Chris Skinner
AUGUST 21, 2019
The term The Internet of Things (IoT) was first used twenty years ago. Twenty years later, IoT is emerging rapidly. We have our cars and homes networked but, more than this, we have gadgets like Google Home, Siri and Alexa. Amazon has taken this even further with services like Key … The post The key to IoT is identity appeared first on Chris Skinner's blog.
South State Correspondent
AUGUST 21, 2019
CRITICAL THINKING In Part I, we highlighted how having too much information about a decision often increases the confidence about the decision but usually doesn’t change the accuracy of the decision. In addition, gathering information takes time and effort, so the result is a more expensive and time-consuming decision that gives you a false sense of comfort.
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Bank Innovation
AUGUST 21, 2019
Royal Bank of Canada is growing its digital product portfolio as mobile user adoption grows. In a call with investors on Wednesday morning, CEO Dave McKay said the bank will continue to invest in new products like investment platform MyAdvisor, the automated savings tool NOMI and the retail rewards program Ampli. He attributed these investments […].
Abrigo
AUGUST 21, 2019
Shopping for a bank secrecy act/anti-money laundering (BSA/AML) monitoring software can feel overwhelming. There are so many options, features, and benefits to each system that it can be tough to figure out where to start. We’ve spent the last 20 years working with industry experts regarding regulatory compliance and our customer base regarding program efficiencies to build BAM+ into the ultimate BSA/AML regulatory and compliance solution.
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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, 2019
Things we’re reading today include … Deutsche Bank clamps down on hiring amid €7.4bn restructuring Atom Bank boss Mark Mullen: “Banks in a hurry are taking risks or cutting corners” Contactless cards could get fingerprint upgrade Citigroup, BNP caught up in U.S. case against Huawei CFO: documents US federal deficit … The post Things worth reading: 22nd August 2019 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.
South State Correspondent
AUGUST 21, 2019
INCREASING LENDING PROFITABILITY Many industry analysts are increasingly gloomy on the banking industry, trimming expectations for net interest margin, interest income, and total profits. With long-term interest rates declining within a whisker of the lowest level in history, many analysts are reducing their forecast of banking profits by up to 10% through 2020 or 2021.
PYMNTS
AUGUST 21, 2019
JPMorgan has discontinued its Chase Pay app that allowed users to pay with their smartphones in stores, according to a report by Bloomberg. The app will stop working in the early part of next year, but users will still be able to use Chase Pay on websites and in the apps of participating retailers. The Chase Pay app, which lets customers tap at POS terminals, was introduced four years ago as a way to compete with companies like Apple.
Bank Innovation
AUGUST 21, 2019
Miami-Dade County Metrorail commuter transit riders will be able to wave their contactless cards or mobile payment wallets starting today, eliminating the requirement to use proprietary fare cards. It’s a nod to the growth of contactless payment use among consumers and a bet on transit as a driver for wider contactless payment adoption. “Tapping to […].
PYMNTS
AUGUST 21, 2019
Hurricanes, wildfires, tornados, earthquakes and floods — disasters of all types tend to bring out the best and the worst in people. Generous donations. Ripped-off funds. Faulty grant applications and truckloads of supplies sent to the impacted areas. Whatever the angle — honest or fraudulent — the rise of the digital economy can amplify the actions of both good and bad actors in the aftermath of tragedy.
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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
Bank Innovation
AUGUST 21, 2019
Chase Pay, a standalone QR code-based payment app that connects to users’ card credentials, will be retired as of early next year, Eric Connolly, head of Chase Pay, said Wednesday in a statement. JPMorgan Chase‘s decision to drop the standalone digital wallet, however, doesn’t mean it’s the end of Chase Pay. Instead, the bank will […].
PYMNTS
AUGUST 21, 2019
Emotions play a significant role in all human endeavors, and that certainly goes for payments and commerce. And even as those two activities become ever more digital and mobile, emotions are still there as a focus. Indeed, the role of emotions in payments and commerce in this digital age looks sure to grow even more. Fresh evidence supporting that point comes from Amazon.
Payments Source
AUGUST 21, 2019
Banks, for the most part, have not advanced their core digital technologies as quickly as payments networks and disruptors ahead of the original PSD2 deadline. And the European Banking Authority has also cited the payments networks for not advancing the 3D Secure 2.0 online authentication model far enough to comply with PSD2 provisions.
PYMNTS
AUGUST 21, 2019
A recent PayID data breach reported to Australia’s New Payments Platform (NPP) has prompted banks to issue warnings to customers, FinTech Extra reported on Wednesday (Aug. 21). Aussie financial institutions started sending breach notifications after an undisclosed number of PayID records were exposed in the country’s real-time NPP on Friday (Aug. 16).
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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.
Jack Henry
AUGUST 21, 2019
As someone who reads this blog and follows the industry, you’ve likely heard a lot of talk about open banking recently. Headlines with references to “Open APIs” and “Shared Data” continue to appear in inboxes and popular topics with industry reports. We know that in today’s market, consumers don’t compare financial institutions (FIs) so much as they compare experiences.
PYMNTS
AUGUST 21, 2019
The Banking & Payments Federation Ireland said it had established a FinTech Foresight Group — further evidence of collaborations between traditional financial institutions and tech upstarts. That group, according to the release , has been formed to help harness “new technical developments from the startup ecosystem” and help shape FinTech policy.
Banking Exchange
AUGUST 21, 2019
Community banks are facing tremendous competitive pressures from regional, national, and global banks Technology Feature3 Fintech Feature Financial Trends Community Banking Customers Core Systems Branch Technology/ATMs Outsourcing/Cloud Tech Management Mobile Online Cards Checks/Remote Deposit Capture.
PYMNTS
AUGUST 21, 2019
Commercial bill pay company Plastiq has announced that starting on Wednesday (Aug. 21), U.S. Visa commercial cardholders will be able to use the Plastiq to pay vendors, even if they don’t accept credit cards, the company said in a release. . According to the Credit Research Foundation, fewer than 12 percent of business-to-business (B2B) payments are done with a card.
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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 21, 2019
By dumping Chase Pay's standalone point of sale app, JPMorgan Chase is handing a victory to the likes of Apple Pay — but it's also eliminating an app that was tangential to the issuer's long-term payments goals.
PYMNTS
AUGUST 21, 2019
Once upon a time, mothers everywhere told their daughters that the way to a man’s heart was through his stomach. Modern-day research even proves that point — preparing a home-cooked meal is regarded by 80 percent of those who make them as an “act of love.”. Today, grocery stores are doing everything they can to win the hearts of men and women who shop for food by using mobile, apps and even voice, to capture more of that spend.
Payments Source
AUGUST 21, 2019
Bluefin cut its teeth developing point-to-point encryption to protect sensitive payment information from being intercepted by thieves during the transaction process, and now it’s adding tokenization protection for the consumer data merchants keep.
PYMNTS
AUGUST 21, 2019
Amazon opened its biggest campus in the world on Wednesday (Aug 21) in Hyderabad, India, according to a report by Reuters. The move illustrates Amazon’s aggressive push to expand in the country, despite stiff competition from companies like Walmart, and stringent regulations in the country regarding foreign eCommerce sites. Amazon was going to build a huge new headquarters in New York, but eventually decided against it, due to local opposition and despite tax breaks.
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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.
ABA Community Banking
AUGUST 21, 2019
As it marks its centennial, North Dakota’s public bank does its work through private-sector partnerships. The post The Bank in the Background appeared first on ABA Banking Journal.
PYMNTS
AUGUST 21, 2019
Along with the growing popularity of IoT devices, from fitness wearables to smart fridges, comes increased security and privacy issues. Mounting data breaches and device vulnerabilities have prompted wariness around IoT adoption. The latest Intelligence of Things (IoT) Tracker details how these concerns are driving providers to develop new security approaches.
Payments Source
AUGUST 21, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Visa fights Indian regs; MoviePass suffers a breach; M&A sparks payment deal record; Square hires a crypto experts; Acorns draws celebrity investors.
PYMNTS
AUGUST 21, 2019
International B2B payments are in the crosshairs of many a firm eager to seize the opportunity to move the trillions of dollars that cross borders away from checks. One way to cut the paper chase is for companies to embrace commercial card products, which can speed payments and aggregate information alongside those payments, while reducing errors and eliminating security risks typically associated with ACH transactions.
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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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