Sun.Sep 29, 2019

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Blockchain: a solution looking for a problem?

Chris Skinner

Being conference season, there were many announcements in the past week about headlines companies wanted to gain with their innovations. One of the main headline grabbers for me came from R3. These included: Mastercard partners R3 … R3 and Infosys complete blockchain trade finance trial Wells Fargo’s Stablecoin ‘Faster, Cheaper’ Than SWIFT … The post Blockchain: a solution looking for a problem?

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Goldman’s Marcus Has Lost $1.3B Since 2016

PYMNTS

Consumer bank Marcus , launched by Goldman Sachs in 2016, has lost $1.3 billion despite buying startups and building call centers in Utah and Texas, The Wall Street Journal reported Saturday (Sept. 28). Startup Marcus — named after Goldman Sachs’s 19th-century immigrant founder — went after deadbeat borrowers without the benefit of a collections staff, sources told the WSJ.

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Innovation in Banking

Banking Exchange

How to Ideate, Iterate, and Deliver the future Bank Performance Technology Retail Banking Performance Customers Branch Technology/ATMs Core Systems Tech Management Mobile Online Feature Financial Trends Feature3.

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Bitcoin Daily: New Malware Intercepts Crypto En Route To Digital Wallets; Uzbekistan Gov’t Calls For 300 Pct Rise In Crypto Miners’ Tariffs

PYMNTS

A new malware is able to replace wallet addresses as they are typed. The malware — called Masad Stealer — can steal PC and system information, credit card browser data, browser passwords, installed software and processes, desktop files, screenshot of desktop, browser cookies, steam files, autofill browser fields, discord and telegram data and FileZilla files.

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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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The public option for real-time payments is taking too long

Payments Source

There is no way to know exactly what the market will look like in 2023 or 2024 when FedNow debuts. We're working on a solution that can help our customers right away, says Luanne Cundiff, president and CEO of First State Bank of St. Charles in Missouri.

More Trending

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Payments' big M&A players to apply new scale to old problems

Payments Source

Now that the big, multi-billion dollar payment deals of the past year have closed, the companies must figure out how their new scale can address tasks such as software migrations or data sharing compliance in specific markets.

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Antitrust Investigators Question Google’s Plans For New Internet Protocol

PYMNTS

Google’ s plan to use a new internet protocol has caught the attention of Congressional antitrust investigators. In a letter sent to the tech giant on September 13th, investigators for the House Judiciary Committee requested information about Google’s “decision regarding whether to adopt or promote the adoption” of the protocol, which would encrypt internet traffic.

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Man vs Machine: How Banks Can Find The Right Balance Between Automation and Human Connection

Banking Exchange

Over-automating risks erasing what sets community institutions apart Customers Branch Technology/ATMs Community Banking Technology Retail Banking Feature3 Financial Research Feature.

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Goldman’s Consumer Banking Venture Has Lost $1.3B Since 2016

PYMNTS

Consumer bank Marcus , launched by Goldman Sachs in 2016, has lost $1.3 billion despite buying startups and building call centers in Utah and Texas, The Wall Street Journal reported Saturday (Sept. 28). Startup Marcus — named after Goldman Sachs’s 19th-century immigrant founder — went after deadbeat borrowers without the benefit of a collections staff, sources told the WSJ.

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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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Credit Suisse Group AG Board Set to Make Decisions Surrounding Spying Scandal

Banking Exchange

Switzerland’s second largest bank has been accused of spying on its former head of wealth management Compliance Risk Management Duties Security Compliance Management Feature3 Feature Human Resources Management.

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Rent The Runway Freezes New Subscriptions Amid Fulfillment Issues

PYMNTS

As the clothing platform encounters multiple supply chain and inventory issues, Rent the Runway isn’t taking on new subscribers or event rentals until Oct. 15 at the soonest. Jennifer Hyman , co-founder and CEO, sent subscribers an e-mail Friday (Sept. 27), CNBC reported. “I’m reaching out to further update you on delays that some of you have experienced in receiving your orders over the last few weeks,” Hyman said.

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How Credit Card Users Can Maintain A Healthy Credit Score

BankBazaar

Your Credit Card usage habits is instrumental in defining your credit health and determining your Credit Score. Here’s how you can maintain a healthy Credit Score as a Credit user. If you are a Credit Card user, then this article is for you. Why, you must be wondering? Well, let’s just say that your Credit Card usage habits is instrumental in defining your credit health and determining your Credit Score.

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Rent The Runway Freezes New Subscriptions

PYMNTS

As the clothing platform encounters multiple supply chain and inventory issues, Rent the Runway isn’t taking on new subscribers or event rentals until Oct. 15 at the soonest. Jennifer Hyman , co-founder and CEO, sent subscribers an e-mail Friday (Sept. 27), CNBC reported. “I’m reaching out to further update you on delays that some of you have experienced in receiving your orders over the last few weeks,” Hyman said.

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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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Lessons Learned from Capital One’s Breach: What Banks Need to Know About Data Security in the Cloud

Banking Exchange

A third of banking CIOs consider digital to be the top business priority for 2019 Risk Management Compliance AML & Fraud Checks/Remote Deposit Capture Security Cyberfraud/ID Theft Compliance/Regulatory Feature3 Feature.

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Ex-Google Executive Joins Italian Shoe Firm Tod’s

PYMNTS

Former Google leader Alessandra Domizi will take the digital helm of Italian shoe and leather company Tod’s on Oct. 14, Reuters reported Friday (Sept. 27). Domizi, previously fashion and retail lead at Google, will develop Tod’s digital communication and online sales, a key component of the brand’s new “Factory” business model. Headquartered in Marche, Italy, Tod’s said it had appointed Domizi as its chief digital and innovation officer in a bid to streamline the company’s ongoing digital transf

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Beyond Wells Fargo: Can High Performance and High Standards Co-exist?

Banking Exchange

American banks have a bad reputation Compliance Lines of Business Profitability People Performance Channels Customers Revenue Feature3 Feature.

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UPI vs. Rest of the World: A Closer Look at A Phenomenal Growth Story

Let's Talk Payments

One thing that sets India (and China) apart from the rest of the world is its sheer market opportunity.

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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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Platform-Based Banking Provides Gateway to Digital Transformation

The Financial Brand

Many banking organizations are moving to a platform-based model to better compete for customers who want broader solutions from a trusted organization. The post Platform-Based Banking Provides Gateway to Digital Transformation appeared first on The Financial Brand.

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Nasdaq Moves To Limit Chinese SMB IPOs

PYMNTS

Nasdaq is putting the heat on initial public offerings (IPOs) of small Chinese companies , Reuters reported on Sunday (Sept. 29). Nasdaq — an electronic exchange in which stocks are traded through an automated network of computers instead of a trading floor — is tightening restrictions and making approvals more difficult. Attempts by Nasdaq to curtail stock market flotations comes on the heels of IPOs raising the majority of funds from Chinese relationships over U.S. investors.

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Mobile Banking Adoption Needs Innovation Boost to Reach Next Level

The Financial Brand

Offering mobile banking is table stakes. To win the game, banks and credit unions must create apps with clarity, simplicity and ingenuity. The post Mobile Banking Adoption Needs Innovation Boost to Reach Next Level appeared first on The Financial Brand.

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China Says Foreign Investment Welcome Despite Potential US Restrictions

PYMNTS

China ’s financial markets will stay open and foreign investment will be welcomed even though U.S. President Donald Trump is calling to curtail funds. “We will take further steps to promote high quality two-way financial opening, encourage foreign financial institutions and funds to invest in the domestic financial market to boost the competitiveness and dynamism of the domestic financial system,” according to a summary from the eighth meeting of the Financial Stability and Development Committee

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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.