Wed.Jan 22, 2020

Survey: Banks just aren’t ready for digital

Chris Skinner

I’ve just been reading Jim Marous’s Digital Banking Report which ties in nicely with my new book Doing Digital, as the themes are similar.

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Stuck-in-the-past Japanese banks wary of fintech revolution

Bank Innovation

Japan’s effort to nudge its more than 100 struggling regional lenders into the digital age is floundering.

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Things worth reading: 23rd January 2020

Chris Skinner

Things we’re reading today include … Swiss Banks enter the age of bitcoin Executive claims HSBC ‘shut down’ her complaints of sex harassment Fear EU deal puts City of London at risk of ‘rule-taking’ ECB to launch review that will redefine its mission and tools Australia’s Westpac hires former Barclays … The post Things worth reading: 23rd January 2020 appeared first on Chris Skinner's blog. Reading

Toyota Financial’s New Zealand arm inks fintech partnership

Bank Innovation

Toyota Finance New Zealand (TFNZ) has partnered with Ephesoft, an AI-powered data capturing platform, to help streamline and automate its loan-application processes, Ephesoft’s Founder and Chief Executive Ike Kavas told Auto Finance News.

Entersekt, Netcetera Team Up On eCommerce Payment Security

PYMNTS

FinTech solution company Entersekt has upgraded its authentication technology in the DACH region of Europe, according to a release.

Temenos to help US clients launch digital banks in 90 days

Bank Innovation

The race to create a challenger bank just got more competitive with a ready-made solution from core provider Temenos that can help brands stand up a digital bank in as few as 90 days.

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Digit expands bill-pay automation

Bank Innovation

Personal finance app Digit is growing its bill payment automation capabilities with a new feature that pays users’ phone bills. The platform already allows for scheduled payments for credit cards and student loans.

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Amazon Music Hits 55M Streaming Subscribers

PYMNTS

Amazon Music has been steadily gaining in popularity despite only being around since 2016, a full two years after Apple debuted its own music service.

Brex to launch treasury, insurance and loan products

Bank Innovation

Brex, a corporate card and financial product startup aimed at businesses, plans to broaden its product ecosystem beyond bank accounts and cards.

Virtual Gaming Grows Into A Force For Tourism And Even Atlantic City

PYMNTS

With every passing year, it becomes harder and harder to talk about, or even think about, the global digital and mobile ecosystem without considering the place of gaming within that world. And now comes along another bit of news that further drives home that point.

Learning to live with PSD2: reducing customer journey friction

Accenture

Guest bloggers Philip Cooney and Gaurav Bansal explore the pain points around PSD2 and how banks are trying to reduce friction for their customers. A few weeks ago, I (Phil) submitted my weekly grocery order and set off to meet a friend for dinner. I expected to hear no more about it until my order….

Bitcoin Daily: Shopify Plugin Uses Blockchain For Authentication, SportsCastr Launches Its Own Crypto

PYMNTS

A startup in San Francisco called the Real Items Foundation has developed a plugin for Shopify that will use blockchain technology to make sure items being sold on the site are authentic, according to a report by Cointelegraph. The plugin is powered by blockchain and a cloud application called TAM.

Warren presses big-bank CEOs on climate change policies

American Banker

The Massachusetts senator and presidential contender sent a letter to eight of the biggest U.S. banks asking about how they assess climate-related risks to assets and how they plan to mitigate social and economic fallout.

First Bankcard, Provident Bank Team For Commercial Payments

PYMNTS

First Bankcard , a division of First National Bank of Omaha , has formed a strategic partnership with Provident Bank , First Bankcard announced Wednesday (Jan.

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A plan to give CFPB’s new task force some teeth

American Banker

The new group should look at protecting consumer data and how nonprime financial consumers are treated through new regulations. Dodd-Frank Consumer banking Consumer lending Data quality CFPB

Building The Beard Trend Into A Successful eCommerce Portal 

PYMNTS

After several decades out of favor, with the dawning of the 21st century and especially in the 2010s, beards began to make a big comeback.

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The Customer Experience in Financial Services

Perficient Financial Servies

Previously, I discussed why financial services firms should focus on digital transformation. This blog will analyze the aspects customer experience. Customer experience (CX) is not the same as customer service.

Square Gets Patent For Crypto-Friendly Real-Time Payments System

PYMNTS

Square , the payments provider operated by Twitter CEO Jack Dorsey, won a patent to debut new tech, allowing users with different assets to transfer payments, including crypto-to-fiat transactions.

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Investment To Blockchain Startups Slips In 2019

CB Insights

Blockchain companies have lost a step in the private markets. GET the 47-page blockchain TRENDS report. Download the free report to learn about the biggest emerging trends in blockchain and strategies to watch for 2019. Email.

Study: Tech Unicorns Overvalued By Nearly 50 Percent

PYMNTS

Price is what you pay, value is what you get. And when it comes to investing, the two may not always converge.

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Mastercard seeks loyalty in augmented reality

Payments Source

Even in mature markets, consumers may not feel very connected to their payment cards. This is making issuers more reliant on selling data-driven experiences over simple transaction processing. Augmented reality Mobile payments Mastercard Loyalty and rewards

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Innovative Sales Models And Technologies In Retail

PYMNTS

Consumers pay a significant amount of money for beauty products, with much of the prices set by middlemen. Function of Beauty , however, aims to create a more functional direct-to-consumer (DTC) model designed to pair shoppers with custom-picked haircare products.

'Once-in-a-lifetime opportunity': Why Tennessee bank covets Atlanta

American Banker

Terry Turner at Pinnacle Financial says big banks in the city, including Truist Financial and Wells Fargo, are "vulnerable" to new competitors. Community banking Growth strategies Commercial lending Tennessee Georgia

SoftBank Joins Berkshire Grey’s $263M Funding Round For Retail Robotics

PYMNTS

Robotics and artificial intelligence company Berkshire Grey has raised $263 million in Series B financing to continue providing global Fortune 100 companies with retail, eCommerce and logistics fulfillment automation.

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Branchless banks defy the naysayers

American Banker

Ally and other direct banks continue to report strong deposit growth even as they slash the rates they pay to depositors. The trend suggests that the online-only approach has more staying power than its detractors believed. Digital banking Deposits Earnings Consumer banking Ally Bank Sallie Mae Corp.

The Senior Factor In Smart Home Innovation

PYMNTS

The U.S. population is getting older. Today, there are roughly 50 million Americans over the age of 65, according to the U.S. Census Bureau , and that number will rise sharply over the next decade.

Fifth Third branch openings could soon outnumber closings

American Banker

While most banks are shrinking their branch networks, the Cincinnati bank is approaching the day where its branch expansion in the Southeast will more than offset closings in its legacy markets, its CEO says.

Data Sharing: The Magic Merchants Need To Smooth The SCA Speed Bumps

PYMNTS

The rollout of PSD2’s Strong Customer Authentication (SCA) has been a bit bumpy, to say the least.

Tennessee bank's sale a cautionary tale on out-of-market lending

American Banker

Franklin Financial agreed to be sold less than a year after issues surfaced in its portfolio of shared national credits. M&A Community banking Syndicated loans Credit quality Tennessee

How kimkim Uses Faster Payments To Win Gig Worker Loyalty

PYMNTS

Gig workers will make up a full half of the American workforce by 2028, responsible for creating online content, designing webpages and conducting local food or historical tours, as well as ferrying passengers for rideshares or renting out their homes on homesharing platforms.

OCC’s Otting rules out longer comment period for CRA plan

American Banker

Comptroller of the Currency Joseph Otting said the public was granted “plenty of time” to weigh in on the agency’s draft framework and he suggested the Federal Reserve will never support the proposal. CRA Regulatory relief Financial regulations Joseph Otting OCC Federal Reserve