA and Reg. B as to nonbank providers within its jurisdiction. However, like several of the FTC’s prior letters on its ECOA activities, the letter on 2019 activities does not describe any 2019 FTC ECOA enforcement activity and only contains information about the FTC’s research and policy development effo
PYMNTS
FEBRUARY 24, 2020
Tencent Holdings , the company that developed mobile payment app WeChat Pay, has teamed up with Network International to allow for the service to be available across the United Arab Emirates, according to a release on Monday (Feb 24). . Network is the leading enabler of commerce that’s digitally based, through the Middle East and Africa. WeChat Pay is a payment service that comes with WeChat, one of the most popular messaging services in the world, and mainly used in China.
Payments Source
FEBRUARY 24, 2020
B2B payments can thrive in the uncertain regulatory environment with the help of APIs, says Become's Eden Amirav.
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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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