An open letter to banks on SMS Authentication
Payments Dive
MARCH 27, 2020
To protect against fraud, the banking industry needs to find alternative methods for authentication beyond SMS verification.
Payments Dive
MARCH 27, 2020
To protect against fraud, the banking industry needs to find alternative methods for authentication beyond SMS verification.
PYMNTS
MARCH 27, 2020
Who we are, where we’re headed and what this all looks like on the “other side” of the pandemic are topics on everyone’s mind right now. So are vaccines. So is online shopping, with urgency. All of these subjects share a commonality: IDs. In commerce, knowing (and verifying) who’s on the other side of a transaction can mean the difference between a retailer making a sale to a loyal customer or a fraudster.
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Bank Innovation
MARCH 27, 2020
Robinhood Financial Inc., facing lawsuits over crashes on its trading platform amid violent stock market swings, is now being accused of offering a “$75 goodwill credit” to dupe customers into waiving their legal rights. Attorneys for users who are suing the beleaguered online brokerage company asked a federal judge in Florida to order Robinhood to […].
PYMNTS
MARCH 27, 2020
Walmart is enacting no-touch procedures so that customers can shop more safely during the coronavirus outbreak, according to a report by USA Today. Shoppers who buy items through Walmart Pay won’t have to touch the screen anymore, and instead will be able to scan a QR code and pay from an app on their phone. For pickup, customers can simply open their trunks and an employee will load the groceries in, and they won’t ask for a signature.
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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
Bank Innovation
MARCH 27, 2020
While financial services companies large and small scramble to cope with the economic fallout of the coronavirus pandemic, there may be a silver lining to the gloom, according to Delos Advisors. The company, which provides guidance to senior management of financial institutions in the Americas, shed light on potential solutions to some of the business implications stemming from the COVID-19 outbreak in a white paper shared […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MARCH 27, 2020
In a week that saw the coronavirus pandemic amplify in the United States, the fintech sector continued to weather economic dislocation and uncertainty. But even amid this uncertainty, fintech companies began formulating strategies to help banking and consumers emerge from the crisis with better tools and solutions. In this WFH roundtable, Bianca Chan, Rick Morgan, […].
Abrigo
MARCH 27, 2020
Key Takeaways Three out of four bankers expect a recession will last at least two quarters Economic uncertainty has shifted questions regarding estimating the allowance for credit losses under CECL Managing troubled loans and liquidity top bankers' list of concerns. Although it’s still early, bankers have started to make their own assumptions about the impact the coronavirus pandemic will have on the economy and their institutions.
Bank Innovation
MARCH 27, 2020
Portland-based Umpqua Bank, which has almost $29 billion in assets, is seeing a significant spike in volume on its Go-To app, a digital tool that allows customers to message a banker of their choice. According to Brian Read, Umpqua’s head of retail and small business banking, enrollment on the platform has spiked 30%, while interactions […].
PYMNTS
MARCH 27, 2020
Although every business wants to “future-proof,” actually doing it is much, much harder. As the first quarter of 2020 has been kind enough to demonstrate on a global scale, the future is an unpredictable place. For all the predictions, models and plans that existed for the first part of this year, almost no one factored in a global pandemic that would disrupt the global economic system and potentially tip off a financial crisis in the space of just a few weeks.
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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
Payments Source
MARCH 27, 2020
Digital payment firms and fintechs are nimble and responsive, but that also creates web supply chain attack risk, says Jscrambler's Rui Ribeiro.
PYMNTS
MARCH 27, 2020
Visa has delayed the introduction of a new fee structure due to the coronavirus scare, according to a report. The new fee structure, which had been in planning for some time, would raise some credit card transactions for a number of merchants and lower it for others. The new fees will now take effect in July instead of April. “Visa is committed to partnering with our clients during this difficult time,” said a Visa spokesperson. “We are actively implementing and considering a n
Jack Henry
MARCH 27, 2020
To say that we live in uncertain times is a dramatic understatement. Political uncertainty, the threat of new tariffs, and the coronavirus pandemic have all contributed to a highly volatile outlook. This uncertainty is compounded in the transportation sector, where growth is closely tied to the output of the global economy. Coupled with long-term trends that have resulted in more competitive threats, price pressure, and increased service expectations, this volatility could hardly come at a more
PYMNTS
MARCH 27, 2020
The coronavirus has turned entire industries on their heads, not least of all the shipping and logistics sector. Factory shutdowns and stay-at-home orders have disrupted manufacturing and production, with ramifications reverberating throughout global supply chains. Meanwhile, a surge in online shopping as more people stay home has added extra pressure on supply chain, shipping and logistics firms.
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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
MARCH 27, 2020
The U.S. government will shortly funnel trillions of dollars into the economy to soften the coronavirus’ impact on a variety of industries and small businesses. Payment companies that are also lenders will soon find out if it’s enough to save the market.
PYMNTS
MARCH 27, 2020
The financial industry is particularly vulnerable to digital fraud. Untold trillions of dollars cycle between financial institutions (FIs) and customers around the world every day, and bad actors are eager to snatch some of those funds for themselves. Application fraud, which sees cybercriminals submitting financial product applications to banks with no intention of paying them back, is among the most popular techniques.
PopularBank
MARCH 27, 2020
Your health and safety are our top priority during this time. As we continue to navigate the ongoing situation surrounding coronavirus/COVID-19, we remain committed to acting in the best interest of you – our team members and communities. Our government has named financial institutions, such as ours, as an essential service, and we take that responsibility seriously.
PYMNTS
MARCH 27, 2020
While the advancement of open banking regulations may be seeing a small skip due to the spread of the coronavirus , many countries saw business and typical banking operations halted right after deciding upon new online privacy rules. Global lockdown to fight the virus’s spread means many regulators will likely not come to any final conclusions regarding open banking within the next month or so, and it also means lawmakers have new perspectives to consider when these debates resume.
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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.
American Banker
MARCH 27, 2020
Founder Brett King will now focus on the enterprise software side of the business, which provides mobile banking software to traditional banks.
PYMNTS
MARCH 27, 2020
The coronavirus crisis has caused a spike in pet food sales as people are panic buying food for their pets, according to a report by CNN. Pet food has joined the ranks of toilet paper and hand sanitizer as must-have items as people stock up to make sure that their pets are fed during the pandemic. . Dog food sales are up 54 percent and cat food sales are up 52 percent when compared to a week ago, according to Nielsen data.
ATM Marketplace
MARCH 27, 2020
Diebold Nixdorf, a support and maintenance company for ATM and retail checkout networks, updates its business outlook due to COVID-19.
PYMNTS
MARCH 27, 2020
René Descartes said, in so many words, “I think, therefore I am.” Popeye said, in these exact words, “I yam what I yam.” The point is that people (even cartoon people) prefer to define themselves. So it is with the science of authentication, where consumers see happy new horizons of user-defined control among digital and mobile banking apps. In the March 2020 Entersekt Consumer-Centric Authentication Playbook: The Path To Banking App Adoption , a PYMNTS and Entersekt collaboration, we look at us
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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
MARCH 27, 2020
New Vision 3, a Bulgarian venture capital firm backed in part by European Union grants to encourage SMB innovation, has announced it's dividing a $2.7 million investment among three Bulgarian fintech firms.
PYMNTS
MARCH 27, 2020
It’s too soon to tell how coronavirus will impact the venture capital ecosystem, but some analysts are turning to the economic crisis of 2008 to make some educated guesses. In a recent report, CrunchBase looked back at how VC investors reacted to the market downturn over a decade ago. The publication pointed to commentary from angel investor and entrepreneur Jason Calacanis, who predicted “that 50-80 percent of the venture-backed startups currently operating will shut down or go on l
American Banker
MARCH 27, 2020
Many argue the economic turmoil from the pandemic makes the Comprehensive Capital Analysis and Review irrelevant this year, while others say testing banks’ capital strength is crucial now more than ever.
PYMNTS
MARCH 27, 2020
The Department Of Homeland Security ( DHS ) is lengthening the enforcement deadline for REAL ID because of the coronavirus pandemic, according to a statement. Acting Secretary Chad Wolf said in the statement, “The federal, state and local response to the spread of the coronavirus here in the United States necessitates a delay in this deadline. Our state and local partners are working tirelessly with the administration to flatten the curve and, therefore, we want to remove any impediments to resp
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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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