Chris Skinner
JULY 31, 2019
There are always questions about the future. It’s the only thing we don’t know. We don’t know what will happen in the future, so we ask lots of questions. What will happen when Amazon opens a bank? Will regulators create new rules about data sharing? How will quantum computing change … The post There are always questions about the future appeared first on Chris Skinner's blog.
Bank Innovation
JULY 31, 2019
The direct-to-consumer era of e-commerce is changing the way customers behave and is having a ripple effect on merchants’ customer outreach strategies, requiring enhanced speed and accuracy in decision making. According to Dimi Dosis, president of Mastercard Advisors, the payment giant’s business-to-business consulting arm, technology-driven changes in consumer behavior and expectations are changing how businesses […].
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PYMNTS
JULY 31, 2019
Even in 2019, there persists this idea in the mainstream that invention stems from the epiphany and late-night toil of the solitary scientist. The image stems from about two or three centuries ago, when medieval superstitions were being seriously challenged by empirical thought, and the view has been reinforced countless times — even into the early 21st century if you look hard enough — by books, movies, TV shows and other methods of cultural communication.
Bank Innovation
JULY 31, 2019
The idea of a customer-obsessed culture, Amazon’s oft-cited mantra, is making its way into bankers’ customer approaches. One pillar of this is owning up to failures. “You have to have something that might not work, and you have to accept that your business, in many ways, is an experiment and it might fail,” Amazon’s CEO […].
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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
PYMNTS
JULY 31, 2019
American Express has announced that it plans to acquire acompay, a digital payment automation platform, from ACOM Solutions. Acompay, which helps business customers make supplier payments, manage business spending, and improve cash flow, “will be the newest addition to a series of B2B payment collaborations, strengthening our accounts payable automation capabilities and equipping our customers with the tools they need to improve the way they process and settle supplier payments,” Anna Marr
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JULY 31, 2019
Mastercard is collaborating with Bahrain’s Electronic Network for Financial Transactions ( BENEFIT ) to develop a blockchain-powered B2B payments solution, according to a press release Tuesday (July 30). Together, the firms are developing a platform to enable faster, more secure cross-border corporate payments that would allow companies to more seamlessly move funds to beneficiaries and banks to directly share payment data with each other without the need for intermediaries.
South State Correspondent
JULY 31, 2019
In the last few months, more than a dozen bankers have reached out to us about the merits of a fixed-rate loan program. Up until a few months ago, we didn’t know that the industry had started coining the term “fixed-rate loan program.” We always assumed that banks made loans that borrowers needed, whether fixed-rate, adjustable-rate, or some form of hybrid.
PYMNTS
JULY 31, 2019
In a move that enhances its global technology position serving merchants, banks and capital markets, FIS closed its acquisition of global payments firm Worldpay, Inc. The combined company will have over 55,000 employees and more than $12 billion in pro forma revenue, according to an announcement. FIS Chairman, President and CEO Gary Norcross said in the announcement, “This is an exciting day for FIS and Worldpay , and for the industry as a whole.
Payments Source
JULY 31, 2019
Two of the three multibillion-dollar payment mergers announced in 2019 closed this week, and these global giants must now fend off the invigorated fintechs eager to nab unhappy merchant and bank clients.
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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
PYMNTS
JULY 31, 2019
The Financial Conduct Authority (FCA) has issued updated guidance on the U.K.’s cryptocurrency market. The Block reported that the comprehensive overview is expected to follow FCA’s draft proposals released at the beginning of the year, which explained that “any token that is not a security token, or an eMoney token is unregulated.” That means that trading cryptos like bitcoin and ether only need to follow KYC rules and will not be under FCA scrutiny.
Payments Source
JULY 31, 2019
Banks need to find quick wins; enhancements that make the most of their current strengths by maximizing revenues and offsetting rising customer attrition, writes Lars Sandtorv, CEO of MeaWallet.
PYMNTS
JULY 31, 2019
Russia’s S7 Airlines revealed that its blockchain platform, developed in partnership with Alfa-Bank, sold $1 million in tickets in July. “Thanks to this new technology, now it’s easier for our agents to work directly with the airline, which allowed us to expand our own S7 Airlines sales network. Within this year, we are planning to deploy first online agents, whose work would comply with the NDC standard, on the platform,” Ekaterina Dmitruk, S7 Group sales director, said in a press release
Payments Source
JULY 31, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Visa's small business play in India; Mobile point of sale tech for legal weed; Circle's CEO pushes financial reform; Revolut adds a top exec.
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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.
PYMNTS
JULY 31, 2019
Speeding payments along a supply chain has the benefit of helping the smallest firms – the most vulnerable links – thrive via steadier cash flow and easier day-to-day planning. To that end, Tipalti said earlier this month it has launched a supplier financing service, called NetNow, aimed squarely at helping smaller firms remain competitive. The service has been added to the company’s accounts payable offering, according to a release last week.
ABA Community Banking
JULY 31, 2019
Natalie Bartholomew is chief administrative officer at Grand Savings Bank in northwestern Arkansas, but she is probably better known for her popular blog "The Girl Banker," which provides advice on career advancement and work-life balance for women in banking as well as spotlighting female leaders in financial services. The post Podcast: The Girl Banker on Career Advancement and Life Lessons appeared first on ABA Banking Journal.
PYMNTS
JULY 31, 2019
The Travelers Companies, Inc. says its insurance customers can now receive claim payments through the digital platform PayPal. Auto, property and general liability claims can use Travelers’ link to PayPal for fast and easy reimbursement, the company said in a press release on Wednesday (July 31). “The sooner our claimants are paid, the sooner they can recover from a loss and get their lives back to normal – PayPal will help make that happen as quickly as possible,” said Ellen Rizzo, senior vice
Payments Source
JULY 31, 2019
To address users’ privacy concerns, secure data and avoid litigation or fines while delivering a competitive customer experience, financial institutions must adopt a customer digital identity and access management (CIAM) strategy, says ForgeRock's Ben Goodman.
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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.
PYMNTS
JULY 31, 2019
The merchant cash advance is considered the payday loan for many in the small business lending market — and that’s not necessarily a good thing. While designed to connect small business owners to quick capital for a boost to their cash flow, the MCA has earned a reputation for some predatory behavior, like sky-high interest rates and fees. Regulators have taken note.
Payments Source
JULY 31, 2019
If Bank of America had decided a few years ago to end its joint venture with First Data, it would have been looked upon as just another instance in which a bank was either planning to handle its own payments in-house, or turning those tasks over to a processor.
PYMNTS
JULY 31, 2019
The financial world is awash in hot tech topics these days, from blockchain to artificial intelligence (AI). However, financial institutions (FIs) are getting better at separating vital areas of innovation from the hype. Banks are increasingly focusing on the fundamentals when determining their innovation agendas. This starts with payment technology, the essential infrastructure needed to support current and future digital payment developments, from contactless and push payments to transactions
Independent Banker
JULY 31, 2019
“We stand the test of time as pillars of our communities.”. I recently attended an ICBA Services Network meeting where a group of us started reminiscing about the evolution of banking over the past few decades. We collectively wondered at how much has changed for the better. From new products and services to digital strategies and internal efficiencies, we’ve evolved our business to support our customers’ growing needs.
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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.
PYMNTS
JULY 31, 2019
Wells Fargo has named new executives and advisors to its team. The company revealed that David Kowach has been named head of Community Banking, while Jim Hays has come onboard as president and head of Wells Fargo Advisors. Andy Rowe is Enterprise Customer Excellence executive, and Elli Dai has been hired as Small Business and Personal Lending Group executive.
Payments Source
JULY 31, 2019
JPMorgan Chase has become the first card issuer to join the Visa and Billtrust Business Payments Network in an effort to streamline the delivery of electronic B2B payments for its commercial card clients.
PYMNTS
JULY 31, 2019
Smartphone shipments for Samsung increased in the second quarter of 2019, the company said in its latest earnings report , thanks to retail sales of its mid-level models. But sales of the flagship Galaxy S10 declined year over year in Q2, leading to a 42 percent drop in profit compared to the same period in 2018, even though revenue for Samsung’s mobile division increased 8 percent.
FICO
JULY 31, 2019
As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. These steps can help businesses in the US and other countries not only meet regulatory compliance requirements but ensure they understand and can manage the risk of their vendor and partner networks.
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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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