Chris Skinner
APRIL 3, 2019
I was in conversation with a banker the other day and we got around to regulations and regulators, as many conversations with banks tend to do. There were some interesting reflections in that dialogue, however. I guess it falls into three categories: the way regulations used to be; the way … The post Time for a global regulator appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 3, 2019
Mastercard’s tokenization technology made the digital-first Apple Card possible, but purely from a technological standpoint, Jorn Lambert, EVP, Digital Solutions at Mastercard, told Bank Innovation. It was the evolution of consumers' and merchants' preferences in how they make and receive payments that made the card a reality. Apple last month unveiled its plans to launch […].
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Chris Skinner
APRIL 3, 2019
Things we’re reading today include … Bank of England governor Mark Carney: Risk of no-deal Brexit now ‘alarmingly high’ Santander introduces tailored fraud warnings on banking app Over 40 Central Banks Are Considering Blockchain Currencies Brits far more likely to switch energy provider than bank account Barclays executive David Pomphret … The post Things worth reading: 4th April 2019 appeared first on Chris Skinner's blog.
PYMNTS
APRIL 3, 2019
It may seem that cross-border payments were in the … well … crosshairs this past week, with a number of country-by-country and company-by-company initiatives using blockchain and other methods to speed payments and lower fees. In Myanmar, Shwe Rural & Urban Development Bank has partnered with Krung Thai Bank, which is state-owned, to debut a cross-border transfer money offering that is in turn tied to the Ethereum blockchain.
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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
APRIL 3, 2019
Pagaya, a fintech specializing in AI-powered asset management, is expanding into real estate, auto loans, corporate credit, and mortgages after a $25 million Series C financing round led by Oak HC/FT, a health care and fintech venture firm. The latest influx of capital comes after the firm, in February, announced it had raised $100 million […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 3, 2019
Regulations such as PSD2 and GDPR (General Data Protection Regulation) have put regtech companies at the front and center of the global fintech ecosystem. In fact, a recent report shows that the global regtech market is expected to grow from $4.3 billion last year to $12.3 billion by 2023. With such strong tailwinds behind the […].
PYMNTS
APRIL 3, 2019
In an effort to lure talented engineers its way, Goldman Sachs has rolled out a new program in which it will pay engineers to develop new finance apps. According to a report in Reuters , Goldman Sachs is looking to hire engineers to join a digital innovation program. The engineers would receive $100,000 in compensation along with access to Goldman Sachs’ API.
Bank Innovation
APRIL 3, 2019
Banco Santander SA pledged to cut €1.2 billion ($1.4 billion) of annual costs and ramp up investment in digital and its prized Brazilian business as the Spanish lender seeks to revive its moribund share price. The Spanish banking group plans to achieve the incremental cost cuts over three to four years while investing €20 billion […].
PYMNTS
APRIL 3, 2019
It’s one of the rising ideals in this digital world of commerce and payments, a consumer expectation that doesn’t seem in danger of fading anytime soon: buy online and pickup — or otherwise fulfill that transaction — inside a brick-and-mortar store. That idea doesn’t just apply to products like clothes, consumer electronics or toys, but to money, as demonstrated by the launch of an exclusive partnership , announced on Tuesday (April 2), between Western Union and discount retail chain Dollar Gene
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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
APRIL 3, 2019
Singapore’s attempt to strengthen its cybersecurity regulation is being supported by market participants through responses to a recent consultation paper, according to an internet security association, but lawyers point out that such a discussion is only necessary as many firms continue to.
PYMNTS
APRIL 3, 2019
In a move that could raise at least $100 million, Goldman Sachs-backed online pet shop Boqii Co. is planning an initial public offering (IPO), per unnamed sources. The eCommerce firm, which is based in Shanghai, is mulling offering shares in U.S. or Hong Kong, Bloomberg reported. Boqii had a Series A fundraising round that finished in June 2013, followed by a series B round in 2014.
Gonzobanker
APRIL 3, 2019
If consumers can get constant access to services and purchase through their computers, mobile devices and smart home technology, it follows that they would expect a similar level of connectivity (for service, advice and purchases) from their financial institutions. Most of the time, self-service on-demand is more convenient because it’s on the customer’s terms.
PYMNTS
APRIL 3, 2019
Cognito CEO Alain Meier and his colleagues at the identify verification service have a peculiar way of freaking out payment and commerce operators. The trick? Simply showing what the lowly, mundane, terribly average phone number can do in terms of securing transactions, onboarding and other tasks vital to the daily lives of digital consumers. In this rising age of biometrics , in this era of machine learning, in this dawn of artificial intelligence, it turns out a person’s phone number, at least
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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
APRIL 3, 2019
With many consumers now using online and mobile banking, there is a huge opportunity to incorporate blockchain solutions into the everyday payments experience, writes Andre Stoorvogel, director of product marketing for Rambus Payments.
PYMNTS
APRIL 3, 2019
It looks like Elon Musk has a favorite cryptocurrency. “ Dogecoin might be my fav cryptocurrency. It’s pretty cool,” Musk tweeted on Tuesday (April 2). Dogecoin then responded on Twitter, suggesting that Musk become the company’s next CEO. Musk replied back with a Yahoo email account address so Dogecoin could contact him, but that tweet has since been deleted.
Payments Source
APRIL 3, 2019
Large investment houses see an opportunity to improve financial conditions for contract workers, accelerate evolution away from cash to digital payments, expand the smartphone as a commerce device and streamline user experience.
PYMNTS
APRIL 3, 2019
Convenience stores (C-stores), overall, are in an innovation rut. While there are some larger chains that have made great leaps and bounds into the digital age of commerce and mobile omnichannel experiences, the encounter one has at the average corner C-store today bears an uncanny resemblance to what one might have experienced two decades ago. “It’s almost as if pay at the pump has become a pit stop for innovating and using IT to their advantage.
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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
APRIL 3, 2019
Samsung Electronics France is partnering with French card issuer Prepaid Financial Services to allow its line of PCS Mastercard prepaid cards to be loaded onto the Samsung Pay wallet.
PYMNTS
APRIL 3, 2019
The Food and Drug Administration’s outgoing Commissioner Scott Gottlieb said Wednesday (April 3) he’s not sure about the move on the part of Walgreens and CVS to sell CBD products in their stores. According to a report in CNBC , Gottlieb said during a House appropriations committee hearing that the FDA expressed “concern” about Walgreens and CVS entering the market. “So you now see big-box stores seeking to market CBD products for some uses where the claims seem to be pot
Bobsguide
APRIL 3, 2019
In general, the Islamic Sharia has constantly sought to achieve fairness, trust and transparency in all financial and business transactions while emphasizing socio-economic development and financial inclusion. In this short piece, I will attempt to outline the main features of Islamic finance and.
PYMNTS
APRIL 3, 2019
Former Walmart President and CEO Bill Simon said on Wednesday (April 3) that he doesn’t think Amazon’s move to cut prices at Whole Foods will boost sales at the grocery store, according to a report by CNBC. This would be the second round of price cuts for Whole Foods — the first was in November of 2017 when Amazon acquired the company. Simon said the lower prices illustrate that Amazon is working through the competitive realities of the grocery market, and that they’re an “indication that (Amazo
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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.
Bobsguide
APRIL 3, 2019
Europe’s regulators have held the continent’s banks back in recent years, allowing US counterparts to pull ahead in terms of advancing account opening processes, according to Don Bergal, senior vice president at Avoka, the banking transformation firm. “European banks have fallen.
PYMNTS
APRIL 3, 2019
Hundreds of millions of Facebook user records were exposed on cloud servers and publicly visible, according to reports. Security firm UpGuard posted about the news on Wednesday (April 3). “The UpGuard Cyber Risk team can now report that two more third-party developed Facebook app datasets have been found exposed to the public internet,” the post said.
Payments Source
APRIL 3, 2019
Today’s global citizens face risks that extend far beyond crumbling highways. Although reliable physical infrastructure is necessary for economic growth, immature and anemic payment infrastructures may present another serious threat to the global economy, writes Tomas Likar, head of business development and strategy at Hyperwallet.
PYMNTS
APRIL 3, 2019
Do millennials cook? It’s a question that has come up in popular media in a variety of ways over the last several years — and the answer is harder to suss out than one might assume. One study indicates that the answer is not really — millennials cook two fewer meals per week than their baby boomer counterparts and choose pre-packaged/pre-prepared foods 18 percent of the time, compared to 5 percent for baby boomers.
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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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