Thu.Feb 20, 2020

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What would Winston Churchill say about #Brexit?

Chris Skinner

No one knows. He died in 1965 and, fifty-five years later, no one can say what his view on Brexit would be. But the question is being raised in The Independent this week (first of a five part series). They quote a few speeches by Churchill post-war and his views … The post What would Winston Churchill say about #Brexit? appeared first on Chris Skinner's blog.

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Are banks having a kodak moment? Lessons from a fallen giant

Bank Innovation

Giants have fallen when they reacted too slowly to changing consumer needs. Kodak, despite developing the first digital camera, did not believe digital photography would dominate the market, and therefore did not leverage the opportunities their discovery offered. They chose to focus on film, not innovation, and fell after a century in business. Now banks […].

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Things worth reading: 21st February 2020

Chris Skinner

Things we’re reading today include … Why Morgan Stanley wants to buy E*Trade HSBC undergoes yet another overhaul. It still may not be enough Lloyds bank boss takes 28% pay cut after annual profits fall Barclays using ‘Big Brother’ tactics to spy on staff, says TUC JP Morgan economists warn … The post Things worth reading: 21st February 2020 appeared first on Chris Skinner's blog.

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Rapyd taps Visa to grow its card-issuing business

Bank Innovation

Rapyd, a startup that converts international payments, announced a partnership with Visa this week to grow its card issuing business. “A major opportunity for us, and we’re seeing this around the world from a sheer use-case perspective, is card issuing,” said Marc Winitz, chief marketing officer at Rapyd. “Whether it’s physical or virtual, there’s an […].

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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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Future Tech Comes To eCommerce

PYMNTS

Future tech is no longer the province of high-end retailers. Innovations in 3D and augmented reality (AR) eCommerce are leveling the playing field and bringing conversion-centered visual technology to any online retailer. “There have been amazing shifts in the ecosystem and demand is rising for 3D and AR tools that will help connect consumers with the right products and eliminate uncertainty in the buying journey,” said Ashley Crowder, CEO and co-founder of VNTANA , whose company introduced new

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More Trending

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Balancing payment innovation and trust

Payments Dive

Payment security is central to the consumer experience with 54% of North America firms hoping to achieve higher customer satisfaction through improving the security of new payment technologies.

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Fiserv dives into cashierless checkout

Bank Innovation

With the growth of smartphone use and online shopping, merchants are increasingly adding cashierless checkout options. This includes the Amazon Go-style “walk in, walk out” system, along with hybrid approaches where associates check out customers via mobile devices, as they would in an Apple store. The rush to go cashierless has now pulled in core […].

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Will The IoT Choose The Next World Superpower?

PYMNTS

The Chinese and American governments are engaged in another proxy war. Nothing new there. But for all the saber rattling, this time it’s not about battleships and fighter planes. What we’ve got now is a tech war over super high-speed data networks, more specifically, whose will dominate a web-connected planet. Chinese firm Huawei Technologies is seen as being in the lead at present, as technologists in the West slog through issues around standards.

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Morgan Stanley dives deeper into retail with E*Trade deal

Bank Innovation

Morgan Stanley agreed to buy discount brokerage E*Trade Financial Corp. for $13 billion, pushing further into the retail market in the biggest acquisition by a Wall Street firm since the financial crisis. The all-stock takeover adds E*Trade’s $360 billion of client assets to Morgan Stanley’s $2.7 trillion, the companies said Thursday in a statement.

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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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How Australia’s banks can map a divestment journey

Accenture

In the first of this three-part series, we looked at what Australia’s financial services (FS) firms must do to rediscover their purpose and regain customer trust—a process that culminates in deciding which assets to divest. In this post we will look at the next step: mapping the roadmap for divestment. Mapping the journey Once FS…. The post How Australia’s banks can map a divestment journey appeared first on Accenture Banking Blog.

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Outrider Boasts $53M Funding Round For Self-Driving Freight Trucks

PYMNTS

Outrider wants to do for yard trucks what Waymo did for ridesharing, and what Einride did for trucking, by providing autonomous alternatives. The company has raised a $53 million haul toward doing so, according to reports. The company, founded in 2017, has a goal to generate automatic vehicle transport in freight hubs, intending to reduce safety risks and costs.

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Morgan Stanley to buy E-Trade for $13B

Payments Dive

Morgan Stanley will buy the pioneering brokerage in a historic merger that will create one of the industry's most powerful online brokerages.

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Open Banking Deepens Its SMB Accounting, Lending Presence

PYMNTS

As Open Banking spreads further into the small business (SMB) financial services market, accounting and lending platforms are taking advantage. This week’s exploration of the latest in bank-FinTech collaborations and data integrations finds an opportunity for accounting portals to drive customer loyalty through data connectivity, while lenders embrace strengthened risk mitigation by looping directly into borrower data.

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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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With CardWorks, Ally gains tools to broaden customer reach

Bank Innovation

On Tuesday, Ally Financial announced plans to acquire CardWorks, a non-prime card and consumer finance lender, for $2.65 billion, a price that raised eyebrows among some analysts. The deal is subject to approval from regulators. Despite the steep price, industry observers say the move allows Ally to build a card and merchant services business, while […].

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ePharma Takes Aim At High Drug Prices

PYMNTS

Be thankful you don’t have lipodystrophy. It’s a condition in which the body cannot control production of fat tissue. It can cause energy control problems and diabetes, and even worse, the drug that can control it, Myalept, is a bit expensive. List price for Myalept: $71,306 a month. Fortunately, there’s a website for that and for all the other prescription meds that have consumers clamoring against drug companies.

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6 Must-Have Financial Habits Of All 30-Somethings

BankBazaar

Here are a few simple financial habits that you need to establish in your 30s to manage your finances and secure your future. Your 30s are the age when your finances start to take priority over other stuff. And, it becomes more and more important to lay out a blueprint for your finances. Ideally, you should have started planning your finances in your twenties.

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AdoreMe: Giving Lingerie A High Tech Touch

PYMNTS

It might seem like it would be a challenge to get Bogdan Lucaciu to conduct an interview on Valentine’s Day. After all, he does run a company that sells intimate apparel – and it is a holiday closely associated with intimacy. But it’s not Valentine’s Day that will put demands on Lucaciu’s time – it’s the days leading up to Valentine’s Day.

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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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What The Beatles Can Teach You About Finance

BankBazaar

The Beatles and finance – sounds disconnected? Well, turns out you can adapt their approach to music to your finances. Curious? Read on! No, we’re not going to say “All You Need Is Love” This article has more to do with what one can learn from the way the Fab Four approached their music. So, tune in and learn how you can get your finances in perfect harmony!

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Mobile Order-Ahead’s Mindset Shift

PYMNTS

Consumers have somewhat of a fickle relationship with security when it comes to transactions. Most report that they want security, and they are sincere in their reporting. However, as Kount Chief Customer Experience Officer Richard Stuppy noted, when it comes to their actual commitment in policing their own transactional security and letting it drive their decisions, it doesn’t have all that much of an effect.

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Deepfakes and social engineering subvert fraud prevention

Payments Source

Fending off these kinds of attacks requires training personnel on a strict process for validating suppliers' banking data during supplier onboarding, especially when receiving any data change requests, says Noicepay's Doug Seaberg.

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Financial Stability Board Calls For Current Crypto Education

PYMNTS

Financial Stability Board (FSB) Chair Randal Quarles has warned global financial regulators that they must accelerate the creation of a framework for cryptocurrency and other forms of digital money, Reuters reported on Wednesday (Feb. 19). In a letter to finance ministers and G20 central banks, Quarles said they’re in danger of falling further behind as the digital payments sector grows and innovates.

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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.

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Bank of England issues new £20 polymer note as cashless payments rise

Payments Source

The Bank of England issued a new polymer £20 note into general circulation at a time when consumers are increasingly eschewing cash in favor of digital payments.

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Paysend Launches Mobile Multi-Currency Wallet In Europe

PYMNTS

The U.K. FinTech Paysend is introducing Global Account, its international, fee-free mobile money account with a multi-currency wallet, to European users, the company announced on Thursday (Feb. 20). The Global Account offering aims to save people as much as £2 billion in currency conversions when buying abroad. Paysend analysis shows that people can save as much as £1.25 billion in fees when spending internationally and up to £996 million when shopping on overseas websites.

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Report: The Libor system detour

Bobsguide

Banks are creating detours in their core systems to be able to calculate the Secured Overnight Financing Rate (Sofr) rather than trying to replace the entire system before the end of 2021. However, these complementary systems can come with additional risks, say bankers. There is also uncertainty.

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Bitcoin Daily: Gaming Currency Surges In Real Cash; Airline Allows Passengers To Pay In Crypto

PYMNTS

People flying with Norwegian Air will soon be able to pay for their flights with cryptocurrency, according to CoinDesk. Norwegian Air, one of the largest airlines in Europe, will allow the service because of a partnership with Norwegian Block Exchange (NBX) CEO Stig Kjos-Mathisen, whose technology will provide a payment infrastructure that enables Norwegian Air customers to purchase tickets with cryptocurrency.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.