Chris Skinner
AUGUST 21, 2018
I’ve been thinking for a while now about building a new financial system from the ground up using AI, blockchain, the Internet of Everything and other technologies. What would it look like? What would we build? I guess the piece that inspired a lot of my thinking came from two … The post The future financial world is here appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 21, 2018
FSS UPI is 2.0 ready. Banks/PSPs can take advantage of UPI 2.0 to launch a range of revenue-generating overlay services and create market differentiation.
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Bank Innovation
AUGUST 21, 2018
“Is it customer-centric? Is it an efficient way? Are we creating value?” These are the three questions Comerica Inc’s EVP and CIO Sangy Vatsa asks himself before every major innovation project. Vatsa joined the Dallas-based Comerica as chief information officer a little over two years ago, in 2016. Since then the bank’s innovation team has consistently […].
Payments Dive
AUGUST 21, 2018
Financial systems outages stop customers from accessing and spending money as they normally would. The growing incidence of outages — particularly in the U.K. and Europe — suggests that the payments industry is, at best, fragile and that things need to change. People are getting fed up.
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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
Chris Skinner
AUGUST 21, 2018
Things we’re reading today include … Bank of England’s chief economist warns A.I. could threaten ‘large’ amount of jobs Bank Branches Are Closing At A Record Pace. Here’s Why JPMorgan Chase Is Opening More Big banks are getting ready for an uncertain future JPMorgan undercuts discount brokerages on trades Greece … The post Things worth reading: 22nd August 2018 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
AUGUST 21, 2018
A new report has found that 1.5 organizations fall victim to ransomware attacks every minute — and more than $1 million is lost each minute due to cybercrime. RiskIQ ’s 2018 “ The Evil Internet Minute ” investigated the cyber threats that organizations and internet users face every minute. “With businesses expanding their online presence to create more touchpoints with customers, employees and partners, the boundaries between what’s inside the firewall and what’s outside become less and le
CFPB Monitor
AUGUST 21, 2018
The U.S. Department of the Treasury’s recent report evaluating economic opportunities presented by nonbank financial institution and fintech company innovations includes a detailed account of current data aggregation activities in the financial services marketplace and provides policy recommendations that shed light on the federal government’s current views on data aggregation.
PYMNTS
AUGUST 21, 2018
Let’s just come out and say it: When it comes to the wide range of commerce activities, unless you’re a teenager with a new driver’s license, putting gas into your vehicle is never fun. The pumps are often grimy, card readers might not work, the air might be frigid or hot, and there may be an odor associated with rubber, petroleum or refuse. All you want to do is get the transaction over with, maybe grab some milk, chips or beer and get on with your day.
Bobsguide
AUGUST 21, 2018
“Fintech companies are on a mission to make financial services and products accessible to everybody,” according to Michelle Pearce, CIO and co-founder of Wealthify, the online investment service. Firms such as Wealthify can embrace Open Banking, and give everyone “the chance to.
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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
AUGUST 21, 2018
Kaspersky Lab announced on Tuesday (Aug. 21) that it discovered a sophisticated cyber-operation named Dark Tequila, which has been targeting Mexicans for the past five years. Using malware, the hacker or hackers steals bank credentials and personal and corporate data. According to a press release from Kaspersky, the malware is spread via infected USB devices, as well as through spear phishing emails that include features to evade detection.
Bobsguide
AUGUST 21, 2018
For many years, bitcoin and other cryptocurrencies remained a fringe movement, generally unknown to those outside the immediate community. In 2010, a year after its invention, one bitcoin was never worth more than $0.50, but the unprecedented attention that cryptocurrencies and blockchain have.
PYMNTS
AUGUST 21, 2018
Instagram has created a new trend among the middle-aged hoping to be hip: purchasing new clothes online, snapping a shot in them and then sending them back to the company from which they were purchased. The photos are for posting in the Instagram “outfit of the day,” and it is becoming an increasingly common practice for consumers. According to research from Barclaycard, almost 10 percent of U.K. shoppers have purchased clothing online for a social media shot, only to turn around and
Payments Source
AUGUST 21, 2018
Bitcoin's scale and energy consumption have held it back as a payments option, but there are advancements that can change that, according to Jan-Willem Burgers, Europe technology lead with the distributed ledger practice at Capgemini.
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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
AUGUST 21, 2018
Having $1 billion in bookings and more than 200 destinations globally – those are big numbers, to be sure, but these are not stats gleaned from an airline. Throw another round number into the mix: $200 million. That’s the amount that Klook — a startup based in Hong Kong, which focuses on the travel industry — raised in funding earlier this month, eyeing a continued push into the United States and Europe.
Payments Source
AUGUST 21, 2018
Seven months have passed since the U.K.’s biggest banks were mandated to release open APIs for their customers’ account information under Open Banking and European Union PSD2 regulation. The process was completed by mid-April, but it fell short of creating a truly open system for data sharing.
PYMNTS
AUGUST 21, 2018
Increasingly, digital strategy is in the purview of banks and non-bank lenders, who in turn are seeking pairings with FinTechs. As noted in Insurance Business America , U.S. insurance giant Travelers (which operates in commercial property and personal insurance) has taken a majority stake in Canadian FinTech Zensurance , which in turn offers a platform through which corporates can buy and manage their insurance packages.
CFPB Monitor
AUGUST 21, 2018
Resolving an ambiguity in the California Finance Lender’s Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of $2,500 or more, despite the fact that the CFLL has deregulated interest rates on such loans. Although unconscionability claims of this nature will be difficult to prosecute, the decision creates heightened risk for nonbank consumer lenders doing business in California, p
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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
AUGUST 21, 2018
In this case, perhaps IPO could stand for: “ I t’s P ossible, O nly…not now.”. News came at the beginning of this week that the hotly anticipated listing of Ant Financial , an affiliate of China’s Alibaba focused on electronic payments, is off the shelf — as in being pulled or delayed. The push out, which could now be years away, was confirmed with financial publications such as the Financial Times , via unnamed sources with knowledge of the decision.
Payments Source
AUGUST 21, 2018
These money transfers offer many transformative benefits, such as lifting recipient families out of poverty, improving health and nutrition conditions, increasing education opportunities and promoting entrepreneurship, says Raj Agrawal, CFO of Western Union.
PYMNTS
AUGUST 21, 2018
Is virtual reality retail about to have a moment? Consumers seem ready, and one of the largest merchants in the world has fresh plans to appeal to shoppers via the quickly developing technology. Walmart has filed for two patents that could make the chain a significant player in the fledgling field, which seeks to reinvent store displays for the digital age and provide other features to make shopping more appealing and efficient.
Payments Source
AUGUST 21, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Payment outage hits Australia; No cashier store opens in San Francisco; Should contactless limits get higher?: Alipay takes paper out of tax refunds.
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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
AUGUST 21, 2018
Yesterday’s earth-shaking innovation can so easily slip into becoming today’s discarded idea that the transition can be easy to miss – the A&P grocery chain being a good case in point. But “here today, gone tomorrow” can often be good news for customers, particularly if tomorrow’s replacement involves waiting in fewer lines at the airport or concessions stand, paying fewer business expenses upfront or gaining new and exciting ways to connect to music and art.
Payments Source
AUGUST 21, 2018
When engaging in an increasingly competitive credit card rewards and benefits market, issuers have to make sure their programs and pitches to consumers are as simple as possible. But that's hard to do when perks range from points and rewards to the very materials used to build the cards.
PYMNTS
AUGUST 21, 2018
A new report revealed that the customer self-service (CSS) software market was valued at more than $5 billion last year, and is expected to grow to $13 billion by 2023. According to Global Customer Self-Service Software Market — Growth, Trend and Forecasts (2018 – 2023) , many companies are utilizing self-service portals to deliver instant information to their customers and clients on a variety of channels, including mobile phones, personal digital assistants, laptops and more.
Payments Source
AUGUST 21, 2018
The Community Reinvestment Act can lower — not increase — bank credit availability in some low-income regions, and the OCC should reconsider holding fintechs to the same standards with its new charter.
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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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