Mon.Aug 26, 2019

article thumbnail

For startups to bridge banks’ fintech gap, innovation execution needs a reality check

Bank Innovation

This is the second article in a two-part series on bank-fintech collaborations based on the 2019 State of Banking Innovation Survey, a study conducted by Bank Innovation and INV Fintech. While banks are pushing for more fintech startup collaborations, new data shows that working alongside startups can uniquely “bridge” the fintech gap for financial institutions.

article thumbnail

The Cyber Hack From Space

PYMNTS

This week marked a historical milestone that many Americans probably missed in the course of trying to follow a news cycle that is always full, to say the least. This week an American citizen’s bank account was hacked. From space. The story, admittedly, is a bit less exciting than the setup makes it sound; it is not the case that E.T. has picked up a bad bitcoin habit and turned to a life of cybercrime to support his cryptocurrency speculating addiction.

Security 207
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

For startups to bridge banks’ fintech gap, innovation execution needs a reality check

Bank Innovation

This is the second article in a two-part series on bank-fintech collaborations based on the 2019 State of Banking Innovation Survey, a study conducted by Bank Innovation and INV Fintech. While banks are pushing for more fintech startup collaborations, new data shows that working alongside startups can uniquely “bridge” the fintech gap for financial institutions.

article thumbnail

Visa: New Cyber Threats Require New Fraud Tools

PYMNTS

The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world. As for the who, Prasad told Webster that there are still plenty of attacks perpetrated by the more professional organized crime-modeled hacker gangs that are behind massive breaches that capture the headlines.

Tools 207
article thumbnail

Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

article thumbnail

FinCEN Releases New Advisory for Financial Institutions Regarding the Fentanyl Epidemic

Abrigo

In response to the nation-wide opioid crisis that has led to unprecedented addiction and death, FinCEN has issued guidance to alert financial institutions to the financial schemes and typologies related to the trafficking of fentanyl and other synthetic opioids. According to the Centers for Disease Control and Prevention (CDC), 130 people die each day in the United States from an opioid-related overdose.

More Trending

article thumbnail

US Bank expands AI insights in its mobile app

Bank Innovation

U.S. Bank is revamping its app to offer more personalized insights to customers and is quickly adding new capabilities to keep them within its ecosystem. Through its latest app upgrade, U.S. Bank is folding capabilities typical of third-party personal finance apps into its mobile experience, including spending trends and automated financial advice capabilities it’s calling […].

Mobile 150
article thumbnail

How Financial Institutions Focus on Customers Is Key

Abrigo

The community bank model is built around customer service, but for many bank and credit union customers, the definition of “good service” has been changing over the last couple of decades. While good service 20 years ago might have focused on having fully staffed branches, today it more likely involves a blend of digital technology and face-to-face contact with staff.

article thumbnail

LendingPoint closes $250m credit facility to expand platform

Bank Innovation

Digital lender LendingPoint, which so far has originated more than $1.4 billion in loans to individuals, just got a major boost to build its imprint among a consumer population it considers underserved. On Monday, the five-year-old company closed a $250 million credit facility arranged by Guggenheim Securities. The credit facility has an “accordion feature,” which […].

Security 150
article thumbnail

Building A DTC Men’s Personal Care Brand With eCommerce

PYMNTS

To provide men’s personal care items that feel like premium brands at accessible price points, eCommerce innovators are building product lines through the direct-to-consumer (DTC) model. Take Huron , which sells body wash, face lotion and face wash through its website. Founder Matt Mullenax was inspired to start the brand after cutting his teeth in the DTC world as an early employee at Bonobos.

Branding 163
article thumbnail

The State of Automation in Financial Services 2024 Report

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

article thumbnail

British Airways' GDPR fine shows regulators are getting serious

Payments Source

Not only does it illustrate the willingness of regulators to impose massive fines for massive data breaches, it also reminds us that this situation could be just the tip of a financial iceberg, says White Hat Security's Mark Rogan.

article thumbnail

How Will 5G Weather Growing Resistance To Deployments?

PYMNTS

Everyone in retail and payments is – or should be – getting ready for 5G mobile network technology. More potential and real 5G use cases keep popping up (more about that in just a bit), but it also pays to keep in mind that as the technology moves closer to the mainstream, more consumers are fighting back against those deployments. Here at PYMNTS, we take a generally optimistic and robust view of the coming decade of the 2020s, during which many fresh payments and retail innovations promise to c

Mobile 159
article thumbnail

BBVA Peru teams with Visa-backed fintech to compete with cash

Payments Source

BBVA Peru is the first bank to deploy a real-time mobile payments platform designed by YellowPepper, following Visa’s May 2018 investment in the Miami-based fintech.

Miami 129
article thumbnail

Disney+ To Come With High-Quality Streaming

PYMNTS

As part of its standard plan, Disney ’s new Disney+ streaming service will offer high-quality content streaming with its $6.99-per-month basic offering. The news could put more pressure on streaming rivals like Netflix, which reportedly does not offer high-definition streaming with its $8.99-per-month basic tier offering, CNBC reported. Although the basic Netflix plan in the U.S. is more costly than Disney’s, Netflix tends to target a wider audience than Disney+ plans to target when it rolls out

Apple 156
article thumbnail

Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

article thumbnail

Why Is Uber Hiring So Many Fintech People?

Ron Shevelin

It's possible that Uber wants to be the USAA to its target segment of financial services customers.

Fintech 167
article thumbnail

Despite Meeting Swiss, US Lawmakers Remain Libra Skeptics

PYMNTS

U.S. House Financial Services Committee Chair Maxine Waters met with government officials in Switzerland about Libra, and said she remained concerned about the viability of the currency, according to a report by Reuters. Waters released a statement on Sunday (August 25) saying that despite meeting with the regulatory body for the proposed cryptocurrency, the implications of a large tech company providing a digital currency for billions of people still troubled her. .

Meeting 145
article thumbnail

Blockchain can take friction out of PCI compliance

Payments Source

Blockchain and distributed ledger technology offer many of the basic elements that are essential components for PCI DSS compliance, writes Doug Wick, chief product officer at ALTR.

article thumbnail

 Justice Department Indicts 80 in Massive Online Fraud Scheme

PYMNTS

Late this past week, on Thursday (Aug. 22) the Justice Department unsealed an indictment —spanning 252 counts — against 80 defendants for alleged online scams that bilked firms and individuals of tens of millions of dollars. As reported, many of those indicted are Nigerian nationals. The indictment was unsealed by the U.S. Attorney’s Office for the Central District of California.

Fraud 145
article thumbnail

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

article thumbnail

The Bluegrass Banker

ABA Community Banking

From equine lender to civic leader, ABA Treasurer Luther Deaton is a consummate Kentucky banker. The post The Bluegrass Banker appeared first on ABA Banking Journal.

article thumbnail

A Digital Solution For Every Problem 

PYMNTS

There might not be a digital service for every activity under the sun just yet – but even if you can’t find the one you want, it will likely emerge within a month or two. Where there’s a will, there’s a way, and a digital payments provider to make it happen. Better mechanisms for millennials to buy houses? Check. Want to spend crypto on regular eCommerce sites?

article thumbnail

How AI is Fighting Money Laundering

Banking Exchange

Machine-learning systems pour through petabytes of data to zero in on suspicious correlations Compliance Risk Management Technology BSA/AML Security Compliance Management Operational Risk Feature Financial Trends AML & Fraud Feature3 Payments.

article thumbnail

Trending: The New Face Of Kiosk Retail

PYMNTS

Supermarkets are turning to automated solutions to help them meet customers’ demands for rapid in-store shopping and delivery. Grocery chain Giant Eagle , for one, recently announced plans to deploy a computer visioning and machine learning system that would enable checkout-free shopping. Other grocery companies, meanwhile, have sought to meet demands for accelerated delivery by making use of fulfillment centers equipped with artificial intelligence tools and robotics for fast order preparation.

Retail 139
article thumbnail

Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.

article thumbnail

8.26.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Is Libra's regulatory heat too much for the project's partners?; Revlut adds top execs; Venezuelan department store turns to blockchain to combat inflation; InstaRem looks for more corridors.

article thumbnail

Bitcoin Daily: FTC Settles With Accused Crypto Pyramid Schemers; BTC Transactions Spike To Two-Year High

PYMNTS

The US Federal Trade Commission announced that the promoters of recruitment-based cryptocurrency schemes have been permanently banned from operating or participating in any multi-level marketing program. The FTC obtained a court order in March 2018 against Thomas Dluca, Eric Pinkston and Louis Gatto, with the regulator alleging that the trio falsely claimed that participants could earn large returns by paying cryptocurrency to enroll in schemes marketed under the names Bitcoin Funding Team and M

Bitcoin 139
article thumbnail

Bots, humans share the workload of digital fraud

Payments Source

As mobile payment applications increasingly integrate with social media platforms, fraudsters are using a mix of bots and human labor to increase their chances of a successful account takeover.

article thumbnail

New Tax Planned As eCommerce Soars In Thailand 

PYMNTS

Thailand hopes to annually collect 3 billion to 4 billion baht ($98 million to $131 million) by introducing a tax on tech businesses, Reuters reported on Monday (Aug. 26). If approved by Parliament, Thailand will institute a value-added-tax starting next year on electronic businesses, leveraging the eCommerce boom in the country. Ekniti Nitithanprapas, director-general of the revenue department, told reporters the tax will likely seek parliamentary approval this year.

Taxes 139
article thumbnail

2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.