Chris Skinner
APRIL 6, 2020
Today is the day that Doing Digital, my newest book, is finally live on Amazon and all good book stores. It’s the result of two years primary and secondary research and, to pay it its due, has been featured in many interviews with me recently. I’ll share many of them, … The post How JPMorgan Chase, BBVA, ING, DBS and CMB are doing digital appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 6, 2020
Wells Fargo & Co. said it can’t fully meet demand from small businesses rushing to participate in a U.S. relief program because of constraints imposed by the Federal Reserve on the bank’s growth. The company has capacity to lend $10 billion to small-business clients under the $349 billion U.S. program, but customers already have expressed […].
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Chris Skinner
APRIL 6, 2020
Things we’re reading today include … How is your bank helping customers impacted by the Coronavirus pandemic? Allstate to return $600 million in auto premiums as coronavirus cuts driving Fed says it will provide financing against new U.S. ‘payroll protection’ loans Wall Street soars on hopes of slowing coronavirus deaths … The post Things worth reading: 7th April 2020 appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 6, 2020
Banking platform Dave is increasing its integrations with remote work employers as the coronavirus pandemic keeps consumers home, resulting in a hard-hit gig economy and freelance workforce. In a recent survey of more than 7,000 Dave users, 21% said they expected their pay to be cut in half and 18% said their pay would be […].
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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
PYMNTS
APRIL 6, 2020
Rifkin Weiner Livingston LLC has filed an amended complaint against Bank of America (BoA) for allegedly giving its lending clients a higher priority and denying or limiting access to the Paycheck Protection Program (PPP) to its depository clients and other small firms, according to a press release. The law firm noted that the bank updated its policy on April 4 by letting depository-only customers apply for PPP loans after the filing of a class action compliant.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
APRIL 6, 2020
Among its many profound impacts, the COVID-19 pandemic has dramatically altered how consumers shop. Even before large-scale stay-at-home policies went into effect, most consumers sought to limit direct contact with people and objects as much as possible when they went out. One might expect that in these circumstances, consumers would be even more inclined to take advantage of the contactless payment capabilities of mobile wallets, to avoid swiping their cards at point-of-sale (POS) terminals and
Bank Innovation
APRIL 6, 2020
JPMorgan Chase has executed almost 150,000 concurrent virtual sessions in the past few weeks which, according to CEO Jamie Dimon, is nearly five times the usual number of such sessions as before the COVID-19 crisis. “We are ensuring [employees] continue to operate at the highest standards with the proper technological tools and access so they […].
South State Correspondent
APRIL 6, 2020
We have often characterized banks as being “manufacturers of credit.” Like any manufacturing process, banks need to produce a product, in our case loans, to meet the customer’s demand. Loan production takes inputs such as capital, analysis, and documents and combines them in a standardized process to produce an end product. The Paycheck Protection Program (PPP) has presented a tremendous challenge for banks.
PYMNTS
APRIL 6, 2020
Fraudsters don’t get furloughs, they aren’t much for vacationing, and they certainly aren’t above taking advantage of a bad situation. In fact, taking advantage and exploiting others’ misfortune for personal gain is more or less the job description of the average fraudster. And as of today, fraudsters find themselves in extraordinary times as people are online en masse working from home and shopping due to the coronavirus pandemic.
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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
APRIL 6, 2020
It was less than three months ago, though it seems like a lifetime. Mastercard CEO Ajay Banga welcomed progress in the trade dispute between the U.S. and China, but with caveat. The good news wouldn't last if the coronavirus became a pandemic.
PYMNTS
APRIL 6, 2020
With an idea born from the ashes of the global financial meltdown of 2008, the founders of “buy now, pay later” success story Afterpay understood then that a “…younger generation would be more apt to buy things they wanted and needed if they could use their own money and pay over time — in a way that didn’t incur revolving debt, interest or fees,” as Afterpay U.S.
Jack Henry
APRIL 6, 2020
We recognize this is an unprecedented time for you, your family, and your community as well as for your business and employees. As we all do our best to navigate the uncertainties and constant changes associated with the Coronavirus pandemic, certain aspects of our business operations should be getting a closer look because this is when the bad guys are working their hardest.
PYMNTS
APRIL 6, 2020
Nonessential retail is highly dependent – in some cases, completely dependent – on eCommerce during the COVID-19 crisis. And eCommerce success is dependent upon shipping. Therein lies a serious problem. Because as anyone who has ordered a nonessential item over the past few weeks can attest, eCommerce shipping has become a guessing game. To illustrate the point, PYMNTS compared shipping dates on three items, chosen for their nonessential status and the actual purchase patterns of staff members o
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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.
Bobsguide
APRIL 6, 2020
The past 12 months has seen monumental change in the payments industry. In almost a domino effect, some of the market’s most notable names have announced landmark acquisitions which have quickly laid precedent for the future of payments. For instance, FIS, Global Payments and Fiserv have all.
PYMNTS
APRIL 6, 2020
It is not an easy time to be in the fitness business at present as gyms, fitness studios and wellness providers nationwide have been forced to close their doors and temporarily shut down service while the whole world rides out the coronavirus pandemic. And unlike restaurant operators who find themselves in a similar position, there is just no way to box up an aerobics class and hand it off to a customer curbside.
Matt Wilcox Pro
APRIL 6, 2020
Two weeks ago I posted heartening examples of humanity rising to its best in a crisis. But I’m no Pollyanna. Crises also provide opportunities for scum to rise to the surface, and here the current pandemic is proving no exception. Topping the list this time around are medical scams. Some sell “testing kits” that are, [.
PYMNTS
APRIL 6, 2020
Insurance provider Allstate is providing over $600 million in relief to auto insurance policyholders over the next few months as the coronavirus pandemic continues. In particular, Allstate will provide a “Shelter-in-Place Payback” to customers given the fact that people are driving drastically less than they used to, according to a press release.
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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
APRIL 6, 2020
The coronavirus pandemic is likely to force a great leap forward in the fight to crush paper checks, which still account for about half of B2B payments, by moving more invoice payments online.
PYMNTS
APRIL 6, 2020
It would not be fair to expect any firm anywhere on the planet to have been ready for the coronavirus pandemic. For all the many disagreements that might exist out there, there is nearly a universal consensus that no one saw this coming or really could have. That simple fact more or less vitiated the possibility of anyone being prepared, from stores, to public officials , to farmers , to restaurants , to startups — everyone has spent the last several weeks trying to pivot and respond as the situ
Bobsguide
APRIL 6, 2020
New mortgage tech solutions could see increased usage as the UK property market enters partial lockdown. “I think like any digital business, we’ve seen a lot more interest in what we do and a lot of the mortgage market is still of the view that face to face interactions in conducting.
PYMNTS
APRIL 6, 2020
Wells Fargo announced it will begin taking loan applications on Monday (April 6) as part of the Paycheck Protection Program (PPP) and will disperse $10 billion to nonprofits and businesses with fewer than 50 employees. The country’s fourth-largest bank said it has received a lot of interest in PPP loans since the program’s opening day on Friday (April 3).
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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
APRIL 6, 2020
As governments rush to provide financial lifelines to small and midsize enterprises, fintechs such as Crowdz offering automated B2B lending, credit scoring and invoicing platforms are playing a new role.
PYMNTS
APRIL 6, 2020
In an important moment for IBM – and not only because of COVID-19 – Arvind Krishna has taken over the helm of CEO for the technology company. Krishna will depend on tools such as Slack, a webcast and emails to deliver the message that the firm has endured difficult times in the past, CNBC reported. Krishna noted in a message to staffers on Monday (April 6) that he will home in on hybrid cloud and artificial intelligence (AI) as important solutions for the times ahead.
Payments Source
APRIL 6, 2020
Cash and digital payments don’t have to be mutually exclusive; this is not a zero-sum game as the two payment options can exist together, says PPRO's Steve Villegas.
PYMNTS
APRIL 6, 2020
Siri is getting an assistant by way of the artificial intelligence startup Voysis , which Apple acquired to improve natural language technology, according to a Bloomberg report on Friday (April 3). . Headquartered in Dublin, Voysis has been concentrating its efforts on enhancing digital assistants that are integrated with shopping apps. The goal is to improve the software so it responds more accurately to voice commands.
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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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