Chris Skinner
JULY 16, 2019
A key part of UN’s agenda for sustainability is the taskforce for digital finance. Officially launched in November 2018, around the same time as the UN’s Principles for Responsible Banking, the taskforce is specifically tasked by the Economic and Security Council (ECOSEC) to look at how the financial system and … The post Financing is critical to our future world appeared first on Chris Skinner's blog.
Payments Dive
JULY 16, 2019
The African market is a growing and largely untapped ecommerce market, that has embraced mobile as a preferred means of banking, communication and payment.
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Bank Innovation
JULY 16, 2019
JPMorgan Chase‘s now-defunct millennial-focused banking app, Finn, was not a failure, CEO Jamie Dimon said Tuesday during the bank’s second-quarter earnings call. The bank had pulled the plug on the digital-only offering in June, just a year after its launch, and rolled some of Finn’s most popular features into Chase’s main mobile banking app.
Chris Skinner
JULY 16, 2019
Things we’re reading today include … Visa invests in Indonesian ride-hailing firm Go-Jek Facebook vows Libra currency will wait for approval as U.S. airs worries ‘Breathtaking arrogance’: senators grill Facebook in combative hearing over Libra currency Christine Lagarde resigns as head of IMF Apra to be given new powers after … The post Things worth reading: 17th July 2019 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
JULY 16, 2019
Berlin-based savings and investment startup Raisin landed a $28 million investment from Goldman Sachs on Tuesday to fuel its expansion plans, product roadmap and acquisitions strategy. The funding is part of Raisin’s Series D round, bringing its total amount raised to $220 million. Frank Freund, the company’s chief financial officer, said the investment will help […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
JULY 16, 2019
Didi Chuxing, the China-based ride-hailing company with global reach, is offering bank accounts with prepaid debit cards to drivers in Brazil and Mexico. The company launched the offering on Wednesday in both countries as a means to build a financial services ecosystem for its drivers. Didi joins other ride-hailing services like Uber and Lyft that […].
PYMNTS
JULY 16, 2019
U.S. Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat. In a press conference on Monday (July 15), Mnuchin warned that Libra “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”. “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human traffick
Bank Innovation
JULY 16, 2019
Didi Chuxing, the China-based ride-hailing company with global reach, is offering bank accounts with prepaid debit cards to drivers in Brazil and Mexico. The company launched the offering on Wednesday in both countries as a means to build a financial services ecosystem for its drivers. Didi joins other ride-hailing services like Uber and Lyft that […].
PYMNTS
JULY 16, 2019
Uber AI, the ride-hailing company’s artificial intelligence division, has released an open-source AI platform called the Plato Research Dialogue System, according to a report by Venturebeat. . The platform is made to build, train and deploy conversational AI agents for people to gather data from both prototypes and demonstration systems. . “Intelligent conversational agents have evolved significantly over the past few decades, from keyword-spotting interactive voice response (IVR) systems to the
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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
JULY 16, 2019
Berlin-based savings and investment startup Raisin landed a $28 million investment from Goldman Sachs on Tuesday to fuel its expansion plans, product roadmap and acquisitions strategy. The funding is part of Raisin's Series D round, bringing its total amount raised to $220 million. Frank Freund, the company's chief financial officer, said the investment will help […].
PYMNTS
JULY 16, 2019
Six-year-old digital payments startup SumUp has managed to secure a 330 million-euro ($371 million) loan, backed by Bain Capital Credit and Goldman Sachs Private Capital. The new funds will reportedly go toward financing expansion, according to Bloomberg. The firm is reportedly looking to grow its customer base in the 31 markets where it is already doing business.
Bank Innovation
JULY 16, 2019
JPMorgan Chase‘s now-defunct millennial-focused banking app, Finn, was not a failure, CEO Jamie Dimon said Tuesday during the bank’s second-quarter earnings call. The bank had pulled the plug on the digital-only offering in June, just a year after its launch, and rolled some of Finn’s most popular features into Chase’s main mobile banking app.
PYMNTS
JULY 16, 2019
When consumers use mobile apps like Uber or iTunes, the expectation that payments occur in a seamless, integrated way represents a broader paradigm shift in the payments world — one that is seeping into the corporate community as well. According to Mphasis Senior Vice President and Head of Global Payments Andres Ricaurte, the corporate equivalent to the mobile device’s effect on payments expectations can be seen in businesses’ adoption of the cloud and Software-as-a-Service.
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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.
BankBazaar
JULY 16, 2019
Struggles should never break a person, they should only make them. That’s exactly what happened to Swati and Team Pumpkin. Here’s the story. Honesty is Swati Nathani’s middle name. Unlike a lot of entrepreneurs who like to make their start-up business look cool, Swati is open about how difficult it is to make your business stand out, especially when one is battling tough situations like keeping things afloat through a co-founder’s illness.
PYMNTS
JULY 16, 2019
McDonald’s has added DoorDash as a delivery partner, ending its exclusivity with Uber Eats , according to a report by CNBC. Uber Eats has singularly handled McDonald’s delivery since 2017 in about 64 percent of the chain’s stores in the U.S., and delivery has ballooned into a $3 billion business. However, Chris Kempczinski, McDonald’s U.S. head, said that it still only accounts for about 2-3 percent of its total business.
Payments Source
JULY 16, 2019
In immediate, unrestricted availability of funds, the only true providers are those networks operated by banks or other financial institutions, writes Jack Baldwin, CEO of Baldwin Hackett & Meeks.
PYMNTS
JULY 16, 2019
Sharing economy platforms are opening up new opportunities for property owners and travelers. Homeowners can monetize spare rooms and visitors can secure accommodations before arriving in new cities. Car owners can turn profits on underused property, and drivers can avoid the expense of purchasing items they need on a temporary basis. Platforms facilitating these transactions must foster trust between property owners and renters if they want to be successful, but creating that confidence require
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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.
CFPB Monitor
JULY 16, 2019
Four bills dealing with credit reporting were passed last Thursday by the House Financial Services Committee. While there has been bipartisan support for credit reporting reform, none of the bills received any Republican votes. The bills, which are listed below, would make various amendments to the FCRA, including those described below: The “ Improving Credit Reporting for All Consumers Act ” would impose new requirements for conducting reinvestigations of consumer disputes and related standard
PYMNTS
JULY 16, 2019
France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters. The rules, which will come into effect later this month, are among the first passed on cryptocurrency by a major world economy.
Payments Source
JULY 16, 2019
Just a few months after leading a funding round for Berlin-based fintech company Elinvar, Goldman Sachs Group Inc. is backing another startup in the German capital.
PYMNTS
JULY 16, 2019
Criminals are not the only elements that can vex financial institutions when it comes to protecting against money laundering. False positives — instances of potential but uncertain fraud — can significantly gum up the works when it comes to anti-money laundering (AML) efforts, leading to friction and massive manual review that can eat up costs and cut into profits.
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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
JULY 16, 2019
New payment modes are expanding quickly, giving momentum to facial recognition and other advanced forms of authentication, according to James Daniels, vice president and head of Asia Pacific at FIME.
PYMNTS
JULY 16, 2019
Regional banking firm KeyCorp disclosed a massive instance of fraud on Tuesday (July 16) that could potentially cost $90 million, according to a report by CNBC. Shares fell on the news. In a K-8 filing, KeyCorp, which is based in Cleveland, said the fraud involved a “business customer” and that it was discovered “on or about” July 9. The event occurred in the beginning of Q3.
ATM Marketplace
JULY 16, 2019
Contactless cards offer a convenient, easy solution to cash. Most major card issuers are already adopting the idea. But what does this mean for ATMs, the hulking dinosaurs of our cash-strapped world?
PYMNTS
JULY 16, 2019
The streaming market is an increasingly competitive space. AT&T’s WarnerMedia is planning to launch HBO Max, while Disney+ and Apple TV will also start giving Netflix a run for its money soon. And despite Netflix recently touting stats – like the fact that a record 40.7 million accounts had watched Stranger Things 3 since its debut July 4, and that 13 percent of ex-Netflix users signed up again to watch the third season – Netflix saw its stock drop after announcing that “The Office” wo
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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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