Chris Skinner
JULY 3, 2018
I found an interesting article about Open Banking the other day (via FinTech Insider News). Its title is: Open Banking in the UK; a disaster in the making? no wonder it intrigued me. However, I clicked the article open and the first paragraph read: When the CMA Order went live … The post Open Banking – a complete failure? appeared first on Chris Skinner's blog.
Bank Innovation
JULY 3, 2018
There is a correlation between an FI’s revenues and its digital strategy. A new report from advisory firm EY suggests that the more mature an FI’s digital strategy is, the more revenues it is likely to generate. According to the report, released late June, 65% of executives believed that their revenues improved thanks to their firm’s […].
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Chris Skinner
JULY 3, 2018
Things we’re reading today include … You could own this former Devon bank with a vault and banking hall Bermuda to Create New Class of Bank for Serving Fintech and Blockchain Companies China Bank’s Capital Almost Wiped Out as Loan Rules Tighten Warren Buffett is in line for a multibillion-dollar … The post Things worth reading: 4th July 2018 appeared first on Chris Skinner's blog.
Bank Innovation
JULY 3, 2018
PREMIUM - U.K. challenger bank Monzo has made headlines recently for massive losses that quadrupled year-over-year. Loses were recorded at £33.1 million ($43.6 million) in 2017, up from £7.9 million ($10.4 million) the previous year, according to the Financial Times. But customers may care more that the digital-first bank had a win when it comes to […].
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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
PYMNTS
JULY 3, 2018
The digital age desperately wants to help consumers answer an important, age-old question: What should I wear today? The “hows” of solving that question have become increasingly high-tech in recent years. At any number of websites, consumers can answer a questionnaire that covers their relevant measurements and sartorial preferences to create a profile.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JULY 3, 2018
As retailers expand their omnichannel efforts with in-store pickup, they are faced with a challenge: What is the best way to help their customers retrieve their orders from their brick-and-mortar stores? Home Depot , for example, is taking a page out of the Amazon retail playbook by installing lockers in many of its locations to support its in-store pick-up service.
Payments Source
JULY 3, 2018
Concentrating more on the data delivered through a customer database, Chargebee began focusing on what was driving consumer success for a company, and turning that into a revenue generation point.
PYMNTS
JULY 3, 2018
Strong cash flow among U.S. small businesses means less demand for financing, and trend is reflected in the latest figures from Pepperdine University ‘s Graziadio Business School in conjunction with Dun & Bradstreet. Reports in The Washington Post on Monday (July 2) said the survey shows small- and medium-sized businesses (SMBs) in the U.S. reported strong cash flows in the second quarter of this year, and fewer businesses are seeking external financing as a result.
Payments Source
JULY 3, 2018
The day after Chinese e-commerce giant JD.com Inc.’s mid-year sale, a company drone took off from a playground in the city of Xi’an to deliver one of the orders. The six-rotor craft is one of about 40 JD.com designed to cut delivery times.
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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
PYMNTS
JULY 3, 2018
Even shoplifters have rights, and when push comes to shove, shoplifters will push to have their rights recognized in court. Some of the country’s biggest retailers, from Walmart to Bloomingdale’s to Abercrombie & Fitch, are being accused of extorting shoppers caught swiping merchandise and are facing those accusations in court thanks to a class-action lawsuit filed in federal court in San Jose.
Payments Source
JULY 3, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: PayPal plans further expansion in India; Oracle picks Brussels for tech hub over London; Amex and Concardis add new payment executives; Russian military plans to use blockchain for security.
PYMNTS
JULY 3, 2018
Amid efforts to clean up the banking industry in India, a government panel has floated the idea of creating an asset management company (AMC) that would focus on resolving bad loans that are over $73 million. The panel, which is comprised of bankers, was formed after the government tightened some rules and the central bank withdrew multiple loan-restructuring strategies, Reuters reported.
Payments Source
JULY 3, 2018
India’s top court refused to overturn a central bank ban on lenders from dealing in cryptocurrencies, a move that effectively outlaws the nascent industry in Asia’s third-largest economy.
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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
JULY 3, 2018
Across the U.S., there are 5,757 credit unions with 103.992 million members – and it’s been reported by the Credit Union National Association (CUNA) that roughly 45.4 percent of the nation’s financially active adult population receives some financial services from a credit union. There’s a reason for that, Fotios Konstantinidis, SVP of fraud products at CO-OP Financial Services , told PYMNTS in a recent conversation.
Payments Source
JULY 3, 2018
Nonlisted encryption solutions are designed for easier deployment, but often lack many of the key attributes of PCI-listed point-to-point encryption products, writes Ruston Miles, founder and chief strategy officer of Bluefin.
PYMNTS
JULY 3, 2018
A recent California Supreme Court decision that essentially allows a negative Yelp post to stand about a lawyer could help determine how online reviews are treated in the future. The case could also influence how much responsibility third-party platforms have when consumers complain about goods and services. In a 4-3 decision on Monday (July 1), the California Supreme Court ruled that Yelp is not responsible for a one-star review left on its site about San Francisco lawyer Dawn Hassell.
Payments Source
JULY 3, 2018
The crypto market has been in bear territory recently, and Facebook's removal of its bitcoin ad ban can help a resumption of cryptocurrency expansion, according to Nigel Green, founder and CEO of deVere Group.
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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
JULY 3, 2018
One year in, the changes at Whole Foods Market , post the acquisition by Amazon , are rankling some of the grocery giant’s employees and its supply chain. The Wall Street Journal ( WSJ ) reported that some suppliers are upset with the rates that are being levied by Whole Foods. Amid layoffs, reported the publication, some workers want unionization.
Payments Source
JULY 3, 2018
Entrust Datacard, which serves both sides of the physical and digital payments spectrum, sees the categories' fates as intertwined. The more momentum digital and mobile wallets have, the more opportunity they create for their plastic counterparts.
PYMNTS
JULY 3, 2018
Amid talk of enterprise digitization, discussions about paper invoices and checks persist. New research suggests a vast divide between businesses that have embraced technology and electronic processes in the accounts payable department and businesses that instead prefer to retain those paper invoices and checks. In its The State of ePayables 2018 report, Ardent Partners explores just how deep the divide is between these two ends of the digitization spectrum – and how much late adopters of eInvoi
Payments Source
JULY 3, 2018
Hotels have elaborate systems to capture lodging fees and other purchases charged to rooms, but when customers book special events such as weddings or conferences, payment security can be more of a problem.
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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
JULY 3, 2018
PayPal announced Tuesday (July 3) the closing of its deal with Synchrony , in which it acquired $7.6 billion in receivables from PayPal. In a press release, PayPal said the receivables include PayPal’s U.S. consumer credit receivables portfolio, which totaled $6.8 billion at the time of closing, and approximately $0.8 billion in participation interests in receivables held by unaffiliated third parties.
Payments Source
JULY 3, 2018
The final sale price came it at $6.9 billion, or about $900 million more than what the two firms agreed upon when the deal was announced in November.
PYMNTS
JULY 3, 2018
In the life of a startup, there’s no better news than growth, be it across new verticals, devices or geographies. As startups such as DadeSystems , FitPay and Jewel Paymentech expand across devices and functions, Tipalti , AvidXchange and Emailage announce new growth for their local, national and global footprints. Here’s all the latest news from startup-land this month.
Bankelele
JULY 3, 2018
FSD Kenya, which aims to create value through financial inclusion, have just released their 2017 Annual Report which contains findings from ongoing research projects around Kenya. Some excerpts The unregulated digital credit space in Kenya, mainly phone loans, has overtaken other forms of credit in the country with 19% paying digital loans, much more than 17% repaying family/friends or 14% paying shopkeepers for goods taken […].
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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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