Payments Dive
JANUARY 17, 2020
The use of facial recognition hardware in mobile devices is expected to surge in the next few years, reaching more than 800 million devices by 2024. Facial recognition software however will still dominate.
Bank Innovation
JANUARY 17, 2020
Welcome to the latest episode of our Weekly Wrap video series, for the week ending Friday, January 17, 2019. In this episode, editors discuss the following news developments: The overlap of retail with financial services, and reflections on the National Retail Federation annual conference in New York; Visa’s acquisition of Plaid and what it means […].
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PYMNTS
JANUARY 17, 2020
DoorDash has overtaken GrubHub as the No. 1 food delivery service in the U.S., according to a report by CNBC. The data comes from analytics firm Second Measure. DoorDash got 33 percent of all food delivery sales in the U.S. in 2019. GrubHub, which used to be No. 1, captured 32 percent of the market. Uber Eats captured 20 percent, and Postmates got 10 percent.
Bank Innovation
JANUARY 17, 2020
Mitsubishi UFJ Financial Group Inc. named Hironori Kamezawa as chief executive officer, turning to a math expert to help Japan’s biggest bank forge a path in the digital era. Kamezawa, 58, will take the top post on April 1, the Tokyo-based bank said in a statement on Friday, confirming news reports from earlier this week. […].
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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
JANUARY 17, 2020
When The Clearing House launched its Real-Time Payments (RTP) network in 2017, the service was bound to rewrite some rules, and it has. More than two-thirds of executives surveyed for the January 2020 Making Real-Time Payments a Reality : Rising Demand for Real-Time Payments report from PYMNTS and Mastercard say they’re “very” to “extremely” aware of RTP, and over 85 percent report that they are now implementing RTP, or plan to, over the next three years.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JANUARY 17, 2020
Accounts payable (AP) automation technology has hit the ground running, with solutions designed to accelerate invoice processing, optimize payment strategies and promote digital adoption. Yet, with AP solution providers enticed by the high payment volumes and values of the B2B arena, emerging solutions can sometimes be too large for the mom-and-pop shop on Main Street.
Gonzobanker
JANUARY 17, 2020
Year one of the Tech Decade in Banking will bring no shortage of tension between technology investments and earnings targets. Well GonzoBankers, the gang is back to work and we are all headed face-first into 2020 – a year with more uncertainty than most about how things will turn out. So, to get your Gonzo executive brains warmed up for a new year, I offer you 20 important banking realities for 2020 to guide your strategic execution efforts: 1.
PYMNTS
JANUARY 17, 2020
Artificial intelligence (AI) is moving from cool concept toward everyday consumer reality, and signs of that innovation are increasingly appearing in the retail space. Take the issue of retail security as one example. As the new PYMNTS Merchant Fraud Decisioning Playbook shows, fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use.
Payments Source
JANUARY 17, 2020
While not as large as the U.S. both in number of people and number of credit card owners, the U.K. remains to be a very lucrative market for issuing banks and card networks, as well as a host of alternative financial service providers catering to younger, underserved consumers.
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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
JANUARY 17, 2020
Healthcare providers must frequently wait to get paid by insurance company partners for the patient treatments they have already administered. Some private practice physicians even report weeks or months going by before they see insurance reimbursements. These delays can cause major challenges for providers’ cash flows, as practitioners must continue to handle their own expenses even when revenue is slow to arrive.
Payments Source
JANUARY 17, 2020
U.K. digital payments provider and challenger bank Revolut is closing soon on its latest fundraising round with investors, including Technology Crossover Ventures, providing a $7 billion to $8 billion valuation for the startup.
PYMNTS
JANUARY 17, 2020
An uptick in check fraud has financial institutions considering whether they should update methods and stop using checks, according to a report Wednesday (Jan. 15) by The Wall Street Journal. Check fraud, or the attempt to perpetrate it, has gone up from $8.5 billion in 2016 to $15.1 billion in 2018. Also, it makes up 60 percent of all attempted fraud against U.S. bank deposit accounts, according to a survey released by the American Bankers Association. .
CFPB Monitor
JANUARY 17, 2020
Paul Clement, who was appointed amicus curiae by the U.S. Supreme Court to defend the Ninth Circuit’s ruling in Seila Law that the CFPB’s structure is constitutional, filed a brief with the Supreme Court this week in support of the ruling. As an initial matter, Mr. Clement argues that the Court should deem the dispute over the Bureau’s constitutionality premature because Seila Law has not suffered an injury that is traceable to the constitutionality question.
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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
JANUARY 17, 2020
Epic Systems is telling clients that it will not seek further Google Cloud integration and will instead focus on Microsoft Azure and Amazon Web Services (AWS), CNBC reported. The company decided to stop development with Google Cloud as it wasn’t experiencing enough interest among its health system clients to justify the investment. Epic, which is privately held, is one of the biggest electronic medical record firms in the U.S.
Payments Source
JANUARY 17, 2020
Terrorism financing schemes using cryptocurrencies are growing in sophistication, according to researcher Chainalysis Inc., which helps law enforcement track digital-coin transactions.
PYMNTS
JANUARY 17, 2020
Amazon might become a part of the so-called trillion-dollar club once again. The club is the collection of firms that have a market value of at least $1 trillion and encompasses tech giants Microsoft and Apple along with Google-parent Alphabet. Microsoft has a $1.27 trillion market value, Apple has a $1.38 trillion market value, and Alphabet has an approximately $1 trillion market value, CNBC reported.
Payments Source
JANUARY 17, 2020
European Union privacy watchdogs are gearing up to police digital assistants after revelations that Amazon.com Inc. workers listened in on people’s conversations with their Alexa digital assistants.
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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
JANUARY 17, 2020
There was a lot of movement this week in the race for the consumer’s whole paycheck – in all directions. Both racers saw big steps forward; in Amazon’s case, that came in the form of its ongoing fight against counterfeiters attempting to sneak onto the marketplace. In Walmart’s case, the advances were yet another addition to its ever-growing robotic workforce.
Payments Source
JANUARY 17, 2020
The fintech Sezzle has finally received its point-of-sale lending license in California after agreeing to refund consumers in the state and pay a penalty for previously making illegal loans there, the California Department of Business Oversight said Thursday.
PYMNTS
JANUARY 17, 2020
It’s too early into the new year to definitively call a trend. But then again, only two weeks into 2020, mergers and deal-making in payments, specifically within digital payments and FinTech, are sizzling. In just the past few days we’ve seen announcements of more than $7 billion worth of tie-ups. The biggest one, so far, of course, has been Visa inking a deal to purchase FinTech firm Plaid for $5.3 billion.
American Banker
JANUARY 17, 2020
Terrorism financing schemes using cryptocurrencies are growing in sophistication, according to researcher Chainalysis, which helps law enforcement track digital-coin transactions.
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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
JANUARY 17, 2020
Three in a row. In data provided by the U.S. Commerce Department, retail sales were up for the third consecutive month as of December of last year, and buying was broad-based across several categories – with the exception of autos. In terms of headline numbers, retail sales overall were up 30 basis points. November sales, revised upward, gathered 30 basis points, too (versus the 20 basis points that had previously been estimated).
ATM Marketplace
JANUARY 17, 2020
With Windows 7 support coming to an end, listen to this podcast to learn the ins-and-outs of the Windows 10 upgrade.
PYMNTS
JANUARY 17, 2020
In a New York Times interview with the paper’s editorial board, Presidential candidate Joe Biden said that he wasn’t a fan of Facebook or its CEO Mark Zuckerberg, according to a report by Cnet. The paper asked Biden about a recent false ad that ran on Facebook about how he blackmailed Ukrainian officials. “I’ve never been a fan of Facebook, as you probably know,” Biden said. “I’ve never been a big Zuckerberg fan.
FICO
JANUARY 17, 2020
Seventy percent of digital transformation projects fail to reach their stated goals , at least according to research from McKinsey Consulting. This statistic seems shocking because it’s easy to forget just how much complexity there is in creating transformative new experiences for customers. We take it for granted that, with a few taps on our smartphones, we can summon a driver to pick us up or track the real-time location of our pizza as it’s being delivered or browse through a shockingly good
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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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