Bank Innovation
AUGUST 13, 2018
Baxter Credit Union, based in N.J., has found a new solution to an old, and costly problem. David Brydun, vice president of consumer lending, exclusively told Bank Innovation that the financial institution has partnered with Checkbook.io on a digital check issuance solution that utilizes blockchain. “A lot of what goes on in digital lending is […].
Chris Skinner
AUGUST 13, 2018
I keep thinking about the future internet and the ideal of creating a network where no one controls anything. It may sound silly, but it is developing already. In fact, in HBO’s excellent series Silicon Valley, the guys at Pied Piper recently did a pivot to try to create exactly … The post Decentralisation demands data safes appeared first on Chris Skinner's blog.
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Bank Innovation
AUGUST 13, 2018
In the U.S., debit cards are the most popular method of payment, so it’s not surprising that many fintechs are trying to enter the debit card market. For companies focused on P2P payments such as PayPal, Venmo (owned by PayPal), Square, and savings apps like Acorns or Money Lion, the leap into the debit card business is easier, […].
Chris Skinner
AUGUST 13, 2018
Things we’re reading today include … Insurance baron Sir Peter Wood in line for giant windfall as Esure weighs £1.2bn takeover offer Citigroup shakes up consumer bank and card chief leaves Why is the Turkish lira dropping and what does it mean for the global economy? Turkish lira pulls back … The post Things worth reading: 14th August 2018 appeared first on Chris Skinner's blog.
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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
Payments Dive
AUGUST 13, 2018
FSS achieves automation of payments process for a leading bank under PUNGRAIN project
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
AUGUST 13, 2018
In the competitive world of eCommerce, online retailers must provide an optimal customer experience or risk losing business. But many are seeing their hard-earned revenue fall victim to costly credit card chargebacks.
PYMNTS
AUGUST 13, 2018
Defcon , the annual hackers conference, has turned up a new security concern in smart speakers like the Amazon Echo. Two presenters at the conference, Tencent’s Wu HuiYu and Qian Wenxiang, offered a presentation called Breaking Smart Speakers: We Are Listening to You , which detailed how they had both hacked into an Echo and turned it into a bugging device that could be used to spy on its users.
Bobsguide
AUGUST 13, 2018
Just 56% of UK firms believe they have sufficient cyber security skill in-house to deal with increasingly potent and mission critical cyber attacks.
PYMNTS
AUGUST 13, 2018
Citigroup announced Monday (Aug. 13) that Jud Linville, CEO of global cards and consumer services, will leave the bank as part of executive reshuffling. According to a report in CNBC , Citigroup is overhauling the executives in its global consumer banking businesses and, as a result, Linville will leave. David Chubak, head of global retail banking and mortgage, will be in charge of the global-branded cards and the consumer lending business, reported CNBC.
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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
Gonzobanker
AUGUST 13, 2018
The mashup of transactional digital banking and digital sales is well under way in the market, as is evidenced by Friday’s announcement by Q2 of its intent to acquire Cloud Lending Solutions. As branch transactions decline, bank and credit union executives are pushing harder to show explicit revenue and lead generation through their digital channel investments and get beyond the nebulous experience and brand chatter.
PYMNTS
AUGUST 13, 2018
Core inflation spiked 2.9 percent over the last 12 months, essentially flattening wage gains that had edged into the last several months’ economic reports. The July jump is the biggest pick-up the index has seen in a decade, and is considered another piece of evidence that the Federal Reserve should proceed carefully with an interest rate increase.
Payments Source
AUGUST 13, 2018
In partnering with Ingo Money, Safelite Solutions will be able to provide a service for their customers that's designed to make the processing of minor auto physical damage claims easier than manual processes.
PYMNTS
AUGUST 13, 2018
Loyalty rewards for shoppers are not new to the Gap , or its associated brands, Banana Republic, Athleta and Old Navy. For those who carry either the branded Gap card, or the Gap Mastercard (or anyone who has ever been part of a retail rewards program), the offerings are fairly familiar. Shoppers who use their Gap card get a discount (10 percent off in-store and online), accrue points and enjoy perks like free shipping, exclusive offers and events.
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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
AUGUST 13, 2018
Concern over Exobot is spreading beyond banking and across other sectors where customers regularly transact online, from e-commerce and retail to health care, writes Don Duncan, security engineer for NuData Security.
PYMNTS
AUGUST 13, 2018
Digital data is one thing, and mobile apps do pretty well in appealing to high-value customers, but integration is the real trick. The ability to tie it all together into one friction-free experience can save time and boost revenue. That’s the thinking behind the newest U.S. patent awarded to CARDFREE , a mobile wallet provider, which recently made news when it struck a deal with Dunkin’ Donuts that gives the chain a “perpetual license to the software used to build and operate the (Dunkin’) mob
CFPB Monitor
AUGUST 13, 2018
The CFPB recently released a File Format Verification Tool for 2018 Home Mortgage Disclosure Act (HMDA) data. As we reported , in October 2015, the CFPB adopted significant changes to the HMDA rules that significantly expanded the amount of information that must be collected and reported. Calendar year 2018 is the first year in which the expanded data must be collected.
PYMNTS
AUGUST 13, 2018
83.2 Percent. That’s the percentage of commuters who would engage in commerce if that function was integrated into their cars and trucks. That compares with 51.2 percent of drivers who use a connected device to order and pay for things as they as go about commuting to and from work. Source: Digital Drive Report, a PYMNTS.com/Visa collaboration. Technically, connected vehicles are already here.
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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.
CFPB Monitor
AUGUST 13, 2018
In a recent interview (her first since being sworn in as Chair of the Federal Deposit Insurance Corporation), Jelena McWilliams provided insight into the FDIC’s likely regulatory agenda. Ms. McWilliams stated that the FDIC’s top priorities included: (1) reducing regulatory burden on community banks; (2) increasing the speed with which the FDIC reviews charter and deposit insurance applications; and (3) assisting banks to introduce new financial products that serve underserved communities.
PYMNTS
AUGUST 13, 2018
The hotel business is notoriously capital-intensive: Long before a property opens, a hotelier often invests millions in obtaining a property and constructing a building. But companies such as Sleepbox seek to provide an alternative to brick-and-mortar hotels by offering modular sleeping capsules that can fit into existing buildings. The idea behind such capsules is to lower the barriers to entry in the hospitality market, while providing the flexibility of providing lodging in environments that
Bobsguide
AUGUST 13, 2018
For each department in an asset manager there are usually several alternatives to choose from when seeking a system that will store, manipulate and present data to help that team achieve their goals. In my experience, those systems were pretty good at answering questions that are very specific to.
PYMNTS
AUGUST 13, 2018
WeChat , an online messaging service operated by Chinese technology conglomerate Tencent, is looking to enhance its ability to facilitate employee expense reimbursements, and reports said the firm is exploring blockchain as part of the effort. CoinDesk reported Friday (Aug. 10) that Tencent is piloting a feature that uses WeChat Pay data to inform employers when an employee has made a purchase.
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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
AUGUST 13, 2018
Generation Z and later groups will increasingly demand alternative salary options, including bitcoin and other cryptocurrencies, according to David Johnson, founder and CEO of Latium.
PYMNTS
AUGUST 13, 2018
Based on new research from Diar, a blockchain intelligence firm, close to $100 million in cryptocurrency has been stolen via initial coin offering (ICO) exit scams. According to a report in TheNextWeb , the figures in the research imply that during the past two years, ICO scams have totaled $98.6 million in value. In 2018, ICOs have raised $6.3 billion.
Payments Source
AUGUST 13, 2018
As part of the modernization of the U.K.’s payments systems, the new Image Clearing System is in the process of being phased in. All banks and building societies across the U.K. are connecting their various deposit channels into the central infrastructure, a process which will be completed by the end of 2018.
PYMNTS
AUGUST 13, 2018
The vagaries of currency take on all sorts of meaning to consumers, borrowers and lenders large and small, individual and corporate. Over the last few weeks, some headlines have focused on the impact of the trade war being waged between the United States and a number of countries, China perhaps most visibly. In this space, too, we have noted the ways that devaluation of currency (i.e., China’s) can have an impact on retailers’ fortunes.
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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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