Mon.May 11, 2020

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Dealing with a crisis: FinTech versus Bank

Chris Skinner

The chasm between start-ups and incumbents is massively exposed by coronavirus. I realised this early on, when I saw that FinTech firms who were born on the internet were far more ready for working from home than traditional banks who depend on branches, buildings, office and physicality. In fact, this … The post Dealing with a crisis: FinTech versus Bank appeared first on Chris Skinner's blog.

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Why Pushing Pause Will Help Subscription Commerce Surge

PYMNTS

Consumers are treating spending very differently today than they were even eight weeks ago. That fact is increasingly underlined in a variety of data streams: recent PYMNTS consumer surveys, the earnings reports of the card networks, early information on how stimulus funds are being spent – they all tell the same story of consumers tightening their belts and shifting away from discretionary spending and toward necessities.

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Things worth reading: 12th May 2020

Chris Skinner

Things we’re reading today include … Barclays still banking on climate breakdown UBS eyes digital bank licence in China Judo Bank achieves Unicorn status on $230 million fund raise Bitcoin goes through third ‘halving’, falls vs U.S. dollar Bitcoin ‘halving’: What does the much-hyped event mean? Brexit: UK-EU trade talks … The post Things worth reading: 12th May 2020 appeared first on Chris Skinner's blog.

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Is Your Financial Institution’s Data Safe in the Cloud? FFIEC Issues Joint Statement on Cloud Computing

Abrigo

Key Takeaways The FFIEC issued a joint statement highlighting best practices for safe and sound use of cloud computing services. There are three main cloud service models, each with different levels of shared responsibilities between provider and client. There are several steps financial institutions can take to mitigate the risk. Cloud computing is an efficient and cost-effective way of housing data and is becoming a mainstay for data services and infrastructure across the globe.

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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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Economist Predicts A Second Round Of Virus Will Bring A Depression

PYMNTS

A Moody’s Analytics economist warns the nation will hit bottom, even worse than we’ve seen, if the coronavirus spikes a second time. In an interview with CNBC , Mark Zandi said if businesses open too soon and the infection rate rises, it will cause more business disruptions, people will be scared, and the nation will face a second Great Depression.

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An Update to Our CRE Credit Portfolio Forecast

South State Correspondent

In past articles, we discussed a proposed Coronavirus stress test under CCAR ( HERE ) and provided our COVID-19 probabilities of default and loss given defaults for a model bank portfolio ( HERE ). In this article, we update our CRE modeling and take a deeper dive into loan-level analysis in order to help banks triage and manage both individual credits and their portfolio-level reserves.

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FinCEN Reissues Real Estate Geographic Targeting Orders: What Does this Mean for Your FI?

Abrigo

Key Takeaways FinCEN reissued Geographic Targeting Orders NYC and Miami were the original targets, but the newest order includes 12 other mentor areas. FIs should have procedures in place to monitor for red flags in these areas . On May 8, 2020, the Financial Crimes Enforcement Network (FinCEN) reissued their Geographic Targeting Orders (GTOs) to include the same 12 metropolitan areas issued in November 2019 (read here ).

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Why Larger Firms May Soon Face The Same (Cash) Pressures As Main Street SMBs

PYMNTS

The conventional wisdom may be that larger firms — especially public ones — are able to weather the economic storm more adroitly than smaller brethren. To a certain extent, that’s true. The situation facing the smallest firms on Main Street is dire, even with funding from the Paycheck Protection Program in hand. As reported in this space last week, SMBs from all sectors said they would only have enough cash to survive for just nine days — without the funding.

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A Protocol for Reopening a Non-Customer Facing Office (Phase II Protocols)

South State Correspondent

We have blogged about checklists for returning to work ( here ) and the models available to bankers to decide when to call employees to the workplace ( here ).

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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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Deep Dive: How Businesses Are Redesigning Payments To Survive The Pandemic

PYMNTS

The COVID-19 pandemic has sent the entertainment, fitness and restaurant sectors scrambling to adapt their revenue models and maintain customer loyalty during lockdowns. Business owners in these industries are learning how to survive financially as consumers abide by stay-at-home orders, all while preparing to restore their operations and afford payroll, utilities and other needs once doors reopen.

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Why Community Banks Go Public

Banking Exchange

A local bank going public can benefit both the community and its shareholders in the long run Community Banking Bank Performance Feature Management Feature3.

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Mastercard Expands Global Commitment To Connect 1B People 

PYMNTS

As the coronavirus pandemic continues to disrupt worldwide economies and everyday life, Mastercard vows to connect 1 billion people and 50 micro-businesses to the digital economy by 2025. In addition, the company will offer tools to 25 million female entrepreneurs to fuel business growth. . Ajay Banga, chief executive officer at Mastercard, said in a statement that long term recovery from the crisis is dependent on inclusion.

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Can fintech fix the supply chains that coronavirus broke?

Payments Source

Coronavirus has taken a massive toll on suppliers, and emerging invoice methods are getting thrust into the mainstream to rescue cash-strapped businesses.

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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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PIN-On-Glass, Digital EBT And Grocery’s Tech Enabled Future

PYMNTS

Though the issue has captured a lot of attention lately as the demand for online grocery order for pick-up or delivery has become a critical priority for many consumers, giving food stamp ( SNAP program) recipients the ability to use their EBT cards online to pay for groceries is far from a new effort. In fact, as Fiserv ’s Head of Global Digital Commerce Nandan Sheth told PYMNTS in a recent conversation, though the EBT online payment pilots began to roll out last year in 2019 — and have readily

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The State Of Fintech Q1’20 Report: Investment & Sector Trends To Watch

CB Insights

The Covid-19 pandemic has rattled both public and private markets globally. VC-backed fintech startups are no exception. Across the board, fintech funding activity stalled in Q1’20 as the coronavirus outbreaks forced investors to pull back investments. Report Highlights: In Q1’20, VC-backed fintech funding dropped to $6.1B across 404 deals. The Covid-19 outbreak had a significant impact on fintech financing resulting in the worst Q1 since 2016 for fintech deals and the worst Q1 for funding

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Ceridian Introduces Digital Wallet For Real-Time Employee Payments

PYMNTS

Human capital management (HCM) software as a service (SaaS) firm Ceridian is launching Dayforce Wallet to give people the flexibility of getting paid in real-time, whenever they want it. Ceridian also acquired the Asia-based HCM firm Excelity Global Solutions from the Everstone Group. . David Ossip, chairman and chief executive officer (CEO) of Ceridian, said it’s more critical now than ever before for organizations to “to embrace modern technologies” to create experiences that drive engagement

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Managing Your Personal Finance during the Days of COVID-19 Pandemic

FluentBanking

The Corona virus outbreak is the most-discussed topic all over the world now. It has jeopardized our daily lives and brought the world economy to a moribund. This article is thus, essential for you. Here I’ll discuss the present economic situation of the world and Bangladesh and also the ways to manage your finances in this pandemic. What is the World Facing?

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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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Marriott Sees ‘Improving Trends’ In Greater China As Region’s Travel Begins Recovery

PYMNTS

As the coronavirus pandemic moved throughout the world, Marriott International Inc. reported that revenue per available room (RevPAR) plummeted by 22.5 percent globally. The company also issued senior notes of $1.6 billion in April and brought in $920 million in additional liquidity via amendments to its co-brand credit card agreements in May. Marriott CEO and President Arne Sorenson said on a Monday (May 11) earnings call that, overall, “negative trends appear to have bottomed in most regions a

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Simple Ideas For New Businesses

BankBazaar

Sometimes, the best ideas are right in front of you. Always wanted to start your own business? Here’s some help. Have you always wanted to try your hand at business? If you think you can make a good business person, what are you waiting for? Oh! We know what the problem is. You don’t want to risk your financial security by quitting your job and stepping into the business world.

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Text Appeal: SMS Helps Retailers Connect During Pandemic

PYMNTS

The digital shift will include mobile commerce. As retailers, especially those marked non-essential, move to digital commerce platforms they’re also finding new ways to stay in touch with customers during the pandemic. One of them is through SMS messaging. According to eCommerce automation and analytics platform Yotpo, more than 65 percent of online shoppers are browsing or buying from their mobile devices.

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PPP By Numbers: Where the SBA’s Aid Has Helped the Most

Banking Exchange

The Paycheck Protection Program has provided loans to almost half of businesses in every state – and in some it has reached much more The Economy Feature Financial Trends Duties Lines of Business Compliance Fair Lending Feature3 Community Banking PPP Covid19.

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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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Amazon Business Opens New Store For Coronavirus Aid Products

PYMNTS

Amazon’s B2B marketplace, Amazon Business , has opened a new store specifically for coronavirus -related products, including N95 masks, surgical masks and hand sanitizer, according to Livemint. Called the COVID-19 Supplies Store, the new marketplace will be intended for bulk buying from governments and healthcare companies like nursing homes, hospitals, nonprofit organizations and more.

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Cloud Computing ‘Key to Digital Payment Growth’

Banking Exchange

Accelerating growth in use of Apple Pay and similar services will see market hit $416 billion by 2024, research shows Payments Outsourcing/Cloud Customers Core Systems Mobile Online Cards Feature3 Fintech Feature Financial Trends.

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Will Restaurant Recovery Require Capturing The Ghost Kitchen Opportunity?

PYMNTS

Regardless of the many strides Americans have made as home cooks in the last two months or so, the data indicates a majority could really go for a restaurant meal. As of the last PYMNTS consumer survey , consumers really miss eating out. Though the desire to reconnect with friends and family was both the top reason consumers named for wanting to leave their home (cited by roughly 80 percent of consumers who reported interest in going out) and the most important reason (cited as a top priority f

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The Post-Pandemic Banking Landscape

Banking Exchange

Consumer poll indicates how people will – or won’t – change their banking habits after the COVID-19 pandemic Retail Banking Lines of Business Financial Trends Management Feature Feature3 Community Banking Customers Branch Technology/ATMs Tech Management Mobile Online Covid19.

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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.