October, 2016

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Wouldn’t it be simpler just to launch a new bank?

Chris Skinner

One of the commonest questions I’m asked is whether the bank should just launch another bank, rather than trying to be digital and convert the existing bank. The idea is that the new bank will have no legacy, no constraints, can develop from a clean sheet of paper and be bank’s very own challenger bank. … The post Wouldn’t it be simpler just to launch a new bank?

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Bank of America, Chase the Latest Banks to Buy into Blockchain

Bank Innovation

So much has happened with blockchain over the past couple of weeks—so very much—but let’s talk about the banks: Firstly, Bank of America is the latest to join the ranks of financial institutions experimenting with blockchain. Bank of America Merrill Lynch recently announced at Sibos that it was collaborating with Read More.

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5 trends shaping mobile payments worldwide in 2016

Payments Dive

Michelle Evans, the digital consumer manager for Euromonitor International, shares some findings from the company's latest global research.

Trends 419
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A Matter of Responsibility

Finer Points

A hallmark of community banking is accountability. Community bankers are held accountable to their customers because they live and work in the same neighborhoods. As locally based institutions with a stake in the prosperity of their communities, community bankers simply can’t afford to take advantage of their customers. So Wells Fargo’s failure to take responsibility […].

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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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Diwali Lights Up Bitcoin

PYMNTS

It’s not yet the holidays, but it’s almost Diwali, the Hindu festival of lights, a fitting theme for today’s bitcoin news. Diwali lasts for five days beginning Oct. 20, and bright lights, colorful decorations and fireworks mark the occasion. The Indian people celebrate by lighting diyas and candles around the home, seeking divine blessings from the goddess of wealth and exchanging gifts, such as gold coins.

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More Trending

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Forget legacy systems; what about legacy vendors?

Chris Skinner

I’m always blogging about replacing core systems, open source the bank, change the leadership to one that gets it and just do it. I’m saying it so much that I’m finding myself boring. So let’s change tack. Who’s the vendor? Not gonna name names, but I’ve had a few really fun discussions with banks in … The post Forget legacy systems; what about legacy vendors?

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Facebook Launches Craigslist-like MarketPlace (But with Less Fraud?)

Bank Innovation

As you might have seen, the second your eyes opened this morning (I’m assuming like the rest of the population that your phone is already in your hands when this happens, if for no other reason than shutting off your alarm), Facebook has just today launched its own peer-to-peer, ecommerce Read More.

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Security or unfamiliarity: What's stopping mobile-payments adoption?

Payments Dive

Security pros discuss how consumers view today's security climate when it comes to payments.

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Blockchain Makes the Payments Globe Smaller and Cheaper

Payments Source

Blockchain and payments have come to go hand-in hand since it emerged to power bitcoin, but the real pain financial institutions are looking to solve is enhancing global currency transactions and shortening settlement cycles.

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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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The Uber Of Fitness Trainers: Handstand

PYMNTS

Did you know that physical trainers and fitness instructors only get paid a very small fraction of the cost you pay the gym per hour? After they’ve pushed you to do a hundred burpees or gotten you to achieve that perfect yoga Crow Pose, they may end up with only $20. When your endorphins wear off, you’ll also notice that your wallet could be a $150 per hour lighter.

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Preparing for tomorrowâ??s customers: The future of payments and collections

Bobsguide

Today an array of digital service, payment and engagement channels are available, created to provide personalised, individual services to consumers. Research continues to show that the younger customers are more likely to respond to digital communications from service providers, rather than.

Payments 151
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Core systems should have built-in obsolescence

Chris Skinner

Talking about moving from proprietary to open, from controlled to marketplace and from internal to external focus, another key change is the very nature of technology itself. It’s quite clear that a start-up today could launch with just a few thousand dollars, Amazon Web Services and a bright idea. There is no need to build … The post Core systems should have built-in obsolescence appeared first on Chris Skinner's blog.

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Blockchain-for-Data Company Factom Raises $4.2M

Bank Innovation

Some words that should no longer surprise you, because this technology is only growing stronger: in blockchain news, there’s a new player on the block… chain. Doing it, moving on: Blockchain-for-data company Factom Inc. has just raised $4.2M in a Series A, in a round of eleven investors—plus or minus Read More.

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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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Mobile Payments Today: September's best reads

Payments Dive

It's time for a look back at September's most-read articles on Mobile Payments Today.

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EMV at One Year: Did We Do the Right Thing?

Payments Source

EMV chip cards have delivered on their promise to halt counterfeit fraud at the physical point of sale. But for a technology developed long before the invention of e-commerce, mobile wallets and the word "omnichannel," delivering on its promise still feels like falling short.

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MasterCard Rolls Out Pay By Selfie In Europe

PYMNTS

While the emerging world of mobile payments has allowed us to collectively envision a world where payments goes far outside good old fashioned plastic, it is likely the case that very few people ever imagined that they would literally be able to use their face to pay. Or, more accurately, to verify their identity such that a payment can be completed.

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Harnessing emotions is the key to leveraging technology to drive true innovation

Bobsguide

From Pokémon Go to politicians’ use of social media to connect with the public, the speed with which innovations become part of day to day life is phenomenal. But who is driving such innovation within ‘traditional’ businesses? Where are the free thinkers tasked only.

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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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Who are you? The issue of identity …

Chris Skinner

We had a really interesting meeting about digital identity, blockchain and the Calais Jungle at The Financial Services Club recently from Jaz and Nils O’Hara of the Worldwide Tribe. One member of the Club, Nick Swanson of ObjectTech, was so taken with it that he blogged about it. Thanks Nick and he’s kindly allowed me … The post Who are you?

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ING Will Lay Off 12% of Staff in ‘Digital Transformation’

Bank Innovation

Fears of technology displacing human workers are often dismissed by futurists as technophobia or Ludditism, but a Monday “strategy update” from the Dutch bank ING may change the conversation. In the next five years, the bank expects to reduce its workforce by around 5,800 workers, mostly in Belgium and the Netherlands, Read More.

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The Next Phase of Relationships Between FinTech and Banks: Working Together for a Better Future

Let's Talk Payments

The whole FinTech crusade started out with the idea to fill the void and serve disadvantaged groups of the population left out by cautious policies of financial institutions. As a.

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The Race for Faster EMV Gets Crowded

Payments Source

As more merchants worry about EMV card slowdowns ahead of the holiday shopping season—when bottlenecks at checkout points could lead to many lost sales—more companies are coming up with their own ways to slash EMV payment times.

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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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More Retailers Just Saying No To Opening On Thanksgiving

PYMNTS

Though for a few years there it really looked like it might simply become retail standard, it seems that starting the Thanksgiving weekend sales crush on Thanksgiving may fizzle out after all. According to reporting over the weekend, an increasing number of big retailers are actually taking the national day of thanksgiving off. So far, the known opt-outs include Home Depot, Nordstrom , Costco, BJ’s, Fred’s Pharmacy, GameStop, Harbor Freight, Lowe’s, Pier 1 Imports, Petco, PetSmart, Sam’s C

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Embracing mobile tools can fuel business growth

Bobsguide

Research earlier this year by US research firm Aite Group for Pershing found that digitally-enabled adviser practices grew assets more quickly than traditional practices over the last twelve months. The survey, of just over 400 US-based financial adviser practices, found that over 90% of.

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The Finanser’s Week: 3rd October – 9th October 2016

Chris Skinner

The main blog posts this week were … Wouldn’t it be simpler just to launch a new bank? One of the commonest questions I’m asked is whether the bank should just launch another bank, rather than trying to be digital and convert the existing bank. The idea is that the new bank will have no … The post The Finanser’s Week: 3rd October – 9th October 2016 appeared first on Chris Skinner's blog.

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Wearables for the PostBanked Hyper-Efficient Economies

Bank Innovation

Our thesis at Daily Fintech Advisers is that consumer banking innovation is coming from two poles – the UnderBanked and the PostBanked. Wearables impacts the PostBanked. These economies are characterized by high productivity, high labor costs and plenty of disposable income. So people in these countries a) have the money Read More.

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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.