Mon.Aug 21, 2017

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Unclaimed Money, Tax Returns, What’s Next for Credit Karma?

Bank Innovation

Could personal finance management be the next chapter in free credit-score provider, Credit Karma growing business? Could it leverage its consumer data to branch out into the popular PFM space? Maybe. “We are not engaged in it right now,” Greg Lull, Chief Marketing Officer at Credit Karma, told Bank Innovation. “But I wouldn’t take it […].

Taxes 345
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Why banks find it hard to change

Chris Skinner

I was in a conversation with a bank executive talking about innovation. We all know the Catch-22 in a bank: you want to be innovative, but only as long as there’s no risk but, with any innovation, there has to be risk. You can play in the sandbox like little … The post Why banks find it hard to change appeared first on Chris Skinner's blog.

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Barclays Bank Launches ‘Pay with Siri’

Bank Innovation

Customers of UK’s Barclays Bank will soon be able to make payments via Siri, Apple’s built-in intelligent assistant. The new feature enables customers to tell Siri to make a payment without having to open the Barclays mobile banking app. Apple Touch ID will serve as the payment authentication. Currently, payments can be made in GBP […].

Apple 273
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CECL model: build or buy?

Abrigo

Compared to existing ALLL requirements, Accounting Standards Update 2016-13 (CECL) will require more inputs, assumptions, analysis and documentation, making the option to automate the process significantly more attractive for many institutions. Regardless of an institution’s approach, key consideration areas for a CECL-ready model include data management, contractual life, segmentation, methodologies, forecasting and adjustments, documentation, product evolution and enhancements, training, advis

Analysis 150
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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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Most Consumers Are Now Using Cash Fewer Than 8 Days A Month

Bank Innovation

P2P payment services are becoming one of the most popular ways to send or receive money, and their popularity appears to be crushing cash. Only half of consumers are now carrying cash, according to the U.S. Bank Cash Behavior Survey released last week, and most of them aren’t carrying very much. About half of the […].

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More Trending

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Nationstar Mortgage is Officially Mr. Cooper

Bank Innovation

Not only has nonbank Nationstar Mortgage rebranded to Mr. Cooper, but according to reports it has also announced a bunch of new features to enhance its customer experience. One such feature, according to a report by Housing Wire, is its mortgage linked credit card. Based on the report, users can earn cash that can be […].

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Arts and Crafts Store JOANN Gets Digital

PYMNTS

Connecting with today’s shopper is something that most every retailer has been evolving their approach to over the last decade. As the internet continues to expand its reach all around the world and consumers are increasingly drawn to being connected 24/7, retailers are going directly to the source as far as promotional and engagement efforts go. The world of arts and crafts is no different in this regard.

Retail 115
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Fiserv Acquires Dovetail to ‘Modernize’ Payments

Bank Innovation

Global financial services provider Fiserv has acquired bank payments provider Dovetail Group Limited in order to bring payments further into the modern world — that is, realtime. Dovetail’s realtime payment platform will be used to integrate other products and services into Fiserv’s existing payments business, the companies announced today. The products that will be powered […].

Payments 207
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Dark Web Down But Not Out

PYMNTS

The black market took a hit when, in July, law enforcement took down two of the biggest dark web marketplaces, AlphaBay and Hansa Market. AlphaBay went down first , with Hansa not far behind – authorities had apparently been operating Hansa since June, and used the influx of traffic from the shuttered AlphaBay to catch more criminals before taking down the site.

Bitcoin 113
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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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N26 Reaches 500,000 Customers, Brings Apple Pay to New Markets

Bank Innovation

Berlin-based neobank N26 now has 500,000 customers spread across the globe, representing a 67% growth from the 300,000 customers it reported back in March 2017. The neobank has been busy in those five months, reporting growth in card transaction volume as well as in customers; the bank has now processed €5 billion in transactions, according […].

Apple 207
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Is The Future Of Furniture Robotic?

PYMNTS

As Americans — particularly younger Americans — are becoming increasingly urban, they are needing to learn to think differently about space. In New York City, the average studio has only 550 square feet, while the average one bedroom clocks in with a not-exactly-cavernous 750 average square footage. In San Fransisco, the figures are similar — and in most of the nation’s top cities, 750-850 are considered about the norm.

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Simple Cuts Staff, Reaffirms Tech Roots

Bank Innovation

Simple laid off 33 people — 10% of its staff — last week, and reaffirmed its commitment to being a technology company rather than a bank. “We have been focused on growth instead of innovation,” wrote CEO Josh Reich in a blogpost. “We have been acting like a bank instead of a technology company. And […].

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Wells Fargo Accused Of Closing Accounts Customers Needed

PYMNTS

Wells Fargo, the embattled national bank , disclosed in a Securities and Exchange Commission (SEC) filing that the Consumer Financial Protection Bureau (CFPB), a government regulatory agency, is investigating if it closed accounts of customers that needed them. According to a news report in Reuters , citing the regulatory filing, the CFPB is looking into whether Wells Fargo hurt customers by shutting off their access to accounts with money they needed to access.

Fraud 105
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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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Online Student Lender Prodigy Finance Raises $240M in Equity, Debt Financing

Bank Innovation

U.K.-based online student lending service Prodigy Finance has raised a $240 million round of equity and debt funding in order to expand its services within the U.S. The funding breaks down with $40 million in equity mainly from venture capital firm Index Ventures, as well as Baldeton Capital and AlphaCode. The rest of the $200 […].

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Thrifting Through Retail Finds

PYMNTS

Gone are the days of being embarrassed by shopping at a thrift store like Goodwill Industries International or The Salvation Army. The concept of second-hand stores has undergone an evolution of sorts over the past 10 years, and a slew of new niche consignment shops have popped up to suit different consumers needs. From thredUP to The RealReal , Tradesy and SnobSwap , every retail segment out there today seems to be looking for some sort of deal on discounted items, especially clothes.

Retail 103
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The cybersecurity risks to financial services that are making the biggest impact in 2017

Bobsguide

Cliff Moyce, Global Head of Finance Practice at DataArt, details the security trends that should currently be giving financial services executievs the biggest heacaches. Your ability to respond. Cybersecurity products and platforms can do a great job for you—when your organisation.

Trends 104
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End-Of-Summer Edition: Retro Malware, Bitcoin’s Surge ‘N’ Split And Apple Watch Sees Other People

PYMNTS

This week, Americans will have something of a rare opportunity in the digital age: The chance to all do the same thing at once. That same thing will, of course, be looking up. Today, between 12:05 p.m. EST/9:05 a.m. PST in Oregon and 2:48 p.m. EST in South Carolina, there will be a total solar eclipse — with Idaho, Wyoming, Montana, Nebraska, Iowa, Kansas, Missouri, Illinois, Kentucky, Tennessee and Georgia all enjoying prime viewing slots between start and finish.

Apple 101
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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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How a Powerful Financial Web Is Rewiring Small-Business Economy – Interview With Keri Gohman, President of Xero Americas

Let's Talk Payments

On the role of advanced technology and beautiful design principles in bringing together the Financial Web, we had the pleasure of speaking with the admirable Keri Gohman, the President of.

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What QSRs Can Learn From Stadium Concessions

PYMNTS

Are you ready for some football? Not until you’ve got snacks and a beer in hand — a process that will cost you both a lot of money and time at any given sports stadium. The prices are what they are, but if stadiums follow the lead of QSRs, Bypass Mobile CIO Geoff Johnson believes that they could save guests a lot of time waiting in line, and also lock in sales with customers who would otherwise take one look at that long line and forget about buying food.

Training 101
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How Data Can Serve the Credit Invisible

Let's Talk Payments

One in four Americans have a limited or nonexistent credit history. That’s 80 million people where credit scores can’t help lenders make a credit decision. However, these thin-file or no-file.

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Today In Data: Apple’s Piece Of The Smartwatch Pie

PYMNTS

Watches have certainly seen an evolution over the years. First there was analog, which turned into digital and now smartwatches are the new watch du jour. And while there are many different branded smartwatches, Apple is taking on a significant part of the smartwatch pie. It can be argued that out of all the available smartwatches, Apple’s is the largest, but that has not been confirmed.

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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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"There is no excuse for failing to comply with the Fourth AML Directive"

Bobsguide

bobsguide sat down with Global Kompli CEO Jane Jee to discuss the burden the Fourth Anti-Money Laundering Directive places financial services under, how prepared they currently are to comply with it, and what the AML landscape in the UK will look like post-Brexit. How has the market reacted to.

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Procurement Plays Catch-Up To The Middle Market

PYMNTS

Innovation is often driven by two forces: the makers of technology pushing the market forward and the receivers of that technology bringing demand for better solutions. As eProcurement follows this path, FinTech firms are driven by a desire to innovate and a need from companies — both small businesses and large ones — to ensure procurement is a strategic part of the enterprise, with positive results on the bottom line.

Marketing 101
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Walmart and McDonald’s face a tough balancing act in digital payments

Payments Source

Many retailers want to beat Amazon at its own game, providing fast and streamlined checkouts that attack the tedium of waiting in line or staring at a card terminal screen for further instructions.

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Best Bang For Your Buck Via Amazon Assistant

PYMNTS

Bargain shopping is nothing new to almost any consumer out there today. People are always looking for high-quality items at a reasonable price point. Following the 2008 recession, this has become even more apparent with the rise of online second-hand stores selling a range of items, from high-end luxury goods to furniture and jewelry. As consignment stores have seen growth over the last decade, they have certainly had an impact on consumers and the way they shop for new items.

Google 100
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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.