Bank Innovation
NOVEMBER 15, 2017
EXCLUSIVE- Online consumer lender Marcus by Goldman Sachs has reached its annual goal for loan originations. Martin Chavez, chief financial officer for Goldman Sachs, showed in a slideshow at a Bank of America Merrill Lynch event yesterday that Marcus had already surpassed $1.96 billion in originations as of Nov. 9. “We actually crossed $2 billion […].
PYMNTS
NOVEMBER 15, 2017
Wells Fargo Advisors and the Securities and Exchange Commission (SEC) reached a settlement this week resolving charges that the bank dropped the ball in reporting suspect activities pertaining to money laundering for several years. According to a MarketWatch report published Tuesday (Nov. 14), though broker-dealers are required to file suspicious activity reports (SARs) to the U.S.
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Bank Innovation
NOVEMBER 15, 2017
EXCLUSIVE—Small businesses owners share a mostly positive outlook on economic growth for the next year. The most optimistic owners are millennials, according to data from the Bank of America Fall 2017 Small Business Owner Report. The survey of about 1,000 small businesses, released last week, found that the majority of millennial entrepreneurs (81%, the survey […].
PYMNTS
NOVEMBER 15, 2017
Fashion retailer Forever 21 revealed that it has suffered a data breach at some of its stores. According to news from Fortune , customer payment card information was compromised at certain point of sale devices in stores when the encryption on those devices was not operating. The company, which operates more than 815 stores in 57 countries, did not say which specific locations were affected.
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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
NOVEMBER 15, 2017
EXCLUSIVE- Bank Innovation has released the agenda for its seventh annual fintech conference, and it is completely overhauled to enhance the event experience for attendees. In addition to fireside chats, startup demos, and general sessions, Bank Innovation’s 2018 conference has added a pre-conference workshop on how to build an innovation team, added even more time […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
NOVEMBER 15, 2017
Android customers of British neobank Monzo can now activate their new Monzo debit card by tapping the physical card on their phone, the British bank announced today. The feature is a better way for users to join the world of digital payments, in a more efficient way than typing in a card number and all […].
PYMNTS
NOVEMBER 15, 2017
Every day the world hears about another blockchain project in the works or another distributed ledger technology consortium forming. What it doesn’t hear, though, is that most of those initiatives will go defunct only a few months after launching. Just last week, Deloitte found that in 2016 alone, nearly 27,000 new blockchain projects surfaced on the market.
Bank Innovation
NOVEMBER 15, 2017
Is payment app Square Cash about to provide users the option to buy and sell the cryptocurrency bitcoin? Well, that certainly seems the case, given that Square has initiated a trial allowing a few number of users to buy and sell the cryptocurrency in the Cash app. The trial, which was initiated earlier this week, […].
PYMNTS
NOVEMBER 15, 2017
Aiming to boost its reputation after a fake account scandal last year, Wells Fargo announced Tuesday (Nov. 14) the launch of a new overdraft feature that will reduce the hit to customers. The embattled bank said the new feature, dubbed Overdraft Rewind, will automatically reverse overdraft fees assessed on customers’ accounts. In a press release , the national bank noted that the feature will kick in if an overdraft fee hits the day before a direct pay deposit is scheduled to show up in the acco
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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
NOVEMBER 15, 2017
European bank Klarna is teaming up with digital cross-border payments service PPRO Group to offer expanded credit-based payments to European merchants, the companies announced today in a press release. The partnership will allow payment service providers to process credit payments via PPRO’s platform to merchants, reducing risk, according to the announcement.
PYMNTS
NOVEMBER 15, 2017
A new survey from alternative lender Reliant Funding found only 12 percent of surveyed small businesses (SMBs) have actually used alternative finance. The company released the results Tuesday (Nov. 14) and found, more often than not, small businesses aren’t using alternative lending sources. While 49 percent of SMBs said they were familiar with alternative finance, they said they haven’t worked with an alternative finance provider; meanwhile, 39 percent said they haven’t heard of alternative fin
Bank Innovation
NOVEMBER 15, 2017
EXCLUSIVE- Bank Innovation has released its seventh annual fintech conference agenda. Sprinkled with fireside chats, startup demos, pre-conference workshops, and ample time for networking with industry peers, Bank Innovation’s 2018 conference will be categorized into three content tracks: Strategy, Product and Demovation. Under the Strategy track, topics range from APIs and open banking adoption, to […].
PYMNTS
NOVEMBER 15, 2017
The year 2020 looms large in the payments realm, marked off by the Federal Reserve as the year faster payments are to be truly commonplace, available to U.S. consumers and to businesses, standard practice across transactions of all sizes. The goal is an ambitious one, to be sure, one that needs collaboration between sometime competitors in the banking and FinTech arenas.
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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
NOVEMBER 15, 2017
Fintech startup Payrailz is positioning itself firmly in the "invisible" payments market that's taking shape in the e-commerce and mobile app business. Only in Payrailz's case, it's making a direct appeal to smaller banks that may have the greatest need to update their tech.
PYMNTS
NOVEMBER 15, 2017
Blackhawk Network , a global financial technology company, announced that it has expanded its partnership with eBay to provide the online marketplace with end-to-end business-to-business (B2B) gift card services. Blackhawk’s strength in gift card solutions – along with its recent acquisition of CashStar , a leading provider of merchant solutions for gift card eCommerce – positions the company to assist eBay in accelerating its growth in the B2B gift card space, as well as further entering the lo
Let's Talk Payments
NOVEMBER 15, 2017
Global expansion isn’t always easy – just ask Target. To help kick off its expansion efforts into Canada, the retail giant took over the leases to 220 Zellers locations in.
PYMNTS
NOVEMBER 15, 2017
The traditional financial services market is notorious for being slow to adopt new technologies, and sluggish upgrades to internal IT systems are a trend very much included in that reputation. But as the industry evolves, and as market pressure from innovative FinTechs weighs down, financial services providers are embracing the cloud in a big way. Research from Intel Security released earlier this year found that enterprises across verticals have tripled their hybrid cloud adoption in the last
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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.
BankNXT
NOVEMBER 15, 2017
Will Beeson chats to Paul Taylor, founder of Thought Machine, where the conversation covers core banking, speech synthesis technology and fintech. Bringing Google-style thinking to core banking on BankNXT.
PYMNTS
NOVEMBER 15, 2017
Whole Foods Market and Amazon have announced a new round of price cuts on some of their bestselling grocery items, just in time for the Thanksgiving holiday. “These are the latest new lower prices in our ongoing integration and innovation with Amazon, and we’re just getting started,” said John Mackey, Whole Foods Market co-founder and CEO. “In the few months we’ve been working together, our partnership has proven to be a great fit.
Let's Talk Payments
NOVEMBER 15, 2017
As Bitcoin hits new highs, big FinTech firms flock to the cryptocurrency to meet consumer demand. Whether this is an attempt to ride the wave, or out of sincere belief.
PYMNTS
NOVEMBER 15, 2017
Experiential retail is everyone’s favorite buzzword of late, but American Girl mastered this concept a long time ago. About twenty years earlier, in Chicago, Illinois, the first American Girl Place flagship store opened. Followed in short order by locations in New York and Los Angeles, the Mattel-owned brand of 18-inch historical dolls made a seismic shift in its business model.
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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.
FICO
NOVEMBER 15, 2017
This is a guest post from Javier Frassetto, VP of Modeling and Data Science at FICO scoring partner EFL Global. EFL recently announced its merger with Lenddo. Our work with both EFL and Lenddo is part of the FICO Financial Inclusion Initiative. Lenders rely on credit scoring to assess consumers’ risk, and credit scoring relies on credit data. But what if an applicant is new to credit?
PYMNTS
NOVEMBER 15, 2017
PPRO Group, the cross-border ePayment company, and the European bank Klarna announced Wednesday (Nov. 15) a partnership that will enable payment service providers (PSPs) to offer credit-based payments to European merchants through PPRO’ s payment hub. “We’re really pleased to add Klarna to our growing portfolio of 140 payment methods we already have on offer,” Jack Ehlers, director of payment partnerships at PPRO Group, said in a press release.
Bobsguide
NOVEMBER 15, 2017
Market conditions have been less than kind to the asset management industry. Mounting regulatory pressures, the fee squeeze and a continuing low interest rate market have pushed firms to define themselves by their competitive edge.
PYMNTS
NOVEMBER 15, 2017
Poshmark — one of the internet’s better-known marketplaces for the purchase, sale and sharing of clothing — has snapped up $87.5 million in Series D funding , according to Wednesday (Nov. 14) reports by Forbes. The investment round was led by Singapore-based investment company Temasak, with additional participation from existing investors including Mayfield, Menlo Ventures and GGV.
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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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