Bank Innovation
OCTOBER 27, 2019
Amazon Pay is partnering with payment network Paymentus to allow U.S. consumers to query Alexa devices about their bills, the companies announced Sunday at the Money2020 conference in Las Vegas. The move stops short of enabling bill payments through Alexa, though Amazon said it would add this capability in the future. Through voice, the companies […].
Chris Skinner
OCTOBER 27, 2019
A few talking points last week, but two hit me in particular. The first is a McKinsey report that reckons half of the world’s bank are not viable. Their cost of equity is higher than their return on equity. Should another downturn hit … well, they’re gone. “Every bank is … The post McKinsey reckon banks are in a ‘do-or-die’ moment … really?
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PYMNTS
OCTOBER 27, 2019
China’s congress has passed a cryptography law to promote crypto development and ensure sound cybersecurity, according to a report from Xinhuanet , China’s news agency, on Saturday (Oct. 26). . The law will regulate the use of cryptography, facilitate the cryptography business and establish cybersecurity, according to the NPC Constitution and Law Committee , the news agency reported.
Ron Shevelin
OCTOBER 27, 2019
In the face of broad industry disruption, consulting firms’ are offering recommendations that provide incremental improvements to the existing cost and profit structure.
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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
OCTOBER 27, 2019
Mobile payments startup Stripe announced its official launch in Mexico, the second-largest economy in Latin America. While retail eCommerce is expected to grow in Mexico by 35 percent this year, the internet only represents around two percent of the country’s GDP. “For internet businesses, accepting payments and moving money is still too complicated, cumbersome and slow,” John Collison, co-founder and president of Stripe, said in a press release.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
OCTOBER 27, 2019
Mobile payments startup Stripe announced its official launch in Mexico, the second-largest economy in Latin America. While retail eCommerce is expected to grow in Mexico by 35 percent this year, the internet only represents around two percent of the country’s GDP. “For internet businesses, accepting payments and moving money is still too complicated, cumbersome and slow,” John Collison, co-founder and president of Stripe, said in a press release.
Payments Source
OCTOBER 27, 2019
Regulatory bodies are making modifications to disclosure requirements with greater frequency, requiring issuers to spend time and money to make updates across what is often a complex mixture of products, communications and channels, says Messagepoint's Fred Harding.
PYMNTS
OCTOBER 27, 2019
Sources have revealed that Wells Fargo has laid off more than 200 bankers in its U.S. lending division in recent months, with a focus on its agriculture and energy teams, Reuters reported. The company’s agricultural lending division, which gives loans to farmers, was cut by at least 25 percent, while the bank also laid off about 7 percent of the staff from its energy lending group over the summer.
Let's Talk Payments
OCTOBER 27, 2019
In Q3 2019, FinTechs around the world raised $12.46 billion in investments from 591 deals with 9.8% QoQ growth in total funding raised compared to Q2 2019.
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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
OCTOBER 27, 2019
Jumio has announced the beta release of Jumio Go, the company’s first real-time, fully automated identity verification solution. The solution is designed to remove friction from the user onboarding process, while also preventing online identity fraud and meeting anti-money laundering (AML) and know your customer (KYC) compliance rules. Powered by AI, Jumio Go provides customers with a real-time, secure and reliable way to verify remote users.
Jeff For Banks
OCTOBER 27, 2019
You're a top performer at your bank and an executive from a competing bank wants you on their team. You recently got a new boss, and it isn't gelling. So the offer is timely. You check out the competing bank. Do your due diligence. You respect their executives. Their numbers look good. Heck, you've lost a few deals to them. This bank deserves serious consideration for a job switch.
PYMNTS
OCTOBER 27, 2019
Sources have revealed that Wells Fargo has laid off more than 200 bankers in its U.S. lending division in recent months, with a focus on its agriculture and energy teams, Reuters reported. The company’s agricultural lending division, which gives loans to farmers, was cut by at least 25 percent, while the bank also laid off about 7 percent of the staff from its energy lending group over the summer.
Payments Source
OCTOBER 27, 2019
Mastercard's positioning its effort as a call to action — instead of a mandate — to bring stakeholders together to product best practices to project data.
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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
OCTOBER 27, 2019
Zamna announced that it has raised a $5 million seed funding round led by LocalGlobe and Oxford Capital. Seedcamp, the London Co-Investment Fund (LCIF), Telefonica, and a number of angel investors also participated in the round, as well as existing investor IAG (International Airlines Group). Zamna, previously known as VChain Technology, uses a blockchain to safely share and verify data between airlines and travel authorities to check passenger identities.
Let's Talk Payments
OCTOBER 27, 2019
The Singapore FinTech Festival (SFF) is back for its fourth year.
PYMNTS
OCTOBER 27, 2019
At first glance, the mention of seafood and the doctor’s office in the same sentence may conjure up images of a clambake gone terribly wrong. But for Mastercard , which announced a number of new tech-driven initiatives on Sunday (Oct. 27), far-flung verticals such as healthcare and seafood supply chains – and even FinTech – can be united under a key principle: Trust.
The Financial Brand
OCTOBER 27, 2019
New Citigroup President Jane Fraser steps into #3 U.S. bank's top consumer job and into the running for CEO of whole company. The post Probing the Thinking of Citi’s New Retail Banking Chief and Potential #1 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
OCTOBER 27, 2019
Uber is testing out a service through Uber Eats that will allow customers to book culinary classes, Forbes reported. The rideshare giant introduced the experiment — called Uber Moments — in an email sent to its San Francisco customers, explaining that they can book an experience for the next month, scheduled until Nov.17. The “Moments” being offered include a $75 class on making Chinese dumplings, as well as a $55 five-course Nigerian dinner.
The Financial Brand
OCTOBER 27, 2019
Banks and credit unions must revamp their business models before fintechs and big techs become a dominant, and unstoppable, force in banking. The post It’s Now or Never for a Third of Traditional Financial Institutions appeared first on The Financial Brand.
PYMNTS
OCTOBER 27, 2019
Digital cross-border payments provider InstaReM has announced that it is rebranding to become part of Nium , the first global payments platform that allows businesses to send, spend and receive money from around the world. Backed by investors including Vertex Ventures, Fullerton Financial Holdings, Rocket Internet and MDI Ventures, InstaReM is currently regulated in the U.S., the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, processing billions of dollars a year fo
The Financial Brand
OCTOBER 27, 2019
The best distribution models in banking will leverage data, advanced analytics and AI to create seamless and personalized multichannel experiences. The post Current Retail Banking Distribution Models Are Destined to Fail 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
OCTOBER 27, 2019
SoftBank Group Corp. is making investment plans for its second Vision Fund , Bloomberg reported. Sources have said that the Japanese conglomerate is reportedly in talks about funding Alto Pharmacy , a pharmaceutical delivery startup; Creator , which is focused on robotic burger-making; and Memphis Meats, a maker of lab-grown meat. It is still raising money for the new fund, which is expected to be larger than its first Vision Fund.
PYMNTS
OCTOBER 27, 2019
Payroc announced that it has merged with Payscape , NXGEN and BluePay Canada to create a combined enterprise with increased capabilities, Payroc said in a press release on Sunday (Oct. 27). . The operation will carry an enhanced, innovative Payroc brand, offering full-service global merchant acquirer services and payments processing in 46 countries.
PYMNTS
OCTOBER 27, 2019
At first glance, the mention of seafood and the doctor’s office in the same sentence may conjure up images of a clambake gone terribly wrong. But for Mastercard , which announced a number of new tech-driven initiatives on Sunday (Oct. 27), far-flung verticals such as healthcare and seafood supply chains – and even FinTech – can be united under a key principle: Trust.
PYMNTS
OCTOBER 27, 2019
Uber is testing out a service through Uber Eats that will allow customers to book culinary classes, Forbes reported. The rideshare giant introduced the experiment — called Uber Moments — in an email sent to its San Francisco customers, explaining that they can book an experience for the next month, scheduled until Nov.17. The “Moments” being offered include a $75 class on making Chinese dumplings, as well as a $55 five-course Nigerian dinner.
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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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