Bank Innovation
MAY 16, 2018
The letter of credit transaction in trade finance is a relatively neglected area when it comes to digitization, which is why HSBC bank chose this transaction to test out its blockchain-related initiatives, Joshua Kroeker, blockchain lead for Global Commercial Banking Growth and Innovation at HSBC, told Bank Innovation. “The letter of credit transaction had fallen […].
Chris Skinner
MAY 16, 2018
I don’t know how generations think. I only know how my generation thinks, and they call my generation baby boomers. It’s a massive net that catches me, even though I feel like I’m Generation X – a punk and new romancer – but hey, marketing people need their categories. We … The post It will be all right appeared first on Chris Skinner's blog.
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Bank Innovation
MAY 16, 2018
Small business loans might be small in dollar amounts, but the SMB customer may be the most profitable customers to a bank. And yet, since the credit crisis, banks have not returned to meet the expanding need for SMB loans. This has paved the way for many fintechs to fill that gap, that is, until […].
Chris Skinner
MAY 16, 2018
Things we’re reading today include … Are Apple, Amazon and Facebook the future of banking? Apps are the new bank branches and tellers Thomson Reuters to shift forex derivatives business out of London in Brexit preparation TSB accused of ‘dreadful response’ to meltdown Bank of England deputy apologises for ‘offence … The post Things worth reading: 16th May 2018 appeared first on Chris Skinner's blog.
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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
Bank Innovation
MAY 16, 2018
When it comes to customer satisfaction, smaller banks do it better, according to an FIS survey released today. More than nine in 10 U.S. customers are very satisfied or extremely satisfied with their credit unions, compared with about two-thirds of consumers who use top 50 global banks. Fees incurred at larger banks may be a […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MAY 16, 2018
For years pundits have warned banks will lose in the billpay game. Spoiler: They were right. Way back in 2013, Ron Shevlin, now director of research at Cornerstone Advisors, said banks were losing billpay for several reasons: Billers have made it easier to pay bills (via email and other notifications) An aversion to banks among […].
PYMNTS
MAY 16, 2018
Trade finance has evolved into an expansive market that combines supply chain finance, invoice finance and factoring, reverse factoring and a slew of other products – all aimed at ensuring that cash flows more easily through supply chains. At the same time, there is an alarming lack of trade finance available to businesses around the globe, a gap that analysts say disproportionately affects small businesses and hampers their ability to expand across borders.
Payments Dive
MAY 16, 2018
Data analytics is a top investment priority for banks.
PYMNTS
MAY 16, 2018
From artificial intelligence to blockchain to new mobile app features and offerings, banks and financial institutions are investing more in innovations to give customers a better experience and gain an edge over their competition. But use of new technology can come with ethical implications, from human job loss to data privacy concerns. Are FIs treating their customers ethically and handling their data responsibly, and will they continue to do so?
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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
Bobsguide
MAY 16, 2018
Every asset servicer faces a trilemma: boost client satisfaction, increase operational efficiency, and decrease costs – all at the same time. In large part, the trilemma stems from the way in which information flows through the global custody chain. Because each intermediary uses customized.
PYMNTS
MAY 16, 2018
Business changes at the speed of competition. Less nimble are the ways that business roles change to track that innovation, particularly when it comes to finance professionals who must look beyond spreadsheets and quarterly reports. Against this backdrop, the role of chief financial officer (CFO) is becoming more fluid as well. Data plays a key part in this evolution, and can be a boon to everything from cost/revenue analysis to setting up payment terms with suppliers that can boost cash flow.
Payments Source
MAY 16, 2018
The reality behind the confusing "05: Do Not Honor" refusal is some issuers (or their processors) do a poor job of returning the appropriate refusal reasons back to the merchants, writes Chris Laumans, product owner at Adyen.
PYMNTS
MAY 16, 2018
Coinstar announced Wednesday (May 16) that customers can now add cash to their Amazon balance by using Amazon Cash at select Coinstar kiosks around the country. In a press release , Coinstar said customers who want to spend cash on Amazon via Coinstar have to associate their phone number to their Amazon account. To begin a transaction at a cash-accepting kiosk, the customer would select Cash Services, then select Amazon Cash, enter their phone number and insert bills – between $5 and $500 – into
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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
MAY 16, 2018
Merchants and issuers have to step up efforts to slow down the flood of chargebacks, which in many cases could be thwarted by better communication between the two and the consumer.
PYMNTS
MAY 16, 2018
Controls are everything in business and in data security. Against that backdrop, SOC 2 — shorthand for Service Organization Control, originating from 2011 — is gaining in popularity, according to Flywire chief information security officer Barbara Cousins. SOC 2 was developed by the American Institute of Certified Public Accountants (also known as AICPA) and exists as an auditing process aimed at ensuring that service providers maintain and manage customer data in a safe manner.
Bobsguide
MAY 16, 2018
Collaboration, cooperation, competition. Banks and payment service providers tend to engage in one of three ways. This relationship is contingent on the operational models of both parties. Players within the payments space include payment processors, payment gateways, and acquirers. Each tends to.
PYMNTS
MAY 16, 2018
Amazon.com is stepping up its battle for grocery store dominance, launching a new loyalty program with Whole Foods for Prime customers on Wednesday (May 16). According to a report in Reuters , the much-anticipated program gives Prime members 10 percent off hundreds of items and deals on weekly specials that rotate. For example, one week the deal could be $10 for each pound of wild-caught halibut steaks, noted the report.
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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
MAY 16, 2018
Card issuers have long feared that third-party mobile wallets would erode their brand power by rendering them an invisible part of the payment process — and issuers like Barclays and TD Bank are finding ways to fight back.
PYMNTS
MAY 16, 2018
In a move that could have wide-range applications for clothing and furniture, researchers at the University of Central Florida (UCF) have developed a color-changing fabric that can be controlled with a smartphone. The technology is currently being applied to prototypes for products, such as backpacks and purses, CNBC reported. UCF Professor of Optics & Photonics Dr.
Payments Source
MAY 16, 2018
PayPal Holdings Inc. is teaming up with Indonesian venture-capital firm Alpha JWC Ventures to back emerging financial technologies that can be developed for Southeast Asia.
PYMNTS
MAY 16, 2018
Seattle’s city council has approved a new tax for the city’s biggest companies, including Amazon , to combat a housing crisis impacting the city’s working class. According to Reuters , the crisis is caused partly by the local economic boom that has increased real estate costs. The new tax was passed with a 9-0 vote, and would affect most companies grossing at least $20 million a year.
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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.
Payments Source
MAY 16, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Banks push Zelle-style app in France; Hackers hit Mexican banks with payment fraud scheme; African payment app draws investors; Singapore hotels support WeChat.
PYMNTS
MAY 16, 2018
PayPal is partnering with Alpha JWC , the Indonesian venture capital firm, to invest in FinTech companies operating out of Southeast Asia. Bloomberg , citing Jerry Tso, general manager for PayPal Singapore Development Center, reported that under the partnership, Alpha JWC will provide as high as $5 million to the PayPal Incubator. After the two companies’ senior executives both in Singapore and San Jose choose the startups, they will receive coaching and mentoring from PayPal executives, noted B
Payments Source
MAY 16, 2018
A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy.
PYMNTS
MAY 16, 2018
The way to Prime members’ hearts — and wallets — is through their stomachs. That seems to be Amazon ’s play as the eCommerce giant extends its loyalty program discounts to Whole Foods shoppers. As even sequestered monks have likely heard by now, Amazon will give its more than 100 million Prime members discounts — worth 10 percent off — for hundreds of items at Whole Foods, along with other deals.
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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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