Chris Skinner
SEPTEMBER 30, 2019
I’ve heard many ex-bankers who joined a FinTech start-up, challenger bank or similar, say that they’ve achieved more in the past year than in the past decade. They claim to have achieved more with £1 million than they would have achieved before with £100 million in a bank. They’ve developed … The post A start-up’s month is a banker’s decade appeared first on Chris Skinner's blog.
Bank Innovation
SEPTEMBER 30, 2019
Digit, a personal finance app that helps users save automatically, raised $27.5 million in Series C funding on Monday. The new financing will help Digit grow its user base; hire new talent in San Francisco; and grow its core product, a spokesperson for the company said. To date, Digit has raised over $63.8 million in […].
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South State Correspondent
SEPTEMBER 30, 2019
BANK PERFORMANCE For her sheer authenticity and clarity in thinking, Kat Cole remains one of our favorite corporate leaders in America. We met her at the ICBA a couple of years ago and just saw here last week at the ABA Marketing Conference. She did not disappoint. She gave us three questions to ponder as well as a methodology for a roadmap of things you need to fix at the Bank.
PYMNTS
SEPTEMBER 30, 2019
“There is nothing new under the sun.”. Human beings have been saying the above, or some variation on it, for approximately three thousand years since it was first written down in the Book of Ecclesiastes in 935 BCE. It is safe to say that the majority of times it has been uttered, the person doing so was underselling the future a bit. We imagine if presented with an iPhone, penicillin, an automobile or just a ballpoint pen, even the original scribe would have been forced to concede that exciting
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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
SEPTEMBER 30, 2019
Things we’re reading today include … Fund managers to be made to warn investors in hard-to-sell assets Christine Lagarde must jump-start change in Europe’s economy Euroclear/H&F: swarm clouds Revolut points to ‘viability’ after increasing revenues Wonga’s legacy of nearly 400,000 mis-sold loans PayPal is first foreign company to win Chinese … The post Things worth reading: 1st October 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.
PYMNTS
SEPTEMBER 30, 2019
American Express has announced a new incentive for small businesses to sign up for its Amazon Business Prime American Express Card. Reports in NerdWallet on Friday (Sept. 27) said that in addition to the $125 Amazon gift card provided to small businesses that are Prime members and are approved for the small business credit card, American Express is also offering rewards linked to spend regardless of whether or not that small business makes purchases on Amazon.
Accenture
SEPTEMBER 30, 2019
Companies are shifting to new integrated business models: ecosystems, a network of cross-industry players that work together to define, build and execute consumer solutions. Accenture identified seven key ecosystems with a global value of about $50 trillion like living, health and mobility that are changing global supply chains. In addition, sustainability is becoming more and more important, not just from an ethical point of view but in terms of business.
PYMNTS
SEPTEMBER 30, 2019
We all know the drill. After receiving treatment at a hospital (whether an in-and-out affair, such as an MRI, or a multi-day stay in a room), the insurance notices and bills start arriving. The first one, two or three are usually ignored, perhaps put on a pile for later consideration or filing. After all, those early figures are often not what a specific patient will end up paying out of pocket.
Bank Innovation
SEPTEMBER 30, 2019
Mascoma Bank increased its online account applications by 400%, thanks to a revamped online application process that rolled out in April. The Lebanon, N.H.-based bank turned to the banking software company nCino to design a digital banking experience that didn’t rely on paperwork. Customers send identity verification documents through Mascoma’s digital platform, cutting down application […].
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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
SEPTEMBER 30, 2019
Challenger banks in the U.K. are having a hard time competing with the country’s big four financial institutions. While challengers such as Metro Bank , Santander and Monzo were expected to put a stop to the dominance of the big four, they are instead failing to thrive, according to the Financial Times. Last week, Santander lost 1.5 billion pounds ($1.8 billion) from the valuation of its business, while shares in Metro Bank fell 30 percent after it was forced to cancel a planned bond sale.
Ron Shevelin
SEPTEMBER 30, 2019
There’s a new fashion trend going on out there, but it might be one that’s hard to see–it’s people accessorizing their bank accounts.
PYMNTS
SEPTEMBER 30, 2019
AI and ML are some of today’s most hotly discussed technologies, sparking both optimism about a future less reliant on human labor as well as fears of job loss. QSRs have ample opportunities for such technologies. Hungry customers can use sophisticated AI tools to place orders by talking to voice assistants as if they were human cashiers, for example.
Payments Source
SEPTEMBER 30, 2019
How PayPal obtained a payments license to operate in China — an achievement that’s long frustrated the biggest U.S. banks and payments networks — sheds light on the unique challenges of breaking into the world’s biggest payments market.
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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
SEPTEMBER 30, 2019
Mastercard has launched Threat Scan, a global solution to help banks spot authorization weaknesses before a breach occurs, the company announced in a press release on Tuesday, Oct. 1. The new service is being featured at the Mastercard Cybersecurity Summit in Croatia from Sept. 30-Oct. 3. As weaknesses in authorization systems can be exploited by online thieves, financial services firms are more vulnerable to hackers and get hit 300 times more often than other businesses, according to the Boston
Payments Source
SEPTEMBER 30, 2019
A lot of the legal risk for banks and traditional payment companies would go away under the law, said Anita Boomstein, a partner at Manatt, Phelps & Phillips.
PYMNTS
SEPTEMBER 30, 2019
PayPal Holdings announced that it can do business in China after buying a controlling stake in a domestic payments firm. The deal would make PayPal the first foreign firm to enter China’s payment services market. “The People’s Bank of China has approved PayPal Information Technologies Co., Ltd.’s acquisition of a 70 percent equity interest in Guofubao Information Technology Co.
Payments Source
SEPTEMBER 30, 2019
Annual fees for Platinum cards for consumers and small businesses will increase to $250 from $195, while Reserve cards go up by $100 to $550. Gold cards will rise slightly from $95 to $99.
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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
SEPTEMBER 30, 2019
PayPal has bought a majority stake in Chinese payments group Guofubao (NationPay), and has acquired a payments license in the country, according to a report by the Financial Times. . PayPal bought a 70 percent stake in the company for an undisclosed amount, and the country’s central bank approved the deal. This means that PayPal is the first outside country to become a part of the payments market in the country in the two years since Beijing said outside countries would be eligible.
Independent Banker
SEPTEMBER 30, 2019
“When community bankers join their voices, they are a powerful force, taking the industry to new levels.”. We’re in a season of unprecedented industry change, particularly when we look at faster payments. In August, the Federal Reserve announced the launch of FedNow, a round-the-clock, real-time payments and settlement service. For the first time in more than 40 years, the Federal Reserve will be standing up a new payments system, the penultimate example of industry change.
PYMNTS
SEPTEMBER 30, 2019
It’s the stuff of movies — but, yes, possibly of reality, too. Go to sleep one night, and all is well. Wake up and the power’s out. The internet is down, government services are at a standstill. The bank accounts? Well, they’re frozen, and it doesn’t really matter, because all the accounts have been drained right down to zero. War’s been waged against the U.S., with massive casualties mounting, and no bullets or bombs have marked the conflict.
Payments Source
SEPTEMBER 30, 2019
Digital financial services provider Revolut is expanding a partnership with Visa that will allow it to nearly double its global footprint by adding 24 new markets, including the U.S.
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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
SEPTEMBER 30, 2019
WeWork ’s spectacular initial public offering (IPO) flameout may serve as a cautionary tale for tech companies. The decision to not list shares amid a game of “how low can they go” — rapidly reduced valuations highlighted a desperate bid to find out where Wall Street would finally lend its support — may signal that the age of high-flying unicorns is over.
Payments Source
SEPTEMBER 30, 2019
More states are adopting mobile driver’s licenses, sparking hope of creating a shareable consumer-driven digital ID to power e-commerce and data sharing among banks, fintechs and merchants.
PYMNTS
SEPTEMBER 30, 2019
Fast-fashion chain Forever 21 has filed for Chapter 11 bankruptcy protection. The company said it will close a large number of physical stores worldwide, CNBC reported on Sunday (Sept. 29). The filing will allow the retailer to continue operating while it attempts to reorganize the business and return to profitability. Forever 21 plans to close up to 178 stores in the U.S., as well as almost all locations in Europe and Asia.
Payments Source
SEPTEMBER 30, 2019
The information you need to start your day, from PaymentsSource and around the web. Today: Payments innovation takes off at stadiums; MoneyGram expands in Egypt; Klarna plans a pop-up store; Facebook's Libra makes a pitch to the U.N.
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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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