Bank Innovation
AUGUST 22, 2018
Today Finastra announced a partnership with Wis.-based Unity Bank for a digital loan solution. Unity Bank, with $450 million in assets, has begun to leverage loan technology to streamline its commercial lending and consumer lending processes. Bank Innovation spoke with Unity Bank senior vice president and commercial lending manager Darrin Wilson on what “streamlining” will mean […].
Chris Skinner
AUGUST 22, 2018
It shows the nature of money and finance in our lives, in the way that the media reports about it. Quite often you get a scary headline like the big banks are watching you or banks will sell your data and it makes us mad. Replace bank with internet giants, … The post The secret to success with customer data appeared first on Chris Skinner's blog.
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Bank Innovation
AUGUST 22, 2018
JPMorgan Chase announced that it was rolling over customers with a Chase Premier Platinum checking account to its better-known consumer brand, Chase Sapphire. Customers with the Chase Sapphire account will be able to keep their Premier Platinum account numbers and card numbers with the added benefit of free ATMs, free outgoing wire transfers as well […].
Chris Skinner
AUGUST 22, 2018
Things we’re reading today include … Ryanair apologises after compensation cheques bounce Credit Suisse freezes $5 billion of Russian money due to U.S. sanctions Time may be up for the penny coin, says Bank of England The Lehman Brothers party is a red herring – it’s the system that stinks … The post Things worth reading: 23rd August 2018 appeared first on Chris Skinner's blog.
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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
Bank Innovation
AUGUST 22, 2018
As it makes its way to South Africa and continues to amass impressive partnerships with the likes of Alipay and PayPal, Samsung Pay might have completed three years in the mobile payments market, but its numbers still lag its main rival, Apple Pay. Samsung revealed yesterday that it had completed 1.3 billion transactions in three […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
AUGUST 22, 2018
The best thing a banker can do today is regard the U.K. as a real-world fintech laboratory, track developments closely and seek opportunities to capitalize on change, writes Naomi Bowman, managing director for Berkeley Research Group in London.
PYMNTS
AUGUST 22, 2018
Not long ago, direct sales companies — like beauty supplier Avon and health & beauty firm Amway — offered independent agents the opportunity to earn money selling their products door to door. Meanwhile, staffing agencies have provided businesses with temporary workers for decades, to cover for those who are on leave or temporarily out sick. These freelance, ad hoc jobs were examples of gig work well before anyone affixed a “gig” label to them.
Payments Source
AUGUST 22, 2018
Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand. And according to data from RSA, phishing remains a vital part of this scam.
PYMNTS
AUGUST 22, 2018
The gig economy was once seen as a temporary holdover — an opportunity to earn supplemental income by taking on ad hoc work designing websites, doing yardwork or driving for a rideshare service as time allowed. However, based on recent data trends, that appears to be changing. Out of approximately 10,000 gig workers surveyed by PYMNTS, only 47 percent said they had a full-time job in Q2 2018, a drop from 55 percent in Q1 2018.
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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
Insights on Business
AUGUST 22, 2018
IBM RegTech Innovations. Regulatory change is growing in size and IBM’s innovative end-to-end GRC solution , powered by Watson, is enabling the financial services industry to meet this challenge. According to some studies, as many as 30,000 to 40,000 regulatory changes can occur in a given year, and they are projected to culminate into 300,000,000 pages of regulation by the end of 2020.
PYMNTS
AUGUST 22, 2018
Small business management software provider Thryv is using Amazon ‘s Alexa to help more small businesses get discovered. A press release issued Tuesday (Aug. 21) said Thryv is partnering with Amazon’s Alexa, allowing information on small business locations to appear in voice search. Entrepreneurs can update their businesses’ information on the Thryv mobile app and — through Alexa’s collaboration with digital knowledge management company Yext — can ensure that consumers
Bobsguide
AUGUST 22, 2018
Major banks have long held all the cards, operating in closed environments and keeping their customer data under lock and key – but no more. In the new opening banking landscape, banks must establish open application programming interfaces (APIs) to enable third parties to access customer.
PYMNTS
AUGUST 22, 2018
Blockchain beyond bitcoin. The refrain is familiar and gaining traction. You might say that here, the rubber meets the road. Literally. One estimate that debuted this week via Business Intelligence and Strategy Research (aka BIS Research) states that the global automotive blockchain market will reach $1.6 billion by 2026. That represents a compound annual growth rate (CAGR) of 65.8 percent, as measured from 2018.
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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
AUGUST 22, 2018
As the digital rent market attracts new entrants like Zillow, mainstays like Cozy and YapStone are pressured to diversify and seek new audiences for their digital payments technologies.
PYMNTS
AUGUST 22, 2018
As Chinese eCommerce continues to grow, the race to build warehouses and site them to support quick, efficient deliveries is heating up in that country. But complications are emerging. Financial Times framed the battle as one that mirrors “the broad competition among Alibaba , Tencent and JD.com to dominate China’s eCommerce market, which churned out revenue of Rmb7.18tn ($1tn) last year, according to the commerce ministry.
CFPB Monitor
AUGUST 22, 2018
On August 7, the Texas federal court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) denied the trade groups’ motion for reconsideration. The motion asked the court to reconsider its June 12 order granting a stay of the lawsuit but denying a stay of the Payday Rule’s August 19, 2019 compliance date.
PYMNTS
AUGUST 22, 2018
India-based and Walmart-owned Flipkart has launched an eCommerce platform called 2GUD that focuses on the sale of refurbished electronics. The site is the latest entry in what some people call “recommerce,” an area of online retail that is showing signs of gaining fresh steam. “At present, the refurbished store is selling mobile phones, laptops, smartwatches, tablets and streaming devices,” according to one account.
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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
AUGUST 22, 2018
Perhaps at any moment, a change needs to be made immediately to improve security of a solution. Being able to switch to this without impacting existing projects and commitments is an important part of why a tailored SDLC can be necessary for payment companies, according to Chet Culver, director of application development at CardConnect.
PYMNTS
AUGUST 22, 2018
The payroll process is a friction-heavy, error-prone one. Most employees in the U.S. have been negatively affected by a payroll error, according to research from Kronos Inc.’s The Workforce Institute , which also found that nearly half of professionals agreed they would start looking for a new place of employment after just two payroll errors.
Payments Source
AUGUST 22, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Walmart still doesn't support Apple Pay; Paytm builds a cloud in India; Football clubs support bitcoin; First Data pushes into real estate payments; China cracks down on cryptocurrency news.
PYMNTS
AUGUST 22, 2018
Organizations know by now that enhanced and efficient procure-to-pay processes can save money and boost efficiency. But how, and by how much? A new report from The Hackett Group aims to put some definitive numbers behind the trend to uncover just how beneficial an enhanced procurement strategy can be. In its report , “Raising the World-Class Bar in Procurement Through Digital Transformation,” researchers Laura Gibbons, Christopher S.
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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.
Payments Source
AUGUST 22, 2018
A more open approach to banking will bring major changes, with quality data on banking services and IT security now becoming a significant factor for consumers in selecting a provider.
PYMNTS
AUGUST 22, 2018
Royal Bank of Scotland (RBS), which has been ordered to dole out more than $1 billion to industry competitors, is ready to receive applications for the funds, according to reports in the Evening Express on Tuesday (Aug. 21). The funds come in the form of RBS’ Capability and Innovation Fund as well as the Incentivized Switching Scheme, both of which are designed to promote competition in the U.K.’s financial services (FinServ) sector and encourage small businesses to switch providers
Payments Source
AUGUST 22, 2018
The retailer-driven Merchant Customer Exchange initiative to create a common mobile wallet had good intentions, but it overlooked the nature of retail itself — that each company has to differentiate itself to lure customers.
PYMNTS
AUGUST 22, 2018
“Fashion is the armor to survive the reality of everyday life,” said fashion photographer Bill Cunningham. No one wears just one suit of armor, and no one shops in just one place when it comes to the mixing and matching of that armor, the hunting for designer names and comparing price tags against the waxing and waning of one’s bank account. The online marketplace has disrupted any number of verticals, changing the way we shop and spend, and where we grab must-have items — from books to rugs to
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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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