Chris Skinner
SEPTEMBER 20, 2018
I sometimes write blog posts that I actually disagree with. I write it to provoke reactions, and to test my own thinking. As a result, I think I usually annoy people in banks who read my writing but, instead, I actually get a quite a lot of compliments, for testing … The post Why banks have armies of developers appeared first on Chris Skinner's blog.
Payments Dive
SEPTEMBER 20, 2018
One of the overriding themes from this year's event held in Chicago was how banks will take advantage of the data they receive from AI initiatives to provide a better customer experience.
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Chris Skinner
SEPTEMBER 20, 2018
I just saw a report from the World Economic Forum, who estimate that over $1 trillion in new trade will be created through blockchain-based distributed ledger technologies (DLT) over the next decade. They also estimate it will reduce the global trading gap by $1.5 trillion. Bold claims. Here’s the key … The post Over the next decade, over $2.5 trillion will be generated by blockchain trade appeared first on Chris Skinner's blog.
Bank Innovation
SEPTEMBER 20, 2018
For Moven, it may be a case of a challenger bank taking over a smaller traditional bank. Marek Forysiak, who was recently appointed CEO of Moven replacing longtime CEO and fintech influencer Brett King, told Bank Innovation the company is deciding on whether it will acquire a smaller bank in the near future. “We entered […].
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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 20, 2018
Things we’re reading today include: French court rejects Jérôme Kerviel request for retrial HSBC’s turnround: a touchy feely recipe for success Barclays customers vent their anger after banking services go down for several hours Danske Bank money laundering ‘is biggest scandal in Europe’ Barclays internet banking restored after technical problem … The post Things worth reading: 21st September 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.
Payments Source
SEPTEMBER 20, 2018
For businesses that serve a predominantly millennial audience, knowing the age group’s tolerance toward online security measures is an important lesson that coincides with customer retention, according to David Britton, vice president of industry solutions of global fraud and identity at Experian.
PYMNTS
SEPTEMBER 20, 2018
SAP has been chosen by cosmetics company Grupo Boticário to digitize its cosmetics supply chain, reports said on Wednesday (Sept. 19). Based in Brazil, Grupo Boticário is a leading manufacturer of cosmetics and perfume. The company has points of sale across 13 countries, according to reports in Retail Times. In an announcement, Grupo Boticário said it has chosen SAP and its SAP Ariba solution to digitize its supply chain and procure-to-pay processes.
Bobsguide
SEPTEMBER 20, 2018
Speaking at the Global Digital Banking Conference, Ruchir Rodrigues, managing director of digital banking at Barclays, took to the stage to deliver a presentation that the agenda described as ‘Digital Banking: Imagination to Execution’ “At Barclays the whole bank is.
PYMNTS
SEPTEMBER 20, 2018
Marco Polo, the blockchain-powered trade finance platform developed by R3 and TradeIX , has launched its first product following the completion of bank partners’ proof of concept. Reports in Global Trade Review said on Wednesday (Sept. 19) that Marco Polo’s receivables discounting solution is now live on the platform. Banks participating in the initiative, including BNP Paribas, Commerzbank, ING and Standard Chartered, can begin piloting the solution next month.
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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
Insights on Business
SEPTEMBER 20, 2018
Every year, some of the world’s most innovative minds come to Dreamforce to inspire, excite, and motivate attendees. This year, IBM is honored to be a diamond sponsor of Dreamforce 2018 in San Francisco, CA from September 24-28. As an IBM Sales Performance Management (SPM) expert, I’m particularly excited to discuss how IBM paired with Salesforce offers the speed, flexibility, and visibility needed to dramatically increase the efficiency and ease of administering variable compensation programs w
PYMNTS
SEPTEMBER 20, 2018
Flipkart has launched a cashless credit program to give shoppers an instant credit line of up to Rs 60,000 ($833.97 USD). According to DealStreetAsia , depending on credit history and past shopping patterns, customers can receive the instant credit line, then have the option to pay for products they buy on the site later in month, or through easy monthly installments (EMIs).
Bobsguide
SEPTEMBER 20, 2018
In the fight against financial crimes, today’s organizations must focus on building compliance programs that are increasingly driven by analytics. While PwC’s Global Economic Crime and Fraud Survey 2018 indicates that 42 percent of companies have increased their spending over the past.
PYMNTS
SEPTEMBER 20, 2018
A security firm has revealed that a payment portal used for local government services, such as paying for utilities and permits, has been targeted by hackers. The self-hosted Click2Gov’s servers — operated by local governments across the U.S. — were breached, most likely, through a vulnerability in the portal’s web server. This allowed attackers to upload malware and steal payment card data over “weeks to numerous months,” Nick Richard, principal threat intelligence analyst at FireEye ,
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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.
Payments Source
SEPTEMBER 20, 2018
More than half of U.S. financial institutions have made same-day ACH funds available without seeing any major shifts in fraud. But observers warn that as same-day ACH introduces broader access and bigger transactions, it will become a bigger temptation for fraudsters.
PYMNTS
SEPTEMBER 20, 2018
DoorDash has been a delivery service on the go, particularly throughout the summer and in the fall of 2018. Its war chest has recently swollen with a recent $250 million funding round co-led by Coatue Management and DST Global. That followed a $535 million round led by SoftBank , Sequoia Capital and GIC earlier this year, bringing the food delivery company to a $1.4 billion valuation.
Payments Source
SEPTEMBER 20, 2018
Amazon is reportedly weighing plans to expand its cashierless Go convenience stores to include up to 3,000 units by 2021 — but traditional convenience stores may not feel the effects as much as the fast food market.
PYMNTS
SEPTEMBER 20, 2018
Federal prosecutors have charged three men who allegedly ran a $364 million Ponzi scheme. According to Reuters , the men — Kevin Merrill of Maryland, 53, Jay Ledford of Texas and Nevada, 54, and Cameron Jezierski of Texas, 28 — falsely claimed to be investment professionals and used a fake portfolio to defraud hundreds of investors. They then used the funds to maintain their lavish lifestyles.
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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
SEPTEMBER 20, 2018
Flipkart, an Indian e-commerce company which Walmart bought in August, has launched a cardless credit program for consumers and is expected to apply for an NBFC licence, or a classification as non-bank that provides credit and other financial services in India.
PYMNTS
SEPTEMBER 20, 2018
Peer-to-peer (P2P) lending in China is not for the faint of heart — and that’s putting it lightly. Banks offer credit limits to borrowers that would seem punitively low in much of the Western world, so there is a pent-up demand for online alternatives. However, a wave of P2P failures — more than 200 since June, according to estimates — have sparked investor protests and government crackdowns, along with increased investor anxiety.
CFPB Monitor
SEPTEMBER 20, 2018
On this week’s podcast, Ballard Spahr attorneys Bo Ranney, Chris Willis, and Reid Herlihy discuss the significant takeaways from the CFPB’s new report—the first edition of Supervisory Highlights issued under Acting Director Mick Mulvaney. Mr. Ranney, former Examiner-in-Charge at the CFPB, and Mr. Willis, who chairs Ballard Spahr’s Consumer Financial Services Litigation Group, discuss the CFPB’s findings regarding debt collection, payday loans, automobile servicing, and small business lendi
PYMNTS
SEPTEMBER 20, 2018
Regulations are driving the trucking and logistics industry to adopt cutting-edge technologies. Requirements around the recording of digital data — for instance, newer rules on Hours of Service records and electronic recording of drivers’ hours worked — have industry players adopting tools to maintain compliance. While regulatory requirements have emerged as a top “driver” of trucking innovation and technological disruption, the complexities of the industry’s supply cha
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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.
Bobsguide
SEPTEMBER 20, 2018
Heavy regulation in an industry is usually synonymous with a large body of standards expected of its participants. Aviation, for instance, is loaded with rules and regulations on everything from cabin lighting to the number of flight hours permitted between engine overhauls.
PYMNTS
SEPTEMBER 20, 2018
ProfitStars , the Jack Henry & Associates division that provides risk management solutions for financial institutions, announced its latest fraud tool on Wednesday (Sept. 19). The firm’s Gladiator iPay Enterprise Security Monitoring (iPay ESM) tool is now live for financial institutions to monitor and mitigate the risk of fraud linked to online bill payment, the company said in a press release.
CFPB Monitor
SEPTEMBER 20, 2018
Last Wednesday the Federal Reserve published approved final amendments to Regulation CC (Availability of Funds and Collections of Checks) which update the liability provisions of Reg. CC to address the nearly-complete conversion of the nation’s check collection system from a paper to an electronic environment. Historically, when banks disputed which party should be responsible for the liability arising from an unauthorized check, the risks were split in two.
PYMNTS
SEPTEMBER 20, 2018
Adobe announced it has entered into a definitive agreement to acquire software company Marketo for $4.75 billion , subject to adjustments. This move could have implications for such competitors as Salesforce. With nearly 5,000 customers, Marketo combines planning, engagement and measurement capabilities into an integrated B2B marketing platform. The company’s technology, combined with Adobe Experience Cloud analytics, content, personalization, advertising and commerce capabilities, will
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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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