June, 2019

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When did FinTech become cool?

Chris Skinner

When did FinTech become FinTech? When did technology in finance become cool? I guess the first thing is to define FinTech, which I did badly four years ago. I say badly because my definition back then was: FinTech [is] a new market that integrates finance and technology. This new market … The post When did FinTech become cool? appeared first on Chris Skinner's blog.

Fintech 419
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Latin American payments market becomes an emerging target for development

Payments Dive

Latin America has become an increasing focus of development in the emerging digital payments market, as the region transitions from a heavily cash-based system to increase automation, speed and transparency.

Marketing 382
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The Price For Attention in Bank Marketing

South State Correspondent

BANK MARKETING If you are still spending money on print and direct mail, we ask you why? Not only is it hard to track, but it is likely the least effective form of marketing that you can do. While building a brand is good, generating an emotional connection is better. Banks that do a great job at marketing such as Umpqua, Citizens Bank of Edmonds, Bank of Ann Arbor, and many others know that it is all about gaining some level of engagement.

Marketing 343
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Square’s Cash app downloads exceed Venmo’s in May

Bank Innovation

The peer-to-peer payments race is now more than a duel between bank-backed Zelle and Paypal-owned Venmo. According to a report released Thursday from Nomura Instinet analyst Dan Dolev, Cash app downloads grew by 2.2 million in May, up from 2 million in April. Meanwhile, Nomura reported that new downloads of Venmo were up 1.7 million […].

Report 284
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Cybersecurity Turns To Crowdsourcing Amid Hiring Woes

PYMNTS

Cybersecurity is one of the main tasks in the world of digital commerce and payments, and it’s a task that is getting more attention from consumers, companies, regulators and others. But there’s a big problem in this realm — a shortage of cybersecurity experts, the people with the training and expertise to defend retail and payments from increasingly sophisticated online criminals.

Training 215

More Trending

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The logic of digital change

Chris Skinner

I just went through a conversation about my presentation for a forthcoming conference. They didn’t want to provide a prescriptive approach, and just asked what I talked about in general. That’s a challenge, as I once turned up at a conference and they said to me “you have seven hours”. … The post The logic of digital change appeared first on Chris Skinner's blog.

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New EMV checkout standards look to create secure, frictionless environment

Payments Dive

The new EMV Secure Remote Commerce specifications may provide a solution to a longstanding problem with ecommerce checkout creating friction for consumers and being vulnerable to fraud.

Security 374
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How Understanding Loan Demand and Credit Quality Will Make You A Better Banker

South State Correspondent

A common line of thinking in the banking industry, especially regulators, is that recessions are driven by, or at least exacerbated by, the supply of credit. Banks, in an effort to stay competitive, tend to drop their lending standards to hit their loan growth targets. In doing so, these banks take on more and more risk. This occurs until the credit cycle turns, and then banks run into credit problems.

Lending 296
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Guaranty Bank uses account-switching tool to promote new branches

Bank Innovation

Guaranty Bank and Trust is using new technology to make it easier for potential new customers to switch bank accounts as it expands its branch network. The Mount Pleasant, Texas-based bank has added eight new locations over the past year in locations like Fort Worth and Dallas. The digital tool, called ClickSwitch, helps Guaranty encourage […].

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The State of Automation in Financial Services 2024 Report

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

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Uber Hooks Into FinTech To Expand Beyond Ride-Hailing

PYMNTS

Uber is expanding its services and moving toward providing financial products, according to a report by CNBC. The company has reportedly been hiring numerous product managers and engineers. Its new FinTech team could ultimately have more than 100 workers. Uber is taking advantage of New York’s talent pool in the financial department, which has more depth in the San Francisco sector.

Fintech 214
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Open banking requires an open mind about fintech and payments

Payments Source

Open banking or connections to payment apps and fintechs helps financial institutions meet these customer needs in a number of ways that can help them build that customer relationship, writes Maria Allen, global head of financial services for Unisys.

Fintech 153
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Challenger banks don’t matter as they’re not a primary account

Chris Skinner

During Money 2020 Europe, I bumped into a chap from Monzo. No names mentioned, but he was buzzing and no wonder. The start-up has just boomed through two million users and is growing at over 60,000 account openings a week or 10,000 per day. Some think that number seems high, … The post Challenger banks don’t matter as they’re not a primary account appeared first on Chris Skinner's blog.

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Lawyer shares tips on handling gray areas of blockchain regulation

Payments Dive

Even with FinCEN's new guidelines on cryptocurrency, there are still many gray areas. Robert A. Misiala Jr., counsel at BakerHostetler provides some clarity in a Q&A.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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How To Become A Better Trusted Advisor In Banking

South State Correspondent

IMPROVING BANK PRODUCT SALES A surge in alternative lenders and intense competition among banks has forced community bank lenders to further differentiate themselves and their institution. Many lenders are switching their professional focus from being a salesperson to being a trusted advisor. Recent teaching from St.

How To 295
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Fintech CEOs bullish on blockchain tech, give thumbs down on applications

Bank Innovation

Fintech executives sounded off on blockchain at CB Insights’ Future of Fintech conference this week. According to Henrique Dubugras, CEO and co-founder of Brex, blockchain is overhyped but cryptocurrencies are underrated. The corporate credit card startup is fresh off a $100 million funding round that has landed it a $2.6 billion valuation just one year […].

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How FinTechs Tackle Interoperability With New Public Standards

PYMNTS

Sometimes there are two approaches to the same problem in FinTech: EMVCo’s recently released EMV Secure Remote Commerce (SRC) Specification version 1.0 promises to enable many more seamless retail transactions, and the World Wide Web Consortium ( W3C ) Payment Request application programming interface (API) aims to reduce checkout friction. Modo CEO Bruce Parker told PYMNTS.com in an interview that they are both looking to solve the same problem, “which is simply and securely gathering payment d

Fintech 214
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Why Uber, Grab are taking bigger steps into fintech

Payments Source

The ride-sharing heavyweights Uber and Grab built their markets by making payments seamless, and their expansion plans are similarly hooked into improving payments and other financial services.

Fintech 152
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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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Platform, marketplace, ecosystem … buzzword bingo!

Chris Skinner

I encounter lots of banter about platforms, marketplaces and ecosystems, and do wonder in the flippant way people use them interchangeably whether they really understand what they are talking about. I’m sure many do but I’m also sure some people throw them into the conversation like a buzzword bingo game. … The post Platform, marketplace, ecosystem … buzzword bingo!

Fintech 416
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Will tech giants like Facebook, Google take over blockchain?

Payments Dive

Giants in retail, banking and the Web are rapidly adopting blockchain technologies. But, will these companies such as Google and Facebook truly dominate blockchain?

Google 345
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The Status of Commercial Real Estate Values

South State Correspondent

CRE UNDERWRITING Recent data, just released from Real Capital Analytics, shows that since the start of the year (month-end April), commercial real estate (CRE) has appreciated 2.6% in 2019. This is good news for banks as it shows that every significant loan sector likely has improvements in both debt service coverage and loan-to-value. In major markets, this appreciation has been closer to 4.9%, and in secondary markets, price appreciation has been 1.5%.

Analytics 276
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How KeyPoint uses location-based alerts to target inactive app users

Bank Innovation

Silicon Valley-based KeyPoint Credit Union is seeing a lift in user numbers resulting from targeted push notifications. The push notifications target members who haven’t used the app in three weeks, alerting them to the app’s features. They remind members they can send peer-to-peer payments, deposit checks and verify their balances through the app. The notifications feature […].

Payments 276
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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

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Mastercard Introduces True Name Card

PYMNTS

To address a major pain point for the LGBTQIA+ community, Mastercard is introducing the True Name card. The product will allow for chosen names to appear on the front of the card, according to news from Mastercard. In an announcement, the company said, “For many in the LGBTQIA+ community, the name on their credit, debit or prepaid card does not reflect their true identity.

Cards 213
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Beware of data “science projects” turned fraud prevention solutions

Insights on Business

As e-commerce has revolutionized the way we buy and sell online, we are no longer bounded by borders or time zones. Goods can be purchased from anywhere around the world at any time of day. Because of this, traditional rules-based fraud detection systems have become outdated and no longer work. Today, real-time payments require real-time fraud detection.

Fraud 138
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Alipay partners with six mobile wallets for Europeans

Chris Skinner

I recently started to worry that people might think I have some sort of arrangement with Ant Financial to publicly endorse them, as I’m such a fan-boy. I talk about what Alibaba, Ant Financial and Alipay is doing in every presentation, blog about them a lot and am thoroughly enraptured … The post Alipay partners with six mobile wallets for Europeans appeared first on Chris Skinner's blog.

Mobile 410
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Chicago restaurant Steak 48 embraces WeChat Pay as Chinese tourists expand mobile platform

Payments Dive

Steak 48, a Chicago-based steakhouse, is embracing mobile wallet applications from China by adding WeChat Pay to the platforms it accepts after previously adding UnionPay.

Chicago 335
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.