Mon.Jul 01, 2019

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The end of FinTech

Chris Skinner

I’ve been involved in finance and technology for a long, long time. Originally, I was a technologist; then a financial technologist; and now a FinTech guy. However, I see the FinTech piece as being irrelevant. Whether it’s FinTech or TechFin, it’s all still just finance and technology. The difference is … The post The end of FinTech appeared first on Chris Skinner's blog.

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Our 7 Question Test To Prevent Bad Bank Technology

South State Correspondent

BANK TECHNOLOGY DECISIONS The largest problem with bank innovation is that we see or hear about a sexy piece of technology at a conference or at another bank and then acquire it. The new piece of technology ends up solving a known problem but in the process actually creates more problems, and risk, than it solves. It’s called the “Shiny Object Syndrome” (SOS), and it could be sowing the seeds of destruction for many banks.

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Fintech foundations lie with both financial and technology people

Chris Skinner

I was talking to a Securitisation conference the other day. Securitisation? What’s that? Well, I could explain but if you don’t know google it and you’ll find it’s one of those areas of financial markets that destroyed economies a decade ago and left us all with a huge debt. Well, … The post Fintech foundations lie with both financial and technology people appeared first on Chris Skinner's blog.

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The paradox of data: can financial services avoid a Cambridge Analytica?

Bank Innovation

For the financial services industry, Facebook’s new cryptocurrency, Libra, is yet another warning that digital technology is chipping away at the foundation of traditional business models. If bankers were reading the wires on June 18, they might have choked on the Libra news. Among them, the old-school capitalists, still tarnished by the financial crisis, would […].

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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13 Of The Most Important Mary Meeker Slides Pertaining To Banking

South State Correspondent

TECHNOLOGY TRENDS Starting in 1995, star-analyst Mary Meeker, “The Queen of the Internet,” co-founder at ReCode, and partner at the investment firm Bond Capital delivers a 30-minute presentation on the state of the digital landscape. The presentation is always the talk of the digital town as it has been the definitive source of major trends backed by quantitative evidence.

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Why Blockchain Holds Promise For Cross-Border Payments

PYMNTS

The rise of the global economy and the demand for swift and secure cross-border payments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech. According to the new Smarter Payments Tracker , cross-border business-to-business (B2B) payments generated approximately $125 billion in revenue last year, a figure that continues to grow as the economy becomes more global.

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Inside First National Bank of Omaha’s seven-person innovation lab

Bank Innovation

First National Bank of Omaha (FNBO), with $20 billion in assets and 5,000 employees, is building out its seven-person innovation group within the bank's namesake skyscraper in Omaha, Nebraska. The 162-year-old bank is remodeling the group's workspace to resemble a startup, with open, collaborative offices and Apple TVs adorning the walls. The goal is to […].

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Deep Dive: How Biometrics And AI Are Improving Banks’ Customer Experiences

PYMNTS

Passwords are increasingly vulnerable in today’s day and age. Hacks and data breaches have become all too common, with fraudsters turning to “brute force” attacks and plugging in commonly used passcodes to gain access to users’ accounts. There is a growing need for stronger authentication methods as the number of attacks continues to climb. Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave.

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How the Dave app wants to reach customers who live paycheck to paycheck

Bank Innovation

In the battle for customers’ checking account dollars, Dave, a personal finance app turned banking platform, is focusing on customers who are trying to make ends meet, many of whom are at the earliest stages of their financial lives. “We are aiming for the 60% of Americans that do not have $400 set aside for […].

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The State of Automation in Financial Services 2024 Report

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

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Seniors Help Drive Progress In The Digital Economy

PYMNTS

Younger consumers — millennials, Generation Z — seem to get all the focus when it comes to eCommerce and digital payments these days. But older citizens are still out there, shopping, buying and paying, and they are getting attention from businesses, too — and that consumer segment, in its own way, is pretty important to the future of retail and payments.

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The Solution To The Fintech IPO Shortage

Ron Shevelin

The inability to achieve scale in financial services may be depressing the number of fintech IPOs. But the root cause of this inability to achieve scale is the lack of sustainable business models.

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CBD And Cannabis Industries Attract Payments And Compliance Players

PYMNTS

When it comes to the new and emerging legal cannabis industry – along with the closely related trade in CBD products – payments and compliance issues, as one can imagine, have tremendous importance, and companies are striving to get into the game via those angles. The latest example comes from LegitScript , which sells verification and monitoring services for online pharmacies.

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Open banking could allow banks to get out of the payments business

Payments Source

For many banks, especially midtier institutions, payments isn’t a core business — and their batch processing-based legacy systems weren’t designed to deliver real-time payments.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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Deep Dive: How Fraud Runs Rampant In Mobile Ordering

PYMNTS

Mobile order-ahead apps are growing more popular by the day, and restaurants are clamoring to get on board. A QSR Magazine study found that 73 percent of diners have used mobile ordering, 63 percent have at least one mobile ordering app on their phones and 35 percent use mobile ordering every time they visit QSRs. Consumers are eager to utilize these services, but cybercriminals are just as ready to exploit them.

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Cash is not endangered, it's recyclable

Payments Source

For banks and financial institutions, the wave of the future is using technology to optimize, not eliminate, their cash-handling processes, writes Diebold Nixdorf's Devon Watson.

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Why Drive, Not Size, Is Key To FI Innovation

PYMNTS

Smaller banks and credit unions enjoy a reputation of offering more personalized services than large financial institutions (FIs). When it comes to technological innovation, however, the smaller players have long been outgunned by larger FIs and their sizable IT budgets. This is changing — in a big way. Today, small banks are more aggressive and ambitious in their innovation strategies than medium-sized and large FIs.

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Mastercard, Visa face tough regulations but a big market in India

Payments Source

India’s soaring digital payments market has prompted Mastercard and Visa to increase their investments in India, targeting one of the world’s largest cash displacement opportunities while complying with local regulations such as expensive data store requirements.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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BIS Debuts Innovation Hub To Help Central Banks Collaborate

PYMNTS

The Bank for International Settlements ( BIS ) has announced the launch of a BIS Innovation Hub to enable central banks around the world to collaborate on financial technology solutions and innovation. The Hub will identify and develop insights into technology trends that have a crucial impact on central banking, as well as create public goods that will improve the global financial system and serve as a focal point for central bank experts on innovation.

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Are states up to the task of regulating Facebook?

Payments Source

Facebook’s plan to launch a cryptocurrency has raised concerns that state banking regulators may not be equipped to oversee large, international companies.

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Report: Email Variants Keep BEC Fraud Humming Along

PYMNTS

In payments fraud, it pays — literally — to change up the game a bit. As noted in a report by FireEye, the bad guys are continuing to leverage a tactic known as business email compromise (BEC), where that method of communication seeks to impersonate persons of authority from within a firm, or alternatively, legitimate business partners, to requests funds be sent to accounts (and then of course, pilfered).

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7.1.19 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: Amazon gets a boost from streamers; Upgrade cycles get longer, and create opportunity for hackers; Singapore will issue digital bank licenses.

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.

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Fleet Payments Explore The Connected Car Opportunity

PYMNTS

As financial service conglomerates and innovators move deeper into the B2B payments field, they’re finding a field of opportunity to disrupt clunky manual and legacy processes far beyond the accounts payable (AP) department. One of the biggest opportunities is in fleet payments, where cash and checks remain prevalent (particularly in the U.S.), but where innovations in mobile payments, the Internet of Things (IoT) and autonomous vehicle technology have opened doors for FinTech firms to tac

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Fiserv tweaks billing tech to address U.S. smartphone penetration

Payments Source

Fiserv is supporting mobile bill presentment in to meet a growing demand for receiving and paying bills through smartphones, which are now nearly ubiquitous in the U.S.

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Grubhub Said To Buy Thousands Of Restaurant Domains To Boost Traffic

PYMNTS

GrubHub is reportedly buying up restaurant web domain names. According to NewFoodEconomy.org , “GrubHub has registered more than 23,000 web domains. Its subsidiary, Seamless, has registered thousands.”. The report quoted a restaurant owner who said she “believes GrubHub purchased her restaurant’s web domain to prevent her from building her own online presence.

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PayPal, card networks may bear a ‘heavy burden’ with Facebook crypto plan

Payments Source

Visa, Mastercard and PayPal may have magnified the biggest risk they face — tougher regulation — by becoming early backers for Libra, Facebook's new digital money.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.