Bank Innovation
FEBRUARY 6, 2018
Payment processors Visa and Mastercard have re-classified bitcoin purchases and will now view them as “cash advances,” a category that will bring an additional 5% fee to those virtual currency purchases on credit cards, as reported today by TechCrunch. This fee would be in addition to the 4% fee a user takes when making a […].
Chris Skinner
FEBRUARY 6, 2018
I spotted two stories about BBVA that appeared yesterday. The first was in the Financial Times with BBVA Chairman Francisco Gonzalez asking the G20 to take action against the big internet firms, saying “authorities [need] to bring order to this massive change” that could “pose risks to financial stability”. He … The post #GAFA, #BAT and #BBVA appeared first on Chris Skinner's blog.
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Bank Innovation
FEBRUARY 6, 2018
Copenhagen-based Danske Bank revealed a new digital solution that allows its small business customers to get a loan within minutes with access to the money on the same day. The solution was first piloted and trialed last year. Prior to this, it would take the bank five days to process a customer’s application and then […].
Chris Skinner
FEBRUARY 6, 2018
Things we’re reading today include … BANK OF AMERICA: Theresa May’s Brexit plan is ‘not possible’ RBS misled MPs in customer mistreatment scandal, Labour claims Investec bosses hand leadership over to ‘next generation’ of co-chiefs Commonwealth Bank profit falls amid money-laundering scandal The last thing you ever need to read … The post Things worth reading: 7th February 2018 appeared first on Chris Skinner's blog.
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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
FEBRUARY 6, 2018
EXCLUSIVE— Digital mortgage company Better Mortgage has displayed rapid growth over the last year, originating $157 million in mortgages during 2017: a 1500% increase from the $10 million it originated in 2016. Most of this funding (75%, according to figures, it released last week) went to millennial homebuyers, the majority of which were also first-time […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
FEBRUARY 6, 2018
EXCLUSIVE – When it comes to cryptocurrencies and Initial Coin Offerings (ICOs), it seems that the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have their work cut out for them to balance technological innovation with protecting investors. At least that’s the sentiment that can be drawn from the SEC’s Jay Clayton’s […].
PYMNTS
FEBRUARY 6, 2018
Frozen food didn’t kill the restaurant. Telephones didn’t kill human interaction. And eCommerce won’t kill brick-and-mortar retail. That’s L Brands CEO and Chairman Les Wexner’s theory, as reported by The Wall Street Journal , in the face of brick-and-mortar retail’s worst year ever. Around 7,000 stores closed their doors in 2017, among them Abercrombie & Fitch, CVS, Gymboree, J.
Bank Innovation
FEBRUARY 6, 2018
EXCLUSIVE – SME accounting firm Xero has partnered with payments platform Stripe to allow its 1.2 million users to receive Automated Clearing House (ACH) bank transfers. In a statement emailed to Bank Innovation, Xero, Chief Technology Officer, Craig Walker, stated: Our ultimate goal at Xero is to make sure small businesses are getting paid as […].
PYMNTS
FEBRUARY 6, 2018
Digital DNA. Perhaps the last and best hope in the battle against ID fraud – the kind that brings ruin to credit reports and billions of dollars in losses to card companies and merchants. News Monday that the Consumer Financial Protection Bureau has walked back from a full-tilt investigation into the Equifax breach brought to mind the personal data of hundreds of millions of people that is now floating across the Badlands of the Dark Web.
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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
FEBRUARY 6, 2018
EXCLUSIVE—Roboadvisor investment firm Betterment experienced service interruptions yesterday when customers flocked to its site and app after the Dow fell more than 1,500 points. The firm has attributed these interruptions to “particularly high volume,” according to a statement the company sent Bank Innovation. Betterment said in the emailed statement: Due to particularly high volume, clients […].
PYMNTS
FEBRUARY 6, 2018
According to the Small Business Administration , of the 28 million U.S. SMBs, roughly 2.5 million, or 9.1 percent, are owned by veterans of the United States Armed Forces. Those firms, according to the same SBA report, had an annual payroll of $195 billion, receipts of $1.14 trillion. And, because vet-owned firms employ about five people each, they are responsible for creating 12.5 million jobs.
Bank Innovation
FEBRUARY 6, 2018
The Hong Kong Monetary Authority has released draft guidelines for virtual banks looking to set up in the region, the South China Morning Post reported today. The authority, which will issue its final guidelines on the matter in May, is proposing that virtual banks will need to have a minimum of $38.6 million U.S., or […].
PYMNTS
FEBRUARY 6, 2018
Reuters reported news on Tuesday that banking regulators from seven states across the United States are working to, as the newswire reported, “streamline” the FinTech reporting process, with an eye on those tech firms having an easier road toward offering their products and services across the nation. The Conference of State Bank Supervisors (CSBS), through which these states are working, said Tuesday that seven states — which include Georgia, Illinois, Kansas, Massachusetts, Texas, Tennessee an
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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.
Insights on Business
FEBRUARY 6, 2018
Banks around the world are continuing to be penalized heavily for their inability to meet with ever-changing and complex financial regulations. Regulatory fines imposed in 2017 alone proved this to us in many ways. For example, financial intelligence regulator Austrac handed gaming giant Tabcorp a fine of AUD 45 M (USD 35 M) for non compliance, the highest ever civil penalty in corporate Australian history.
PYMNTS
FEBRUARY 6, 2018
With the PyeongChang 2018 Olympic Winter Games not too far away, it’s high season for Team USA merchandise. Fanatics , a company that sells Team USA merchandise, has taken a novel approach to Olympic retail this year with a physical store in a major U.S. city. The store marks a milestone for Team USA: It’s their first in-person retail store outside the Olympic Training Center in Colorado.
Bobsguide
FEBRUARY 6, 2018
bobsguide spoke to Sean Clark, tech entrepreneur and founder of Hut 8, a crypto mining service who’ve recently partnered with Bitfury. Sean has seen firsthand the parabolic success of cryptocurrencies and offers unique and candid insight from the frontline. When did you get into.
PYMNTS
FEBRUARY 6, 2018
After a report indicated that a bug in Ledger Wallet ’s software could allow users to be duped into sending cryptocurrency to hackers, the hardware wallet company took to Twitter to remind customers to be careful when transferring digital coins. Ledger told users to “always verify [their] receiv[ing] address” on their screen at the bottom of each transaction, TheNextWeb reported.
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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.
Bobsguide
FEBRUARY 6, 2018
Although digital investing is not scaling as quickly as many anticipated, customer awareness and consideration has clearly moved toward digital. Today, about 30-35% of searches for investment products go through digital channels rather than through family and friends, word-of-mouth and other.
PYMNTS
FEBRUARY 6, 2018
From employers who use the service for direct-deposit payments to landlords and utility companies that use it to collect rent or monthly bills, same-day ACH has been gaining in popularity and putting a variety of payment types in the fast lane. The same-day ACH rollout has been in full swing since 2016, when phase 1, SDA credits, became available. Most recently, the second phase, requiring financial institutions to receive SDA debits, went live last year.
Payments Source
FEBRUARY 6, 2018
Putting money directly in people’s pockets requires more speed and efficiency through innovative technologies and payments systems, writes Deirdre Ives, managing director of Wirecard North America.
PYMNTS
FEBRUARY 6, 2018
The long-awaited, Siri-powered Apple HomePod smart speaker is finally available for purchase, but users’ reviews are coming back mixed, according to news from CNBC. The HomePod’s sound quality, one of the main reasons the Cupertino, California-based technology company took so long to bring the smart speaker to market, has emerged as a positive for Apple, but its inability to integrate with devices outside the iPhone, iPad, Mac or other Apple products will limit its proliferation.
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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.
Gonzobanker
FEBRUARY 6, 2018
Growth and mergers are the top two strategic priorities for bankers in 2018, according to Cornerstone Advisors. The post 2018 Strategy Priorities for Bank Execs appeared first on Gonzobanker.
PYMNTS
FEBRUARY 6, 2018
Most companies today have at least some kind of automation in place within the accounts payable (AP) department. Even when invoices flow in as paper documents, organizations are using electronic solutions or optical character recognition (OCR) tools to process those bills for payment. Research from iPayables found that efficiency gains from electronic invoice processing are greater than those from OCR, however, a conclusion that draws attention to the spectrum of AP automation.
Payments Source
FEBRUARY 6, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: A cryptotown in Puerto Rico?; Nigel Green launches cryptowallet; Singapore Airlines debuts new loyalty program; Interac reorganizes.
PYMNTS
FEBRUARY 6, 2018
Today in PYMNTS data, domestic business trips are rising to record highs, veteran-owned small and medium-sized businesses (SMBs) are boosting the economy, a staggering number of companies aren’t authenticating their vendors (despite rising fraud concerns), same-day ACH (SDA) is seeing firms increase their usage and some fraud requires victims be contacted by a debt collector for them to even notice they’ve been victimized.
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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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