Chris Skinner
MAY 7, 2019
I blogged in March (Transforming the bank – three phases of change) about the method to make systems change happen to transform the bank. In another conversation, I then realised that there are three phases of organisational change to transform the bank. The first phase is a recognition that the … The post The reason digital is a leadership challenge and not a project appeared first on Chris Skinner's blog.
Payments Dive
MAY 7, 2019
A lawsuit brought by New York banking regulators could have a significant impact on fintech development amid efforts by federal authorities to drive innovation.
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Chris Skinner
MAY 7, 2019
As those who read my blog will know by now I chair a very active group called Nordic Finance Innovation (NFI), based out of Oslo. Our last meetings were a great success and NFI rapporteur Danielle Pamela Neben did a great write-up afterwards. I’m guessing most of you will have … The post It’s all about the data appeared first on Chris Skinner's blog.
Accenture
MAY 7, 2019
Guest blogger Philip Cooney explores the techniques banks need to deploy to make it easy for customers to open a bank account in the digital age. I’m sitting in a cafe having a cup of coffee and sharing a muffin with my five-year-old, when I overhear two teenagers at the next table talking about banking, of all things. What they are specifically discussing is the Revolut account and how impressed they are with the overall customer experience and features (I’m paraphrasing a bit).
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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
Chris Skinner
MAY 7, 2019
Things we’re reading today include … Citi Wants to Bring Credit Card Perks Like Miles to Bank Accounts Investors brace for pain from Metro Bank’s fundraising Triodos awarded UK banking licence ahead of Brexit Trade war and Brexit pose mounting risk to EU economy, says EC Where now for the rules … The post Things worth reading: 8th May 2019 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MAY 7, 2019
Compliance startups and security firms are banking on artificial intelligence playing a key role in know-your-customer/anti-money laundering processes, rather than being just a trend in regtech. AI’s total business value in the banking world was an estimated $41.1 billion in 2018 and is projected to climb to $165 billion by 2025 and $300.5 billion by […].
PYMNTS
MAY 7, 2019
Citigroup is the world’s largest credit-card issuer, with about 28 million customers, but the gap between its credit business and retail banking has grown larger. To combat this, Citi has begun testing perks for credit cards to encourage customers to get other banking products. Bloomberg is reporting that Citigroup’s deposits shrank by $5.4 billion in the past two years in the face of competitors and digital banking startups.
Bank Innovation
MAY 7, 2019
The number of fintech funding deals in the first quarter this year recovered from the previous quarter's dip, but it's still not near the record highs seen in 2018, according to a CB Insights report. During the first quarter, there were 445 fintech funding deals amounting to $6.3 billion, according to the "Global Fintech Report […].
PYMNTS
MAY 7, 2019
Payment technology companies Midigator and Stripe have joined forces to streamline the entire payment lifecycle, from transaction to chargeback response, the companies said in a release. Combining the technologies from both companies will assist merchants to safely process transactions online, and help in Stripe’s company vision of increasing the GDP of the internet.
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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 7, 2019
Every organization has some kind of plan for the future, but advances in technology, cyber threats, changes in regulation and political uncertainty make it extremely difficult to plan for what lies ahead, writes Ian Stone, CEO of Veualta.
PYMNTS
MAY 7, 2019
Citi’s Treasury and Trade Solutions (TTS) is rolling out a new identity and account verification solution for corporate treasurer clients. In a press release on Tuesday (May 7), Citi announced the launch of Citi Verify, which uses authentication solution provider GIACT Systems to validate corporate clients’ own U.S. customers before transacting with them.
Bobsguide
MAY 7, 2019
Artificial intelligence (AI) will not experience its watershed moment in equities trading, say market participants, as the industry seeks to avoid costly mistakes at the point of execution. “There will not be a moment in time where there is a tipping point for adoption,” said Curtis.
PYMNTS
MAY 7, 2019
Tencent-owned Chinese chat app WeChat has altered its terms of service agreement to stop merchants from raising funds using cryptocurrency or tokens, according to reports. WeChat revised the terms last month, and without much fanfare. The new rules go into effect on May 31, and violators will have their accounts terminated. A translated version of the new terms of service says users can’t “engage in token issuing financing and virtual currency trading platforms directly or in disguise.
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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 7, 2019
More businesses are converting to electronic documents and management tools to streamline operations and cut costs, but those upgrades often skip the last part of that journey — how to accept B2B payments in a digital economy.
PYMNTS
MAY 7, 2019
As retailers shutter locations from the heartland to big cities, the latest update on the state of retail from New York’s storied Fifth Avenue says that rents are falling and vacancies are rising – showing that even a flagship address can’t escape the realities of modern-day commerce. In the blocks spanning 49 th to 60 th Streets, average ground-floor asking store rents clocked in at $2,779 per square foot in Q1 – a decrease of 11 percent from their Q1 2017 peak.
Bobsguide
MAY 7, 2019
With historic fines being levied for breaches of the Markets in Financial Instruments Directive (Mifid) and national conduct authorities (NCAs) suggesting plans to administer the directive much more onerous follow-up – Mifid II – market participants must build in systems to assist with.
PYMNTS
MAY 7, 2019
Walmart is the latest example of the power of pets in retail — a power that is having significant influence among various merchants competing for the loyalty and dollars of pet owners. As well, if done well, pet retail can serve to increase foot traffic into bricks-and-mortar stores at a time when it is dearly needed. In case you missed the breaking news earlier Tuesday (May 7), here you go: To bring in more of the consumers who pay billions of dollars a year on their pets, Walmart is rolling
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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
MAY 7, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Mastercard's investing another $1 billion in India; U.K. government adds the Pays for travel; NCR acquires restaurant technology; Warren Buffet sounds off on bitcoin.
PYMNTS
MAY 7, 2019
The board of directors for Nacha has selected Jane E. Larimer as the nonprofit’s next president and CEO, the organization said in a release. The board formed a committee to search for a new leader earlier this year, and Larimer will begin her tenure on July 1, 2019. Janet Estep served as CEO for 11 years, and will retire at the end of 2019. “Nacha is an amazing organization whose work is instrumental in building consensus and supporting the creation of rules, standards and education that enhance
ATM Marketplace
MAY 7, 2019
"Just not good enough," is how ATM deployers and service providers described current ATM lock systems in a study conducted last year by TMD Security. In a one-hour webinar, TMD detailed its answer to the problem — the fully integrated TMD Access Management solution developed in partnership with TMS ATM Software.
PYMNTS
MAY 7, 2019
Unlimited texting? Perhaps. Nights and weekends – well, maybe not. The latest salvo of proposed rule-making that would change the debt collection landscape seeks to include means of communication that were not on offer decades ago. The Fair Debt Collection Practices Act took root more than 40 years ago. Back then, there were no cell phones and no email, which might make readers a bit wistful.
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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
MAY 7, 2019
Caving to pressure from lawmakers who recently cracked down on stores that eschew cash, Amazon has altered its business model to accept cash at its newest Amazon Go convenience stores and bookstores.
PYMNTS
MAY 7, 2019
Amazon’s announcement that it plans to inject $800 million to facilitate next-day delivery has created opportunities for logistics startups that can help retailers remain competitive against the eCommerce giant, according to a report by Bloomberg. Companies like Walmart, Best Buy and Macy’s are all looking to logistics startups to help them keep up.
CFPB Monitor
MAY 7, 2019
The FTC has announced that on Wednesday, May 8, it will host a forum on small business lending which will examine trends and consumer protection issues in the marketplace. The event will feature opening remarks by FTC Commissioner, Rohit Chopra, and closing remarks by FTC Bureau of Consumer Protection Director, Andrew Smith. We will be following this hearing very closely since small business loans and merchant cash advances are often treated the same way as consumer loans for purposes of federal
Payments Source
MAY 7, 2019
Payment acceptance and secure authorization software provider myPINpad is partnering with payments aggregator Clik in Southeast Asia to offer merchants PIN-based security on mobile devices.
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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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