Chris Skinner
MAY 30, 2019
I’ve been struggling for a while now. My struggle is that I love flying around the world, seeing new places, meeting new people, finding new things … but I hate polluting the planet. This was brought to a head this week in a back-to-back meeting on sustainable finance that made … The post Earth’s future is all down to the banks appeared first on Chris Skinner's blog.
Bank Innovation
MAY 30, 2019
Japanese mobile payment app PayPay is embedding itself in rural areas to gain market share in a country where cash is still dominant. Indeed, cashless payments reportedly account for just 20% of transactions, compared to 50% in the U.S. Despite some well-heeled competitors, Japan is a largely untapped market for mobile payment providers. PayPay's chief […].
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Chris Skinner
MAY 30, 2019
Things we’re reading today include … Monzo apologises for bank transfer problems HSBC Plans Hundreds of Investment Bank Job Cuts Revolut is the most complained-about small online bank Metro Bank shares slide as fraud investigations launched Raphaels Bank fined £1.9m for poor outsourcing controls Smoothing out banking irregularities has been … The post Things worth reading: 31st May 2019 appeared first on Chris Skinner's blog.
Payments Dive
MAY 30, 2019
RiverPay is working with wellness retailer Holland & Barrett to expand the acceptance of Chinese mobile wallets, demonstrating the growing power of Chinese tourists in driving retail acceptance of mobile payments.
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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 30, 2019
Tally, an automated debt management app that consolidates and pays down customers' debts, is adding savings to its personal finance toolkit. The three-year-old company, which has so far raised $42 million in funding, on Thursday launched Tally Save, a free app that analyzes users' spending patterns and automatically puts spare funds into an FDIC-insured savings […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MAY 30, 2019
Celsius, the crypto banking startup, now has $250 million of deposits, with $50 million coming in just the last couple of weeks. Celsius positions itself as a bank deposit product killer. The New York-based startup pays depositors a 7% yield on the funds it lends at 9%. Deposits, which are not insured, are held in […].
Accenture
MAY 30, 2019
Each quarter, Ryan Douglas from the Card Issuing group compiles key metrics on US consumer credit cards, tracking spend, receivables, loss rates and returns reported by the largest US banks. Credit card volume and receivables continue to grow amongst the top issuing banks for the first quarter of 2019; however, the growth rate of each has been slowing compared to prior years.
Bank Innovation
MAY 30, 2019
Just two years after it was founded, Brex Inc. is close to securing new funding at a valuation north of $2 billion, according to people familiar with the matter. The San Francisco-based startup — whose main business is providing corporate credit cards to tech companies, startups and their employees — had previously raised money at […].
Abrigo
MAY 30, 2019
Whether you know a little or a lot about BSA/AML software automation, there are a few key elements to consider. First of all, what are the system’s capabilities? Second, what are some indicators of software that gets the job done? Many Compliance Officers and examiners agree that automation makes your BSA program more efficient. But it’s important to know what you’re looking for.
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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
Bank Innovation
MAY 30, 2019
Mastercard and Visa are looking at opportunities to expand their reach and capabilities in a rapidly changing, increasingly global payments landscape. Executives from the payments processing giants were among the participants at MoffettNathanson's inaugural Payments, Processors and IT Services Summit in New York this week. Here are Bank Innovation’s four key takeaways from the event: […].
Abrigo
MAY 30, 2019
Taking the first step into automating your BSA program can be daunting. Helping hundreds of institution through this process has helped our team put together a few questions to help you navigate this journey. Can you check the box on your BSA software? 1. Am I doing too much manually? With the increasing expectations of BSA, a highly manual process can fall short.
Bank Innovation
MAY 30, 2019
Medici Bank, a digital-only challenger bank backed by Prince Lorenzo de’ Medici -- a descendant of the Renaissance-era Italian banking family, aspires to build a global network of banks connected by blockchain. The goal is to facilitate cheaper, more transparent cross-border money transfers for international businesses and affluent individuals with $1 million dollars or more […].
Accenture
MAY 30, 2019
Jeff Crawford, a member of our payment strategy and innovation team, provides perspective on connected car payments and the opportunities for stakeholders. In the US, nearly 135 million daily commuters spend more than $210 billion a year on gas, food, coffee and grocery pickup according to the Digital Drive Report by PYMTS and Visa 1. Car manufacturers, technology providers, payments facilitators and merchants are developing innovative connected car payment experiences to make these purchases as
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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.
PYMNTS
MAY 30, 2019
As 5G deployments start, the people who run hospitals and medical offices, along with companies that supply healthcare devices and payment services, are starting to figure out what the quicker speed and other features of the new mobile network technology will do for them. These early moves are yet another sign of the wide and deep impact that 5G promises to have.
Payments Source
MAY 30, 2019
The stocks of a wide swath of publicly traded payments companies are rising faster than the overall S&P 500 index, potentially fueled by several mega mergers in the first half of 2019.
PYMNTS
MAY 30, 2019
First American Financial Corp., the title insurance company that exposed the data on hundreds of millions of mortgages dating as far back as 2003, is being sued in a class-action lawsuit. The complaint was filed with the United States District Court for the Central District of California by Gibbs Law Group on behalf of David Gritz, a resident of Pennsylvania who had bought and sold several homes.
Payments Source
MAY 30, 2019
Facebook and Google were scammed out of more than $100 million, though artificial intelligence can help firms improve security, according to Anant Kale, founder and CEO of AppZen.
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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.
PYMNTS
MAY 30, 2019
Mastercard has announced that cardholders who tap to pay for subway rides on Fridays in June and July will get refunded fares, and have the chance to win Priceless Surprises, the company said in a release. It’s called the Mastercard Fareback Friday program, and any riders who use their Mastercard’s tapping capabilities for rides between 42nd Street-Grand Central and Atlantic Avenue-Barclay’s Center along lines 4, 5 and 6 will have their fares refunded.
Payments Source
MAY 30, 2019
Payment network tokenization should sound appealing to every online retailer because it relieves friction and releases them from much of their risk, liability and compliance burden. The trick is achieving scale from both a technical and business agreement perspective, writes Ammar Faheem, vice president of digital payment solutions for North America at Gemalto, a Thales company.
PYMNTS
MAY 30, 2019
A Morgan Stanley analyst has cut the price target on Apple from $240 to $231 in a note to investors, according to a report by CNBC. Analyst Katy Huberty did not change estimates for the company’s sales or profits, and said the price cut was founded on comparative companies’ performance. “Given the risk of further restrictive trade measures … we expect shares to remain choppy, with a near-term floor around $160,” Huberty wrote.
Payments Source
MAY 30, 2019
London-based processor Checkout.com’s recent $230 million Series A investment is an indicator of investors’ huge interest in cross-border e-commerce and payments in emerging markets.
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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.
PYMNTS
MAY 30, 2019
A little over a year ago, the world met Bank of America’s answer to Alexa, it’s artificial intelligence (AI)-powered virtual assistant named Erica. The announcement was met with interest, but without wild enthusiasm. “Best as I can tell, Erica is a deployment of AI for AI’s sake,” noted one reviewer on Insight Vault. “Erica doesn’t do really do anything that I, as a BofA customer, couldn’t already do, and other than providing a voice interface, doesn’t necessarily do it b
Payments Source
MAY 30, 2019
Just two years after it was founded, Brex Inc. is close to securing new funding at a valuation north of $2 billion, according to people familiar with the matter.
PYMNTS
MAY 30, 2019
A new startup named Pillar, which aims to help students pay down loan debt, recently received $5.5 million in seed money from Kleiner Perkins, according to a report. The app will connect with the loan provider and a person’s bank, and can then communicate with the borrower and offer advice based on income, spending and loan size. If the app can find a way to pay down the loan faster, it will let the person know through a mobile phone alert.
Payments Source
MAY 30, 2019
In a presentation Thursday, co-COO Gordon Smith expanded on Jamie Dimon's recent comments about frustrations in the mortgage market, was upbeat about branch profitability and discussed some of the bank's Chase Pay challenges.
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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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