Chris Skinner
JULY 11, 2018
If you didn’t catch the big news of yesterday, it was the first public firing of a robot. In this case, a bank’s chatbot, Amelia. Amelia was launched last year by Swedish bank Nordnet, with the aim of speeding up customer onboarding and improving customer satisfaction. Apparently, she achieved neither … The post As a bank fires its robot, will the robots fight back?
Bank Innovation
JULY 11, 2018
Citizens Financial Group joins the latest band of established FIs in launching its version of a digital-first bank called Citizens Access. Unlike others such as JPMorgan Chase’s Finn, which was rolled out nationwide earlier this month, this digital bank is not catering to the general ‘millennial’ audience as is evident by its $5,000 deposit minimum. […].
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Chris Skinner
JULY 11, 2018
Things worth reading today include … A new golden age of banking? Restructuring alone won’t clean up the banks’ act Is the US NATO’s piggy bank? Major threat to mobile banking as Trojan epidemic bites Cyber attacks bought ‘as easily as online shopping’ Michel Barnier tells US business that EU … The post Things worth reading: 12th July 2018 appeared first on Chris Skinner's blog.
Payments Dive
JULY 11, 2018
India’s Unified Payment Interface is emerging as a critical growth enabler for digital payments. Read our latest paper on how PSPs can create services differentiation in a fast-growing market.
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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
Insights on Business
JULY 11, 2018
There is a quote in the most recent Star Wars movie, “The Last Jedi” that gets me thinking about innovation; ‘We are the spark, that will light the fire” The Star Wars movies, books, games and mythos is a masterfully woven tapestry telling the tale of a little guy triumphing over an established, organized and technologically advanced pan galactic empire.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Source
JULY 11, 2018
Fallout from the Equifax breach is coming into clearer focus as more companies begin pinpointing its effects over the last several months.
PYMNTS
JULY 11, 2018
Oprah Winfrey is becoming a restaurateur. As of today, the international media titan has announced an investment in True Food Kitchen , a healthy eating startup based out of Houston. True Food Kitchen’s bread and butter, so to speak, is sustainable, local and organic dining. It was named the 2018 emerging restaurant by data firm Fishbowl. The size of Oprah’s equity investment is unknown, but apart from money, she is offering her literal presence – she will be joining the brand’
Payments Source
JULY 11, 2018
The U.S. Securities and Exchange Commission is putting its weight behind allegations of insider trading that Heartland Payment Systems has levied against its former CEO.
PYMNTS
JULY 11, 2018
Loyalty programs aren’t just tied to eggs, milk or produce. With the rollout of savings tied to Amazon Prime in Whole Foods Market , which Amazon bought in 2017, loyalty programs are expanding beyond the supermarket to encompass more than groceries and have a built-in audience. Those that peruse the aisles at Whole Foods may very well be taking advantage of Prime’s two-day shipping as they browse Amazon’s website: Sixty percent of Whole Foods shoppers also happen to be Prime members.
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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
Payments Source
JULY 11, 2018
Since Amazon Go's announcement, there has been a rush to duplicate the company's cashierless store concept without the same level of tech investment. The latest competitors are focused on the cameras that identify items as consumers take them off of the shelves.
PYMNTS
JULY 11, 2018
Citizens Financial Group announced the launch of its nationwide, direct-to-consumer digital bank. Citizens Access safely and securely offers Member FDIC-insured online savings and CD accounts with attractive rates and no fees to customers across the United States. “Over the last several years, direct bank deposits have grown six times faster than deposits at traditional banks as consumers have sought innovative new ways to save money,” said John Rosenfeld, president of Citizens Access.
Payments Source
JULY 11, 2018
Even though much of PCI data is stored and maintained on mainframes, many are currently not being evaluated or scanned accurately for PCI DSS compliance, writes Ray Overby, co-founder and president of Key Resources.
PYMNTS
JULY 11, 2018
Ripple , the blockchain company, announced on Wednesday (July 11) that it has tapped Kahina Van Dyke to join the company’s leadership team as the new senior vice president of business and corporate development. In a company announcement , Ripple said Van Dyke brings more than 20 years of experience in banking and technology, and will focus on driving new strategic partnerships for Ripple across the global financial services industry.
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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
JULY 11, 2018
The bank Bank of England, together with the Financial Conduct Authority and the Prudential Regulation Authority, has cautioned U.K. banks to prepare for cyber attacks and technical failures.
PYMNTS
JULY 11, 2018
QVC former director James D. Falkowski was sentenced to 30 months in a federal prison for being the brains behind a $1 million fraud scam. According to CNBC , Falkowski — who was in charge of enhancing the company brand and reputation in the entertainment and fashion markets — was accused of using his role to embezzle and fraudulently obtain from QVC more than $1 million in cash, goods and other services, including first-class travel, hotel and resort stays, spa treatments, meals in high-end eat
Payments Source
JULY 11, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Google combines mobile payment services; PayPal plans an acquisition spree; U.K.'s faster payment system slows down; Ticketmaster breach impacted more companies; U.K. football club boosts mobile payments.
PYMNTS
JULY 11, 2018
The Ministry of Finance in India is proposing that the government relax a directive that would require global payment firms to store the data of customers only locally. According to a report in Reuters , the move comes amid weeks of lobbying on the part of companies in the U.S., as well as from trade bodies. Easing of the proposal would give relief to Mastercard, Visa and American Express, which were worried that the data rule would cost them millions of dollars and lay the groundwork for other
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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
JULY 11, 2018
In this fintalk, bobsguide speaks to Anders La Cour, CEO of Saxo Payments Banking Circle. La Cour and Banking Circle are pioneers in adopting the financial utility model in order to drive down costs and increase efficiency for market participants. Here, La Cour offers his opinion on how banks.
PYMNTS
JULY 11, 2018
Another retailer has been hit with a data breach. This time, Macy’s has revealed that hackers obtained names and passwords of online customers — and might have accessed credit card numbers and expiration dates. The data breach impacted one-half of one-percent of customers who were registered on Macys.com or Bloomingdales.com, spokeswoman Blair Rosenberg said Tuesday (July 10), according to Bloomberg.
Payments Source
JULY 11, 2018
Younger users cite trust in friends and family as the main reason for engaging in P2P, while older users say trusting their bank is the key reason.
PYMNTS
JULY 11, 2018
Facebook was hit with a $660,000 fine, the maximum allowed, by the British Information Commissioner’s Office over its data scandal with now-defunct political consulting firm Cambridge Analytica. According to a report in The New York Times , while the fine is small for Facebook, it marks the largest fine the British Information Commissioner’s Office has placed on a company.
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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
JULY 11, 2018
Banks need to be prepared for increased regulatory scrutiny as they adopt artificial intelligence technologies.
PYMNTS
JULY 11, 2018
Consumers in Sweden and Norway are more likely to take out a loan this summer than borrowers in Finland , according to a press release from Tieto. While 22 percent of Swedes and 21 percent of Norwegians are seeking to borrow money, only 14 percent of Finns are looking for summer loans. And GIMAC and TerraPay have teamed up to strengthen the remittances ecosystem in Africa, TerraPay said in an announcement.
CB Insights
JULY 11, 2018
The unicorn craze has hit micromobility, the industry tackling last-mile transportation. Investors are driving up bike- and scooter-sharing company valuations at unprecedented rates, as investors bet on the companies they believe will capture and dominate the market. The land grab is similar to what ride-hailing giants Uber and Didi have done in their respective countries.
PYMNTS
JULY 11, 2018
Digital currency investor Li Xiaolai has reportedly resigned from the position of managing partner at the Hangzhou Xiong’An Blockchain Fund, CoinDesk reported. His departure happened after he was the subject of allegedly defamatory comments. As it stands, Li and venture capitalist Chen Weixing are locked in a bit of a feud, and Chen reportedly made hostile public comments against Li. “The series of defamations from Chen Weixing against myself has brought material and negative impacts
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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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