Chris Skinner
MAY 5, 2020
I was recently watching an online poll that asked the best way for a traditional bank to compete with the new digital banks. Should they build a new bank, buy a digital bank competitor, or transform the old bank? The vote was split fairly equally between all three choices after … The post Build, Buy or Transform the Bank? appeared first on Chris Skinner's blog.
Payments Dive
MAY 5, 2020
COVID-19 has let to millions of consumers transitioning to online e-commerce purchases as retail stores have been forced to close or shift to delivery and pickup. At the same time, consumers and merchants are increasingly exposed to a new level of fraud as bad actors are finding new methods and targets to take advantage of the online shift.
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Chris Skinner
MAY 5, 2020
Things we’re reading today include … Top Wirecard shareholder calls on board to end ‘whitewash’ Brexit talks hurtling towards new crisis point, says Irish foreign minister When the banks closed in Wuhan, nobody cared Coronavirus: Barclays customers struggle to get ‘vital’ loans Jolt to eurozone as German court warns against … The post Things worth reading: 6th May 2020 appeared first on Chris Skinner's blog.
PYMNTS
MAY 5, 2020
“Credit unions across the country are on high alert for scammers looking to take advantage of members during the pandemic and are stepping up fraud prevention efforts as a result,” according to PYMNTS’ April Credit Union Tracker® done in collaboration with PSCU. Detailing warnings recently issued by New York’s Sidney Federal Credit Union and the City of Boston Credit Union, among many others, credit union (CU) members are the target of cyberattackers posing as the Centers for Disease Contr
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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
Bobsguide
MAY 5, 2020
However, the investment management sector heavily relies on customer preferences as well as on the ability of the sector to adjust to industry standards, so technology evolution is usually the least of the wealth management firm’s concerns, or isn’t it? How has technology reshaped the.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bobsguide
MAY 5, 2020
NR: Welcome Des, you and I have known each other for some time now, but for those that may not know you or your work, can you tell us a little bit about yourself and Cupula Consulting? DL: Sure Neville, be happy to. I have worked in the Financial Services Industry for over 30 years and.
PYMNTS
MAY 5, 2020
Retail reopening events continued to draw light foot traffic on Monday, as Florida joined Texas in allowing non-essential stores to reopen. Meanwhile the digital shift momentum continues to draw new infrastructure. Florida granted permission for stores to reopen Monday (May 4), the first phase of a return from the coronavirus lockdown. A report from Tampa, among others, showed that few of the outlet stores took advantage.
Bobsguide
MAY 5, 2020
The UK government needs to create rules around biometric technologies to determine how they are used, said Hugh Milward, director of corporate, external and legal affairs at Microsoft UK, during a panel on developing governance for biometrics at a Westminster eForum policy conference today.
PYMNTS
MAY 5, 2020
As the world steadily inches toward reopening after several months of coronavirus-related lockdowns, Frontier Airlines will give people the option to pay extra to leave the middle seat in their row empty, per reports. The gesture is an attempt to adhere to social distancing measures to ease people back into traveling while the virus is still present.
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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
MAY 5, 2020
With the coronavirus pandemic forcing far more e-commerce transactions — and thus, more spending on cards instead of cash — loyalty and rewards are vital to creating lasting consumer habits.
PYMNTS
MAY 5, 2020
Open application programming interfaces (APIs) are playing an increasingly important role in the financial industry as the field grows increasingly digital. APIs allow banks and technology providers to coordinate development much more easily, enabling the creation of innovative new products and services for functions such as B2B payments. The European Union (E.U.) is currently leading the pack when it comes to API development, thanks to the revised Payment Services Directive ( PSD2 ), which mand
Payments Source
MAY 5, 2020
A merchant’s payment provider can play a decisive role in determining whether the merchant is able to ensure business continuity during force majeure events, says Credorax’s Igal Rotem.
PYMNTS
MAY 5, 2020
In the age of the coronavirus, everyone is conducting all facets of daily life – commerce, banking, schooling, working – from home. In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction.
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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
MAY 5, 2020
The strength of the post-coronavirus recovery will determine if that's enough for the digitally focused challenger to battle well-capitalized banks.
PYMNTS
MAY 5, 2020
The coronavirus has forced all of us to stay home, to get what we need through delivery to our doorsteps. To that end, said Bud Walker, chief strategy officer at data verification firm Melissa Data , firms need the cleanest, most up-to-date and accurate information possible as they make the pivot toward eCommerce and improving sales and marketing efforts.
Payments Source
MAY 5, 2020
The lender’s offices in the U.S., Canada and the U.K. will remain shut to all nonessential staff at least through the Labor Day holiday on Sept. 7, CEO Richard Fairbank wrote in an internal memo.
PYMNTS
MAY 5, 2020
Household debt has risen substantially in 2020 thus far, shooting up to $14.3 trillion, a number bypassing the height of the Great Recession by $1.6 trillion, according to a CNBC report that cited the New York Federal Reserve. However, credit card balances have dropped compared to before the coronavirus pandemic. That can be attributed to the slowdown in consumer spending as many people stay home.
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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.
CFPB Monitor
MAY 5, 2020
The Connecticut federal district court has ruled in Pennsylvania Higher Education Assistance Agency v. Perez that demands by the Connecticut Department of Banking (DOB) to the Pennsylvania Higher Education Assistance Agency (PHEAA) for federal student loan documents are preempted by federal law. PHEAA was represented by Ballard Spahr. PHEAA services federal student loans made by the Department of Education (ED) under the Direct Loan Program pursuant to a contract between the ED and PHEAA.
PYMNTS
MAY 5, 2020
In the best of times, returns are the bane of eCommerce existence. In these worst of times, they’re even more complicated as return policies are all over the map due to the COVID-19 crisis and consumers who have amped up their eCommerce spending. With the retail industry sliding into Mother’s Day in just a week, the return issue is bound to raise its head.
SWBC's LenderHub
MAY 5, 2020
What happened. While stocks finished relatively unchanged for the week, and corporate bonds were steady, the market didn’t feel good at all as we went into the weekend. Corporate earnings have been as awful as most suspected, but the big-tech companies like Apple and Amazon reporting dismal outlooks seemed to surprise. These companies along with other tech giants like Microsoft, Facebook, and Google make up nearly 20% of the S&P 500 on a weighted basis.
PYMNTS
MAY 5, 2020
A little-known Puerto Rican company, Bitcoin Manipulation Abatement (BMA), has filed a lawsuit against Ripple , accusing the blockchain firm of breaking rules when it ran a recent securities sale, CoinDesk reported. BMA, of which little is known, filed a lawsuit in San Francisco alleging that Ripple and CEO Brad Garlinghouse didn’t register the company’s latest $1.1 billion XRP sale with the relevant authorities.
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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.
CFPB Monitor
MAY 5, 2020
The U.S. Court of Appeals for the Eleventh Circuit held last week, in Medley v. DISH Network, LLC , that the Telephone Consumer Protection Act (TCPA) does not allow a consumer to unilaterally revoke consent to receive automated calls when such consent is given as part of a bargained-for exchange. In its decision, the Eleventh Circuit expressed its agreement with the Second Circuit’s 2017 decision in Reyes v.
PYMNTS
MAY 5, 2020
London-based FinTech Revolut is planning to tap the $500 million it got from investors to acquire competing technology firms suffering from the impact of the global coronavirus pandemic. Revolut Founder and CEO Nikolay Storonsky told the Financial Times in a Tuesday (May 5) report that his business has “a real opportunity” to use the pandemic to its advantage.
BankBazaar
MAY 5, 2020
Based on your spending capacity, you may or may not be able to spend on certain things. The good news? No matter what your spending capacity is, a Credit Card can definitely help improve it. Are you looking for ways to better your financial condition and continuously trying to explore new ways to do so? To feel financially stable and free at the same time is indeed a major life goal.
PYMNTS
MAY 5, 2020
Uber is considering upping its investment in a different kind of transportation. TheInformation.com reports that the ridesharing company is in talks to invest $170 million into electric scooter maker Lime with an acquisition option. The talks come at a time when Lime’s business has ground to a halt amid the pandemic. In a letter to employees on April 30, Lime CEO Brad Bao said he was forced to lay off 80 employees, or 13 percent of its staff, due to the impact of COVID-19 on the business. .
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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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