November, 2016

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British bank has a third of its customers’ accounts hacked

Chris Skinner

We’ve seen some pretty strong attacks on banks cyberdefences in the past year. Three major incidents in the SWIFT network; 50 at the Federal Reserve; problems at the Bank of England and many other central banks; a major incident at the Danish payment processorNETS; and big banks like HSBC and JPMorgan have all been affected. Admittedly, … The post British bank has a third of its customers’ accounts hacked appeared first on Chris Skinner's blog.

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Riskalyze Pulls in $20 Million Series A, Has No Plans To Go Public

Bank Innovation

From almost the very beginning, Riskalyze has had the look and feel of a winner. Which can mean only one thing for the financial services startup: The venture capitalists were circling. “We had tons of inbound emails and tons of inbound phone calls. It was constant,” Riskalyze CEO and founder Read More.

Capital 377
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Vritti The Mobile Payments Guide Edition 5 Mahindra Comviva

Payments Dive

In Vritti Edition 6, we provide you with a rich selection of articles covering NFC, IOT, growing mobile wallet market in the Middle East and the role of mobile money in rehabilitating refugees in conflict zones.

Mobile 321
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Fake Retail Apps Are Here, Just In Time For Christmas

PYMNTS

The holiday season has arrived — meaning sales, snowflakes, good cheer, Christmas carols and fraudsters working day and night to break open your bank account through a variety of creative means. One of this year’s favorites so far, according to reports in The New York Times, has been fake retail and product apps popping up in the Apple App Store of late.

Retail 204
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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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How can financial services firms prevent costly cloud data breaches?

Bobsguide

Cloud data vaulting services have become increasingly prevalent in the financial services market, especially with the growing digitalisation of customer transactions and low tolerance for downtime. However, are the risks posed by holding sensitive data in cyberspace being properly addressed? In.

Data 135

More Trending

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Look at financial inclusion for innovation

Chris Skinner

I guess in concluding this weeks’ thoughts, I’m left reflecting on a similar idea to the one I blogged a couple of weeks ago about a world turned on its head. This time it’s a different take on the same conundrum. We live in the developed economies complaining about legacy; developing economies are just excited … The post Look at financial inclusion for innovation appeared first on Chris Skinner's blog.

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Banking on the API Bundle of the Future

Bank Innovation

If you thought ‘fintech’ was a buzzword, get ready for ‘open’. Open data, open APIs, open access – you name it. Banks are under pressure on multiple fronts to open the doors and let in the tech punters, all of whom are hungry for a slice of customer data. Open Read More.

Fintech 373
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Kickstarting mobile payments in the Middle East

Payments Dive

Srinivas Nidugondi, the senior vice president and head of mobile financial solutions at Mahindra Comviva, examines the state of the industry in this region of the world.

Mobile 294
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The Scary Success Rate Of Corporate Cyberattacks

PYMNTS

For some businesses, cybersecurity may be an abstract threat. Business owners may think “it won’t happen to me,” or they may be confident in their ability to remain unaffected by a cyberattack. But a new report by Accenture uncovers just how big of a threat cyberattacks are on businesses. According to the company’s latest data , released this week, about one-third of cyberattacks on businesses are successful in their attempts to infiltrate a firm’s existing defenses

Survey 196
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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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FFIEC finalizes revised consumer compliance rating system

CFPB Monitor

Barbara S. Mishkin. The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS). The revisions reflect changes in consumer compliance supervision since the current rating system was adopted in 1980. The other FFIEC members are the Fed, FDIC, NCUA, OCC, and State Liaison Committee.

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Small businesses need an 'easy scale' to succeed at omnichannel

Payments Source

Small merchants need to adopt omnichannel, but it can be difficult in a low resource environment. Staying flexible to add technology fast is key.

Resources 129
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Are we globalising or localising?

Chris Skinner

I consider myself a citizen of the world. I guess that’s because I fly around so much. Everywhere I go, I find the same thing. Warm, fantastic people who welcome me like a brother and complain about the idiot running their country. This is common to every country, just that some idiots are more extreme … The post Are we globalising or localising?

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Banks Are Getting Closer to Real-life Blockchain Use Cases

Bank Innovation

Blockchain is at a bit of a critical point, because it’s running up against the one universal enemy all new technologies have to face eventually: reality. In reality, how will banks use the blockchain? “To do the real thing, it takes time, effort and expertise,” says Alex Wolff, head of 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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Here comes Citi Pay

Payments Dive

Citi is the latest financial institution to come to the market with a digital wallet service.

Marketing 369
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Thanks To Wells Fargo Scandal, Companies Overhaul Pay

PYMNTS

In the wake of the fake account scandal at Wells Fargo, companies are rethinking how they compensate salespeople, reported The Wall Street Journal. According to a report, companies are trying to overhaul how they compensate salespeople in an effort to improve customer service and prevent the bad behavior that did Wells Fargo in. Sure, commissions can motivate people to ink deals and boost sales, but they also have risks associated with them.

Company 194
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Agility and collaboration: the key to success

Bobsguide

“The customer is king”: not a new phrase. But a phrase that probably resonates more than ever in the banking and payments sector as traditional boundaries are broken down and there is almost a free-for-all when it comes to competing for customers. Undoubtedly the digital.

Payments 114
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Why mobile wallets still use QR codes—and why maybe they shouldn't

Payments Source

Designed for Japan's automotive industry in the 1990s, QR codes remain a common feature in the latest mobile wallets. They have pros and cons that banks need to carefully consider.

Mobile 113
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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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A glimpse into the future, last part: space money

Chris Skinner

A final thought on the future from a banking perspective. So we will be colonizing Mars by 2040 according to Elon Musk. Why? Because this planet is not going to sustain the population it has emerging. When I was born there were half the number of people on Earth that there are today. Some say … The post A glimpse into the future, last part: space money appeared first on Chris Skinner's blog.

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Biometric Security Gains Popularity, But Is Far from Foolproof

Bank Innovation

The importance of cybersecurity, particularly to banking, is under a spotlight at the moment, as online and mobile banking users and financial consumers find themselves dealing with hacks, Trojans, and malware bots, all gaining ground in the last two months. Whenever cybersecurity is discussed, the topic of biometric authentication rises Read More.

Security 332
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The challenge of digital transformation: Farewell to the traditional bank branch?

Payments Dive

Is it time to say goodbye to the traditional bank branch? The phrase “branch of the future” is more popular than ever and in their latest White Paper, Auriga discuss what this means exactly in the context of the reduction of the number of branches in Western Europe.

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The Fed Prioritizes Security As Payments Speed Up

PYMNTS

The U.S. Federal Reserve is turning heads for its attention to faster payments, but the Fed has recently announced yet another initiative in the payments innovation space. Last week, the Fed’s Secure Payments Task Force called for comment from industry stakeholders about what challenges they face when it comes to payments security. The task force, made up of about 160 members, will explore areas of payments security, like identity management and data protection, in hopes the survey will he

Security 193
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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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Threat hunters and their integral role in security

Bobsguide

In an industry where technology is celebrated, humans are becoming unnecessary. As their roles in the finance can now be done by systems, many banks have implemented these systems and in turn, fired many employees. However, others think that we are not yet at a stage of fintech evolution where we.

Security 110
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Bill.com aims for businesses by shifting to consumer bank channels

Payments Source

Bill.com has gained traction in recent years with a few large banks that market its electronic bill payment service for businesses, but reaching a wider audience has been tough because small businesses are a tough nut for banks to crack.

Marketing 114
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Understanding the FinTech Effect

Let's Talk Payments

Investments in financial technology have grown exponentially in the past decade – rising from $1.8 billion in 2010 to $19 billion in 2015. The global investments in financial technology ventures.

Fintech 111
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Banking APIs: Shapes, Colors, and Focus

Bank Innovation

Is an Open API much like an 24/7 Open house? Maybe it is in some ways but it can also be gated. I actually like to think of Open APIs, as Private, Open for Distribution, Open for Business. Pardon my thinking in progress as I watch and monitor the versioning, pivoting, 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.