Chris Skinner
FEBRUARY 23, 2020
I was quite relaxed about the coronavirus thinking it would blow over (no pun intended). Yet, as the days and weeks went by, it’s obviously a lot more serious than first thought. I first thought, Oh, it’s Wuhan. It’s not over here. It will sort itself out. Then we had … The post Coronavirus: what it means for trade and finance appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 23, 2020
Amidst the rise of nonbank lenders such as Kabbage, OnDeck, BlueVine and others, Fifth Third Bank is partnering with digital lender Fundation to speed up loan-approval processes for small businesses. The partnership will allow the bank to use Fundation’s technology suite to assist small businesses that do not meet Fifth Third’s current loan-eligibility guidelines.
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Chris Skinner
FEBRUARY 23, 2020
Things we’re reading today include … Barclays set to kick off hunt for next chief executive Cruel lottery as banks play blame game over push-payment fraud No global digital tax by end-2020 would mean chaos: France JPMorgan lines up ex-regulator to lead UK digital bank UniCredit CEO Mustier ruled out … The post Things worth reading: 24th February 2020 appeared first on Chris Skinner's blog.
Bank Innovation
FEBRUARY 23, 2020
E*Trade Financial Corp. sits at the intersection of two of the world’s most persistent boys’ clubs: Wall Street and Silicon Valley. But behind the layers of computer code that enable at-home investors — another mostly male crowd — to buy and sell stocks online, there’s a group of female tech wizards at E*Trade that make it possible. Fostering […].
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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
PYMNTS
FEBRUARY 23, 2020
JPMorgan Chase is taking steps to open a digital bank in the U.K. by the end of the year. The banking firm has been talking with London regulators about the idea, according to The Financial Times on Saturday (Feb. 22). The operation will likely include savings and lending products, and it comes just two years after U.S. bank Goldman Sachs launched a digital bank called Marcus in the U.K.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
FEBRUARY 23, 2020
Payment company PayPal is looking at small business credit as a new field of opportunity. The company is championing a national digital framework in Australia that would speed up the processes used to verify customers. In a submission to a senate inquiry into financial and regulatory technology, PayPal and other fintech companies recognized alternative business finance as a key strategy moving forward, according to the Sydney Morning Herald on Friday (Feb. 21).
Bank Innovation
FEBRUARY 23, 2020
Earnest, a student loan startup that was acquired by the student loan servicing company Navient in 2017, is turning to industry associations to boost customer acquisition. The company announced last week it is partnering with GRP Advisor Alliance, a network of financial advisers that provides new products, technology and research resources to its more than […].
PYMNTS
FEBRUARY 23, 2020
Revolution Payments is streamlining the process of commercial cards and interchange fees with its new NetSuite Level III Credit Card Processing Solution, the company announced on Friday (Feb. 21). . The NetSuite card processing solution simplifies payments and reduces the interchange cost of accepting commercial cards by up to 43 percent. Incorporating credit card processing functions into an accounting solution also makes work-flows operate more efficiently and reduces double entry. .
Bank Innovation
FEBRUARY 23, 2020
Intuit Inc. is close to buying Credit Karma Inc. for about $7 billion in cash and stock deal, the Wall Street Journal reported, citing people familiar with the matter it didn’t identify. The purchase, which could be announced by Monday, will push the maker of TurboTax deeper into the consumer finance space, the newspaper said. […].
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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 23, 2020
Intuit is close to finishing a deal to buy personal finance portal Credit Karma for around $7 billion in both cash and stock, according to The Wall Street Journal. The deal will push the bookkeeping software giant more into the realm of consumer finance, people familiar with the deal said. Credit Karma, currently a privately-held company, could find itself owned by Intuit by Monday, officials said, unless the deal falls apart.
Payments Source
FEBRUARY 23, 2020
There's been a lot of interest in using blockchain, the distributed ledger technology developed for bitcoin, to modernize payments and banking systems. But as with any technology, blockchain is only secure if its users can be trusted.
PYMNTS
FEBRUARY 23, 2020
The startup Inrupt launched by internet founder Sir Tim Berners-Lee is stepping up activity in its mission to build a new world wide web, the Financial Times (FT) reported on Saturday (Feb. 22). . In the works are a new operational team and pilot projects as Inrupt strives to create a “massively scalable, production-quality technology platform.”. Berners-Lee pioneered the internet in 1989 but is not happy with the way it has been taken over by profit-seeking enterprises.
Payments Source
FEBRUARY 23, 2020
By implementing a leading AI solution, your team can audit 100% of spend, making sure that every invoice complies with its contract terms, says Anant Kale of AppZen.
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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 23, 2020
Police and financial institutions are battling to contain a wire transfer email hacking scam that is costing individuals and businesses billions, The Wall Street Journal (WSJ) reported on Sunday (Feb. 23). . In one major example in 2018, Frank Krasovec, the chairman of Dash Brands, owner of Domino’s Pizza franchises in China, lost $450,000 when a fraudster intercepted his email.
American Banker
FEBRUARY 23, 2020
Community banks are entering the business as intermediaries to counter the pinch of low loan yields and intense competition on spread income.
PYMNTS
FEBRUARY 23, 2020
Binance , Nigeria’s cryptocurrency market, has seen sign-ups surge 50 percent so far in 2020. The market is scrambling to provide users with a stablecoin. Roughly 300 people signed up for a corresponding “masterclass” for the market in January, which taught them how to set up eWallets and explore the margin-trading strategies available.
The Financial Brand
FEBRUARY 23, 2020
Data and analytics provide financial institutions the ability to deliver products and services that are personalized and valuable. The post Data and AI in Banking: More Hype Than Reality appeared first on The Financial Brand.
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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 23, 2020
If E-Trade Financial Corp walks away from its $13 billion deal with Morgan Stanley , the massive bank will come away with a $375 million breakup fee, according to Reuters. Morgan Stanley entered a deal Thursday to buy electronic trading platform E-Trade, which would be the biggest acquisition by a major Wall Street bank since the financial crisis of the late 2000s.
The Financial Brand
FEBRUARY 23, 2020
Branch reduction is driven mainly by large banks. Others open almost as many as they close. All are striving for digitally focused branches. The post Branch Outlook for the Next Decade: Fewer, Smaller, Better appeared first on The Financial Brand.
PYMNTS
FEBRUARY 23, 2020
Millions of Chinese businesses face turmoil and strife in the wake of the coronavirus outbreak and are looking to the banks for lifelines and loans. A survey of small and medium-sized Chinese companies (SMBs) found that only a third of respondents would be able to stay afloat with monthly expenses. Another third would run out within two months. The shortages in workers and customers and the quarantine effects from the virus have many places shut down, such as one car dealership where the direct
The Financial Brand
FEBRUARY 23, 2020
Upcoming hearings on Wells Fargo will impact leadership's efforts to put cross-selling scandal behind it and rebuild trust and reputation. The post Wells Settles Sales Fraud Cases for $3 Billion but It’s Not Over appeared first on The Financial Brand.
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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 23, 2020
G20 officials want to optimize taxes from tech giants like Google in a bid to help raise revenues in countries around the world, they said Sunday. The idea , officials with the The Organisation for Economic Cooperation and Development (OECD) said, would be to tax Google and other international titans in the places where they do business, rather than where their subsidiaries are registered.
American Banker
FEBRUARY 23, 2020
Bernie Sanders’ rise to front-runner status for the Democratic nomination worries many bankers, but their opinions diverge on his electoral chances and whether a Sanders presidency would pose a direct threat.
PYMNTS
FEBRUARY 23, 2020
Accounts receivable (AR) automation firm Billtrust has appointed Mark Shifke as chief financial officer (CFO), bringing more than 35 years of financial and legal experience — including most recently as the CFO at fintech Green Dot — to guide the firm through its next phase of growth, the company announced in a recent blog. . Reporting to chief executive officer (CEO) and founder Flint Lane, Billtrust will tap Shifke’s FinTech background for the CFO position. “We’re thrilled to
PYMNTS
FEBRUARY 23, 2020
To offer expanded services as it pursues a digital innovation strategy of harnessing partnerships to provide an enhanced customer experience, Fifth Third is teaming with Fundation for small business loans. Fundation will provide its products to customers that don’t meet the loan eligibility guidelines of Fifth Third, which will aid the bank meet more of the credit needs of its small business clients, according to reports.
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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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