Bank Innovation
JUNE 4, 2018
Wells Fargo & Co. has had a very public battle with fraud. Just last month, the bank agreed to pay $480 million to settle a lawsuit from investors accusing Well Fargo of securities fraud related to its fake-account scandal from 2011 to 2016 in which 2 million fake accounts were set up. “We have alerting to […].
Chris Skinner
JUNE 4, 2018
The good thing about blogging is that I have a public record of my thinking. Hence, I can claim that Banking-as-a-Service (BaaS) is mine. That’s because I was presenting the idea ten years ago and blogged about it in February 2009. Now, no idea is unique, and the BaaS idea … The post #Money2020Europe Day One: Will banks become ‘safes’ for data?
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Bank Innovation
JUNE 4, 2018
With recent developments in the payments ecosystem like PayPal’s $2.2 billion acquisition of iZettle, or Adyen’s IPO announcement, it's safe to expect payments-focused innovation from banks and FIs as well. A recent report by PYMNTS titled “Innovation Readiness Playbook,” showed that 80% of the small FIs and banks surveyed listed payments technology as the top […].
Chris Skinner
JUNE 4, 2018
Things we’re reading today include … Major bank CEOs say blockchain will underpin the financial industry ‘in five years’ Deutsche Bank CEO insists financial strength is ‘beyond doubt’ despite rating downgrade Fintech unicorn TransferWise strikes first deal with a major bank to offer cheap currency transfers UK government to sell … The post Things worth reading: 5th June 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
Bank Innovation
JUNE 4, 2018
Financial services provider Teachers Insurance and Annuity Association (TIAA) announced today that it is now a full-service bank. TIAA began this move last June when it acquired the direct bank EverBank, which ti combined with itw own TIAA Direct brand. At the time of the acquisition, EverBank had $27.8 billion in total assets and $19.3 billion in […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
JUNE 4, 2018
Cereal is looking at the aspects of the market that could be considered the most stable. By encouraging more mining activity, Cereal also promotes the viability of the cryptocurrencies being mined.
PYMNTS
JUNE 4, 2018
After applying for a banking license in Europe, Revolut plans to apply for one in United States in the near future. Chief Executive Officer Nikolay Storonsky said the startup could apply for a license in California by the end of 2018, Reuters reported. However, through a banking partner, Revolut plans to roll out services in the U.S. this summer. As of now, the company has five employees in New York and plans to open an office in California.
Bobsguide
JUNE 4, 2018
At Money20/20, held in Amsterdam this week, fintech outfit Ripple announced plans to support 17 universities - including MiT and UCL - to perform research into distributed ledger technology and the wider payments ecosystem. “There are 4,500 job listings with blockchain and crypto out there.
PYMNTS
JUNE 4, 2018
With retail uses as a top driver, International Data Corporation (IDC) projects that worldwide spending on virtual reality (VR) and augmented reality (AR) will reach $27 billion in 2018. The estimate marks a 92 percent increase over 2017 spending on the technology, Retail Dive reported. Overall, the market for AR and VR products and services is expected to reach a five-year compound annual growth rate (CAGR) of 72 percent for the years 2017 to 2022.
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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
Insights on Business
JUNE 4, 2018
Motivating sales teams with commission payments is central to many organizations’ success, and at Colt Technology Services we’re no different. In today’s unpredictable marketplace, it’s more important than ever to be able to adjust sales compensation programs in line with changes in strategy. However, as we grew, it became more difficult to scale up and adapt our bespoke compensation system – hampering the way we incentivized our sales teams.
PYMNTS
JUNE 4, 2018
To help companies that want to jump into the artificial intelligence (AI) revolution — but are perhaps unsure where to actually start — the team at Mastercard is hoping to offer up a solution in the form of AI Express. The offering, launched today , is designed to help companies leverage an artificial intelligence model that answers real business questions and can be swiftly deployed.
Payments Source
JUNE 4, 2018
ICOs and other startups often spread misinformation to generate buzz. Gamification and machine learning can foster information-sharing that cuts through the hype, writes Hermann Finnbjornsson, the CEO of Svandis.
PYMNTS
JUNE 4, 2018
Pointing to “disappearing” regulatory issues and satisfaction scores up across the banking industry, JPMorgan Chase chairman and CEO Jamie Dimon said at a conference that the U.S. is in a “golden age of banking,” American Banker reported. “You guys thought I was kidding when a few years ago I said, you can have a golden age of banking,” Dimon said on Friday (June 1).
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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
JUNE 4, 2018
Fintechs are entering the market to close the time gap in gig economy payments between businesses and consumers. This will fundamentally change business models for banks, according to Lauren Reuf, a research analyst at Nvoicepay.
PYMNTS
JUNE 4, 2018
Following years of U.S. growth, IKEA is reining in its brick-and-mortar expansion efforts: The furniture retailer cancelled planned stores in North Carolina, Tennessee and Arizona. Instead, IKEA is focusing its efforts on eCommerce sales, USA Today reported. “They have found that in a number of established markets, they are really behind the curve in terms of online,” said GlobalData Retail Analyst Neil Saunders told USA Today.
Payments Source
JUNE 4, 2018
Merchants, banks, fintechs and card networks may crave digital payments' treasure trove of data over cash's simple anonymity, but any weakness in a centralized ecosystem threatens the entire network, as Visa learned late last week.
PYMNTS
JUNE 4, 2018
Beloved by younger millennials and up-and-coming Generation Z members, Snapchat is the little social media engine that could in an era when it seemed the social media die had all been cast (and where Facebook won most of the rolls). However, beloved and profitable are different — and, though Snapchat and its disappearing messages have a tight hold on their following — they are running distinctly low on funds.
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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.
Bobsguide
JUNE 4, 2018
At Money20/20, hosted this week in Amsterdam, Charlotte Hogg, CEO of VISA Europe apologised for the Visa outage that left many consumers and merchants unable to use the service. Last Friday Visa reported an outage across UK and EU markets with millions affected. “I’d like to start.
PYMNTS
JUNE 4, 2018
The sandbox is getting a bit bigger — the regulatory kind, that is. The Consumer Financial Protection Bureau (CFPB) said this past week that it is linking up with the Commodity Futures Trading Commission, eyeing a regulatory sandbox for FinTech firms. In a speech to the Women in Housing and Finance organization, the CFPB’s acting director, Mick Mulvaney, said, “We recognize that — so often the case is with new technology — there is a needle you have to thread,” noting that, “if you don’t give a
Bobsguide
JUNE 4, 2018
A workflow is a series of tasks needed to accomplish a specific treasury-related goal, eg to open a bank guarantee. It typically spans a number of internal and external systems and involves different types of user roles/actors responsible for performing the workflow tasks needed to accomplish the.
PYMNTS
JUNE 4, 2018
Digital is turning us into freelance workers whose worries about healthcare costs could finally help drive down those prices, and whose online purchasing seems increasingly likely to be influenced by Alibaba and other China-based operations. Oh, and artificial intelligence promises to be more important to human history than fire. Got all that? Well, there’s more — much more — but those points stand as a fair summary of some of the main themes of this year’s Mary Meeker digital trends extra
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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
JUNE 4, 2018
Since the financial crash of 2008, banks have been reluctant to lend, and SMEs have had to jump through hoop after hoop, fighting to obtain finance. Whether they need cash to help buy stock or essential equipment, or to expand into new markets, at some point almost all SMEs will look for extra.
PYMNTS
JUNE 4, 2018
Following a series of sophisticated cyberattacks, such as WannaCry and NotPetya , AIG received a surge of cyber claims in 2017: The insurer saw as many claims notifications as the previous four years combined, RT reported. “The combination of leaked National Security Agency (NSA) tools, plus state-sponsored capabilities, triggered a systemic event,” Mark Camillo, head of cyber for EMEA at AIG, said in a statement.
Payments Source
JUNE 4, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Visa's back up in Europe; Apple Pay pushes order ahead at a music festival; Jeep plans in-car payments tech; ABN Amro customers warm to werables; Mastercard wins a blockchain patent.
PYMNTS
JUNE 4, 2018
Visa customers in parts of the U.K. and Europe weren’t able to use their cards on Friday (June 1) after a system failure prevented transactions from being processed. “Visa had a system failure that impacted customers across Europe,” the company said, according to The Wall Street Journal. Visa also revealed that the problem was the result of a hardware failure, and that by late Friday, cards in Europe were operating at close to normal levels. “We have no reason to believe this was associate
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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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