Fri.Jan 05, 2018

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Want to Improve Consumer Credit? Keep the Focus on FICO, Elevate Says

Bank Innovation

EXCLUSIVE— Alternatives to the traditional FICO credit score have become a popular theme for emerging fintechs, but will it actually help consumers improve their credit? Credit solutions provider Elevate, however, will focus on improving its customer’s relationship with their FICO score in 2018 as well as on alternative methods of scoring. “Consumers are more focused […].

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How security is the key to mobile ATM access

Payments Dive

Cardless ATM transactions can offer unparalleled convenience for consumers, not to mention cost-savings and enhanced efficiency for FIs. But for the technology to gain traction, it must, first and foremost, provide a secure customer experience.

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Wealthfront Raises $75M for its Millennial-Facing Investment Platform

Bank Innovation

Automated investing platform Wealthfront has just closed a $75 million round of funding, which will be used to build out its millennial-focused platform, the company announced yesterday. The California-based Wealthfront, which relies on software and algorithms to fuel investments for its clients rather than the traditional human middlemen, will use the capital to keep the […].

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Amazon Launches Cooking Smart Home Skill API

PYMNTS

Amazon has expanded into cooking with its latest round of new skills , with the announcement on Thursday (Jan. 4) of the launch of the Smart Home Skill API. In a blog post , Amazon developer Mike Maas said that developers can now build skills to enable U.S. customers to control microwaves via Alexa, its voice-activated digital assistant. Support for other types of cooking devices, such as convection ovens, will be launched soon, the executive said.

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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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China’s Central Bank Cracks Down on Major Payment Platforms

Bank Innovation

The People’s Bank of China (PBOC) will require payment platforms to allocate as much as 50% of their total client funds in a regulated interest-free reserve. Additionally, the PBOC also said it would regulate QR code payment to reduce growing concerns about risks related to these types of transactions. The new regulations will have an […].

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Funding Circle Partners With Community Bank, INTRUST for Loans

Bank Innovation

Small business lending platform Funding Circle will be working with a traditional lender to fund loans on its platform. The fintech is partnering with community bank, INTRUST Bank for this purpose, the companies announced yesterday. The partnership will consist of “several stages,” the first of which is funding small business loans for Funding Circle clients. […].

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Rite Aid Acquisition No Magic Pill For Walgreens’ Sales

PYMNTS

In response to weak sales at Walgreens Boots Alliance Inc. , following the retailer’s decision to add nearly 2,000 Rite Aid locations to its store base, a Morningstar analyst is questioning how long it will take for the acquisition to boost the company’s bottom line, Reuters reports. “From our perspective, it may take at least a handful of years before Walgreens is able to fully benefit from the acquisition,” Vishnu Lekraj wrote in a note.

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Classroom Instruction Resources Of The Week

Bobsguide

© 1970 Pip R. Lagenta , Flickr | CC-BY-ND | via Wylio. Each week, I publish a post or two containing three or four particularly useful resources on classroom instruction, and you can see them all here. You might also be interested in The Best Articles (& Blog Posts) Offering Practical Advice & Resources To Teachers In 2016 – Part Tw o and The Best Resources On Class Instruction In 2017 – Part Two.

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Western Union Slapped With $60M Fine Over AML Lapses

PYMNTS

Western Union has agreed to pay a $60 million fine as part of a consent order with the New York State Department of Financial Services. According to a press release , Financial Services Superintendent Maria T. Vullo announced on Thursday (Jan. 4) the fine for violations of the New York Bank Secrecy Act and anti-money laundering laws. An inquiry by the Department of Financial Services found that for longer than 10 years, Western Union failed to create and maintain an anti-money laundering complia

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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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Overcoming technology hurdles in banks

Bobsguide

Every new day dawns on anachronistic banking systems replete with crippled systems, manual work and a plethora of paperwork and spreadsheets. Weary bankers are saddled with mind-numbing work, having to put up with obsolete systems that are people and paper centric. Many.

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Sears Announces Closures, JCP Says It’s ‘Going After’ Sears’ Appliances Business

PYMNTS

It’s been a doubly rough week for Sears. The struggling chain announced even more brick-and-mortar store closures are coming — this time to 103 Kmart and Sears locations. Once the largest retailer in the U.S., Sears has cut its number of stores in half over the last several years. The last 12 months have been particularly brutal: Mounting debt and 24 straight quarters of losses have troubled efforts to stay afloat.

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This Week In Web 2.0

Bobsguide

In yet another attempt to get at the enormous backlog I have of sites worth blogging about, I post a regular feature called “The Week In Web 2.0.” (you might also be interested in The 50 Best Web 2.0 Applications For Education In 2017 ). I also sometimes include tech tools or articles about them that might not exactly fit the definition of Web 2.0: This bot unrolls Twitter threads and turns them into readable blog posts is a TechCrunch post that makes Twitter “threads” (multiple con

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Bitcoin Miners Look Beyond China

PYMNTS

Facing pressure from the Chinese government, bitcoin mining collectives are shifting their operations overseas, Bloomberg reports. Bitmain , which runs China’s two largest bitcoin-mining collectives, is setting up a regional headquarters in Singapore and has expanded its operations to the U.S. and Canada. Another mining pool, BTC.TOP , has also chosen to open a facility in Canada.

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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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Let’s Talk About Insurance Before Amazon Disrupts It

Let's Talk Payments

I love insurance, and I have dedicated my career to the innovation introduced by InsurTech. The year 2017 has been a year full of InsurTech discussions for me: I took.

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Blockchain Challenger Bank BABB Names Industry Veteran As CIO

PYMNTS

Blockchain-based challenger bank BABB — which stands for Bank Account-Based Blockchain — has hired a new CIO. The company said Thursday (Jan. 4) that bank technology veteran Paul Johnson will take up the position. Johnson previously served as chief of another U.K. challenger bank Aldermore, at which he oversaw its IPO in 2015. BABB is planing its own initial coin offering (ICO) later this month.

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Can fintechs maintain their edge in an industry that wonâ??t stop disrupting itself?

Bobsguide

The financial services industry has entered the Age of the Customer -- in this era, the singular goal is to delight. With offerings that are faster, better and cheaper, new fintech entrants have the edge over traditional institutions who struggle to keep pace with consumers’ rising.

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Credit Karma To Advance Tax Refunds For Free

PYMNTS

Credit Karma Tax announced on Thursday (Jan. 4) the launch of Earlybird Advance, an online refund advance service. In a press release , the company said the service will enable U.S. citizens who file their tax returns through Credit Karma Tax to get a $500 to $1,000 advance on their tax refund with no fees or interest. The clients can get access to the funds as quickly as 24 hours after the IRS accepts the tax return. “Because filing taxes with Credit Karma Tax is completely free, not only

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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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LockPoS Malware Sneaks onto Kernel via new Injection Technique

BankNXT

"Alarming evolution" of Flokibot bypasses antivirus software and was likely built by a group of advanced attackers, researchers say.

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Startup Spotlight: Getting To The Point Of The Retail Shift

PYMNTS

The retail apocalypse is fake news if you ask Mark Cummins, co-founder of Irish startup Pointy. Brick-and-mortar retail is changing, no doubt, but Cummins noted that it still makes up around 91 percent of all retail spend, while eCommerce claims just 9 percent of consumer dollars. Against that landscape, it isn’t enough for retailers to post their addresses and hours of operation online; Cummins said they need inventory discoverability to drive physical sales, or customers who don’t know where t

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01.05.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: More bitcoin restrictions in China; Dash lures retailers; LG's new robots; Tech vet joins blockchain challenger bank.

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Former Walmart CEO Says Store Closures Signal Good eCommerce News

PYMNTS

While many in the segment have bemoaned store closures as a sign of weakness in the retail sector, one expert is taking a slightly more optimistic view of what’s next — at least in regards to one retailer in particular. Former Walmart CEO Carter Cast believes store closures are a sign of strength for Walmart, not weakness. “I think there are store closures ahead of Walmart that are going to be good for the company and good for shareholders,” Cast said on CNBC ’s “Power Lunch.”.

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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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Bringing medical and gaming tech to mobile fraud protection

Payments Source

San Francisco-based Arxan Technologies, which got its start in 2001 providing security tools to protect gaming and medical-device applications, says financial services companies are one of the fastest-growing sectors seeking help in barricading their mobile apps from hackers.

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Amazon Makes Alexa More Developer-Friendly

PYMNTS

Amazon has rolled out a new Alexa developer kit for on-the-go devices, making it easier for manufacturers to integrate the wildly popular voice assistant into their products, the company announced in a blog post. With the release of the kit, makers of mobile devices will be able to integrate the Alexa technology into their products while investing less in hardware and integration efforts.

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Health care's reliance on manual payments holds back the industry

Payments Source

When taken in the context of the complete invoice and payment cycle, manual payments not only have higher processing costs to the provider and supplier, but also result in delays between processing and making payments, writes Darci Guerrein, vice president of payment operations for GHX.

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December Jobs Report Falls Short Of Projections

PYMNTS

The U.S. labor market slowed a bit more than economists expected in December, with a noted slip in retail employment. Reuters reported that payrolls were up by 148,000 positions, a significant slowdown from the 252,000 gain seen in the previous month. That missed estimates of 190,000 additions. The unemployment rate, at a current low, has plateaued at 4.1 percent.

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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.