Thu.Mar 01, 2018

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A unified model of banking the unbanked

Chris Skinner

As mentioned yesterday, I always get a new take on life when I come to Africa, and this visit is no exception. I’m chairing conferences where a range of start-ups, telco’s and banks are talking about their experiences and views. Halfway through the dialogue, a lightning bolt cracked through my … The post A unified model of banking the unbanked appeared first on Chris Skinner's blog.

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Are Consumers Ditching their Banking App for Fintech Apps?

Bank Innovation

Scrapegators, what’s that? According to Malauzai Software, that’s the term used for vendors that “scrape” digital banking apps on the internet to gather data and then provide that data to fintechs. In other words, they are aggregators. Think Mint, Yodlee and Intuit, who, according to Malauzai Software’s Monkey Insights February 2018 report, are the largest.Read More.

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Things worth reading: 2nd March 2018

Chris Skinner

Things we’re reading today include … Why money is meaningless and what the bank of the future must do about it First financial institution in the world, Bank Frick to open up to crypto-banking Are Consumers Ditching their Banking App for Fintech Apps? Bill Gates says crypto-currencies cause deaths Schroders … The post Things worth reading: 2nd March 2018 appeared first on Chris Skinner's blog.

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BNP Paribas Launches Global Investment Fund, Plans Five Investments Per Year

Bank Innovation

EXCLUSIVE – Paris-based BNP Paribas announced this week that it has launched a startup investment fund, and called this move the final piece in its innovation strategy. The amount of the fund was not disclosed, but about five strategic investments a year are envisioned, said Andreas Lambropoulos, head of strategic initiatives for BNP Paribas International.Read More.

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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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HSBC Ready To Test Blockchain Trade Finance

PYMNTS

Banking and financial services firm HSBC says its blockchain-based trade finance solution is ready to launch — in pilot phase, at least. According to Wednesday (Feb. 28) reports by the Global Trade Review , the bank’s senior innovation manager, Joshua Kroeker, held a media call and announced that after developing the trade finance solution for about two years, HSBC is “confident enough to actually do a live transaction” using its blockchain technology.

More Trending

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Mobifone case study: how does Google Play carrier billing impact telco revenue?

Payments Dive

In our latest case study with the leading Vietnamese telco Mobifone, we find that this is not the case. Download the case study and find out how launching carrier billing for Google Play increased Mobifone's ARPU by 130%!

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Your Bank’s Social Media Strategy Needs to Drive the Consumer Experience (and Revenue), Says Regions Bank

Bank Innovation

EXCLUSIVE—Social media strategy is a must for all areas of business in today’s world, including banks—who, fighting against entrenched perceptions of their legacy institutions, often rely on social media platforms to reach their younger customers. However, it’s not enough just to establish a presence on social media (the bare minimum of being considered alive, in.Read More.

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FLEETCOR And Ripple In Payments Pilot Program

PYMNTS

Commercial payments provider FLEETCOR Technologies, Inc. announced news on Thursday (March 1) that it has entered a pilot program with enterprise blockchain solution firm Ripple and Cambridge Global Payments , the international payments provider focused on B2B and owned by FLEETCOR. The companies said in a release that under the terms of the agreement with Ripple , Cambridge — which processes more than $20 billion in B2B cross-border payments annually, across 13,000 business clients — will pilo

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UK PFM App Bean Receives Approval to Launch Payments Service

Bank Innovation

UK-based startup Bean, a comparison app which alerts its users to savings opportunities, has officially received approval from the region’s Financial Conduct Authority (FCA), to launch its service, the company announced today. Bean, which connects to a user’s bank accounts, credit cards, and other financials (including subscription services or monthly bill payments), tracks a customer’s.Read More.

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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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NACHA And IFX Forum Join Forces To Boost API Development

PYMNTS

NACHA and the Interactive Financial eXchange (IFX) Forum have announced plans to combine their organizations to improve the development of standardized Application Programming Interfaces (APIs). The partnership, which is expected to be finalized at the end of the first quarter, will speed up the creation and rollout of standardized banking APIs. “The powerful combination of IFX Forum’s established leadership in financial industry standards, along with additional technical expertise in the area o

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SEC Probe Is Targeting ICO Presales

Bank Innovation

The U.S. Securities and Exchange Commission is investigating the sale structures of dozens of ICOs that were completed in 2017, according to a report released yesterday by the Wall Street Journal. The Journal, which reported that the SEC has “issued dozens of subpoenas and information requests to technology companies and advisors involved in the red-hot.Read More.

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Contrary To Kylie Jenner, Snapchat Is Doing Just Fine After Redesign

PYMNTS

Wall Street doesn’t seem to care what Kylie Jenner thinks. Despite Jenner’s – and many users’ –criticism of its redesign, Snap shares went up about 5 percent on Wednesday, while its download rates remain strong. According to CNBC , while shares fell more than 7 percent over the past week, they came back up on Wednesday. Snap’s redesign hasn’t been met with much enthusiasm from its core customer base, who started an online petition to get the company to remove the update. “There is a

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Commerce Ventures Founder, Dan Rosen, Joins Bank Innovation 2018

Bank Innovation

EXCLUSIVE – Dan Rosen, founder and general partner at Commerce Ventures, has joined the speaker roster for Bank Innovation 2018, taking place next week March 5 to 6 in San Francisco. Since founding Commerce Ventures in 2012, Rosen has added more than forty fintech startups to its portfolio. The companies in its portfolio includes B2B.Read More.

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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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The Rise Of The Chinese Tourist – And The Power Of Using Payments To Greet Them

PYMNTS

When Los Angeles first began its efforts to market to international tourists in 2006, China wasn’t much of a consideration. With all of the nations that sent tourists to L.A., China didn’t even make the top 10 a little over a decade ago. But as of the last few years, that has changed – and in big way, noted Kathy Smits, the vice president of international tourism for the city’s tourism marketing agency. “ Chinese tourism is a big deal for Los Angeles.

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How conversational applications can enrich the banking experience

Bobsguide

The exponential rise of computing capability, in line with Moore’s Law, has fueled the rapid shift from technology-literate people to people-literate technology. Catalysed by disruptive technologies such as Artificial Intelligence (AI), Machine Learning, Chatbots etc., we are fast humanising.

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Uber To Offer Rides To Doctor’s Appointments

PYMNTS

Uber , the ridesharing company, announced the launch of Uber Health, a new service that will partner with healthcare organizations to provide rides for patients. In a blog post , the company said that each year, 3.6 million Americans miss a doctor’s appointment because of a lack of transportation. What’s more, no-show rates at doctor’s offices are as much as 30 percent around the country.

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PSD2: Sorting fact from fiction

Bobsguide

For those in the industry PSD2 has become a familiar acronym. In simple terms, the EU directive puts ownership of financial data back in the hands of the consumer. For consumers, who are only now waking up to the implications of this new directive, there’s significant confusion around the.

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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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Equifax Finds 2.4M More Customers Victim Of Data Breach

PYMNTS

Equifax , the credit scoring company embroiled in a 2017 data breach scandal, disclosed news on Thursday (March 1) that has identified 2.4 million more consumers in the U.S. whose partial driver’s license information was stolen. In a press release , Equifax said it was able to pinpoint about 2.4 million consumers by referencing other information in proprietary company records that the hackers didn’t steal and by tapping the resources of an outside data provider.

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03.01.18 Your morning briefing

Payments Source

The information you need to start your day, from PaymentsSource and around the Web. Today: New Russian mobile wallet; Canada considers open banking rules; Messenger payments expand in Africa; Nacha and IFX cooperate on API standards; Amazon buys Ring.

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DoorDash Becomes Food Delivery Unicorn With $535M In Funding

PYMNTS

After raising $535 million in a Series D round, DoorDash may be worth $1.4 billion in a post-money valuation. The company is not necessarily thinking about an initial public offering (IPO), though — even with that level of funding, TechCrunch reported. “It doesn’t really change anything for us,” said DoorDash CEO Tony Xu. “Instead, we’re saying it adds more flexibility, giving us the optionality in terms of where we want to invest and how we want to think about financing for the company.”.

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Equifax says it may lose access to some card data over breach

Payments Source

Equifax, the credit bureau breached by hackers last year, said the card-payments industry may cut off its access to certain data or impose fines if the company can't prove it's addressed weaknesses.

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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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Kohl’s Beats On Earnings, Announces Aldi Partnership

PYMNTS

Kohl’s is showing signs of renewed strength as its Q4 earnings results filter in across the wires, bucking its rough recent history to log Q4 earnings and revenue that outstripped analyst estimates. The success was chalked up to tighter inventory controls and powerful sales growth during the holiday season, according to CNBC reports. All in, earnings per share (EPS) came out to $1.99, well ahead of the $1.77 estimated.

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WorldRemit adds New York in major cross-border push

Payments Source

WorldRemit has launched international remittance services in New York, one of the last big U.S. markets where it lacked a money transmitter license, positioning the company for a growth surge this year.

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Need For Excel Skills Falling By The Wayside, CFOs Say

PYMNTS

“Spreadsheet” can be a four-letter word in corporate finance, but analysts say professionals continue to rely on the manual tool for everything from reconciliation to payroll. Now, research from Adaptive Insights suggests companies’ reliance on Excel spreadsheets is on the wane. Reports in CPA Practice Advisor on Wednesday (Feb. 28) said Adaptive Insights’ new chief financial officer (CFO) indicator report found CFOs agree that automation has lessened the importance of professionals’ need for E

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Capital One marketing oversold, underdelivered to minorities, lawsuit says

Payments Source

Two civil rights groups in Texas allege that Capital One's TV ads featuring black celebrities encourage minority customers to deposit money and use debit cards, while its branch closures in their neighborhoods cut them off from loans and other services.

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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.