Tue.Jun 12, 2018

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Bank reincarnation: the best way to become a digital bank

Chris Skinner

There was an interesting discussion at #Money2020 about Business Reincarnation. It’s a rather dramatic term, especially if you don’t believe in reincarnation, but it does help visualise the idea. Like a Phoenix from the ashes, a bank needs to die and reincarnate itself to survive this digital revolution. This theme … The post Bank reincarnation: the best way to become a digital bank appeared first on Chris Skinner's blog.

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Mobile scan-and-go: From cashier to concierge

Payments Dive

With robotics and artificial intelligence (AI) technology advancing, many industries are now addressing the opportunities and challenges presented by increased automation. Retail is no different. In particular, the emergence of checkout-free retail has excited consumers tired of waiting in line.

Mobile 261
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Trending Sources

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Who has the best digital offer in the UK: challenger or big banks?

Chris Skinner

I just found a really interesting analysis of the state of mobile banking in the UK which, if you bear in mind has lots of new challenger banks, makes for interesting reading about features and functionality of Monzo versus N26 versus Starling versus Atom and so on. It’s almost as … The post Who has the best digital offer in the UK: challenger or big banks?

Analysis 255
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The Facebook Files: HUD Investigation Into Facebook Data Practices Appears to Continue

Bank Innovation

The Department of Housing and Urban Development’s investigation into data usage at Facebook related to housing and financial services advertising appears to continue, despite signs that it had been halted earlier this year. That according to new documents released yesterday by Congress that contain written responses from the social media company on its data and privacy […].

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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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Things worth reading: 13th June 2018

Chris Skinner

Things we’re reading today include … Citi issues stark warning on automation of bank jobs The countries where women have more bank accounts than men New York top court narrows Martin Act in $11 billion Credit Suisse case US banks see end to easily gaining share from European rivals TSB … The post Things worth reading: 13th June 2018 appeared first on Chris Skinner's blog.

New York 171

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Who is Driving Adoption of Card Payments at Unattended Terminals? | New Report | Mobile | Wearables | Digital Wallets | Trends | Survey

Payments Dive

70% of consumers want unattended terminals to accept both card and cash payments, and a significant number are willing to use wearable devices or digital wallets at these locations. Download our new report, which highlights the key findings of an independent survey TNS commissioned into non-cash payments at unattended terminals.

Survey 150
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The Facebook Files: Facebook Built a Bot to Prevent Targeting of Credit Ads — and It Failed

Bank Innovation

PREMIUM - Facebook built a bot called a "classifier" in order to identify credit, housing, and employment ads, in order to exclude them from the social network's "multicultural affinity" targeting tools, but the bot failed, and the result is that Facebook may have violated multiple federal laws concerning fair lending. This is according to new […].

Lending 191
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FBI Arrests 74 People For Business Email Compromise Scams

PYMNTS

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. and overseas for engaging in international business email compromise schemes aimed at intercepting and stealing wire transfers from individuals and businesses. In a press release , the federal law enforcement agencies said the effort, dubbed Operation Wire Wire, also included the Department of Homeland Security, the Department of the Treasury and the

Fraud 152
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Bank of America’s Virtual Assistant Erica Hits 1 Million Users in 2 Months

Bank Innovation

PREMIUM - Bank of America's virtual chatbot Erica today surpassed one million users on the bank's mobile app. To put that in context, the BofA mobile app currently has 24.8 million active mobile users. The AI-driven virtual assistant, which also has voice banking capabilities, was first unveiled in March. Over the following months, BofA began […].

America 186
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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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OroCommerce Augments B2B Payments Capabilities With Limonetik

PYMNTS

B2B eCommerce software provider OroCommerce is integrating payments capabilities into its platform through a new collaboration with Limonetik. A press release issued Monday (June 11) revealed OroCommerce is turning to the cross-border payments FinTech to provide payment services for its corporate customers via API. The solution links businesses on the OroCommerce platform to more than 125 international payment methods to pay for the goods they purchase online.

Payments 134
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Banks Embrace Conservative Use of Social Media in Wake of Data Scandals

Bank Innovation

PREMIUM —Banks appear to have recoiled from the deep, detailed use of social media data in their marketing. One taking a conservative approach is U.S. Bank. “U.S. Bank tends to be more conservative than most banks, which can be frustrating for markets,” said U.S. Bank’s senior vice president of brand advertising and social media, Kelly […].

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Bitcoin Daily: Wells Fargo Says No To Crypto, Apple Bans Crypto Mining Apps

PYMNTS

There are apps for all sorts of tasks, but Apple doesn’t want apps to do one thing in particular — mine crypto, CNBC reported. In an update to its developer guidelines, Apple has banned mining. “Apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining,” Apple said on its website.

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The Facebook Files: Here’s the Financial User Data Facebook Really Is — and Is Not — Sharing

Bank Innovation

There are boundaries, with a fair amount of grey areas, around what financial data Facebook will share with its partners, presumably including Royal Bank of Canada. In a massive release of information, Congress yesterday made public around 450 pages of written responses from Facebook on its data and privacy practices. The release offers the most […].

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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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NJ Transit Upgrades Reduce Cash, Paper Ticket Usage

PYMNTS

New Jersey Transit announced it is planning to modernize its fare payment system through proposed upgrades that would reduce cash and paper-based tickets, and provide customers with quick, easy and convenient ways to pay. NJ TRANSIT Executive Director Kevin Corbett said , “Improving the customer experience has been at the top of my priority list. Giving customers the ability to utilize the latest technology to pay fares offers a major convenience to them and multiple benefits, including easier p

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Service Messaging Can Be Your Most Effective Marketing [SPONSORED]

Bank Innovation

81% of mobile customers use notifications and alerts in their mobile banking apps. The majority of these will be transactional and service oriented in nature, which notify individuals about a variety of important happenings in relation to their accounts, at the moments that matter. For instance: a low balance alert, unusual account activity, new statements […].

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Dine Brands Experiments With Order-Ahead Tech For Dine-In Customers

PYMNTS

Borrowing from the strategy of fast food restaurants, Dine Brands is working on a new order-ahead technology. Through an app, diners can order their food ahead of time before dining in and then pay their bill electronically, the New York Post reported. “It’s like converting casual dining to fast food,” Dine Brands CEO Stephen Joyce told The Post. Dine Brands, which oversees IHOP and Applebee’s Grill & Bar , is developing and experimenting with the technology, as same-store sales at Applebee

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To be truly innovative, banks have to cede control of payments data

Payments Source

Above all, open banking helps financial institutions improve the user experience, increasing customer satisfaction and addressing consumer needs, writes Aurimas Adomavicius, president and co-founder of Devbridge Group.

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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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Walmart Podcast Taps Into Currency Of Time

PYMNTS

Time is money, and Walmart wants to save customers both – but it’s also asking for them to invest a little of the same. The big box retailer has ventured into the world of podcasting, recently launching Season Two of its “ Outside the Box ” podcast, which is focused on the value of time. Walmart has already invested in various strategies around time and convenience.

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HSBC applies artificial intelligence to loyalty to keep customers on board

Payments Source

HSBC worked with Maritz marketing to tap AI to predict which categories of rewards—travel, merchandise, gift cards or dining—consumers were most likely to use, factoring in their seasonal tendencies and past behavior.

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In Banking, Tech Aids Efficiency Ratios Amid Digital Initiatives

PYMNTS

For banks, beyond the vagaries of interest rates, income depends in part on managing costs. Manage them well, and margins get a boost. The converse is also true, of course, as inefficiencies can paint bottom lines a stark shade of red. In its starkest definition, the efficiency ratio is operating expenses divided by revenues. A lower ratio means the bank is operating with better cost control.

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With mobile app stalled, Starbucks turns to Chase cards to boost rewards program

Payments Source

The mobile app's popularity was joined at the hip with Starbucks gift cards and loyalty points, a formula that has traditionally been known to work well at other retailers through plastic cards.

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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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Facebook Eyes Banning Sellers of Subpar Quality Products

PYMNTS

Eyeing the caliber of products pitched to Facebook users through its newsfeed, the social media firm said this week that it will give the boot to companies that hawk items that are sub-par in quality or do not arrive on time. On Tuesday (June 12), The Wall Street Journal reported that Facebook is offering a new feature that will allow users to provide feedback on shopping that stems from Facebook ads.

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Phone becomes a throw-in for mobile wallet app in South Africa

Payments Source

MyBucks plans to give away entry-level smartphones, loaded with the company's financial technology, to encourage mobile payments, mobile banking and broader access to digital services in Africa, where financial innovation often moves quickly.

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Why Digital Lenders Are Tightening Their Lending Criteria

PYMNTS

In the early days of online lending, the big appeal was access to funds for potential borrowers with few, if any, options for securing capital. Now, the tech-driven underwriting models that promised to assess risk more accurately, and extend credit more efficiently, may be confirmation that traditional risk and lending business models may have more going for them than their new, FinTech challengers once thought.

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US regulators clamp down on crypto criminals

Bobsguide

Early this year, in a concerted effort to clamp down on fraudulent firms operating in the cryptocurrency and blockchain market, officials at the US Securities and Exchange Commision (SEC) and the Commodity Futures Trading Commission (CFTC) teamed up. Since joining forces, the regulators have made.

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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.