Chris Skinner
JUNE 4, 2019
I had an interesting discussion about hiring technology people into banks the other day. The challenge of finding top coders is a big one, as there’s an awful lot of other firms to join out there. You could join a hot FinTech unicorn like Monzo, SoFi, Stripe, Ant Financial, Ping … The post The war for (banking tech) talent appeared first on Chris Skinner's blog.
Payments Dive
JUNE 4, 2019
Even with FinCEN's new guidelines on cryptocurrency, there are still many gray areas. Robert A. Misiala Jr., counsel at BakerHostetler provides some clarity in a Q&A.
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Chris Skinner
JUNE 4, 2019
Things we’re reading today include … TV duo Ant and Dec ‘open their own bank’ Nigerian dictator’s £211 million seized from bank account in Channel Islands Biggest banks brace for trillion pound losses triggered by climate breakdown Analysts tell Deutsche Bank boss to stop ‘tinkering’ Chinese banks’ uphill struggle to … The post Things worth reading: 5th June 2019 appeared first on Chris Skinner's blog.
South State Correspondent
JUNE 4, 2019
THE DIGITAL CUSTOMER EXPERIENCE While online account opening and digital lending are great, there is one function that is the most in demand by bank customers, yet most banks don’t think to provide any digital functionality around it. It is the one function that drives up the most cost for a bank and is the most significant reason why bank customers still say they want a branch.
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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
Abrigo
JUNE 4, 2019
The Financial Accounting Standards Board’s new current expected credit loss (CECL) standard, known as one of the biggest changes to bank accounting. Because of the complexities and changes that CECL brings, there are many questions surrounding implementation, potential effects, and more. The Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (O
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JUNE 4, 2019
Lead, follow or get out of the way — that seems to apply to the rise of Open Banking, which promises more financial services innovation, along with greater financial transparency and flexibility. While nothing is inevitable, and even the best plans are always in danger of stalling out or being derailed, the energy behind Open Banking is gaining steam.
Bank Innovation
JUNE 4, 2019
Online payments giant PayPal is a strategic investor in Stockholm-based open banking platform Tink, the companies announced today. A spokesperson for Tink told Bank Innovation that PayPal's €10 million ($11.2 million) investment is part of the company's previously announced €56 million ($62.9 million) Series D funding round, led by New York-based venture capital firm Insight […].
PYMNTS
JUNE 4, 2019
In the old days, forged checks were the biggest problems that bank fraud departments had to manage. Today, financial institutions (FIs) face a barrage of cyberattacks from hackers operating around the world, continuously shifting their tactics. It is no wonder that fraud prevention is one of the problem areas that FIs hope artificial intelligence (AI) can help resolve.
Bank Innovation
JUNE 4, 2019
Bank of America has added a human-assisted option to its digital wealth management product. With the launch of Merrill Edge Guided Investing with an Advisor this week, Bank of America joins a growing number of banks and fintech startups that are adding digital-only investment tools with human help. For an annual fee of 0.85% of […].
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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
JUNE 4, 2019
Cars and quick-service restaurants (QSRs) have been interconnected since drive-ins were the latest innovation. QSRs thrive on speed and convenience, and that once meant catering to customers in cars via drive-thru windows. Now cars have transformed from vehicle to ordering platform, and QSRs have been on the forefront of this transformation. Consumers increasingly rely on mobile for ordering food, and in-car connected services are making this behavior even easier.
Bobsguide
JUNE 4, 2019
Banks and financial services firms are harming the industry by attempting to go on a “startup safari” and invest directly in innovative fintech companies to get a competitive advantage, according to Starling Bank CEO and founder, Anne Boden. Speaking on a panel at Money 20/20 in.
PYMNTS
JUNE 4, 2019
Square, the digital payments company that handles millions of transactions for consumers, sometimes sends the receipts to the wrong people, a situation chronicled in a new Wall Street Journal report. According to the report, citing emails seen by the paper, Square has erroneously sent receipts documenting transactions ranging from a simple cup of coffee to more significant purchases.
Insights on Business
JUNE 4, 2019
Digital technology has no doubt, over the last decade, revolutionized and completely transformed customer behavior as well as redefined how businesses interact with their customers. E-commerce sites have revolutionized shopping; even in healthcare and financial services, digital technology has started changing how consumers choose their service providers.
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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
JUNE 4, 2019
The corporate restructuring of struggling retailer Sears continues, with hedge fund owner Edward Lampert reaching a deal this week to combine Sears Hometown with Sears and Kmart. But the fallout for B2B vendors of Sears resulting from the company’s financial struggles continues under the radar. Reports in the New York Post on Sunday (June 2) said thousands of vendors across the globe are struggling to continue doing business with Sears, with small and independent businesses and entrepreneu
Bobsguide
JUNE 4, 2019
MEP and vice chairperson of the economic and monetary affairs committee at the European Parliament Kay Swinburne urged caution to derivative operators who wish to increase volume because EU policy makers believe rules to move over-the-counter derivatives to the clearing space has failed due to.
PYMNTS
JUNE 4, 2019
Amazon , Worldpay , and Stripe — the eCommerce and payment companies — are expressing concern that a lack of preparedness by the industry to new EU security regulations could put billions of dollars of eCommerce purchases at risk. According to a report in The Financial Times , the new rules, which require more verification for online payments of more than €30 and go into effect in September, require big changes to processes and technology at retailers, banks and payment groups.
Bobsguide
JUNE 4, 2019
There will be no instantaneous change when September's final deadline for Europe's second payments directive (PSD2) passes, and the industry can expect an acclimatisation period for many of its large institutions according to Jim Wadsworth, senior vice president of Open.
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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
JUNE 4, 2019
California has proposed gig economy legislation that could potentially change workers’ classifications from independent contractors to actual employees, which would make them eligible for the benefits pertaining to that status, according to a report by CNBC. The bill, called Assembly Bill 5, could have implications in other states dealing with the same issue.
Payments Source
JUNE 4, 2019
Hallmark Cards, better known for its greeting cards, has decided to sell its payment card subsidiary, Hallmark Business Connections, to InComm.
PYMNTS
JUNE 4, 2019
The rise of the digital economy has resulted in growing concerns about identification, not the least of which is making sure that people who try to open financial accounts, or complete a variety of online or mobile transactions, are who they say they are. However, if data is vital to the digital economy, so is identity (ID) verification. If anything has become clear within the last few years, it’s that electronic ID verification — using digital methods and data to confirm and authenticate identi
Payments Source
JUNE 4, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon gets aggressive in the U.K.; eBay offers small business credit; Quest Diagnostics suffers a breach; Barclays, Nasdaq and UBS invest in a utility coin.
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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
JUNE 4, 2019
Automotive cybersecurity company GuardKnox announced it has secured $21 million in a Series A round of funding, bringing its total raised to $24 million. This latest round was led by Fraser McCombs Capital with participation from global investors including automotive technology leader Faurecia, SAIC Capital (Shanghai Automotive), Glory Ventures, NextLeap Ventures, VectoIQ, Plug and Play, Allied, Cyphertech and Kardan LTD.
Payments Source
JUNE 4, 2019
Providing workers with funds on their own terms with added features can do more than just keep up with modern technology, contends Brian Radin, president of Comdata's prepaid and payroll card business.
PYMNTS
JUNE 4, 2019
Wells Fargo announced on Tuesday (June 4) that it has restructured its commercial banking business. In a press release , Wells Fargo said Kyle Hranicky, a 25-year veteran of the company, will head up its commercial banking business. Under the new structure, the unit will have more than 6,000 employees across 24 divisions and 80 markets nationwide, who will provide industry expertise, customized services and local support to customers.
Payments Source
JUNE 4, 2019
Much is made of the U.S. e-commerce market given the influence of Amazon and its peers. However, when it comes to sheer size in both population and volume, Asia holds significant advantages.
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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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