Chris Skinner
JANUARY 15, 2020
It’s a simple question: what is the purpose of a bank? However, the answers I get are often missing the mark, imho. I get answers like to fund business, to finance progress, to support government, to keep economies stable, to manage risk, to build communities, to allow people to be … The post What is the purpose of a bank? appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 15, 2020
BMO Harris partners with fintech startups through the BMO Harris Bank 1871 Innnovation Program. The bank usually works with five to seven firms each year and announced its third cohort of startups last October. Some of the companies BMO Harris has worked with in the past include Blend, a software platform for lenders; SpringFour, which […].
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Chris Skinner
JANUARY 15, 2020
Things we’re reading today include … Spain’s Banco Sabadell hires IBM for 1 billion euro IT upgrade The fallacy behind passive fund management Chinese financial institutions can cope with foreign competition: central bank Goldman profits slump on 1MDB legal woes US says ‘flash crash’ trader should not face further prison … The post Things worth reading: 16th January 2020 appeared first on Chris Skinner's blog.
Bank Innovation
JANUARY 15, 2020
The biggest U.S. card companies just moved a step closer to gaining access to China’s $27 trillion payments market. China said it won’t take longer than 90 days to consider applications from providers of electronic-payments services such as Mastercard, Visa and American Express Co., according the text of a landmark trade agreement with the U.S. […].
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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
PYMNTS
JANUARY 15, 2020
Brazil’s unicorn FinTech and payments startup EBANX is trialing a digital wallet, called Ebanx Go, with 10,000 consumers on a test basis, the company announced on Wednesday (Jan. 15). The digital wallet offering is intended to solidify the FinTech’s reach in the Brazilian payments market. “Providing access has always been the great mission of EBANX.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JANUARY 15, 2020
All quarterly reports have puts-and-takes, and variations on themes – and, for banks, the theme has thus far been a return to growth in at least some Wall Street-related activities, along with evidence that the consumer remains strong. Goldman Sachs’ own results for the fourth quarter , released Wednesday (Jan. 15), tell a similar tale, but they also shed light – through revamped reporting structures – on its continued shift, downstream, into consumer banking and credit.
Bank Innovation
JANUARY 15, 2020
German savings and investment platform Raisin has acquired Madrid-based Choice Financial Solutions in an effort to integrate with U.S.-based financial providers. Terms of the deal were not disclosed. Berlin-based Raisin aims to offer U.S. customers a marketplace approach to savings account products through partnerships with financial institutions, a model it’s successfully rolled out in Europe. […].
PYMNTS
JANUARY 15, 2020
The grocery battles are heating up in retail, and that is sparking innovation and could lead to even more disruption. Some of that was on display at the NRF retail show in New York City earlier this week. According to an account from ProgressiveGrocer.com , for instance, a company displayed a “digital robot that lives in a rail attached on one top shelf per aisle that can help with out-of-stock detection and planogram compliance in an unobtrusive manner, nearly invisible to the shopper.
Bank Innovation
JANUARY 15, 2020
As banks compete for mobile-centric Gen Z customers, new data from the mobile analytics platform App Annie suggests fintech companies are growing their app user base faster than banks. The report, titled “The State of Mobile 2020,” found that, globally, the top–10 fintech apps grew their monthly active users by 20% year over year in 2019 compared with just 15% for banking […].
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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
JANUARY 15, 2020
Google has updated its search function to make searching for clothing items and accessories easier, the company said in a blog post. The company said it understands that no matter what type of clothing item you’re searching for, it can be helpful to see a number of options through many different stores. However, it’s not always easy to know where to search, how to compare choices and decide where to buy.
Jack Henry
JANUARY 15, 2020
When was the last time you took a roll of camera film to be developed? How about taking out a phone book to look up a number? When was the last time you bought a CD or LP of your favorite band? Physical music (CDs, records, cassettes), camera film, print media (phone books, encyclopedias, newspapers), pay phones, and landline phones. These are just a few examples of items used frequently for more than 100 years that are now virtually gone within the past two decades.
PYMNTS
JANUARY 15, 2020
Zelle peer-to-peer (P2P) payments increased 76 percent year-over-year in the fourth quarter of 2019, Bank of America said on Wednesday (Jan. 15), marking the latest growth surge for that payment method. During the quarter, consumers made 95 million payments worth $23.8 billion using Zelle. In its Q4 financial release , Bank of America also gave updates on its mobile and digital efforts.
Payments Source
JANUARY 15, 2020
The National Retail Federation's annual conference, taking place this week in New York, is home to many innovations that could change the way merchants accept payments.
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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
JANUARY 15, 2020
Google has updated its search function to make searching for clothing items and accessories easier, the company said in a blog post. The company said it understands that no matter what type of clothing item you’re searching for, it can be helpful to see a number of options through many different stores. However, it’s not always easy to know where to search, how to compare choices and decide where to buy.
ABA Community Banking
JANUARY 15, 2020
"When you think about what's happening in America, there's a bifurcation that's happening," says Orvin Kimbrough. "You have more and more people pushing to the upper echelons of economic continuum, and you have many more who are pushing to the lower end, and the middle group is being squeezed.". The post Podcast: A Bank Strategy that Bridges the Gap appeared first on ABA Banking Journal.
PYMNTS
JANUARY 15, 2020
Chinese tech giant Alibaba has an Olympic sponsorship deal that’s worth hundreds of millions of dollars, and the company said it plans to use its technology to change and improve the way the Olympics operate, according to a report by the Associated Press. The company wants to bring its technological know-how to not only organizers and fans, but broadcasters as well.
Qudos Bank
JANUARY 15, 2020
The dawn of a New Year brings with it the opportunity to start something new, and if you have decided that this is the year that you get your savings in order then you’re in luck! Here are our 10 top tips to help you hit your savings goals.
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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
JANUARY 15, 2020
With CVS Health on the path to meeting its goal of revamping more than 1,000 of its stores, the health retailer is reportedly seeing positive early results. CVS rolled out three HealthHUB concept stores in Texas close to the conclusion of 2018 and grew the offering to 50 locations in four markets by the end of last year. By the end of this year, hundreds more are set for a refresh, CNBC reported.
Payments Source
JANUARY 15, 2020
Fearful of being the last one standing, banks and credit unions of all sizes will become more aggressive about real-time payments — or risk getting left in the past.
PYMNTS
JANUARY 15, 2020
Millennial consumers are a mobile group – according to data analysis by FiveThirtyEight , the average millennial makes 12 moves between moving out of their parents’ home at college graduation and buying their first home. Frequent moves create all kinds of life complications for younger consumers, especially involving furniture and how to manage it throughout a move.
Payments Source
JANUARY 15, 2020
Mastercard is partnering with issuer processor EML and technology startup CleverCards to allow any business to send digital Mastercard payment cards directly to an employee’s or customer’s mobile wallet by SMS/text, email or any messaging app such as WhatsApp.
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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
JANUARY 15, 2020
European wealth management FinTech Raisin is planning to roll out in the U.S. following the acquisition of software company Choice Financial Solutions (Choice FS), Raisin announced on Wednesday (Jan. 15). Raisin will license Choice FS’ software to banks in the U.S., giving them the opportunity to develop personalized deposit products. Banks will be able to offer the new solutions directly to their own customers or use Raisin’s platform to reach all potential retail consumers.
Payments Source
JANUARY 15, 2020
The ransomware attack chain uses a number of methods to infect an organization's systems, which can easily bypass an entire organizational security framework in seconds, according to Exabeam's Richard Cassidy.
PYMNTS
JANUARY 15, 2020
Berlin-based “pay as you go” tech subscription startup Grover has closed an asset-backed financing deal that adds to its existing debt facility with Varengold Bank to the tune of €250 million, according to a report by TechCrunch. Grover said it’s going to use the money to expand and attempt to scale up. The capital is an increase of an existing €55 million debt facility it has with Varengold, and it’s from a supporting debt investor that hasn’t been named.
Payments Source
JANUARY 15, 2020
HSBC has launched its Treasury APIs to offer treasurers easier access to payment and account services, as well as to initiate the transfer of funds for B2B payments.
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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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