Payments Dive
MARCH 24, 2020
Trade organizations and government officials are burning the midnight oil to help ATM operators and small businesses impacted by COVID-19, but owners are concerned that time needed for saving their businesses could run out before help arrives.
Bank Innovation
MARCH 24, 2020
Brex, a corporate card and financial product startup that has raised $315 million in equity and reached a reported valuation of $2.6 billion since its 2017 founding, is optimistic about venture capital funding for tech companies, despite current market volatility. “Within our sector, we definitely may have a slowdown, but it’s not doomsday, where nobody […].
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Chris Skinner
MARCH 24, 2020
Things we’re reading today include … UK cash usage halves within days as shops close due to coronavirus Banks, regulators move to protect customers from wave of coronavirus scams in UK, U.S. Non-bank lenders will bear brunt of credit crisis Wells Fargo to pay special compensation to front-line workers amid … The post Things worth reading: 25th March 2020 appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 24, 2020
London-based Revolut today announced its U.S. launch after a beta test that began last summer. However, some in the industry question whether now is the best time to launch the U.S. product, given the novel coronavirus pandemic. “America, we come bearing good news in these uncertain times,” Chad West, Revolut’s head of marketing and communications […].
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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
MARCH 24, 2020
Markets are tumbling. Fears of a global recession are mounting. Nowhere is the pain being felt more acutely than in China, where the coronavirus first took root and spread, where businesses and supply chains went dark, and where hundreds of millions of consumers, as well as businesses and their workers, stayed in their homes — into, and then through, the Lunar New Year, a key season for retail.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MARCH 24, 2020
U.K. FinTech Amaiz , promoting its bookkeeping and banking services app, found in a survey that roughly one-third of micro businesses have trouble with payments, according to a press release. The survey was conducted by 3Gem in February. It showed that around 15 percent of those surveyed still only take cash. Of those businesses, 31.5 percent said they had lost business because of that fact.
Payments Source
MARCH 24, 2020
The coronavirus stimulus package has resurrected calls for the U.S. government to offer a central bank digital currency, public mobile wallets and postal banking—controversial ideas that are hard to pull off, but exist outside the U.S. and could dent interchange fees and private stablecoin projects like Facebook’s Libra.
PYMNTS
MARCH 24, 2020
Fundraising platform GoFundMe and Intuit QuickBooks have teamed up on an initiative to help small- and medium-sized businesses (SMBs) raise money while they’re facing challenges from COVID-19, the disease caused by the coronavirus , according to a press release. It’s called the Small Business Relief Initiative, and it has the goal of getting “money in the hands of small businesses struggling to pay employees and business expenses due to COVID-19.”.
Payments Source
MARCH 24, 2020
While financial institutions are encouraging customers to use their digital banking services rather than the branch or ATMs during the outbreak, attackers will also be looking to exploit this potential increased adoption of mobile banking and mobile payment apps, says OneSpan's Sam Bakken.
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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
MARCH 24, 2020
Mobile banking apps are designed to make digital banking more convenient for customers, yet 21.7 percent of consumers who use these apps are dissatisfied with them. This is true even for routine transactions, such as transferring money to friends and relatives or making retail payments. So what can financial institutions (FIs) do to improve their apps’ user experience (UX), and will making these changes help boost adoption and usage?
BankBazaar
MARCH 24, 2020
The writing is on the wall. The post COVID-19 economy is likely to be hit by recession resulting in a massive loss of jobs. So how will you navigate these uncertain times? Let’s find out. . COVID-19 has brought the world to its knees. Not only has it caused a health scare among millions of people sending countries across the world into a complete lockdown to contain the virus, but experts believe that it’s going to bring in its wake a recession that will last more than a few months.
PYMNTS
MARCH 24, 2020
The last few weeks have been hard times for the restaurant industry in the U.S. — big chains and mom-and-pop joints alike are closing their dining rooms, furloughing their staff in some cases and working overtime to find out-of-the-box ways to weather the incoming storm. And, according to the projections from the National Restaurant Association, the forecast looks pretty grim.
Payments Source
MARCH 24, 2020
Citi is beefing up leadership in its consumer card lending operations by recruiting Chase exec Pam Habner — credited with engineering the success of Chase’s Sapphire Reserve card — and former Citi exec Chris Fred, who will return after several months running the Apple Card business at Goldman Sachs.
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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
MARCH 24, 2020
It’s easy to make things complicated. It’s harder to make them simpler, especially when it comes to payments. In a Masterclass interview with Karen Webster, Bob Butler, president at Payrix , said turning payments from a cost center into a profit center increases companies’ value to their end customers in any number of ways, but getting there can be a long journey, with twists and turns for the Software-as-a-Service (SaaS) firms and marketplaces who serve those merchants.
Bobsguide
MARCH 24, 2020
The scale of the problem has been demonstrated by the legislative activity of the European Parliament, which over the past five years has adopted three directives regarding anti-money laundering and terrorism financing. Complying with the directives is a particular challenge for banks, exposed to.
PYMNTS
MARCH 24, 2020
The first online bank in Hong Kong, ZA Bank, opened on Tuesday (March 24), according to reports. The bank is a unit of China’s ZhongAn Online P&C Insurance Co. Ltd. In 2019, Hong Kong issued about eight digital banking licenses to companies like Ant Financial, and a team-up of Tencent and Standard Chartered. The new banks could potentially shake up Hong Kong’s financial system, which has banks like HSBC, Bank of China (Hong Kong) and Standard Chartered as financial stalwarts that have been
Payments Source
MARCH 24, 2020
Targeted marketing efforts must go beyond explaining the functionality and instead educate consumers about all benefits that contactless can offer. Responsible communication should prioritize those who are at the highest risk for infection, says The Futurist Group's Demitry Estrin.
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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
MARCH 24, 2020
SoftBank Group has been spending time in talks with investment firms Elliott Management and Mubadala over the possibility of taking its Japanese tech conglomerate private, the Financial Times (FT) reported, but the strategy has ultimately been scrapped. After a stock market slump as of late due to the coronavirus pandemic, SoftBank founder Masayoshi Son has been trying to boost shares in the company again.
Payments Source
MARCH 24, 2020
It's still unclear how the coronavirus pandemic will alter payment habits over time — will consumers avoid cash out of fear of germs, or will they favor it as the one payment option that nearly all merchants accept? An impending change in interchange rates may tip the scales in cash's favor.
PYMNTS
MARCH 24, 2020
BlueSnap wants to break the glass ceiling for companies looking to sell products on marketplace-style websites of their own with its new product, according to a press release. The platform makes use of tools with automated vendor operating, seamless split payouts and cross-border technology in order to make things work for companies that want to implement a full-on market in which people can buy and sell products.
Payments Source
MARCH 24, 2020
As coronavirus forces most shopping to occur online, merchants will likely see their product return policies tested by both good customers and the unsavory ones who abuse those policies for profit.
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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
MARCH 24, 2020
To offer a quick and easy way for independent businesses to begin fundraisers and take donations via their Yelp pages, Yelp has teamed with social fundraising platform GoFundMe. The coronavirus pandemic has been very challenging for small business and especially local businesses, which typically conduct most of their commerce in person, Yelp announced in a blog post.
Gonzobanker
MARCH 24, 2020
How financial institutions can make a long-term positive impact on the U.S. small business market. Gonzo bankers, we are facing events that will cause an immediate impact on the small businesses in our communities and in our portfolios, and now more than ever we need to show our stuff! Whether or not an institution has a formal small business credit portfolio, it likely has exposure to the small businesses in its market area.
PYMNTS
MARCH 24, 2020
Brave , a web browser, is teaming with Binance to grow its digital currency features via an integration, according to reports. Users will have the ability to purchase, receive and trade digital currency assets right on a new tab page. Brave has been working with digital currencies and rolled out its Basic Attention Token (BAT) digital currency. Brave will support many digital currencies aside from BAT, like Ethereum, Bitcoin, Litecoin and others, in a release to come.
Payments Source
MARCH 24, 2020
Britons stuck at home due to the coronavirus outbreak are hitting the online casinos, providing a boost for operators of virtual games such as blackjack and roulette.
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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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