Bank Innovation
NOVEMBER 21, 2019
Fundera, a New York-based small business lending marketplace, is partnering with UPS to offer loans to UPS clients. The tie-up, announced this week, puts Fundera’s lending platform on UPS’ warehouse logistics platform Ware2Go, letting businesses access loans while they’re building supply chain solutions. “As you’re using the Ware2Go solution, it will enable you to grow […].
Chris Skinner
NOVEMBER 21, 2019
Things we’re reading today include … Australia’s Westpac hit by Goldman downgrade over money-laundering scandal What is Westpac accused of, and how is this related to child exploitation? – explainer Investors pour near $400m into African fintech What next for Europe’s banking union? Charles Schwab in advanced talks to buy … The post Things worth reading: 22nd November 2019 appeared first on Chris Skinner's blog.
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Bank Innovation
NOVEMBER 21, 2019
Following a recent backlash resulting from allegedly discriminatory underwriting methods for the Apple Card, lenders’ moves are facing scrutiny from regulators. In light of the increased oversight, however, industry practitioners emphasize the role of AI as a catalyst for a more inclusive process. Albert Chang, counsel at the Consumer Financial Protection Bureau‘s innovation office, said […].
Payments Dive
NOVEMBER 21, 2019
PayPal agreed to buy the online shopping and rewards platform in a bid to extend its services to help drive more personalized traffic towards its thousands of retail partners. Honey has helped consumers save more than $1 billion through targeted discounts and incentives.
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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
NOVEMBER 21, 2019
On Wednesday, PayPal agreed to acquire digital coupon platform Honey for $4 billion. Despite the hefty price tag, Honey offers PayPal data on customer intent, deepening the company’s foray into e-commerce and arming it with a new lever to drive transactions. In a statement, Dan Schulman, PayPal CEO, called the acquisition among the most transformative […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
NOVEMBER 21, 2019
Key Takeaways FATF best practices identify the most common challenges that countries face in ensuring that the beneficial owner(s) is identified. FATF suggests using a multi-pronged approach to ensure beneficial ownership is obtained. The US is at a disadvantage without a national beneficial ownership registry. . The importance of CDD and EDD around beneficial ownership.
PYMNTS
NOVEMBER 21, 2019
MoneyGram has announced that it’s continuing its worldwide digital expansion with greater options for its overseas customers, especially in the Asia Pacific area and New Zealand. The MoneyGram website and MoneyGram Plus Rewards program is now available to the company’s Hong Kong customers, and users in New Zealand are now able to use the MoneyGram app to send money to friends and family. .
Abrigo
NOVEMBER 21, 2019
Key Takeaways Now is a good time to plan 2020 BSA/AML training and efforts to educate clients and colleagues about BSA and fraud red flags. It's also a good time to enhance your institution's BSA/AML risk assessment. Sustainability of your institution's BSA program deserves particular focus in 2020. As another busy year draws closer to an end it is time to reflect on the challenges and successes of the year.
PYMNTS
NOVEMBER 21, 2019
Internet scammers, by nature, are a resourceful lot. They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. The scams? Well, they can be done from anywhere, affording the fraudster the luxury of plying his or her trade on the go, at all hours — and even, it seems, from prison.
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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
NOVEMBER 21, 2019
PayPal Holdings Inc. will acquire Honey Science Corp. for about $4 billion, its largest-ever acquisition, adding a startup that amasses valuable data on consumer buying habits and doles out coupons for online bargains. About 17 million people use Honey apps or web browser extensions to find discounts at online shopping sites. The startup was profitable […].
PYMNTS
NOVEMBER 21, 2019
Former U.S. President Barack Obama is concerned about the impact technology can have on society. “’Big, disruptive’ information technologies can sometimes be ‘dangerous,’” Obama said during a talk with Salesforce CEO Marc Benioff. “People don’t know what’s true and what’s not, and what to believe,” he noted, adding that instead of uniting people, technology — like social media — is “splintering” them.”.
SWBC's LenderHub
NOVEMBER 21, 2019
While interest margins have improved this year, up 7 basis points from 3Q 2019, according to creditunions.com 1 , financial institutions are still in a position that requires them to create revenue streams beyond lending. However, one of the challenges—particularly for service-focused organizations like credit unions—is converting to a product-driven sales culture.
PYMNTS
NOVEMBER 21, 2019
Mastercard and Galileo have announced Thursday (Nov. 21) a collaboration to help FinTechs and other financial-affiliated businesses with fast issuing of debit cards and bank accounts for customers, without expensive startup fees or long-term contracts. The initiative is called Galileo Instant Issuing, and developers can use the company’s open application programming interfaces (APIs) to create digital payment solutions that suit their businesses.
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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
NOVEMBER 21, 2019
Barclays improves biometrics; Confusion over Libra's regulatory status; and other information you need to start your day, from PaymentsSource and around the web.
PYMNTS
NOVEMBER 21, 2019
Retail Business Services (RBS), the services company of Ahold Delhaize , has announced that it is testing out a new frictionless store technology at its Quincy, MA office. The technology, which is being piloted under the name “lunchbox,” allows individuals to shop a small-format store in seconds by scanning in, shopping and walking out. While RBS was tasked with application development, technology connectivity and food retail operations expertise, digital transformation solutions com
BankBazaar
NOVEMBER 21, 2019
Looking for a Credit Card that suits your needs? Don’t worry! We’re here to help you choose wisely. Are you planning to get a Credit Card ? If you have it all figured out, that’s great! But, in case you’re still confused about which one to opt for, don’t worry. You just need to keep a couple of things in mind before making a choice. We’ll tell you everything you need to know.
PYMNTS
NOVEMBER 21, 2019
Walmart will expand aggressively in China , with a plan to add 500 new locations in the country over the next half decade or so, according to a report by CNN. The news comes as China is in the midst of an economic slowdown and a protracted trade war with the U.S. The new stores would double the retailer’s presence in China, a country that is predicted to become the largest grocery market in the world by 2023.
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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
NOVEMBER 21, 2019
Alibaba’s gigantic stock debut in Hong Kong gives it extra fuel to become a global payments empire.
PYMNTS
NOVEMBER 21, 2019
David Solomon, the CEO of Goldman Sachs , is denying claims that gender bias is apparent in the algorithm it uses to determine credit limits for applicants, according to a report by Bloomberg. He said he plans to address the issue fully. “There’s no gender bias in our process for extending credit,” Solomon said. “There’s no question that different applicants can get different results, and that can be for a variety of reasons.”.
CFPB Monitor
NOVEMBER 21, 2019
The OCC and FDIC issued proposed rules this week intended to eliminate the uncertainty created by the Second Circuit’s decision in Madden v. Midland Funding. In that decision, the Second Circuit held that a nonbank that purchased charged-off loans from a national bank could not charge the same rate of interest on the loan that Section 85 of the National Bank Act (NBA) allowed the national bank to charge.
PYMNTS
NOVEMBER 21, 2019
A group of senators have introduced a bill that would classify Facebook’s proposed cryptocurrency Libra as a security under the law, according to a report by CNBC. The move would potentially add to the already numerous regulatory hurdles that Facebook and the Libra Association would have to clear to make the cryptocurrency a reality, as Facebook has said repeatedly that it will not introduce the currency without regulatory approval.
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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
NOVEMBER 21, 2019
Shoppers will soon be able to work out the true carbon footprint of their purchases thanks to an app from one of the most digitally savvy nations in the world.
PYMNTS
NOVEMBER 21, 2019
Mastercard and Galileo have announced Thursday (Nov. 21) a collaboration to help FinTechs and other financial-affiliated businesses with fast issuing of debit cards and bank accounts for customers, without expensive startup fees or long-term contracts. The initiative is called Galileo Instant Issuing, and developers can use the company’s open application programming interfaces (APIs) to create digital payment solutions that suit their businesses.
CB Insights
NOVEMBER 21, 2019
While deals and dollars slowed to Canadian startups in the first half of 2019, early-stage startup activity suggests that there’s more to the story. GET THE ENTIRE 41-PAGE CANADA VC REPORT H1 2019. Canadian VC-backed companies saw funding drop 13% in H1 2019 compared to H1 2018. Download the CB Insights and PwC Canada MoneyTree report to see all the data.
PYMNTS
NOVEMBER 21, 2019
Package tracking platform Route raised $12 million in seed funding that includes $500,000 from a January pre-seed round, TechCrunch reported on Thursday (Nov. 21). . The pre-seed funding was from Peak Venture Capital , which also led the new seed round, along with Album VC and strategic partner Pattern. . Using the Route App, users can visually track and protect online orders as well as resolve issues.
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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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