Bank Innovation
OCTOBER 23, 2019
Open banking, or the practice that lets banks securely share account data with third-party apps through application programming interfaces, is often heralded as the future of banking. But data sharing is dependent on customer consent, and for some users, a trust deficit is impeding their embrace of the concept. According to a recent Aite Group […].
Chris Skinner
OCTOBER 23, 2019
I’ve avoided any commentary on Brexit in recent times, as it seemed to be going nowhere. Finally, just ten days before deadline, the House of Commons voted that a deal could be done … just not in the deadline given. So, it now looks like 31st January, 2020. Maybe. The … The post What’s the latest on #Brexit in banking then? appeared first on Chris Skinner's blog.
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Bank Innovation
OCTOBER 23, 2019
Luge Capital, a fintech venture capital firm based in Toronto and Montreal, serves a growing ecosystem of startups north of the border. This week, it closed a C$85 milion ($65 million) fund for fintech and AI solutions. “If you’re an early-stage fintech company, the number of investors you have to pick from is very, very […].
Chris Skinner
OCTOBER 23, 2019
Things we’re reading today include … Facebook’s Zuckerberg grilled over Libra currency plan Is Facebook’s Libra doomed? Metro Bank posts loss during ‘challenging’ time Mario Draghi: His legacy after eight tumultuous years at the ECB Can central bankers talk too much? Peer-to-peer lender Funding Secure goes into administration Superyachts and … The post Things worth reading: 24th October 2019 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
OCTOBER 23, 2019
Though open banking is gaining advocates in the financial industry and regulatory bodies, a recent Aite Group study suggests many consumers may not be ready for it. The core problem, according to a recent Aite Group study, is an understanding gap. Many worry about the safety of their financial data, and the perception that third-party […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
OCTOBER 23, 2019
American Express is courting founders with corporate card perks on an invitation-only basis. According to Courtney Kelso, senior vice president and general manager of commercial card products at Amex, the new benefits will appeal to founders who want to grow their businesses. In addition, with tailored benefits, Amex is offering startups an element of exclusivity […].
PYMNTS
OCTOBER 23, 2019
There is only so much time in a day to watch programming and only so much monthly budget to devote to food delivery services. Has the subscription commerce market reached saturation? The real question may be which of the many current and planned subscription services will come out on top. Last week, Netflix released earnings that were fairly positive.
Insights on Business
OCTOBER 23, 2019
This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We are incredibly proud of our customers continued input into our offering, especially in our most current release of OpenPages with Watson v8.1 as discussed in my previous blog. Their contribution in our “innovating in the open” approach is part of the reason we received this honor.
PYMNTS
OCTOBER 23, 2019
Tencent’s WeChat Pay is launching a new payments feature that lets people transfer funds using a mobile phone number, TechNode reported on Wednesday (Oct. 23). WeChat users can unlock the new feature from the messaging app and transfer money to the receiver’s WeChat wallet by entering a phone number — even if both parties are not friends. The feature is currently available only on iOS.
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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
Jack Henry
OCTOBER 23, 2019
I live in the middle of small-town USA. We had a joke in Elizabethtown, Kentucky. When they broke ground on a new building, we’d say it’s either McDonalds or another bank. Well, that used to be the joke. These days, you don’t see many new banks being built. As a matter of fact, there have been more banks acquired in the past five years than built. As a matter of fact, our iPay Solutions™ group is moving into what once was the main corporate branch of First Federal Savings Bank in Kentucky.
PYMNTS
OCTOBER 23, 2019
PayPal reported third-quarter results Wednesday that showed continued growth in peer-to-peer (P2P) transactions and customer engagement — and the firm passed a monthly billion-transaction milestone. In terms of headline numbers, the company’s adjusted earnings per share came in at 61 cents, topping the 52 cents expected by the Street. Revenues were $4.4 billion, up 19 percent year on year compared to the $4.3 billion that had been expected by the Street.
Payments Source
OCTOBER 23, 2019
Our industry should work toward making cash easy to use in a digital environment with digital financial services at point of sale, gradually winning over cash users to our shared all-digital payment cause.
PYMNTS
OCTOBER 23, 2019
Small business lending platform Biz2Credit is collaborating with consulting firm Infosys to expand its white label small business lending-as-a-service solution to more financial institutions. In a press release issued Tuesday (Oct. 22), Biz2Credit said it will collaborate with Infosys, which will support the integration of Biz2Credit’s SaaS platform Biz2X for joint financial institution clients.
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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
OCTOBER 23, 2019
This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We are incredibly proud of our customers continued input into our offering, especially in our most current release of OpenPages with Watson v8.1 as discussed in my previous blog GRC is everyone’s business.
PYMNTS
OCTOBER 23, 2019
WeWork, the embattled workspace company that was recently taken over by Japan’s SoftBank, will get rid of 4,000 jobs in an effort to become profitable. . The Financial Times is reporting that the company will cut 30 percent of its workforce, and around 1,000 of those layoffs will be jobs like cleaning staff. WeWork reportedly wants to outsource those types of jobs. .
Payments Source
OCTOBER 23, 2019
Visa is retooling its small-business credit cards by expanding credit card lines, adding travel insurance and product-warranty extensions and making it easier for business owners to integrate card accounts with accounting software.
PYMNTS
OCTOBER 23, 2019
A proposed law created to increase competition in the tech sector would allow users to move their data between social media platforms. The Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act, introduced by Sens. Mark Warner (D., Va.), Josh Hawley (R., Mo.) and Richard Blumenthal (D., Conn.), has three mandates for platforms with more than 100 million monthly active users.
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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
OCTOBER 23, 2019
It has already been modifying more problem loans and investing in efforts to recover charged-off loans, and now the credit card lender is ready to tighten underwriting in case the economy weakens.
PYMNTS
OCTOBER 23, 2019
Everyone loves to get paid, but no one likes waiting to get paid. Waiting for checks to arrive in the mail, or for bank deposits to process, can be frustrating — especially for consumers struggling to make ends meet between paychecks. It is no wonder that instant disbursements, which provide consumers with funds that are readily available and safe to spend, are more popular in 2019 than they have ever been.
Payments Source
OCTOBER 23, 2019
In an international expansion move, AI-powered grocery cart startup Caper has begun a pilot with one of Canada’s largest grocery chains, Sobeys, at a suburban Toronto location.
PYMNTS
OCTOBER 23, 2019
New Orleans, home to the PYMNTS Bureau of Temperate Winter, is loved and sometimes reviled for being behind the times on many things. That can often include payments. But over the last year or so, a wave of point-of-sale (POS) upgrades has seemingly hit many of the small vendors here, whether sellers of food via pop-up restaurants, handmade jewelry or art.
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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
OCTOBER 23, 2019
Recent years have seen a transformation in credit-card customer acquisition. This report explores how consumers are interacting with the new expanse of marketing and acquisition channels and examines where opportunities and threats to issuers may lie.
PYMNTS
OCTOBER 23, 2019
The physical and digital worlds are converging, as consumers own and use connected devices more than ever before. These technologies provide consumers with the freedom to shop anytime, anywhere — and now while doing anything. Convenience and time savings drive those behaviors, allowing consumers to “ multitask commerce” in their everyday lives. Data: 84 percent: Share of consumers who shopped for groceries at brick-and-mortar locations in 2019. 76 percent: Portion of consumers who make purchases
Tom Groenfeldt
OCTOBER 23, 2019
LendEDU, which developed software to help students see which loans would be best for them, has found that default rates on student loans vary widely. across the county.
PYMNTS
OCTOBER 23, 2019
As it recovers from a ransomware attack that started last week, business-to-business payments provider Billtrust is in its last stages of putting all of its systems online from backups. The company learned of a malware intrusion on Oct. 17, Krebs on Security reported. Billtrust CEO Steven Pinado told the outlet, “We’re aware of the malware and have been able to stop the activity within our systems.
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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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