Chris Skinner
MAY 31, 2018
I’ve got caught in a few discussions recently with people who tell me Ant Financial are Chinese. They’re not. Neither is Alibaba and, if you think they’re just Chinese, you’re going to miss a huge change in the next decade. Ant Financial is an open marketplace of apps, APIs and … The post So you think Alipay is just for the Chinese? appeared first on Chris Skinner's blog.
Bank Innovation
MAY 31, 2018
New entrants in the lending field are using alternative means -- cryptocurrency-backed loans to "social credit," a measure of the strength of your social connections -- to offer credit to the underbanked. Cryptocurrency HODLers and miners will soon be able to use their assets as collateral for fiat currency loans with Cereal, a Moscow-based lending platform […].
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Payments Dive
MAY 31, 2018
Blogger Bryan Pearson got the scoop on Kohl's new loyalty initiative that trades points for cash and combines elements of its credit card, sales events and Yes2You Rewards.
Bank Innovation
MAY 31, 2018
INV Fintech, this site’s sister accelerator, announced today the three associate members of its fifth cohort of startups. INV associates undergo a more lightweight program than full class members. They do not have regularly scheduled meetings with the INV team and Fiserv, the accelerator’s technology partner. They do have access to INV’s mentor network and […].
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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
Chris Skinner
MAY 31, 2018
Things we’re reading today include … Lawsuit Reveals Deutsche Bank Probe of Ties to Russian Ministers ANZ, Deutsche Bank and Citigroup face ‘criminal cartel’ charges Credit cards are not dead – consumer debt slump was just a blip Crackdown on high-interest lending announced by FCA ‘I bought my mum a … The post Things worth reading: 1st June 2018 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 31, 2018
Fraud is always evolving. Beyond the hack in its rawest form — breaking into systems or hardware to steal individuals’ personal data — criminals are using their wily ways to manipulate consumer behavior. And the weapons by which bad actors manipulate their unwitting victims into giving up personal information or handing over money outright are proving to be varied as well, stretching across email and text messages and even the old-fashioned phone call.
Payments Source
MAY 31, 2018
Virtual reality is seeing significant leaps in technology, with immediate applications to gaming and entertainment that foreshadow richer applications for VR in commerce.
PYMNTS
MAY 31, 2018
It’s been three years since Mastercard started its Send offering for card-based push payments. In the tech world, that’s a long time, but in the banking space, things can move a bit more slowly – which means Mastercard Send is still breaking into new use cases beyond its original intent. One key area that wasn’t on the road map three years ago? B2B.
Payments Source
MAY 31, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: LG Pay may get delayed; Canadian bank hackers reveal tactics; Brim's consumers face a long wait for launch; South Korean authorities sieze bitcoin.
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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
PYMNTS
MAY 31, 2018
Mastercard announced today that Simon Hunt, a cybersecurity expert, has joined the company as executive vice president to head the cybersecurity solutions unit. In a press release , the payment company said Hunt’s role will increase Mastercard security capabilities for its credit cardholders, customers, merchant and other stakeholders. The move comes as the threat of cybercrime grows.
Payments Source
MAY 31, 2018
The credit card issuer has built a distributed ledger through which merchants create their own membership rewards and get access to detailed information on purchases and the success of promotions.
PYMNTS
MAY 31, 2018
Babylon , the digital health startup out of the U.K., inked a deal with Samsung in which it will provide consumers with access to artificial intelligence-enabled doctors via smartphones. According to a report in the Financial Times , Samsung has agreed to preinstall the technology into its new devices, enabling consumers to set up a video appointment with a doctor or get a check of symptoms via Samsung’s Health app.
Independent Banker
MAY 31, 2018
“These 28 community banks knew they needed to fight back. If they did nothing, the future of their banks and communities would hang in the balance.”. Rebeca Romero Rainey, president and CEO, ICBA. I’m writing this column on May 9—an important date in ICBA’s history. It’s 88 years to the day when 28 independent community bankers met in Glenwood, Minn., to discuss an alarming trend.
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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.
PYMNTS
MAY 31, 2018
And here come the subpoenas …. This week, Uber and Lyft were told by San Francisco City Attorney Dennis Herrera to “turn over records on whether they classify drivers as employees or private contractors, as well as records on driver pay and benefits,” according to a statement from his office. The move comes as a result of the recent decision from the California Supreme Court that said gig economy companies can’t count workers as independent contractors instead of employees.
Payments Source
MAY 31, 2018
Bittrex Inc., a Seattle-based cryptocurrency exchange that lets users swap nearly 200 different digital coins, said it forged banking agreements that will allow some customers to trade in U.S. dollars.
PYMNTS
MAY 31, 2018
Amazon Web Services (AWS), the unit of Amazon , announced Thursday (May 31) that it rolled out pay-per-session pricing for Amazon QuickSight , its cloud-powered business analytics service. In a press release , AWS said QuickSight enables anyone within a company, regardless of skill, to create visualizations, perform ad hoc analysis and get business insight from the data.
Payments Source
MAY 31, 2018
Two major Canadian banks, Bank of Montreal and Simplii Financial, have become victims of hacks that affected some 50,000 and 40,000 customers respectively. Neither bank decided to pay the ransom by the hackers' May 28 deadline.
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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.
PYMNTS
MAY 31, 2018
Chase has decided to stop offering price protection as a perk on its Sapphire Reserve card. According to Market Watch , the perk — which allowed cardholders to get reimbursed for purchases they have made if they were able to find the item for cheaper at another retailer — will cease on August 26. It’s not surprising that many cardholders aren’t happy with the changes, with a few expressing their frustrations on Twitter.
Payments Source
MAY 31, 2018
Unless near zero-friction identity security is embraced, connected devices cannot be used for payments in a substantial way, according to Xavier Larduinat, manager for innovation at Gemalto.
PYMNTS
MAY 31, 2018
It’s still early — hardly minute one — in the unfolding history of the General Data Protection Regulation , but a winner is emerging that is both familiar and big: Google. It hardly needs to be explained, but the GDPR is the European Union’s new privacy law. It kicked in last Friday, May 25, and promises to guide, influence and rule digital data practices, not only in the EU’s 28 member nations, but also the rest of world.
Bobsguide
MAY 31, 2018
Investment technology subsidiary of BNY Mellon, Eagle Investment Systems, recently announced the launch of its partnership with Microsoft, fitting in to the wider trend of harnessing cloud technology to comply with regulations and improve cost-to-income ratio. The cloud has seen a quiet.
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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.
PYMNTS
MAY 31, 2018
Who are the top-performing financial institutions (FIs)? According to recent research from PYMNTS, the industry’s innovation pacesetters are those who devote the most time to developing new features, products and services. They are also the FIs that allocate the majority of their budget and other resources to testing those innovations. But testing new technologies is a complex, intensive process, which can take on a variety of forms.
Payments Source
MAY 31, 2018
Intuit has added new features to QuickBooks Payroll so employers can make payroll at the last minute, delivering same-day paychecks to workers with the option to make direct deposits to contract employees.
PYMNTS
MAY 31, 2018
Amazon is not the only retailer grappling with a staggering number of returns: All sorts of retailers — especially some with generous return policies — have faced challenges with large numbers of returns. In the case of one retailer, SupplyAI ’s Karthik Sridhar, the company’s CEO, noticed that customers took advantage of a long return policy. Since the retailer had a 365-day return policy, a sizeable number of returns were happening long after a customer purchased an item — and possibly us
Payments Source
MAY 31, 2018
Billionaire Jack Ma’s Ant Financial is lifting its fundraising target to more than $12 billion by bringing in existing Chinese shareholders in a yuan-denominated financing round, people familiar with the matter said.
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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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