Bank Innovation
JANUARY 31, 2018
Last year, was big for corporate venture capital?—?$37.4 billion big. That’s the total record amount of money invested by the corporate venture capital industry last year in 1,268 financing deals, according to a report from Pitchbook and the National Venture Capital Association released Friday. Overall, corporate venture capital entities participated in 44% of all 2017 […].
Chris Skinner
JANUARY 31, 2018
I’ve talked a lot about how young visionaries are re-shaping the financial industry. John Collison was 19 when he founded Stripe with his brother Patrick, and Ollie Purdue was 21 when he dropped out of university to found neobank Loot. In fact, there are many innovators under 30 out there, as … The post The young visionaries changing banking appeared first on Chris Skinner's blog.
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Bank Innovation
JANUARY 31, 2018
It’s not easy to express the full ramifications of the INV Global token offering in 7.5 minutes. But that’s how much time I had last week at the North American Bitcoin Conference in Miami. I did my best to describe INV Global as a token and application aimed at the corporate venturing sector. I explained […].
Chris Skinner
JANUARY 31, 2018
I was intrigued to see the latest account switching numbers for the UK. Switching has been a focus of the Competition & Markets Authority, regulators, government and more, and yet promoting people to switch is not working. According to the latest stats, there are around 70 million deposit accounts across the … The post Even with a bribe, no one switches their bank account 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
JANUARY 31, 2018
EXCLUSIVE – Small business lender BlueVine has doubled its invoice financing credit line to up to $5 million as well as increased its business line of credit to $200,000, Bank Innovation has learned. Based in Redwood City, Calif., BlueVine serves small businesses, typically those with at least 5-to-10 employees and an average revenue range between $600,000 […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
JANUARY 31, 2018
Neobank Moven has secured an undisclosed amount from SoftBank and is looking to acquire a bank with the funding, according to an American Banker report. Moven burst onto the fintech scene in 2012 — it was founded in 2011 and launched an alpha product in 2013 — as Brett King’s bank, or bank account. Originally […].
PYMNTS
JANUARY 31, 2018
In what was described by eBay as an effort to improve customer experience and offer sellers a more competitive cost structure, eBay announced news on Wednesday (Jan. 31) that it will intermediate payments through a multi-year implementation that may last through mid-2020. This move marks a significant change in how buyers and sellers will interact and transact across the company’s online marketplace — namely, by letting shoppers complete their purchases within eBay’s website.
Bank Innovation
JANUARY 31, 2018
EXCLUSIVE – SmartBiz Loans, a digital marketplace for SBA loans, today unveiled its robo-advisor product that will help users determine their loan-readiness and also provide guidance on financial health matters. “Think of this advisor as a CFO,” Evan Singer, SmartBiz CEO, told Bank Innovation. “It’s the world’s first intelligent CFO advisor that uses Artificial Intelligence […].
PYMNTS
JANUARY 31, 2018
Following a malware attack that allowed “unauthorized parties” to access customer credit card information, off-price retailer National Stores is seeking to prevent fraudulent activity and improve the security of its point-of-sale (POS) systems, the company said in an announcement. “We have been working closely with the FBI, cybersecurity experts and payment card brands to contain the incident and protect our customers’ payment cards,” National Stores Chief Executive Officer Michael Fallas said a
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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
Bank Innovation
JANUARY 31, 2018
EXCLUSIVE— Since opening its service to banks, launching its standalone app, and expanding its partnerships in the financial services ecosystem, P2P service Zelle has shown impressive growth. In 2017, Zelle customers moved $75 billion through its platform — including both banking apps and the standalone app made public last September— all as the service, powered […].
PYMNTS
JANUARY 31, 2018
Facing the shifting preferences of consumers, H&M has announced that 2018 will feature fewer brick-and-mortar store openings as it moves to adapt to increasingly digital shopping patterns. The move comes after years of rapid growth from the fast-fashion giant, which now finds itself struggling somewhat to integrate into the eCommerce landscape. Shares were down more than 33 percent over the last year, and H&M faced considerable criticism in the last few weeks following a reportedly racis
Bank Innovation
JANUARY 31, 2018
Goldman Sachs has agreed to purchase fintech startup firm Final, as a part of its efforts to expand in retail-banking products. Terms of the transaction were not disclosed. Oakland-based Final is a credit card service, which announced that it would close its card portfolio back in December. As a part of the deal, Goldman will […].
PYMNTS
JANUARY 31, 2018
For years, throughout the volatility of cryptocurrency values, some industry experts have assured investors and innovators that blockchain is the disruptor in which the market should place its faith. Alas, there is no such thing as a sure bet, especially in the world of FinTech. And this week, experts have begun to voice their skepticism over distributed ledger technology’s (DLT) promise for a massive shakeup.
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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
JANUARY 31, 2018
The fintech revolution is now touching almost every market in the payments space. Some are still further ahead than others, so expect 2018 to be a year of consolidation in more mature sectors, but one of rapid change in those with some catching-up to do, writes David Yohe, vice president of marketing at BillingTree.
PYMNTS
JANUARY 31, 2018
In one of the bigger back-and-forth stories in digital currency, South Korea has announced that it is definitely for real this time sure that it does not plan to ban crypto-currency exchanges. That news comes care of the government’s finance minister and came as welcome news for crypto investors nationwide. Finance Minister Kim Dong-yeon’s comments may put to rest worries sparked worldwide over South Korea’s stance on digital currency — after government officials in various departments beg
Payments Source
JANUARY 31, 2018
Having chargebacks have been a consistent thorn in merchants' sides for much of the past decade — and to make matters worse, while 82% of merchants say they actively dispute chargebacks, 24% have no idea what their win rate is.
PYMNTS
JANUARY 31, 2018
When it comes to data, beware the swivel chair. But embrace integration. That’s a metaphor, of sorts, and a caution for treasury management professionals as they navigate their swivel chairs, swiveling between spreadsheets on their desks, computer screens on desktops and even apps on their phones and tablets. Simply put, CFOs are juggling multiple founts of information, coming from internal and external sources, in real time.
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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.
Payments Source
JANUARY 31, 2018
Mastercard knows the more time consumers spend on their mobile devices—often deliberately blocking ads—the less likely they are to see its iconic “Priceless” ads, even if those ads support a charitable cause.
PYMNTS
JANUARY 31, 2018
Top players in the online travel booking space are collaborating with UATP , an alternative global payment solution accepted by airlines and travel merchants, to support the use of the payment tool for corporate travelers. In a press release on Tuesday (Jan. 30), UATP said it’s partnering with Expedia , Orbitz and Travelocity , a deal that sees these online platforms allowing their corporate customers to use UATP to pay for business travel bookings.
Payments Source
JANUARY 31, 2018
When Kenneth Chenault, chief executive officer of American Express Co., steps down Thursday, the number of African-American CEOs in the Fortune 500 will drop to three, a 50% decline in the past two years.
PYMNTS
JANUARY 31, 2018
What is a common need among a gig worker seeking a second stream of income, an SMB looking to grow their business in an urban neighborhood, and a city planner hoping to solve the complexities of urban traffic congestion? Craig Vosburg, Mastercard’s president of North American markets, told Karen Webster the answer is simple: Data and next-gen digital payments tools that can unlock a more inclusive future for these next-gen workers, the SMBs looking to grow their businesses and the city governmen
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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
JANUARY 31, 2018
The information you need to start your day, from PaymentsSource and around the Web. Today: Facebook bans bitcoin ads; Western Union opens a tech center in Pune; Apple extends Face ID to help parents control kids' apps; South Africa grapples with the fast pace of fintech.
PYMNTS
JANUARY 31, 2018
In 1995 , Amazon started allowing its users to post reviews on its site. Since then, their review platform has become a big draw. Fifty-five percent of shoppers start their buying research on Amazon, according to a BloomReach survey. Furthermore, half of shoppers said they rely mainly on Amazon for reviews, a Market Track analysis found. Reviews are just one tool in Amazon’s arsenal — and the playbook of other eCommerce retailers — to reduce customer doubts and encourage consumers to complete t
Payments Source
JANUARY 31, 2018
Handle Financial’s online bill-payment service Prism has turned on a new feature enabling consumers to pay bills in real time from any of 11,000 U.S. billers via credit or debit cards, even when those options aren’t directly supported by the biller.
PYMNTS
JANUARY 31, 2018
With varying shades of marijuana legality online in nearly 50 percent of all states and 61 percent of polled voters expressing support for full legalization, Americans have, by and large, turned a corner when it comes to their feelings on cannabis. There remain dogged detractors, however, particularly at the Justice Department , but the consensus is that weed is a $10 billion genie already out of the bottle — unlikely to be stuffed back in.
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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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