May, 2019

Customers don’t want digital banking

Chris Skinner

So my snarky little friend Ron Shevlin wrote a piece on Forbes claiming that Americans don’t want a digital bank. As the guy who wrote the book Digital Bank you might think I would take offence to such a statement, but no.

Cashless payment capability boosts both cash and card sales in vending

Mobile Payments Today

Research confirms that cashless readers do not undermine cash sales in a vending machine. In fact, the cashless technology serves to improve both cashless and cash activity, particularly for machines doing lower volume sales

Cards 277

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IBM and Thomson Reuters join forces to simplify how financial institutions tackle regulatory compliance challenges

Insights on Business

In the financial services industry in the United States, one thing remains constant – change. Whether policy makers are encouraging deregulation, or increasing regulatory requirements, regulatory change has been a constant. As recently as two weeks ago, the U.S.

Japanese payment app PayPay targets rural areas where cash is king

Bank Innovation

Japanese mobile payment app PayPay is embedding itself in rural areas to gain market share in a country where cash is still dominant. Indeed, cashless payments reportedly account for just 20% of transactions, compared to 50% in the U.S.

Mobile 207

Wallets Versus Stored Credentials: How Consumers Shop And Pay With Smartphones

PYMNTS

Mobile commerce might just be the key to saving brick-and-mortar stores. Consumers use their smartphones to shop for everything, everywhere – including using them to help them shop in-store.

Study 285

The Hidden Risk in Commercial Lending

Banker to Banker

MANAGING CREDIT RISK Most risk managers are intimately familiar with the expected loss for credit and interest rate risk. However, fewer risk managers are familiar with the concept of unexpected loss.

When will the FinTech bubble burst?

Chris Skinner

Reading about FinTech unicorns and pizzas worth $80 million, you would think that the world was bubbling over with wealth. FinTech investments last year peaked at over $110 billion, more than double the year before, and IPOs for firms like Uber and WeWorks are seeing valuations in the stratosphere.

More Trending

How banks are using incentive compensation management to help increase revenue and drive growth

Insights on Business

In a competitive financial marketplace, banks are turning to incentive compensation management (ICM) solutions for competitive advantage.

How SAFE Credit Union is using location-based alerts to engage customers

Bank Innovation

SAFE Credit Union, through a partnership with NCR Digital Banking, is using geofencing technology as a trigger for push alerts to its customers.

Tools 207

Visa: US Starting To Close The Contactless Gap

PYMNTS

Globally, tapping to pay with contactless cards has taken off remarkably, and the U.S., after years of lagging behind, is starting to catch up, according to a new blog post from Visa. “We’re We’re excited to share that tapping to pay is becoming a reality across the U.S.,

US 284

Do You Really Want To Lend Below A 10% Debt Yield?

Banker to Banker

PROFITABLE BANK LENDING Commercial lenders should be aware of the important factors that drive customer behavior to borrow funds. Our clients borrow from us when they refinance debt, or purchase equipment, real estate, or finance working capital.

Five phases of FinTech (2005-2027)

Chris Skinner

Three years ago, I blogged about three phases of FinTech. Three years later, I can expand on that theme and talk about five phases of FinTech.

Fintech startups use unique approaches to payments to raise funding

Mobile Payments Today

As venture capital continues to look for new opportunties, startup firms in the fintech space are taking unique approaches to payments and financing to raise new funding to accelerate their growth

Taking a risk-based approach to compliance management

Insights on Business

While deregulation has been a trend over the past few years, compliance monitoring and regulatory change management remains a top focus for financial institutions of all sizes.

Despite Growth, Questions Remain with Challenger Bank Numbers

Bank Innovation

With hefty injections of cash and ballooning customer numbers, challenger banks are gunning for a greater share of incumbent banks' customers.

Cybersecurity Co Kaspersky Lab Details Malware Aimed At Mobile Banking

PYMNTS

Kaspersky Lab, a cybersecurity and anti-virus company, has reported a rise in a specific malware intended to steal money and credentials from people’s bank accounts. The company found 29,841 files of the malware in Q1 of 2019, which is up from 18,501 in Q4.

Mobile 280

Why You Are Watching The Wrong Lending Competitors

Banker to Banker

CREDIT MANAGEMENT No doubt, you hear all about how your competitors are winning deals because they are more aggressive when it comes to underwriting.

The reason digital is a leadership challenge and not a project

Chris Skinner

I blogged in March (Transforming the bank – three phases of change) about the method to make systems change happen to transform the bank. In another conversation, I then realised that there are three phases of organisational change to transform the bank.

Restaurants, retailers rethink cashless as financial inclusion takes center stage

Mobile Payments Today

Retailers and restaurants are reconsidering their payment policies as cities and states continue to push for legislation that would require merchants to accept cash

Retail 254

Three reasons for risk analysts to get ready for quantum

Insights on Business

Rather than explain how quantum systems work, let’s discuss what quantum will do. For the financial industry, how is quantum computing helping? What problems will it solve in the future? How and why are financial institutions getting ready for quantum now? For more insights see my ).

Fintech and Blockchain: Where Silicon Alley Meets Hyperconverged Infrastructure

Bank Innovation

You may not have heard of the term “Silicon Alley,” but I am sure you are aware of the game-changing financial technology that is emanating from it. Silicon Alley” was initially coined in the mid-1990s as a way to group media startups housed around the Flatiron neighborhood of Manhattan.

Will The Stars Align For Facebook’s Project Libra?

PYMNTS

The news last Friday that Facebook has plans to launch its own global crypto-based payments rails is déjà vu all over again. Déjà vu because it was 10 years ago, in May of 2009, that Facebook launched the alpha version of Facebook Credits.

How To Get Better At Bank Email Notifications and Marketing

Banker to Banker

BANK EMAIL BENCHMARKS Send a bank marketing email out, and chances are 15% never reach the prospect’s inbox. That is not bad considering that it used to be above 25% just a couple of years ago. Bankers have been working hard at collecting email addresses and managing the distribution list.

How To 242

If Facebook launch a cryptocurrency, will US government shut it down?

Chris Skinner

I’m writing more and more about Facebook launching its own cryptocurrency lately: Will Facebook become the world’s central bank? March 2019) Will a global platform connect all of our money?

Cashless payment shows disparate impact in vending machines than in traditional retail

Mobile Payments Today

Research confirms that cashless readers do not undermine cash sales in a vending machine. In fact, the cashless technology serves to improve both cashless and cash activity, particularly for machines doing lower volume sales

Retail 251

It’s time to embrace customer data privacy and security

Insights on Business

Customer data is the modern enterprise’s most valuable asset. For years, enterprises have collected and stored it without giving it a second thought. Now, new technology, business and regulatory challenges are forcing them to rethink how they collect and manage that data. Customer data drives innovations like artificial intelligence and blockchain solutions. For most companies, it fuels increases in their share of existing markets, and it’s the key to unlocking new ones.

FIs Pushing for More Cross-Sell of Wealth, Commercial Banking Products

Bank Innovation

Having spent a lot of time attending to retail customers, banks are now trying to digitally transform their wealth management and commercial lending businesses. In the process, banks hope retail customers will buy these non-retail products.

Internet Of Things, A Thing Gone Global

PYMNTS

Digital assistants. Smart fridges and thermostats. Security devices, too. The Internet of Things (IoT) has gone global, an ever-expanding ecosystem that touches consumers in every facet of their daily lives.

The One CRE Underwriting Metric You Are Likely Not Using, But Should

Banker to Banker

More Accurate CRE Underwriting Whenever your bank is looking at underwriting commercial real estate (CRE), you are probably looking at a variety of macro factors such as rent and occupancy trends, absorption, and capitalization rates.

Trends 242

FinTech or TechFin (speech transcript)

Chris Skinner

I recently gave a speech where the title was FinTech or TechFin? Everyone had been give a copy of my book Digital Human, and the speech was transcribed. Here it is: FinTech or TechFin? Thank you for inviting me to join you here. It is a great honour.

End of life for certain POS terminals and the looming risk to retailers

Mobile Payments Today

Retailers need to be sure their point-of-sale systems are fully compliant, not only to avoid becoming obsolete, but to protect against fraud

Fraud 245

You can’t manage what you don’t measure

Insights on Business

“I don’t have enough data,” is something that I have never heard from a client. The real challenge today is finding the right data. Fundamental to sales performance management (SPM) is what we call Sales Performance Measurement.

Payments Startup Marqeta Confirms $260m Funding Round

Bank Innovation

Card issuing platform Marqeta confirmed a $260 million Series E funding round to expand to new geographies, build more features and support new customer acquisition. Hedge fund Coatue Management led the round, with participation from Vitruvian Partners, Spark Capital, Lone Pine and Geodesic.

Online Retailers Face New Threats From Hackers

PYMNTS

Death, taxes and data breaches – those are perhaps the only sure things in life, and new evidence is emerging that hackers are finding increasing profit in targeting online retailers.

Online 279

What Just Happened At Finovate Spring 2019

Banker to Banker

Last week, Finovate Spring 2019 took place in San Francisco in which over 270 banks watched more than 60 companies each have seven minutes to impress you with a demo of their technology.

Banking for Humanity?

Chris Skinner

I was asked to speak to the theme of Banking for Humanity at a conference the other day, and it made me realise that the five areas I’ve recently been blogging about came together nicely. First, there’s financial inclusion which is the theme of Digital Human.

Global Payments to acquire TSYS in $21.5B merger

Mobile Payments Today

Global Payments is buying TSYS in a merger valued at $21.5 billion, marking the latest in a series of international mergers and acquisitions of payments and POS technology companies