July, 2020

FinCEN Calls on Financial Institutions to Protect Consumers from COVID-19 Fraud


Key Takeaways It's important for financial institutions to find a balance between detecting suspicious activity without being so broad that BSA professionals are bogged down with false positives. Rules-based and behavior-based approaches both have pros and cons when used exclusively. To zero in on suspicious activity, typologies can be used to more accurately assess behaviors.

COVID-19, digital payments and the future of cash

Mobile Payments Today

The COVID-19 pandemic has accelerated the use of digital payments and moved the debate over a cashless society to a near-term consideration

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When the banks closed, no-one cared

Chris Skinner

A great headline posted in The Financial Times the other day: When the banks closed in Wuhan, nobody cared The Financial Times article makes clear how advanced the Chinese economy is today.

Why The Pandemic Just Made Identity and Access a Strategic Imperative for all Banks

Banker to Banker

Underappreciated in the banking industry is the growing role of identity and access in banking. As banks build their digital strategies, we need to stop and think about how we know our customers (identity) and how we know that the verified customer we believe is trying to access a banking channel is really the customer we think it is (access).

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.

Bank Of China Advises Country’s Banks To Avoid SWIFT Messaging


With the economic and political battles between the U.S. and China heating to a boil, one of China’s top banks is urging financial institutions (FIs) to cut their use of the SWIFT financial messaging network for cross-border transactions.

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More Trending

The Next Step For Banks In Moving To SOFR

Banker to Banker

In the next twelve months, the transition from LIBOR to alternative Risk-free Rates (SOFR in the US) will take an important course. Banks with products tied to LIBOR need to understand the implications of ISDA Fallback Protocol and how to manage possible risks with this critical industry transition.

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How EMV has grown beyond the chip on a card

Payments Source

The role of EMVCo — which is often seen as an extension of the card brands that deals only with chip-based EMV plastic cards— has come into sharper focus. EMVCo Digital payments Debit cards Network rules EMV Credit cards

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How the PPP + Technology Means MBL Growth and More for Credit Unions


Key Takeaways Credit unions participating in the Paycheck Protection Program (PPP) found that the right technology helped them serve business members when they needed help and also gain new members. Technology that makes it easier to meet credit union members’ ongoing needs also will factor importantly into growing relationships beyond the pandemic and economic crisis. Technology can facilitate delivery on credit unions' brand promise of relationship-based services.

What’s the impact of coronavirus on FinTech?

Chris Skinner

Someone asked me what the coronavirus pandemic means for the future of FinTech. I guess they thought that not much is happening and many firms will shutter and close.

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!

Two business models for monetizing Open Banking


In my first post, I talked about how it was time for banks to start looking beyond compliance in Open Banking and to imagine their role in the new application programming interface (API) economy.

US Bank deploys smart assistant to boost digital banking

Mobile Payments Today

US Bank is deploying natural language processing and AI-based technology to move more of its retail banking business onto the mobile banking app

India’s Digital Payments Platform Hits $1.34B In June Transaction Volumes


India has embraced its model for digital payments so much that it intends to take it global. Since its debut four years ago, India’s Unified Payments Interface (UPI), the instant payment system developed by the National Payments Corp.

2 Ideas From HMBradley That Your Bank Should Try

Banker to Banker

HMBradley is a fintech that has partnered with Hatch Bank, a subsidiary of Firstrust Bank ($3.7B, PA), to offer two innovations that we have talked about in the past, but few banks have executed.

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.

Capital Assessment, Capital Planning Are Critical as Coronavirus Creates Chaos


Key Takeaways Stress tests and capital planning are vital to financial institutions in volatile times like these, when the coronavirus and pressures on the energy sector result in a financial crisis. Regulators will have elevated interest in credit risk and the resulting impact in the months ahead.

FinTech challenger and neobanks in Brazil

Chris Skinner

I stumbled across a great article about Brazilian neobanks the other day. Bearing in mind that Nubank is the most successful neobank in the world, with 25 million users at the start of June.

Beyond compliance—the new API economy


For leading incumbent banks, Open Banking is not just a regulatory imperative. It’s a new revenue opportunity and a source of competitive advantage that can be captured by making the right power plays in the application programming interface (API) economy. But what exactly is the API economy?

Shake Shack's sales drop triggers app upgrade

Mobile Payments Today

Shake Shack shares were down 10% after the chain reported sales and revenues both dropped nearly 40% during Q2. CEO Randy Garutti has a comeback plan with an emphasis on digital

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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.

IRS Says Much Of Next Stimulus Payout Will Be Faster Direct Deposits


The money for a second round of $1,200 stimulus checks for individual Americans could come quicker than the first, according to The Wall Street Journal (WSJ).

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The Use and Usability of Ratings in Banking

Banker to Banker

In the online world, customer reviews and ratings are ubiquitous. Consumers have come to expect them, yet few banks use them. Ironically, sites that rate banks, such as NerdWallet, BankRate, and others, maintain detailed reviews on banks with great success as well as places like Yelp.

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How a fintech born from the 2008 recession is navigating the pandemic

Payments Source

Bill Clerico created WePay during the last financial crisis, and sees a similar opportunity now. The coronavirus pandemic is affecting different markets in vastly different ways, and easing the flow of capital is just one way to provide help.

Pay-by-Nose, a new innovation

Chris Skinner

I blog regularly about what a fanboy I am of Chinese technology giants Alibaba and Tencent. It’s getting a bit ridiculous now however, when payments companies are designing payments for cats and dogs … or maybe it’s not … it’s just an extension of technologies that work for humans.

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.

Future-proofing the branch network beyond COVID-19


In the first six months of 2020, the global COVID-19 crisis rapidly accelerated the evolution of the branch-network footprint. It’s time now for banks to consider future-proofing their networks for a post-pandemic world. Both the role and shape of branches are changing rapidly. In order for banks to cope—and to create a future-proof network—it is…. The post Future-proofing the branch network beyond COVID-19 appeared first on Accenture Banking Blog.

QR codes get a new life as COVID-19 recovery spurs contactless payments

Mobile Payments Today

The rapid demand for safe, contactless merchant payments has led to renewed interest in QR codes, a payment technology that historically dominated Asian markets, but lagged NFC use in the U.S.

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Banks, FinTechs Find New Models To Mesh Their Strengths


The bank-FinTech collaboration model is often about wielding digital-native FinTech solutions to fit within bank offerings.

What COVID-19 Might Mean For Your Branch Strategy

Banker to Banker

Chances are you were already reducing the number of your branches. Between the interest rate environment over the past several years, the increase in digital spend, and the quest for greater operating leverage, banks can no longer afford large branch structures and still return their cost of capital.

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.