Bank Innovation
MAY 15, 2018
The most vulnerable aspect of a bank's security is the people -- employees and customers -- or so the story goes. But four security experts came together to discuss the issue and opinions differed. For example, can you still call humans the weak link when banks fail to use the best technology? This means education […].
Payments Dive
MAY 15, 2018
Christie Rice, director of the worldwide global digital signage and interactive kiosk segment for the Internet of Things Group at Intel, talks about her company's work with so many of the technologies that enable interactive customer experiences of today — and tomorrow.
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Bank Innovation
MAY 15, 2018
Josh Reich, CEO of the digital bank Simple, announced yesterday that he was stepping down from his role after 10 years. Simple was started (as BankSimple) one year into the credit crisis as an alternative to the big banks. It was was acquired by Madrid-based BBVA for $117 million in 2014 as the megabank sought to […].
Chris Skinner
MAY 15, 2018
For some years, I’ve been heavily involved in high frequency trading and quantitative trading, areas that are highly automated and pretty complex. I don’t blog about it much here, as it’s not appealing to the everyday person. It involves too much dialogue explaining acronyms used in investment markets and acronyms … The post Why investment banks have the digital edge 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
MAY 15, 2018
As competition to banks increases, customer acquisition is becoming increasingly important. By offering various types of rewards and point programs, banks are competing against each other as well as fintechs, not just to get new customers but also to keep existing ones. Making it easier for people to open new accounts could make a big […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Insights on Business
MAY 15, 2018
Having become used to frictionless, streamlined digital services, most customers are all too aware of what superior customer engagement and service feels like. The customer-focused efforts of digital natives are constantly pushing the bar higher, while most banking institutions’ customer experiences continue to lag behind. A raft of new digital innovations have enhanced, but not yet transformed, the relationship and experience between a bank and their customers.
PYMNTS
MAY 15, 2018
Borrowers in the U.S. are defaulting on subprime auto loans at a higher rate than during the financial crisis in 2008. Data from Fitch Ratings shows that the delinquency rate for subprime auto loans more than 60 days past due reached the highest since 1996 at 5.8 percent. The default rate during the 2008 financial crisis was around 5 percent. According to Bloomberg , lenders are now taking a step back on financing to applicants with poor credit histories, as well as requiring higher standards fo
Payments Source
MAY 15, 2018
Four years after leading a charge to make PayPal more nimble by severing it from eBay, investor Carl Icahn is reportedly dissolving his investments in the payment company.
PYMNTS
MAY 15, 2018
“On the internet, nobody knows you’re a dog.”. It was the original internet meme, more than two decades before the term “meme” would even be coined. It appeared in a 1993 comic in The New Yorker by Peter Steiner, and it made an early statement about anonymity on the World Wide Web that still rings true today. Like the dog in the cartoon, fraudsters use the same technologies as regular people when moving about in the virtual sphere.
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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
Bobsguide
MAY 15, 2018
A recent poll taken at the bobsguide Fintalk webinar, ‘Real-Time Payments: the growth opportunities and challenges’ revealed that 56% of the webinar audience would adopt real-time payments within two years. Interestingly, a further 36% were undecided on adoption highlighting how.
PYMNTS
MAY 15, 2018
Millennial is now a generational definition that encompasses both those just leaving their parents’ home and entering college, and those paying a mortgage on their house and worrying about paying for their kids’ college. Those bridge millennials — with their digital orientation, extreme Amazon enthusiasm and willingness to try new things — are driving innovation across the board.
Payments Source
MAY 15, 2018
The open banking model is not very different from what Amazon brought about in retail. Banks have little choice but to embrace the concept, according to Nick Frankland, managing director of fintech at Legal and General.
PYMNTS
MAY 15, 2018
In the 1960s, Massachusetts Institute of Technology professor Joseph Weizenbaum came up with a revolutionary idea: a computer-based script that would take in phrases and generate a response. The result, ELIZA , seemed like a careful listener. Much like a therapist, she would often respond by asking how someone felt about a particular issue. This early chatbot was so effective that some of its users believed ELIZA actually understood them, but, in reality, she was only deconstructing their input
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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 15, 2018
Despite Canada's high penetration of contactless POS terminals and consumer affinity for the technology, the country has lagged behind nations such as the U.K. and Singapore in contactless payments. That is set to change as Canada's transit schemes launch contactless open-payment systems.
PYMNTS
MAY 15, 2018
Fair Square Financial entered the financial services world a few years ago with two observations about why the world needed another non-bank lender. The first being that the ways credit is underwritten could use a good deal more specificity. The second — according to CEO of Fair Square Rob Habgood in a conversation with PYMNTS, shortly after closing their latest $100 million funding round — is that the market was incredibly stratified in a strange way: Due to the peculiar particulars of the Ca
Payments Source
MAY 15, 2018
In the battle that’s raged over the last two years to win top-of-wallet status among luxury card users, the only clear winners may be savvy consumers who’ve learned how to game the system.
PYMNTS
MAY 15, 2018
Corporate expense management firm Chrome River is collaborating with India-based travel company Yatra , the companies announced on Monday (May 14). According to a press release , Yatra will link customers based outside of India — whose employees travel in the country — with Chrome River’s expense management solution as part of a broader travel booking and spend management platform, offered via Yatra’s Self Book platform.
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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 15, 2018
Buyers who rely on paper-based payments often struggle to onboard new suppliers. This "process overhead" can be so cumbersome that many buyers become resistant to change, opting instead to limit their supplier choices to a small number of partners, writes Patrick Bermingham, the CEO of Adlex.
PYMNTS
MAY 15, 2018
In a landscape that’s fast evolving to match the needs of tech-savvy customers, credit unions are innovating to compete with larger commercial banks and FinTech firms to attract and retain customers. These innovations can range from more engaging websites and improved mobile experiences to biometric authentication solutions, including Touch ID and facial recognition.
Payments Source
MAY 15, 2018
Within sports venues, providers want to handle payments and integrate loyalty and other services through every facet of the ballpark and teams operating those facilities.
PYMNTS
MAY 15, 2018
Blockchain , cloud computing and other technologies are moving further into the world of healthcare data, promising to change everything from patient management to medical payments. Now a U.S.-based organization hopes to get ahead of that curve by offering a new accreditation program designed to boost data security and access in the healthcare industry.
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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 15, 2018
Regalii has changed its name to arcus and switched from cross-border bill payment to helping banks use tokenization to reissue lost, stolen or breached cards.
PYMNTS
MAY 15, 2018
Visa , the payments company, announced Tuesday (May 15) its launch of a search for a travel enthusiast to send on an international trip to highlight the value of being cash-free. In a press release , Visa said the international trip is the sequel to the Visa Cashless Challenge, which awarded $500,000 earlier in 2018 to small businesses in the U.S. that reduced their reliance on cash and embraced electronic payments.
Payments Source
MAY 15, 2018
The Supreme Court has sided with states in a dispute over sports gambling, a double victory for payment processors which can use largely existing tools to serve an entirely new market.
PYMNTS
MAY 15, 2018
Microsoft is collaborating with Commonwealth Bank of Australia (CBA) and KPMG to form a new cloud accounting startup, Financial Review reported. Dubbed Wiise , the Australia-based startup will rival the market’s current industry leader Xero and fellow Australian small business accounting firm MYOB. Reports on Monday (May 14) said the companies will launch Wiise in July, owned by KPMG and operated through a joint deal between Microsoft and CBA.
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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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