Chris Skinner
NOVEMBER 21, 2018
Things worth reading today include … Amazon hit with major data breach days before Black Friday ABN seeks UK licences to ward off Brexit threat Westpac chief executive blames bank’s ‘culture’ for ignoring Asic – as it happened Stamp duty revenue in England down 10% on a year ago Noel … The post Things worth reading: 22nd November 2018 appeared first on Chris Skinner's blog.
PYMNTS
NOVEMBER 21, 2018
Algorithms are taking on more of the data and security work for financial institutions (FIs), with technologies such as data mining and business rules management systems (BRMS) finding popularity among banks and credit unions. However, fewer institutions have made the move to true artificial intelligence (AI), with funding and even misunderstanding about the technology serving as challenges to the wider acceptance of AI.
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Bank Innovation
NOVEMBER 21, 2018
The U.S. is still far from a cashless society, but something important is nonetheless changing in this regard -- consumer perception. Digital payments have a long way to go in the U.S., mainly because checks, particularly in the business world, are still nearly ubiquitous. And when it comes to the retail world, cash is still […].
PYMNTS
NOVEMBER 21, 2018
Drugstore owner Walgreens Boots Alliance is in preliminary discussions with health insurer Humana about possibly taking equity stakes in each other. The companies already have a partnership that serves seniors from two Walgreens locations. Now, citing sources familiar with the matter, The Wall Street Journal ( WSJ ) reported that Walgreens and Humana are having wide-ranging talks that include expanding that venture.
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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
NOVEMBER 21, 2018
Amazon is pushing retailers to accept yet another digital wallet at the point of sale -- its own Amazon Pay, which until now has been used almost entirely in the e-commerce world, according to a report in the Wall Street Journal. Brick-and-mortar retailers view the Seattle-based commerce giant Amazon as a direct competitor, so this move […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Insights on Business
NOVEMBER 21, 2018
In today’s financial services industry, issues ranging from new regulations to unforeseen competitive pressures are placing ever-growing pressure on traditional banking institutions to move toward open banking models. To address this need, IBM introduced the IBM Open Banking Platform. The IBM Open Banking Platform is a software suite that helps accelerate a financial institution’s digital transformation through modular tools based on industry standards, is built on Kubernetes, and guided by Bank
PYMNTS
NOVEMBER 21, 2018
Amazon is preparing to enter the mobile payments market, reportedly working to get retailers to accept Amazon Pay as a payment method. The Wall Street Journal, citing people familiar with the matter, reported Amazon wants the service to be expanded beyond making payments online. The paper reported that Amazon in its initial push and has been working with gas stations, restaurants and local merchants that aren’t competing directly with Amazon.
Payments Source
NOVEMBER 21, 2018
There's never a good time to expose customer data, but the incident Amazon disclosed Wednesday could upend two major events: Black Friday/Cyber Monday and a reported effort to get merchants to accept Amazon at the point of sale.
PYMNTS
NOVEMBER 21, 2018
It’s a relatively simple prospect: Select food. Order food. Eat and pay for the food (the process depends on the type of restaurant, of course). And then, perhaps, open a few notches on your belt to allow your newly full stomach to expand. ( Happy Thanksgiving , by the way!). But even as that basic concept remains in force — and will likely remain in force until pure energy is simply transferred seamlessly into computer-hybrid, not-quite-traditionally human bodies in one potential future — mobi
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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
Payments Source
NOVEMBER 21, 2018
Across all age groups, many consumers still prefer shopping in stores for various reasons. But even when going into a brick-and-mortar store, these consumers don't leave their digital habits behind; many still prefer to pay by mobile or wearable when the option presents itself.
PYMNTS
NOVEMBER 21, 2018
Most U.S. businesses are over-exposed to risks related to interest rate and foreign exchange volatility, according to new Citizens Bank research. The FI published a report on Tuesday (Nov. 20) detailing the findings of a survey. Citizens asked more than 300 corporate professionals about how their firms are managing interest rate and FX volatility, finding two-thirds could be over-exposed to volatility risks.
Bobsguide
NOVEMBER 21, 2018
Multinational corporations are familiar with some of the obstacles involved with intercompany commerce. Foreign exchange risk, transaction quantities, and stagnant payment approvals can be expensive. In the realm of treasury management systems, a netting system can be the perfect solution. The.
PYMNTS
NOVEMBER 21, 2018
A new report has predicted that recurring transactions processed on debit and credit cards in the United States will reach $473 billion by 2021. The report , “U.S. Recurring Payments Market Forecast, 2017–2021: Set It and Forget It,” has explored U.S. market size and reviewed service offerings from seven providers in the U.S. market. Amazon , for example, has captured an estimated $7 billion to $10 billion in annual Amazon Prime subscription fees, enabling its one-click purchasing function that
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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
NOVEMBER 21, 2018
The information you need to start your day, from PaymentsSource and around the Web: HTC unveils its blockchain phone; hackers battle over one website; Apple buys AI; and more.
PYMNTS
NOVEMBER 21, 2018
Outsourcing key functions of the enterprise may allow professionals to finally turn their attention away from the minutiae of manual processes and toward more strategic, value-added activities. But when it comes to money, businesses may be reluctant to hand the reins to a third party. With pressure mounting for the enterprise to digitize, accounts payable automation is seen as a crucial part of achieving greater efficiency, cost savings, visibility into spend and strengthening of vendor relation
Payments Source
NOVEMBER 21, 2018
When companies cling to outdated methods of payment processing, the results is a highly fragmented consumer experience. It also adds unnecessary administrative costs and decreases efficiency, writes Jeffrey Brown, president of VPay.
PYMNTS
NOVEMBER 21, 2018
In the past, only the largest of firms such as utilities, telecoms or credit card companies were able to have customer payment portals. Those were the “types of companies that could afford to stand up a portal,” DadeSystems Chief Marketing Officer Tom Berdan told PYMNTS.com in an interview. But, now in the automated accounts receivable space, Berdan noted that customer portals can be created for a business of any size — and provide an array of efficiencies to these firms in return.
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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.
CFPB Monitor
NOVEMBER 21, 2018
Virginia’s Attorney General has announced that “he has secured more than $50 million in debt relief and ordered civil penalties” as a result of his lawsuit filed in state court in March 2018 against Future Income Payments, LLC; FIP, LLC; and their individual owner for allegedly making loans to Virginia consumers, many of whom were military veterans, that were falsely marketed as asset purchases.
PYMNTS
NOVEMBER 21, 2018
U.S. retail stocks took a beating in trading Tuesday (November 20), with the group losing around $50 billion in value as a lackluster earnings season raised more concerns about the impact Amazon is having on traditional retailers. According to a report in the Financial Times , concerns are emerging that strong consumer spending could be hiding more structural challenges facing the traditional retailers as we head into the holiday shopping season.
CFPB Monitor
NOVEMBER 21, 2018
In this week’s episode, we discuss recent state legislative and enforcement developments involving state analogues to the federal Servicemembers Civil Relief Act. We review state efforts to increase the duration of federal protections, expand the groups entitled to them, and extend similar protections to additional products and services. To listen and subscribe to the podcast, click here.
PYMNTS
NOVEMBER 21, 2018
News of Amazon ‘s acquisition of online pharmacy startup PillPack have had analysts assuming the eCommerce conglomerate is ready to introduce an online pharmacy to its suite of services. However, new reports from CNBC on Wednesday (Nov. 21) said Amazon may first be gearing up to introduce the service to its own employees. The publication said PillPack recently filed for several new pharmacy licenses, most of which are to secure clearance to ship drugs from its warehouse in Phoenix to cus
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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.
FICO
NOVEMBER 21, 2018
While people in the US, UK and other nations celebrate Black Friday bargains, it’s a good time to remind customers to watch out for Black Friday fraud. People have two chances to make themselves vulnerable — when taking out cash at an ATM and when taking advantage of Cyber Monday, when card-not-present (CNP) fraud spikes. Black Friday and Cyber Monday will probably see record levels of payments fraud this year.
PYMNTS
NOVEMBER 21, 2018
U.S. consumers increased their online shopping nearly 17 percent before Black Friday, according to new data from Adobe Analytics published this week. Online shopping spend topped $31.9 billion in the first 20 days of November, including the first “$2 billion day of the season,” analysts said. That day was Monday, Nov. 19. Free shipping incentives helped fuel the spree, with Amazon waiving the non-Prime minimum for free shipping of $25, and with a Target promotion offering free two-da
Payments Source
NOVEMBER 21, 2018
Chase is planning to enable users of the Chase Pay app to receive and redeem custom offers from merchants, in addition to the ability to find offers from more than 150 merchants through the Chase Mobile app.
PYMNTS
NOVEMBER 21, 2018
Before the dawn of 3D smartphone technology, it wasn’t easy for startups to create a customized product — and market it to a consumer. When the founders of King Children wanted to create eyewear to fit the custom needs of shoppers, for instance, they faced several challenges. For starters, customized products can be expensive. “They tend to price out the mass market,” King Children Co-founder Sahir Zaveri told PYMNTS.com in an interview.
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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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