Thu.Oct 18, 2018

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The Evolution of Lending Through Fintech

Bank Innovation

The lending market is going through some major, rapid changes, and it’s more exciting than ever for consumers looking for attractive deals on their loans. At the same time, lenders themselves have an easier time managing the huge volume of customers they have to work with, along with all the data they generate on a […].

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Things worth reading: 19th October 2018

Chris Skinner

Things we’re reading today include … PayPal quarterly profit beats estimates, shares rise Top Morgan Stanley banker moonlighted as an Uber driver to try to win role on IPO Hundreds join growing list of Britain’s ultra-rich American Express boosts full-year earnings forecasts Australia’s NAB cuts 300 staff over wrongdoing EU … The post Things worth reading: 19th October 2018 appeared first on Chris Skinner's blog.

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Consumers Would Be Comfortable Using Google or Apple For Taking Out Loans, Survey Finds

Bank Innovation

Banks need not fear large technology companies like Google or Apple taking their business. Digital banking continues to be the most convenient option for simple daily transactions, but branches are still necessary for the more complex ones And yet banks should not ignore the shift in banking habits brought on by non-bank technology companies. For one, […].

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Mastercard Will No Longer Require Signatures On Cards, Receipts

PYMNTS

Mastercard, the payments company, announced on Thursday (Oct. 18) that cardholder signatures will now be optional for the back of credit cards and receipts. In a press release , Mastercard said it is making the changes due to advancements in technology and security. “With modern, advanced forms of authentication now available, removing the requirement for signature capture at the point of sale and now signature panels on Mastercard cards is an important step in support of our digital evolution,”

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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

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4 ways to ensure Open Banking doesn't become the next Cambridge Analytica

Bobsguide

The Open Banking Initiative, brought in by PSD2 on January 13, heralded the start of a new dawn. A key proponent of European Banking Authority (EBA), Financial Conduct Authority (FCA) and Competitions & Market Authority (CMA) policy, the permissioned release of customer data to third parties.

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Mastercard to stop requiring signature panels on cards

Payments Source

Mastercard is making the first move among the card networks, again, on moving away from the signature requirement — completely removing the space for a signature from its cards.

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TRENDING: Is Sharing Cybercrime Data Key To Fighting Fraud?

PYMNTS

In search of added convenience and simplicity, banking customers are migrating to online and mobile banking interfaces, leaving in-person visits to brick-and-mortar branches behind. While this switch in preference to digital banking is providing new tools and capabilities to consumers, it’s also presenting new opportunities for fraudsters — and they’re not hesitating to take advantage.

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10.18.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: BBVA pushes open banking in the U.S.; Curve plans support for mobile wallets; Civil's first news IPO falls short; Apptizer adds new restaurant technology.

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Amazon Alexa’s Ability To Whisper Is Now Live In The U.S.

PYMNTS

A couple of weeks after teasing Amazon Alexa’s ability to whisper back to voice commands, the feature is now live. According to a report citing Amazon, the feature is now live in the U.S. Currently, it only works in the U.S. with English. Amazon is betting this Alexa feature will come in handy at bedtime or at night, when a person is trying to keep a quiet environment, and for parents who don’t want to wake a child with a loud voice command or response from Alexa.

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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

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Europe unwilling to grasp blockchain

Bobsguide

A recent report, ‘Blockchain in Europe: Closing the Strategy Gap’, conducted by Cognizant, reveals there are several internal barriers stopping blockchain from becoming impactful. These include truly understanding use cases, and assessing their costs and benefits (51%). Yvonne.

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First Data: 34 Percent Of PII Has Been Compromised In 2018

PYMNTS

A new study has found that most consumers don’t understand just how vulnerable their Personally Identifiable Information (PII) is on the Internet. First Data’s 2018 Consumer Cybersecurity Study is based on data from 1,767 U.S. consumers among four age groups: Linksters (ages 18-23), Socializers (24-34), the MTV Generation (35-54), and Maturists (55+).

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TD in VR: More Disney than The Matrix, and that's fine

Payments Source

TD Ameritrade's new virtual reality experience, an immersive video viewable through Facebook's Oculus Go headset, feels more like stepping onto a Disney ride than going into a virtual world. And that's probably the ideal approach for the current state of VR adoption.

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Flywire Streamlines Tuition Payments For Indian Students

PYMNTS

Most people know that China is the world-leading supplier of students studying abroad. As of 2017, a little more than 600,000 Chinese students left the country to pursue their education overseas. Currently, there are about 1.5 million Chinese students enrolled in overseas higher-education institutions and, over the last 20 years, almost 5.2 million have ventured abroad for schooling.

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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.

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Wealth managers face â??digital emergencyâ??

Bobsguide

The wealth management industry is struggling with a changing customer demographic in which a new generation of tech-savvy clients have higher expectations of the products and services they receive. That’s according to Gautam Samanta, global head of BFS at NIIT Technologies, the global IT.

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Mastercard Digital Commerce Suite To Make Every Card ‘Token Ready’

PYMNTS

Mastercard said Wednesday (Oct. 17) that it will enable tokenization services on all cards by 2020, as part of its Digital Commerce Solutions, a suite of offerings geared toward making online transactions speedier and more secure. The company said more than half of online shoppers save their card information across multiple sites, and noted that the average online checkout experience spans 10 minutes.

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This week’s podcast: update on debt collection developments

CFPB Monitor

Debt collection continues to be one of the most active areas in consumer finance law. In this week’s podcast, Ballard Spahr attorneys will discuss the challenges facing the debt collection industry in private litigation and how to address them. We’ll talk about how new technology is changing the industry, assess the effect of the CFPB’s new leadership on debt collection enforcement, and offer thoughts on whether the Bureau’s expected rulemaking will provide relief from current legal uncertaint

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How Clothing Stores Are Driving Retail Innovation

PYMNTS

To learn more about their customers and increase foot traffic, retailers are testing out new business ideas. Clothing stores, in particular, are trying out new ways to showcase and sell items. In some cases, retailers are dedicating small spaces to brands inside their brick-and-mortar stores. Macy’s , for example, is testing out pop-up stores in 10 cities in a concept called “The Market @ Macy’s.

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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.

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CFPB hints at possible disparate impact rulemaking

CFPB Monitor

On October 17, the Bureau released its Fall 2018 Rulemaking Agenda , but it included a surprise for those interested in fair lending. Under the section of the associated blog post entitled “Future Planning” appears the following statement: “The Bureau is considering future [rulemaking] activity with regard to specific areas of consumer financial law of significant public interest.

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Bitcoin Daily: AWS China Teams With Qtum; Civil Plans To Refund CVL Token Buyers

PYMNTS

The China division of Amazon Web Services (AWS) is teaming up with blockchain project Qtum , Coindesk reported. Though the partnership, users of AWS will be able to “quickly, efficiently, and cost-effectively” create and roll out smart contracts via an Amazon Machine Image (AMI). AWS China head of territory business development Simon Wang told Coindesk that “Qtum [is] now an AWS technology partner and one of the partner network members.

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India's payments data rules invite a White House response

Payments Source

India’s government has been aggressively (and, at times, dramatically) pro-digital commerce — but not necessarily when it involves foreign companies.

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Square Launches Virtual Terminal For Computers

PYMNTS

Square, the payments company, announced Thursday (Oct. 18) the launch of a new payment solution dubbed Virtual Terminal. In a blog post , Square said that with Virtual Terminal, a merchant can turn a computer into a cloud POS, giving sellers the ability to accept payments from their computers via the Square dashboard. Sellers from different industries can now oversee and run their businesses on computers, which has long been the main day-to-day device for operating businesses. “While smart

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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.

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The new Square Terminal scratches at a persistent niche

Payments Source

Square’s growth strategy has always been to aim higher with products and services that benefit larger businesses than the ones it originally targeted with its mobile card reader. Its newest product diverges from that path.

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Live Event Tickets, Subscription-Style

PYMNTS

The subscription model has long brought consumers to movie theaters to spend a night out: MoviePass, for all of its recent challenges , has popularized the idea of movie-tickets-as-a-service available to consumers for a monthly fee. And it laid the foundation for kindred-spirit offerings, enabling subscribers to see just about anything, including pro football games and rock concerts.

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Payment tech lenders’ convenience threatens banks

Payments Source

Banks currently enjoy the pole position, but until they revamp and modernize their lending processes to better compete with the speed and convenience of nontraditional lenders, they will continue to lose market share, writes Trevor Dryer, CEO and co-founder of Mirador.

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Five At Five: eBay Takes Amazon To Court

PYMNTS

Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes the latest on a growing eBay-Amazon dispute, and a major expansion for Instacart. Hackers are poised to cause more blackouts thanks in part to retail technology, fresh data paints a dire picture for data security, and virtual reality gets a big boost in the commerce world. eBay Sues Amazon f or Allegedly Poaching Marketplace Sellers. eBay alleges that over the past several years, Amazon has

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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.