June, 2020

Wirecard or Weirdcard?

Chris Skinner

Another day and another headline about Wirecard: ‘The money’s gone’: Wirecard collapses owing $4 billion Wirecard’s Missing Billions Forces Out CEO, Panics Lenders Wirecard: Former boss arrested over €1.9bn scandal How Wirecard fooled most of the people all of the time Inside Wirecard Why was Frankfurt so blind for so … The post Wirecard or Weirdcard? appeared first on Chris Skinner's blog. Case Studies Digital Bank Fintech Future Grid

Next-gen central banking | Pillar 2: Enable and drive innovation

Accenture

In our last post, we looked at how central banks can harness the power of data. We move on now to the second pillar. Pillar 2: Enable and drive innovation A key role for central banks is to enable and promote a vibrant financial sector. In the digital age, that means helping to cultivate new…. The post Next-gen central banking | Pillar 2: Enable and drive innovation appeared first on Accenture Banking Blog. Uncategorized Banking Innovation Banking Technology Blockchain Central Banks

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Cyber fraud surges as COVID-19 changes banking, e-commerce

Mobile Payments Today

As millions of Americans have shifted their daily workplace and shopping to remote online networks and mobile devices, a new wave of cyber threats have emerged focused on targeting banks, e-commerce and other daily financial activities

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Lessons We Learned From Hedged Loan Modifications

Banker to Banker

Since March of this year, many community banks have been working to provide cash flow relief to customers who have sound business models but require some temporary payment restructuring caused by business disruption as a result of the Covid-19 pandemic. CenterState has been involved in those same restructurings both as a lender and as a hedge provider under the ARC program. We have learned some valuable lessons that we would like to share.

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.

New PPP 3508 Forgiveness Applications Include ‘EZ’ Form; No Blanket Forgiveness

Abrigo

Key Takeaways New PPP loan forgiveness applications are out from the SBA, including an EZ Form 3508 aimed at streamlining the process. Neither of the new forgiveness application forms nor revised guidance mentioned any kind of “blanket forgiveness” for PPP loans under a certain dollar amount. Lenders and borrowers also received updated guidance on compensation amounts eligible for forgiveness over the extended 24-week period.

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Digital regulators are a new norm in financial services

Accenture

Digital financial services are clearly impacting banks. But they are also forcing central banks and regulators to rethink and restructure their approaches to becoming resilient, adopting new technologies, leveraging data and constructing an agile operating model, all while providing regulatory services. Hence, regulators need to step up to stay relevant in the digital economy. The post Digital regulators are a new norm in financial services appeared first on Accenture Banking Blog.

Is FinTech getting it wrong? Focus on needs and wants

Chris Skinner

A friend of mine, Alessandro Hatami, wrote an interesting piece on Sifted that I shared in my news yesterday. He claims that neobanks like Monzo and Starling are not reinventing banking at all. They’re just modifying and improving it. Alessandro then goes on to cite the key things that banking … The post Is FinTech getting it wrong? Focus on needs and wants appeared first on Chris Skinner's blog. Digital Bank Grid Opinion

A future look back at how COVID-19 changed the payments space

Mobile Payments Today

PPRO takes a future view of how COVID-19 may permanently change the payments landscape

FinCEN Releases Long Awaited Hemp Guidance

Abrigo

Key Takeaways FinCEN released guidance for financial institutions around banking hemp-related businesses. CDD requirements are risk-based and require the grower to provide their compliance with licensing requirements. SARs should only be filed if suspicious activity is detected beyond legal hemp growing. .

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!

Messaging that will Maximize Forgiveness and Reduce Processing Time

Banker to Banker

PPP forgiveness is fraught with peril for bankers. Done the wrong way, and it will suck countless resources. Aside from having a good process and/or technology platform, having a marketing plan will be the difference between success and failure. If done correctly, an application can take 20 minutes to review and approve. If done incorrectly, that same application will take over three hours

FBI Issues Warning To Bank Mobile App Users?

PYMNTS

As the use of mobile banking apps surges due to the limited access to banks amid the COVID-19 pandemic, the FBI is warning users to beware of cyber attacks.

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The future of finance is sustainable?and profitable

Accenture

The finance ecosystem—clients and employees, shareholders and stakeholders—is striving for purpose and sustainability. Environmental, social and governance (ESG) considerations are at the forefront of financial decisions, supported by the Sustainable Development Goals (SDGs) and increased awareness of the climate emergency. Sustainable finance is sometimes referred to as green finance, but it’s not just about reducing….

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2030 arrives in 2020

Chris Skinner

I got a chart this week that made me smile. This is it … In one month, retail sales jumped massively from 16% to 27% of all sales. The end of main street is nigh. Other facts and figures that made me smile were Amazon’s retail sales jumping 24% in … The post 2030 arrives in 2020 appeared first on Chris Skinner's blog. Future Grid Technology

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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.

Six contactless technologies for restaurants in a post-pandemic world

Mobile Payments Today

Restaurants looking to recover from the COVID-19 pandemic should consider a series of contactless ordering and payment technologies that will help bring customers back in a secure and healthy environment

Staying Connected in a Remote Financial Services Workforce

Abrigo

Key Takeaways Work-from-home mandates have brought new challenges to an already stressful job held by banking professionals. While many banking professionals have already made adjustments in order to work remotely, it's a good time to revisit work-from-home strategies since some states are slowing reopening plans, and some employers are looking at longer-term increases of remote work. Communication and collaboration are key to helping remote bank and credit union workers succeed.

New PPP Borrower Data That Will Surprise You

Banker to Banker

Recent survey data from borrowers that took a Paycheck Protection Program (PPP) loan was surprising as more borrowers than we first expected will be using the EZ Form and fewer borrowers than expected will be using the 24-week covered period. In this article, we breakdown some of this data and then discuss how it might impact your PPP Forgiveness Process in the coming months. . PPP Survey Data.

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HSBC Hong Kong Announces New API For Instant B2B Payments

PYMNTS

HSBC Hong Kong ‘s new application programming interface (API) will simplify the payment system for businesses down to a one-stop payment hub, a press release says. The service will let businesses incorporate the instant electronic Direct Debit Authorisation (eDDA) into their own systems, along with real-time funds transfer services.

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.

The impact of new payments methods on the payments landscape

Accenture

In his report on the top 10 banking trends for 2020, our global banking lead, Alan McIntyre, made a telling observation: that the focus of Open Banking has shifted from payments initiation services to consumers’ data rights. The impact? Today, banks don’t just need to show that they can be trusted with aggregated customer information.…. The post The impact of new payments methods on the payments landscape appeared first on Accenture Banking Blog.

Robinhood’s sad story, sorry

Chris Skinner

I was sitting and thinking that I’ve been a bit negative in my recent posts. I don’t like being negative as I’m an optimist. So I determined that today I must write a cheerful story … whoops! failed. Instead, I woke up to the news that a young man had … The post Robinhood’s sad story, sorry appeared first on Chris Skinner's blog. Case Studies Grid

How retail banks can speak to the customer experience

Mobile Payments Today

Banks now know that consumer experience is not just about the front-end look and feel, but that it requires discipline, focus, and investment in new systems to change the way they engage with consumers

Customer Support at Abrigo Provides Peace of Mind

Abrigo

Key Takeaways The Abrigo Assurance Plan was created to make sure your BSA/AML software is running at its most efficient. Throughout your journey with Abrigo, you will have a team dedicated to your success. Learn from your peers and hear what problems they are dealing with in our Abrigo Community, exclusive to our customers. Community financial institutions are often tasked with doing more with less.

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.

As businesses try to recover, it's time for fintechs to get proactive

Payments Source

In order to keep up with the spike in demand, developing more innovative solutions for the digital payments market has moved up the list of priorities, saysConnectPay's Agne Selemonaite. Fintech Financial institutions Digital payments Coronavirus Merchant

UN Blockchain Expert Says Digital Cash Could Replace Bank Accounts

PYMNTS

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. Low interest rates, he said, were the main enticement for people to come and join a new bank — but they would be obsolete in competition against an official digital currency, which could easily process a digital payment the same way.

Transforming core banking with the right technology

Accenture

We all know the industry is rapidly moving to digital. Evidence from our banking market research—and echoed by the current pandemic environment—suggests that we have indeed moved into a period of volatility and industry change, and that digital maturity is at least one of the factors that will separate future winners from losers. The question…. The post Transforming core banking with the right technology appeared first on Accenture Banking Blog.

No one changes behaviour ? unless forced to

Chris Skinner

I see lots of surveys and research about the use of technology in finance. Things like 47 percent of consumers are interested in biometric payments or 80 percent of consumers would use mobile payments. Then you look at the adoption rates and the actual usage is more like 4 and … The post No one changes behaviour … unless forced to appeared first on Chris Skinner's blog. Grid Numbers Payments

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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.