Chris Skinner
MARCH 17, 2020
I’m getting a lot of people asking questions about what I think the coronavirus will mean long-term in the financial markets, so I’ve tried to jump forward to look back. Obviously, the big thing about a pandemic is that people are being told to stop meeting each other. Conferences, events, … The post The rush to digitalisation post-pandemic appeared first on Chris Skinner's blog.
Payments Dive
MARCH 17, 2020
The banking industry is providing increased flexibility to retail and small business customers as the coronavirus puts enormous financial pressure on communities.
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Chris Skinner
MARCH 17, 2020
Things we’re reading today include … HSBC appoints insider Quinn as CEO amid growth headwinds UK banks set out details of Covid-19 mortgage holidays Coronavirus: Stocks rocked by record volatility Metro Bank hit with fresh lawsuit by Iranian customers Study: global banks ‘failing miserably’ on climate crisis by funneling trillions … The post Things worth reading: 18th March 2020 appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 17, 2020
As social distancing becomes the new normal and quarantine measures spike during the coronavirus pandemic, banks of all sizes are promoting their digital channels to customers. “We are in crisis management mode,” said Mark Cromer, senior vice president and chief operations technology officer at the Sparks, Nev.-based Farm Bureau Bank. “We are trying to minimize […].
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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
MARCH 17, 2020
Facebook wants to help small and medium-sized businesses (SMBs) survive the coronavirus pandemic, and is offering $100 million in grants to 30,000 companies in over 30 countries. Sheryl Sandberg, chief operating officer of Facebook, said on her page and in a blog post on Tuesday (March 17) that the social media giant wants to “do our part” to help with the “enormous challenge in front of us.”.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MARCH 17, 2020
Speed drives innovation, particularly in payments. In this week’s look at payment rails innovation, PYMNTS finds a slew of new markets around the world adopting entirely new payment networks that can support their demand for real-time transactions. While some geographies have opted to collaborate with the private sector to develop their own national instant payment networks, others are adopting solutions like RippleNet and SWIFT gpi to modernize their banks’ capabilities.
Bank Innovation
MARCH 17, 2020
A few years ago, everyone in the industry was talking about robo and how it was The Next Big Thing. It was either going to save us or destroy us all. In the wealth sector, fears spread that robo would put everyone out of jobs, while also causing worry in banks’ wealth groups that they’d […].
PYMNTS
MARCH 17, 2020
A big part of SoftBank ’s bailout plans for office sharing company WeWork could be in jeopardy after SoftBank backed away from a plan to buy $3 billion worth of the company’s shares, according to a report by The Wall Street Journal. On Tuesday (March 17), WeWork shareholders were sent a message from SoftBank claiming that several regulatory probes into WeWork were being done by not only the Department of Justice (DOJ), but also the Securities and Exchange Commission (SEC).
Payments Source
MARCH 17, 2020
With coronavirus taking a significant chunk out of physical retail and services, the use of call centers and phone interaction with customers becomes even more important.
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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
MARCH 17, 2020
To stay competitive, especially with digital startups unencumbered by legacy systems, traditional financial institutions (FIs) need to deliver seamless customer services to individual consumers and enterprise customers alike. To that end, Vincent Caldeira, chief technologist for FSI in APAC for Red Hat told PYMNTS, FIs — especially incumbent FIs — are facing rapid changes in payments that demand they modernize payments processing, embedding new functionality along the way.
Bobsguide
MARCH 17, 2020
Environmental, social and governance (ESG) funds may see a continued spike in investment as oil prices crash, despite the Securities and Exchange Commission (SEC) cracking down on funds to clarify their intents, according to Bryan McGannon, director of policy and programs at the Forum for.
PYMNTS
MARCH 17, 2020
When all is said and done, when the pandemic is over, when we emerge on the other side of this, it’s safe to say that who we are – no matter where we live – will have changed a bit. So will the ways in which we prove we are who we say we are. In an interview with Karen Webster, Philipp Pointner, chief product officer at Jumio , said the coronavirus may hasten a shift from paper and plastic documents toward digital ID verification.
SWBC's LenderHub
MARCH 17, 2020
What Happened. Well, that all went sideways in a hurry. Fear, uncertainty and more fear ruled the markets last week. Any semblance of liquidity exited every market sector as the phrase from investors, “I didn’t know that could happen” actually happened. The 30-year Treasury bond traded at a price as high as 135.09 (yield of.70 %) and as low as 104.875 (yield of 1.78%).
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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
MARCH 17, 2020
With new mobile app Revolut Junior, global finance platform Revolut wants to get children into the money business, according to a press release. Revolut Junior will be targeted at children from the ages of 7 to 17, and will aim to teach them about finances, saving money and more. Revolut Junior Product Owner Aurelien Guichard said in the release that the drive behind the project is the basic idea that financial literacy and knowledge has to sprout first from a child’s home.
ATM Marketplace
MARCH 17, 2020
The coronavirus pandemic has raised a number of concerns about whether consumers would shift towards digital payments amid concerns about cash handling and interacting with large crowds in banks and retail centers.
PYMNTS
MARCH 17, 2020
The latest rumors about Apple buying Walt Disney Co. aren’t new – they go back to Disney ’s 2006 acquisition of Pixar. That made late Pixar Co-founder Steve Jobs into Disney’s largest shareholder and a member of its board. Of course, Jobs was also co-founder of a little computer startup you might have heard of called Apple, and at the time was in his second tour of duty as its CEO.
Payments Source
MARCH 17, 2020
Automated and interactive teller machines aren’t germ-free in the best of times, and the pandemic has raised new concerns about the possibility of those devices infecting consumers and staff.
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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
MARCH 17, 2020
On the West Coast of Sweden, workers at an IKEA store stumbled on a coronavirus-fighting treasure trove: 50,000 unused face masks to donate to a local hospital, according to a report by Reuters. The masks were purchased during the bird flu epidemic and then never used. Johan Andersson is the location’s logistics chief and it was his team that found the masks.
Payments Source
MARCH 17, 2020
On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.
PYMNTS
MARCH 17, 2020
As the U.S. hunkers down indoors to control the spread of the coronavirus, people are starting to fret about their jobs, with experts saying some 50 percent could end up unemployed, according to a CNN report on Monday (March 16). Virtually every industry is expected to be affected, from food trucks and restaurants to service businesses and gig economy workers.
Payments Source
MARCH 17, 2020
The Australian firm agreed to pay around $1 million in connection with allegations that it broke the law by operating without a license in the nation's largest state.
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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
MARCH 17, 2020
U.K. challenger bank Monzo has launched business bank accounts this week after a year-long trial period in which 2,500 customers got early access, according to a TechCrunch report. There will be two options aimed at small- to medium-sized businesses (SMBs): a free account and a paid premium account which costs 5 pounds ($6.06) per month. The free account, called Business Lite, will have similar features to the regular Monzo accounts, along with providing web access and mobile banking from an app
CFPB Monitor
MARCH 17, 2020
In January 2020 the Federal Housing Finance Agency (FHFA) published a request for input on Property Assessed Clean Energy (PACE) transactions involving residential property. FHFA describes PACE transactions as being part of residential energy retrofitting programs that are created through special state legislation and result in the financed part of the transaction resulting in a tax assessment on the home, which is a ‘‘super-priority lien’’ over existing and subsequent first mortgages.
PYMNTS
MARCH 17, 2020
For software companies, the quickest route to top-line and margin torque might be to offer payments to their merchant customers — onboarding those merchants and processing payments and payouts. As Daniela Mielke , CEO of RS2 Software , told Karen Webster in a recent podcast, the strategy might not be the best one. The conversation came against a backdrop where software companies — regardless of vertical or specialty — are facing increasingly competitive landscapes.
CFPB Monitor
MARCH 17, 2020
A Maryland federal district court, in Jennings v. Dynamic Recovery Solutions LLC , ruled that the effect of a partial payment on revival of the statute of limitations was governed by the law of Delaware, the state designated in the choice of law provision in the plaintiff’s credit agreement, rather than the law of Maryland, the forum state. Because Delaware law permitted revival, the court found that the plaintiff had stated a plausible claim that the defendant violated the FDCPA by not disclos
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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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