Bank Innovation
AUGUST 20, 2018
In the U.S., a market where checks are still a crucial form of payment and plastic cards are prevalent as ever, it is hard to imagine using contactless payments for transactions like buying groceries or train tickets. But in other markets like Europe or Australia, consumers can’t get enough of contactless payments. In fact, a […].
Chris Skinner
AUGUST 20, 2018
Things we’re reading today include … The end of signing on the dotted line? E-signatures are as valid as paper ones, Law Commission says High street banks could go way of department stores, says hedge fund tycoon Crispin Odey FINRA fines Interactive Brokers $5.5 million for short selling violations Ant … The post Things worth reading: 21st August 2018 appeared first on Chris Skinner's blog.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
PYMNTS
AUGUST 20, 2018
PPMiao, the online peer-to-peer (P2P) lender in China, faced protests from investors in the company at its offices on Monday (Aug. 20), as the P2P lending industry continues to be plagued with problems. According to a report in Reuters , 243 P2P companies or more have gone under in China since the start of June, which prompted investors to withdraw money from multiple P2P companies and sparked protests saying that the government didn’t do enough to regulate the P2P lenders.
Chris Skinner
AUGUST 20, 2018
Business Insider recently listed what they believe are the 32 FinTech unicorns around the world. Here is their list: =27. Symphony — $1 billion =27. TongDun Technology — $1 billion =27. Funding Circle — $1 billion =27. Kabbage — $1 billion =27. 51 Credit — $1 billion =27. Gusto — … The post The Monzicorn appeared first on Chris Skinner's blog.
Advertisement
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
AUGUST 20, 2018
Barclaycard has partnered with Silicon Valley startup Crowdz to make the process of selling and finding business services easier. While consumer payments have been revolutionized through mobile technology, Barclays points out that things have been slower in the business-to-business (B2B) space. In fact, only one in four transactions in the supply chain are digitized.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
AUGUST 20, 2018
To help customers avoid the lengthy lines of traditional checkout counters, supermarkets are turning to self-checkout technology, along with revamped store designs. When retailers don’t have to dedicate space in their brick-and-mortar locations to cash registers, consumers can enjoy less friction during checkout. To make this a reality for established retailers, companies such as Standard Cognition are working to put self-checkout technology in existing stores.
Payments Source
AUGUST 20, 2018
Because the legal cannabis industry is typically considered too high-risk for most banks and payment processors to work with, most technology solutions are designed to duplicate the familiar process of paying by card.
PYMNTS
AUGUST 20, 2018
Generation Z is coming into its own, and according to new research, it will account for 40 percent of all shoppers by 2020, reported USA Today. Engagement Labs, the data and analytics company that assists marketers, says the group of people born between 1997 and 2016 are 86 million strong, and influence $600 billion of spending by families. This group is also big on conversations – both online and offline – with Engagement Labs finding them to drive 19 percent of purchases. “You see an adv
CFPB Monitor
AUGUST 20, 2018
A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation” focuses on the mortgage industry. A detailed discussion of the Treasury’s mortgage-related findings and recommendations is available here. We have previously blogged about the portion of the Treasury report that focuses on payments and have published a legal alert that discusses other portions of the report.
Advertisement
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
AUGUST 20, 2018
A few weeks from now will mark the 72nd anniversary of a federal court decision that found grocery store chain The Great Atlantic and Pacific Tea Company and its founders, George and John Hartford, guilty of engaging in anti-competitive behavior. That story is the subject of a terrific book written by economist Marc Levinson , “The Great A&P And The Struggle For Small Business In America”.
Payments Source
AUGUST 20, 2018
Kevin Jenkins, former managing director of Visa U.K. and Ireland, joined the board of London-based fintech Nuggets to oversee business development for the blockchain-based security provider as it enters the massive mobile payments market in Asia.
PYMNTS
AUGUST 20, 2018
American Banker , citing Citi Ventures, reported that the investment shows banks are embracing and implementing AI. According to the report, the investment provides more insight into how Citigroup is using AI across the company. The software is popular with younger generations, which is an important group to attract. “We’ve been working to build out the technology stack at Citi so that we can drive broad adoption of machine learning within various use cases and functions,” said Ramneek Gupta, ma
Payments Source
AUGUST 20, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: A new wallet emerges in China; Monzo draws more investment; Ripple expands its exchange network; Ant Financial expands into health care payments.
Advertisement
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
AUGUST 20, 2018
Anthem , the health benefits company, announced Monday (Aug. 20) that it inked a deal with Walmart to advance the companies’ joint goals of reducing healthcare costs and providing consumers with more access to over-the-counter (OTC) drugs. In a press release , the companies announced that an Anthem -Walmart program will launch in January of 2019, which will give consumers enrolled in Anthem’s affiliated Medicare Advantage (MA) plans the ability to use “plan allowances to purchase OTC medi
Payments Source
AUGUST 20, 2018
Thanks to the downstream nature of technology, what was once the domain for large organizations is now accessible to organizations of all sizes, writes Ralph Perdomo, a research analyst at Nvoicepay.
PYMNTS
AUGUST 20, 2018
How on time a traveler is for a flight seems to be consistently correlated with how long it will take them to go from the airport’s front door to the boarding area before the doors close. From pre-screening through screening, to that final run through the airport to find the right gate, it’s an exercise and anxiety that no one loves. It’s the least beloved part of the trip, but one that frequent travelers endure often — and for a very good reason, Ken Cornick, CEO of CLEAR , told Karen Web
Payments Source
AUGUST 20, 2018
In Vietnam, where 80% to 90% of transactions are still conducted in cash, Kienlongbank is the latest to announce a credit card for Vietnamese consumers who shop and travel internationally.
Advertisement
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
AUGUST 20, 2018
Charges of money laundering and illegal money transmission have been levied against a 21-year-old bitcoin dealer in California. According to several sites, including justice.gov, and per a statement by the Department of Justice in the Southern District of California, last week Jacob Burrell Campos was held without bail on those aforementioned charges.
SWBC's LenderHub
AUGUST 20, 2018
This is an important alert to inform you about a scheme that could affect the payments industry. "Unlimited Operation" Schemes Threaten Financial Institutions. Unspecified reporting obtained by the FBI indicates cyber criminals are planning to conduct a global automated teller machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an “unlimited operation.”.
PYMNTS
AUGUST 20, 2018
Automation, bots, blockchain — the deluge of technologies flooding the enterprise today can be overwhelming. This week’s B2B Data Digest takes the pulse of companies’ technology adoption, with researchers at Deloitte , FedEx and others finding that executives feel blockchain is overrated, machine learning moving front and center, and IT professionals struggling to find the right tech-savvy talent.
Bobsguide
AUGUST 20, 2018
On the 15th of August, the UK's Financial Conduct Authority (FCA) and Competition & Markets Authority (CMA) released data on quality of service for the first time, marking a historic step for Open Banking and putting a mass of customer data in the hands of fintechs and comparison websites.
Advertisement
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
AUGUST 20, 2018
Two new patent filings from Walmart show that the retailer is moving further into virtual reality , which would enable consumers to shop from home in ways different from today’s eCommerce experience. The patent filings do not guarantee that the retailer will ever build or deploy the technology described in those documents, but they do show how the retailer is envisioning future shopping.
Payments Source
AUGUST 20, 2018
Equity Group Holdings Ltd.’s financial technology unit is in discussions with six Ethiopian banks to collaborate on cross-border mobile payments and e-commerce.
PYMNTS
AUGUST 20, 2018
Summer — lazy and hazy days, at least for some. But not for business owners forced to chase late payments. To that end, Hitachi Capital reported that, as noted in a survey of 1,200 businesses conducted by YouGov, late payments bedevil several verticals. In fact, the problem is so widespread that it is being described as a “late payment epidemic.” Of the businesses surveyed, 63 percent stated that they had to deal with late payments for invoices stretching back to June 2018.
FICO
AUGUST 20, 2018
How to get set for CECL. In my last blog post , I started to outline my “10 Requirements for an Effective CECL Software Solution,” where I focused on three requirements your organization needs to do to get ready for CECL implementation. This post will address four requirements for getting set for CECL , i.e. what capabilities your solution must have to provide a stable platform for CECL execution and analysis. 4) How to get set for CECL – Seamless process orchestration.
Advertisement
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.
Expert insights. Personalized for you.
186 
Let's personalize your content