Chris Skinner
APRIL 30, 2020
I hesitate to write that headline – after all, none of knows when or even if this pandemic will end – but what I do know is that, in this time of crisis, there are lots of things changing: our beliefs, our priorities, our views, our relationships. I sat down … The post What will the world be like when #coronavirus ends? (Part Two) appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 30, 2020
U.K.-based TSB Bank gave its customer service a five-day makeover in the midst of the global pandemic with the launch of its “Smart Agent” chat function, helped by its technology partner IBM Services.? “We chose a platform that was cloud-enabled,” said Suresh Viswanathan, chief operating officer at TSB. “The bulk of the work was not […].
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Abrigo
APRIL 30, 2020
Key Takeaways Borrowers must document how their PPP loans are used Borrowers must maintain employee and compensation levels At least 75% of the loan must be used for payroll and other permissible expenses Borrowers must have "economic need" for a PPP loan. This week, a new round of funding was made available for Paycheck Protection Program (PPP) loans.
Bank Innovation
APRIL 30, 2020
Royal Bank of Canada is slated to launch a personalized direct investment experience for customers on its mobile app in three weeks. The bank’s new platform is designed for customers who direct their own investing, for example buying their own mutual funds or stocks, as opposed to guided interactions with wealth advisors. The success of […].
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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
APRIL 30, 2020
Things we’re reading today include … Lloyds profits crash 95% as bank covers expected surge in bad debts Banks ‘can do more’ to compensate fraud victims How to detect business fraud Why the unemployed in America could face a lost decade Global equities dip at end of best month since … The post Things worth reading: 1st May 2020 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.
PYMNTS
APRIL 30, 2020
As nations put limitations into place to support social distancing in February and March, Mastercard reported that a significant share of consumers tapped into contactless payments for purchases. Seventy-nine percent of respondents in a global study indicated that they are now tapping into contactless payments, pointing to cleanliness and safety as crucial drivers.
Abrigo
APRIL 30, 2020
Key Takeaways Federal and state banking regulators have eased coronavirus workout pressures. There are several criteria a borrower must meet in order for a loan modification to be eligible. Lenders should develop a comprehensive workout strategy. The federal government, agencies, and financial institutions (FIs) have been working diligently to mitigate the impact of the coronavirus on businesses and individuals.
PYMNTS
APRIL 30, 2020
Shopping, like everything else in the business world, is falling into pre- and post- coronavirus pandemic reference points. Many retail technologies have benefitted from that schism, among them augmented reality (AR). Before the crisis hit, there were any number of ways to envision what, for example, a sofa would look like in a living room. Post-pandemic, showrooms are out of the question.
Bobsguide
APRIL 30, 2020
Today’s business landscape is not what it was a month ago. Across every industry, enterprises are adjusting to fully remote work policies that inherently change the way their employees engage with one another and their customers. While many organisations are facing this situation, the.
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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
APRIL 30, 2020
A worldwide police force has issued an alert warning that criminal organizations are using food delivery services to transport drugs as countries remain locked down during the COVID-19 pandemic. The International Criminal Police Organization (Interpol), the Lyon, France-based global law enforcement agency, said suspects have been arrested delivering cocaine, marijuana, ketamine and ecstasy by bicycle, motorcycle and car in Ireland, Malaysia, Spain and the United Kingdom.
Payments Source
APRIL 30, 2020
The short-term coronavirus response revealed most merchants will need a more robust option for digital payments — and that’s prompting fresh investment in what was expected to be a slow period.
PYMNTS
APRIL 30, 2020
As the narrative goes, legal cannabis companies, often small- to medium-sized businesses (SMBs), are forced to rely on cash for both B2B and B2C payments. This exposes these SMBs to all types of risks, from security to cash flow management, and is the direct result of banks and credit unions (CUs) being unwilling or unable to provide financial services to these companies.
Payments Source
APRIL 30, 2020
Ever since people started sheltering at home to limit the spread of coronavirus, payments industry experts have wondered how this would affect the use of cash and cards.
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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
APRIL 30, 2020
For a company that doesn’t have a retail location open outside of China or South Korea because of the coronavirus pandemic, Apple acquitted itself nicely in the second quarter. On Thursday (April 30), the company posted quarterly revenue of $58.3 billion, an increase of 1 percent from 2019, and quarterly earnings per diluted share of $2.55, up 4 percent.
Payments Source
APRIL 30, 2020
Visa pulled its financial outlook for the rest of the year, but it already has visibility into permanent changes that result from the coronavirus — such as an aversion to handling cash.
PYMNTS
APRIL 30, 2020
JPMorgan Chase was the biggest saver of funds in an effort by banks around the world to get ahead of a spate of bad loans they believe is coming. The banks, combined, have set aside $66 billion for the prospect, which is likely due to the number of corporations that may have to default due to the virus’ economic destruction. JPMorgan has set aside $8 billion, and fellow U.S. bank Citi has set aside $7 billion.
SWBC's LenderHub
APRIL 30, 2020
As consumer demand for more online banking services grows, fraudsters are finding more and more ways to exploit these services. While not a new scheme, online account origination fraud has grown in part because of the prevalence and ease of use of online banking services, and in part because of the number and scope of data breaches allowing bad actors access to a large amount of consumer data.
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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
APRIL 30, 2020
The COVID-19 pandemic has caused an impact on open banking developments worldwide as regulators, financial institutions (FIs) and businesses set their sights on helping their current customers rather than future innovations. Implementing any new standards during the pandemic was off the table for many markets, though some regulators were left scrambling to figure out how the rules they already passed would adapt to life in lockdown.
Payments Source
APRIL 30, 2020
Whether preparing for probable market changes or adapting to unexpected ones, top-performing finance leaders need to be adept at agile business planning in the face of uncertainty, says Vena Solutions' Darrell Cox.
PYMNTS
APRIL 30, 2020
Credit unions (CUs) have had to shutter many of their branches or limit capacity alongside other financial institutions (FIs) to protect members and staff as the COVID-19 virus continues on. This shift to primarily digital comes with some perks, such as easier transactions and more connectivity for CU members, but it also means an increase in online payment volume that represents an irresistible opportunity for fraudsters.
Payments Source
APRIL 30, 2020
Bots can complete tedious tasks, such as validating customer information against standard databases, more quickly and accurately than people and free up staff for other parts of the payment crime fight, says Genpact's Manish Chopra.
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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
APRIL 30, 2020
Walmart ’s new Express Delivery service will reportedly transport items to customers’ doors within two hours for a $10 charge, according to a press release. The program will allow Walmart shoppers to peruse the company’s catalog of 160,000 items, including food, toys, essentials and electronics, the release stated. The coronavirus pandemic has necessitated the fast-tracking of the service, which has been piloted in 100 stores through April.
Payments Source
APRIL 30, 2020
Consumers are using their debit and credit cards less, and that's causing a decline in interchange income for credit unions and banks.
PYMNTS
APRIL 30, 2020
Spend management company Coupa has acquired business travel app company ETA, according to reports. The company is looking to add more travel tech to its profile, alongside its larger agreement to acquire Yapta , the rate assurance provider. With the acquisition of ETA, Coupa now has the ability to do business travel booking like rival SAP Concour. ETA CEO and Co-Founder Choon Hong Peck confirmed that the transaction had gone through.
Vitalik Buterin
APRIL 30, 2020
Special thanks to Kevin Owocki and Frank Chen for help and review. Round 5 of Gitcoin Grants has just finished, with $250,000 of matching split between tech, media, and the new (non-Ethereum-centric) category of "public health" In general, it seems like the mechanism and the community are settling down into a regular rhythm. People know what it means to contribute, people know what to expect, and the results emerge in a relatively predictable pattern - even if which specific grants get
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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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