April, 2020

Will you avoid companies that put profit before people?

Chris Skinner

I’ve been writing a lot about purpose-driven banking, a theme that resonates around the idea that business focus should be more than just making money. It should also focus upon doing good for society and the planet. So, I was particularly struck by this quote from Satya Nadella, CEO of … The post Will you avoid companies that put profit before people? appeared first on Chris Skinner's blog. Grid Purpose

An introduction to mobile commerce in China

Mobile Payments Today

The Chinese e-commerce market is one of the most important in the world and represents a lucrative opportunity for digital expansion. However, the nuances of this market are important to understand and the role of mobile expansion is critically important

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Your Financial Institution Issued a PPP Loan – Now What?

Abrigo

Key Takeaways Lenders participating in the Paycheck Protection Program (PPP) have obligations after issuing the loan to a small business. Banks and credit unions are seeking guidance on these critical next stages of the PPP. Lenders have had concerns about closing PPP loans, an action that triggers required funding and the forgiveness timeframe for borrowers. PPP lenders can ask the SBA to purchase in advance the amount of the loan expected to be forgiven.

Mnuchin Now Says All PPP Loan Recipients Will Face Audits

PYMNTS

Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. One of the things that will be required is you will have to show a payroll report that you actually spent the money on payroll and other items that qualify for forgiveness,” he said.

5 Things a Data Scientist Can Do to Stay Current

DataRobot together with Snowflake – a leading cloud data platform provider — is helping data scientists stay current with the latest technology and data science best practices so that they can excel in an increasingly AI-driven workplace. Five Things a Data Scientist Can Do to Stay Current offers data scientists guidance for thriving in AI-driven enterprises.

The top eight ways COVID-19 will impact payments

Accenture

We’re living through extraordinary times right now. The COVID-19 pandemic is changing business—and much else—forever. The global payments ecosystem has proven resilient in the face of the pandemic. The general public continues to trust payments systems and providers, and no substantial outages of core infrastructure have been reported. But the industry is far from immune…. The post The top eight ways COVID-19 will impact payments appeared first on Accenture Banking Blog.

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Trillions of dollars of #coronavirus aid appears … from where?

Chris Skinner

These are extraordinary times. No one can remember anything like this, except maybe those over the age of 80. The last time anything like today’s world happened was the Second World War but, as I said the other day, they were fighting each other. We are fighting a thing. The … The post Trillions of dollars of #coronavirus aid appears … from where? appeared first on Chris Skinner's blog.

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4 Sure Signs Your PPP Loan Will NOT Be Forgiven

Abrigo

Key Takeaways Borrowers must document how their PPP loans are used Borrowers must maintain employee and compensation levels At least 75% of the loan must be used for payroll and other permissible expenses Borrowers must have "economic need" for a PPP loan. This week, a new round of funding was made available for Paycheck Protection Program (PPP) loans. While it’s been a mad dash to secure funds for small business borrowers, the work is far from over once the loans are issued.

How Covid-19 Is Impacting Fintech Financing

CB Insights

Fintech has been on a tear over the past couple of years, with record funding levels and rising valuations. With so many companies competing for market share, fintechs have prioritized growth and customer acquisition over profitability. GET THE 102-PAGE State of fintech REPORT. Nearly 50% of 2019 funding was concentrated in 83 mega-rounds ($100M+) totaling $17.2B. Download the free report for all the details. Email. The coronavirus outbreak has ended this growth-at-all-costs environment.

Taking CARES to help your mid to large business

Mobile Payments Today

The Coronavirus Aid, Relief and Economic Security Act signed into law at the end of March provides new loan programs that vary depending on a company's size, in addition to new unemployment and tax benefits

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The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

Smaller banks innovate ways to handle PPP volume in the ‘scramble’ 

Bank Innovation

The Small Business Administration launched its Paycheck Protection Program loans more than a week ago and banks have been racing to keep up with the volume ever since. Rapidly deployed automation technologies are helping community and regional banks keep up with the deluge of applications. This has been a complete scramble for banks,” said Victoria […].

New business models for a new banking environment

Accenture

In the first blog in this series, I shared some of the observations from a white paper I co-authored with Finastra on corporate APIs. In this blog I would like to discuss how the proliferation of APIs affects banks’ business models. In our view, banks’ future business models will emerge from three main strategies: 1.…. The post New business models for a new banking environment appeared first on Accenture Banking Blog. Uncategorized APIs Banking Business Models Ecosystems Open Banking

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Should retail banks be retailers?

Chris Skinner

There’s a great write-up by one of my guest contributors Alex Johnson, about the bad sales culture of most banks. Admittedly, he says it’s partly inspired by my blog of last year about challenger banks, but his write-up takes it further and has a swipe at the whole bank culture … The post Should retail banks be retailers? appeared first on Chris Skinner's blog. Digital Bank Grid Opinion

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I Can’t Connect to E-Tran – What Now?

Abrigo

Key Takeaways Friday's rollout of the PPP program was met with confusion, frustration, and glitches. E-Tran has been the subject of many frustrations. New lenders must follow a two-stage process to set up access to E-Tran. Current lenders may not be able to log in to E-Tran because they forgot their E-Tran credentials or their login expired. There are several steps these users can take to troubleshoot.

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The Empowered Consumer

When it comes to working with the empowered consumer, AI has the power to help your business thrive by leveraging your own data to better understand your customers. Read our ebook, The Empowered Consumer, to learn more about how AI can help you connect with your customers.

Sweden’s Outlier Response To COVID-19, And Its Results So Far

PYMNTS

While most of the world has gone into some version enforced social distancing and quarantine mode with the rise of COVID-19 — closing schools, banning public gatherings, shutting down all non-essential businesses like restaurants and shops and requiring that anyone who can work from home do so — Sweden has been an outlier. Shops in Sweden remain open, as do bars, restaurants, schools and offices.

Is Brazil the next big thing in fintech?

Mobile Payments Today

Spurred on by rapid change in government regulations and millions of underserved consumers in the finanical space, Brazil may be on the verge of becoming a major player in the global fintech space

Fraud risk could run to billions in PPP loans

Bank Innovation

Last week saw banks and fintechs scrambling to stand up platforms to process Paycheck Protection Program loans, and now the struggle is to keep the platforms running while weeding out potentially fraudulent applications. Fraud is a common trend with government relief programs. In fact, fraud estimates for previous stimulus programs indicate that the Small Business […].

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4 Models To Help You Decide When To Call Your Employees Back To The Workplace

Banker to Banker

If we are going to “reopen America,” it helps to have a quantitative approach to make sure we are making the right decision. Since we are dealing with people’s lives and livelihood, this will be the most critical decision that most of us will ever have to make in their entire professional careers. Everyone wants to get America back to normalcy and recall our employees back to the workplace, but the debate is over when

B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

Is Facebook’s Libra the next Paypal?

Chris Skinner

What if we make money truly global, stable and secure? That’s Libra’s ambition and I’ve got to hand it to the guys at Libra. Having announced their idea to create a global currency last summer, and then see it ripped to pieces by regulators, they’re back. Yes, it’s Libra 2.0. What’s … The post Is Facebook’s Libra the next Paypal? appeared first on Chris Skinner's blog. Blockchain Fintech Future Grid Opinion

Elder Financial Exploitation During a Pandemic: An Issue We Can’t Forget

Abrigo

Key Takeaways Elderly persons are more susceptible to fraud during crises like the coronavirus pandemic. The BBB Senior Medicare Patrol issued a COVID-19 Consumer Tip Sheet to protect potential targets of these scams. Train your frontline staff to recognize the red flags of potential elder financial abuse.

Texas Hotelier Nets $59M In PPP Loans

PYMNTS

The biggest benefactor of the Paycheck Protection Program (PPP) is a Dallas, Texas-based hotelier named Monty Bennett, who has received $59 million from the program intended to help small or medium-sized businesses with the economic crisis. Bennett is the chair of Ashford Hospitality Trust , which manages a number of hotels including Atlanta’s Ritz Carlton and the Marriott Beverly Hills. He is also the chair of lodging company Ashford Inc , which has laid off 95 percent of its 7,000 employees.

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Bank call centers feeling pressure of COVID-19

Mobile Payments Today

As COVID-19 forced most of the nation's major banks to restrict lobby access, the reduced access along with the economic downturn have placed enormous pressure on bank call centers. Telephone banking reps are doing everything from helping customers apply for stimulus payments to working with consumers who need to extend their payments

Data Science Fails: Building AI You Can Trust

The new DataRobot whitepaper, Data Science Fails: Building AI You Can Trust, outlines eight important lessons that organizations must understand to follow best data science practices and ensure that AI is being implemented successfully.

Where will you be when the COVID-19 music stops?

Bank Innovation

Let me start this piece with a disclaimer. This is an article telling banks to spend money on technology, and I’m a guy running a company that benefits when banks spend money on technology. So, it’s fair to say that I have some pretty heavy inherent bias. With that bit of transparency established, let’s get […]. Sponsored

US banking market finally primed to embrace contactless payments

Accenture

More than five years after the launch of Apple Pay and four-plus years after the US POS liability shift for EMV, the US market finally appears set to fully embrace contactless payments. To date, consumer adoption of contactless payments (also known as tap-to-pay, or dual-interface EMV) has been inhibited by low penetration of contactless technology…. The post US banking market finally primed to embrace contactless payments appeared first on Accenture Banking Blog.

Are the big banks failing the people?

Chris Skinner

I wouldn’t usually blog on a Saturday, but these are exceptional times and these are exceptional ideas. I’ve already seen some incredible innovation from start-ups looking to help those in need. For example, I listened to the ideas of Curl on Thursday who are running a campaign to Save Our … The post Are the big banks failing the people? appeared first on Chris Skinner's blog. Crisis Grid

Getting Your Financial Institution in Shape for Loan Workouts Amid the Coronavirus Pandemic

Abrigo

Key Takeaways Federal and state banking regulators have eased coronavirus workout pressures. There are several criteria a borrower must meet in order for a loan modification to be eligible. Lenders should develop a comprehensive workout strategy. The federal government, agencies, and financial institutions (FIs) have been working diligently to mitigate the impact of the coronavirus on businesses and individuals.

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.