Chris Skinner
APRIL 15, 2019
I picked up an interesting article from Reuters, about how Asian technology firms are moving into banking in a different way to Europe or America. The article says that Amazon and Alphabet / Google are far more interested in serving banks with cloud and advertising, rather than competing with them, … The post Why Chinese TechFin is the exception and not the rule appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 15, 2019
Reimagined products and services with new technology are on the front burner, albeit over low heat, at Goldman Sachs after a mixed earnings report for the first quarter of 2019. Chairman and CEO David Solomon said during the bank's earnings call today that he was pleased with the bank's performance in the first quarter, especially with […].
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Chris Skinner
APRIL 15, 2019
Things we’re reading today include … Bank of England begins climate enforcement with a velvet glove | Larry Elliott Italy’s UniCredit to pay $1.3 billion to settle U.S. sanctions probe Worried a recession is coming, U.S. online lenders reduce risk Goldman Sachs to layoff 98 bank employees in New York … The post Things worth reading: 16th April 2019 appeared first on Chris Skinner's blog.
PYMNTS
APRIL 15, 2019
Amazon has found a gold mine with its third party sales service. Because the company takes a percentage of each sale from its third party sellers, as well as additional logistics fees via the Fulfilled by Amazon service, the operations now amount to twice as much in revenue for Amazon as its own eCommerce services in which Amazon sources and sells products directly.
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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
Ron Shevelin
APRIL 15, 2019
To date, talk of open banking in the US has been nothing but pipe dreams. Many people like to say that data is the new oil. Is oil a resource easily--and freely--shared between those who want it? Of course not. So why would data be easily and freely shared? It won't.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bobsguide
APRIL 15, 2019
European Commission guidelines on the implementation of artificial intelligence (AI) and machine learning (ML) has given developers a green light and quashed industry hesitancy to experiment with new AI solutions, though care must be taken to limit the data needed to train them, say vendors.
PYMNTS
APRIL 15, 2019
Who knows what dangers lurk in the shadows? Specifically, who knows what dangers — for banks, at least — lurk in shadow banking, as FinTechs emerge to nibble at market share? Call it a double-barreled threat pointed toward financial institutions (FIs) that have set down roots over decades, indeed, hundreds of years. Indeed, in an appearance on Capitol Hill last week in front of the House Committee on Financial Services, seven chief executive officers of banks as far-flung as Goldman Sachs , Bank
Bobsguide
APRIL 15, 2019
Fintech vendors believe there are still obstacles in place as banks “drag their feet” – and potentially put hurdles in place - to comply with Strong Customer Authentication (SCA), due to come into force on September 14. “Some [financial] institutions dislike people like.
PYMNTS
APRIL 15, 2019
Danish operations of Ernst & Young (EY) and KPMG are now under investigation by Danish police related to money laundering cases. According to Bloomberg , EY is accused of failing to notify authorities when it discovered red flags related to the Danske Bank money laundering case. Danske, Denmark’s biggest bank, has been under investigation for its role in a $230 billion money laundering scandal centered on its Estonian branch.
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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
Payments Source
APRIL 15, 2019
Mastercard is calling for a global consumer digital identity bill of rights to be adopted by businesses, governments and regulators as it prepares to launch a digital ID management service later this year.
PYMNTS
APRIL 15, 2019
Online lenders in the U.S. including LendingClub , Kabbage , and Avant are gearing up for a slowdown in the economy and are taking a look at their risk exposure as they prepare for what they see as the inevitable. Reuters , citing interviews with half a dozen online lenders, reported the companies are worried that a recession could hit the U.S. economy, bringing with it an increase in credit losses, the potential for the need for liquidity and higher funding costs.
Payments Source
APRIL 15, 2019
Uber is a lot more than a ride-sharing app — it is also one of the most disruptive forces in payments.
PYMNTS
APRIL 15, 2019
Chase announced Monday (April 15) that customers are now able to send gift cards via the Chase Mobile app or website. In a press release , Chase said customers can choose from more than 60 leading retailers to easily send gift cards. The feature comes with the ability to schedule gift cards so customers don’t forget an important birthday, and can keep track of gift cards sent including amounts.
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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
APRIL 15, 2019
Machine-to-machine payments and AI are paving the way for dynamic and rapidly adapting ecosystems, and it’s an exciting time to be in the payments industry. However, with all the transformation, financial institutions and regulators should be aware of the latest developments to adequately shift their strategies, writes Martin Amend, a senior consultant at Capco.
PYMNTS
APRIL 15, 2019
Amazon , the eCommerce giant, could launch a music service that is free and ad-supported in the coming days, reported Billboard. According to Billboard , citing sources familiar with the plan, Amazon is mulling marketing the service through its Echo speakers and Alexa, its voice-activated digital assistant. The service would start with a limited catalog of music and could launch next week, reported Billboard.
Payments Source
APRIL 15, 2019
Singapore-based OCBC Bank and Rapyd have formed a partnership that will leverage Singapore’s local P2P service plus Rapyd’s Checkout solution to power instant payments for local e-commerce purchases.
PYMNTS
APRIL 15, 2019
American Express, the payments company, reported Monday (April 15) that credit card delinquency rates in March were flat with February, which should be welcome news as investors look for more signs the U.S. economy could be slowing. According to a report in Seeking Alpha , American Express said the delinquency rate for U.S. consumer cards was 1.5 percent in March which was the same rate in February.
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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
APRIL 15, 2019
Physical keys are still an important part of securing IoT payment systems, writes Pip Courcoux, sales and product manager for CLIQ Systems at Abloy UK.
PYMNTS
APRIL 15, 2019
Tennessee whiskey distillery Jack Daniel’s has released a new marketing tool that turns any bottle of its product into an interactive augmented reality (AR) experience, according to reports. “In today’s world, it’s important for us to reach fans and consumers where they are,” said Jeff Cole, modern media director for Jack Daniel’s. “That means sharing content that’s unique, interesting and relevant though a variety of digital mediums.”.
Matt Wilcox Pro
APRIL 15, 2019
Thanks in part to Scotts Miracle-Gro, the payments industry might—might—soon be able to play ball with locally legal cannabis industries. It’s that part about “locally legal” that until now has proved the problem. Thirty-three states and Washington D.C. have decriminalized cannabis for medical or recreational purposes, but the federal government hasn’t.
PYMNTS
APRIL 15, 2019
Children’s apparel is a big and growing market. As of 2018, according to Euromonitor research , the global children’s apparel industry is worth $203 billion — and growing quickly at 5 percent a year. Children’s clothes are in fact the fastest growing apparel category. Some of that growth is organic — literally. Children grow quickly, which means they outgrow clothes quickly: by the age of 2, children have been through an average of seven clothing sizes.
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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.
CFPB Monitor
APRIL 15, 2019
A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients to ensure that the merchants were not engaged in deceptive or unfair practices. The order is a stark reminder of the risks to payment processors of failing to implement adequate policies and procedures designed to avoid establishing or maintaining relationships with disrep
PYMNTS
APRIL 15, 2019
To help build customer loyalty, eCommerce and brick-and-mortar retailers have a myriad of tools on hand: Cashiers can sign customers up for loyalty cards at brick-and-mortar stores, and eCommerce sites can send customers special offers and coupons by email. While vending machines and unattended kiosks may not have been able to build similar relationships, that reality doesn’t have to last forever.
CFPB Monitor
APRIL 15, 2019
A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” creates a new “speed bump” for final rules issued by the CFPB as well as other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC. The new review process set forth in the memo will take effect on May 11, 2019.
PYMNTS
APRIL 15, 2019
Not every innovation is a good innovation. Some, like the pet rock, are merely fads. Others, like the iPhone, are change-the-world impactful. Then there are others that are clever but ill-applied – as in malicious and destructive. We saw a bunch of that last week. Fingerprints for Sale . The problem with a password, everyone knows, is that it can be stolen and used by anyone.
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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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