Chris Skinner
JULY 24, 2019
No, I’m not talking about Francis Rossi but the issue of how to achieve sustainability. This came up during a lunch, where my lunch colleague had picked up on my discussions of sustainable finance, and started to debate how we could change things. The issue we agreed is with governments, … The post Is there any way to change the status quo? appeared first on Chris Skinner's blog.
South State Correspondent
JULY 24, 2019
LOAN STRUCTURING HACKS One battle currently waged in the banking industry is amortization terms and interest-only (IO) periods. Borrowers often have legitimate needs to extend the principal repayment on term loans to 30 years. Banks prefer 20-year amortization terms on real estate-secured loans, but most banks are willing to extend to 25-year amortization terms.
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Chris Skinner
JULY 24, 2019
Things we’re reading today include … Metro Bank to replace founder Vernon Hill as chairman Betterment wants your bank account as well as your investments Exclusive: Deutsche Bank’s problem derivatives cloud recovery – sources Free cash machines so rare people are now prepared to drive five miles to avoid paying, … The post Things worth reading: 25th July 2019 appeared first on Chris Skinner's blog.
PYMNTS
JULY 24, 2019
To reinforce the Federal Reserve’s authority to create a real-time payments system and mandate that the Fed brings about its own process, two U.S. representatives and two U.S. senators have introduced the Payment Modernization Act of 2019. The legislation was brought forward by Congresswoman Ayanna Pressley (D-MA), Senators Chris Van Hollen (D-MD) and Elizabeth Warren (D-MA), and Congressman Jesús “Chuy” García (D-IL), according to an announcement.
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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
JULY 24, 2019
Robo-adviser Betterment is launching high-yield savings and checking accounts in an effort to enhance existing customer relationships and grow its customer base, to whom it can pitch other products. The New York-based company this week rolled out two new products: a savings account, which is available now, with a market-leading 2.69% APY and that’s FDIC-insured […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
JULY 24, 2019
Umpqua Bank, the Portland, Ore.-based regional bank with $28 billion in assets, is growing its human-digital strategy through its Go-To app. Through the mobile digital platform, the bank is putting customers directly in touch with a personal banker who customers can text. In a call with investors on Thursday, Umpqua president and CEO Cort O’Haver […].
PYMNTS
JULY 24, 2019
The Internet of Things (IoT) continues to grow in popularity: A recent International Data Corporation (IDC) study projects there will be 41.6 billion IoT devices by 2025, up from 7 billion in 2018. This growth is the result of several factors, including low silicon costs and advances in miniaturization. Despite IoT’s popularity, however, security a nd privacy issues continue to make headlines.
Bank Innovation
JULY 24, 2019
Robo-adviser Betterment is launching high-yield savings and checking accounts in an effort to enhance existing customer relationships and grow its customer base, to whom it can pitch other products. The New York-based company this week rolled out two new products: a savings account, which is available now, with a market-leading 2.69% APY and that’s FDIC-insured […].
PYMNTS
JULY 24, 2019
While commercial real-time payments became available in the U.S. back in 2017, they haven’t yet hit ubiquity. By the end of 2018, the RTP network reached a little more than half of U.S. accounts. But this has been the domain of larger financial institutions, especially when community banks and credit unions are included. This is shifting, though. Last month, payment company PayFi and The Clearing House (TCH) partnered to bring real-time payment technologies to community banks.
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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
Bank Innovation
JULY 24, 2019
Umpqua Bank, the Portland, Ore.-based regional bank with $28 billion in assets, is growing its human-digital strategy through its Go-To app. Through the mobile digital platform, the bank is putting customers directly in touch with a personal banker who customers can text. In a call with investors on Thursday, Umpqua president and CEO Cort O’Haver […].
PYMNTS
JULY 24, 2019
High-yield checking and savings are now being offered by online wealth advisor Betterment as a way to attract new customers. . “It’s really hard for banks to follow us here,” Betterment founder and CEO Jon Stein told CNBC. “If you look at where the big banks and brokerages make most of their money, it’s in their retail savings accounts.”. The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%.
Bank Innovation
JULY 24, 2019
While sending funds through Venmo is so common it’s a verb, bank-backed peer-to-peer payments tool Zelle is quickly picking up adoption. On Tuesday, Early Warning Services, the network operator behind Zelle, claimed consumers across generations are adopting its service for everyday purchases, not just larger transactions like rent payments. The company said $44 billion spread […].
PYMNTS
JULY 24, 2019
Big Tech vs. big banks. Battling. Conventional wisdom seems to hold that challenger banks will eat traditional financial institutions’ collective lunch in the race for deposits, for checking, even for credit cards. In that mindset, banks, laden with entrenched legacy systems, with disparate platforms — call it big infrastructure! — and less than seamless online presence are at an inherent disadvantage when it comes to catering to the needs and desires of an ever-younger population used to techno
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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
JULY 24, 2019
Increased connectivity and speed could mean shorter transaction times for consumers, quicker and more stable connectivity between merchants and acquirers and even an end to offline payments, writes James Daniels, vice president and head of Asia Pacific at FIME.
PYMNTS
JULY 24, 2019
Payroll startup Gusto announced Wednesday (July 24) that it has raised $200 million led by former U.S. Vice President Al Gore’s Generation Investment Management and Fidelity Management & Research Company. Gusto aims to unravel payroll complexity for small and medium businesses (SMBs). In the past year, signups surpassed 100,000 customers, according to a report.
Payments Source
JULY 24, 2019
In their efforts to understand data privacy regulations and maintain compliance, it’s become clear that a large number of retailers simply don’t know the true whereabouts of their customers’ data, never mind how that data is being used, says Cleo's Dave Brunswick.
PYMNTS
JULY 24, 2019
The victory of Boris Johnson in the U.K.’s Conservative Party leadership contest is only the latest geopolitical event sparking concerns among analysts over foreign exchange (FX) markets — and corporates’ ability to react to those changes. With Johnson named as new Prime Minister, analysts are again shifting their focus on the execution of Brexit and how FX markets will be impacted.
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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.
Payments Source
JULY 24, 2019
Giant Eagle’s supermarkets go back a century, literally, making the Pittsburgh chain one of the best tests yet for how the supermarket experience can adapt to mobile technology and the de-emphasizing of tradition checkout.
PYMNTS
JULY 24, 2019
If the last mile of eCommerce lies with logistics — getting goods where they need to go — the “last mile” in digitizing payments processes may lie within payments automation. Managing cash flow, after all, is a balancing act between cash in (being paid) and cash out (making payments). It’s a process mired in paper checks and invoices, and thus mired in inefficiency.
BankBazaar
JULY 24, 2019
There are a few reasons why a woman might want to have a secret bank account. In the eventuality that you do need one, here’s what you should keep in mind. Do you belong to a family where you’re expected to hand over your salary every month to them, no questions asked? Or maybe things aren’t going so well with your marriage and you need to start saving up, quickly and quietly, in order to make yourself financially secure.
PYMNTS
JULY 24, 2019
Real estate is the source of massive, ongoing digital innovation – and the same holds true, at least arguably, in the wider world of credit unions , though many of them still struggle to offer loyalty and rewards programs to retail consumers. Meanwhile, trust and identity issues continue to evolve at a rapid pace, new payment regulations promise to impact global commerce and faster payments are revving the retail engine.
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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
JULY 24, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: PayPal complies with India's data storage rules; Uber tests new subscription service; Union Bank of the Philippines tests blockchain payments; Bitcoin Hyper launches.
PYMNTS
JULY 24, 2019
Union Bank of the Philippines is experimenting with blockchain for remittances, as its chairman believes that the technology can boost financial services in rural areas. Chairman Justo Ortiz revealed that the bank is allowing overseas Filipino workers to send money home quickly while also maintaining more control over who receives the funds and how the money is used.
Payments Source
JULY 24, 2019
One year out from hosting the Summer Olympics, Japan’s merchant base has one of the lowest ratios of contactless acceptance compared with other major markets.
PYMNTS
JULY 24, 2019
Facebook is expected to settle on Wednesday (July 24) with the Securities and Exchange Commission’s investigation into its privacy practices. . The SEC is expected to slap Facebook with a fine of over $100 million, a person familiar with the matter told The Wall Street Journal. The investigation centered on allegations that Facebook didn’t disclose that users’ data was possibly obtained without their permission.
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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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