May, 2017

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Top 5 AI-Powered Activites Leading Digital Transformation

Bank Innovation

A majority of enterprises in financial services are undergoing a full-cycle digital transformation, with AI-led projects in the spotlight. That’s according to a study by Infosys released this week. More than 75% of banking and insurance companies are undergoing full-cycle transformation, while 20% are transforming partially, according to the report.

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Barclays Africa and their co-creation projects

Chris Skinner

I saw a really interesting presentation in Kigali at the Dot Finance Africa FinTech Summit from Yasaman Hadjibashi, Chief Creation Officer with Barclays Africa (soon to be something else). She began with a discussion of the make-up of Africa: By 2050, it is expected that the population will double from 1.2 billion today to 2.4 billion people The average African is just 19.5 years old 2 out of 3 adult Africans have no access to banking 6% have formal credit access and 16% formal savings access In

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The current state of blockchain regulation

Payments Dive

With new technologies, it takes a while for regulation to catch up. Blockchain technology is no exception. While we are slowly beginning to see standards emerge, the reputation of blockchain is still marred by the criminal aspects of bitcoin.

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MasterCard Brings Tap-To-Pay To Public Transit In 80+ Cities

PYMNTS

Just in time for the summer travel season, Mastercard has announced a series of partnerships in over 80 cities worldwide, which will enable card carriers to tap to pay for public transit. “With a Mastercard in their wallet, more and more people have a go-to transit pass for the city they’re in,” said Ian Slater, senior vice president, enterprise partnerships at Mastercard.

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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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Internet of Things: Why Banking and Payments Professionals Should Care

Celent Banking

There is little doubt that Internet of Things (IoT) is transforming many industries, from manufacturing to insurance. Celent's Insurance practice has been at the forefront of IoT research since 2014 and has published many insightful reports. At first glance, IoT’s impact on banking is less obvious. And yet, in a new research report published this week, Payments and the Internet of Things: Opportunities and Challenges , we assert our belief that IoT also matters for banking, and especi

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Would You Like to Set Google As Your Default Financial Institution?

Bank Innovation

Consumers can now use their Google credentials to make online and mobile payments via a stored credit card. The tech giant unveiled the tool yesterday, during its annual I/O developer conference in Mountain View, Calif. The service will act very muchlike a regular mobile wallet–of which there are an abundance– with users to soon start noticing […].

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Africa is leap-frogging the financial world with mobile

Chris Skinner

Expanding on yesterday’s discussion of how MNOs are sweeping up business for the underbanked and unbanked, Igor Pesin of Life.SREDA posted a lovely update giving even more detail. Here is how he saw things … Fintech in Rwanda: the place where Telcos are surpassing Banks in the financial sector Telcos dominate in the financial sector of Rwanda Last week I participated in the leading fintech conference in Africa “Dot Finance”, which took place in Kigali, capital of Rwanda.

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Future of payments? Phone will set the tone

Payments Dive

Consumer are looking for tools that make moving and managing money convenient and enable them to take control of their financial lives. Mobile can can accomplish these things.

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Visa Upgrades Systems To Support 3D-Secure 2.0

PYMNTS

Visa announced Tuesday (May 30) that it is rolling out enhancements to its Verified by Visa service, a global solution designed to make online purchases more secure by helping ensure payments are made by the rightful owner of the Visa account. In a press release, the credit card company said that with the upgrade, financial institutions and merchants would be better able to authenticate consumers and reduce fraud on transactions made via a mobile or desktop browser, app or connected devices.

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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 fintech trends supporting digital banks

Bobsguide

Undoubtedly the financial services industry is significantly affected by the fintech evolution. Alternative finance firms, digital and challenger banks, P2P lending platforms, as well as traditional banks, adopt new technologies in order to better serve their clients. In a number of research.

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What does AI offer your financial institution? Lessons from SIFMA OPS 2017

Insights on Business

What issues are the most important to your financial institution? There are likely to be as many different answers to that question as there are institutions in the industry. In the area of regulatory compliance, however, simply keeping up with the volume and variety of new and changing regulations is high on the priority list of virtually all organizations.

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Consumers Expect Innovation to Come From Banks, Not Fintechs, Not Even Facebook

Bank Innovation

Despite all the shiny fintechs out there, consumers still expect innovation in financial services to come directly from banks. Almost half of the consumers –49% of women, and 45% of men– said they are most excited to see new financial product launches at banks, according to a study released yesterday by EY. All other alternatives […].

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Banks’ leadership teams are fatally flawed

Chris Skinner

I was chairing a conference with various speakers, when Gartner Group stood up and talked about their annual bank survey. They found that of the senior bankers surveyed, 76% don’t believe that digitalisation will affect their business model. Gartner found 76% of banks don’t believe their business model has to change because of digitalisation #MEFTECH <- shocker — Chris Skinner (@Chris_Skinner) March 13, 2017 I can tell you that 76% of banking respondents are wrong.

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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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It's a weird time for mobile payments

Payments Dive

We've seen multiple studies over the past few months that conclude younger generations are aware of mobile payments, but don't care much about them — a service such as Venmo being the rare exception.

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Not Down For The Count, Cash Still Counts For Plenty

PYMNTS

Cash is dead? Keep a lid on the casket talk. In the latest webinar series, PYMNTS’ Karen Webster jumped into the findings of the Global Cash Index, gaining a sense of the story behind the numbers in the United States and the Americas in general. In conversation with Cardtronics’ Brian Bailey, managing director for Global Financial Institutions, and Tom Pierce, chief marketing officer of the firm, Webster noted that even with the rallying cry of a war on cash in the digital economies — and in eme

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How artificial intelligence can give challenger banks an edge

Bobsguide

Customer churn can provide great insights into what needs to change in business. In 2016, over a million customers switched their banks in the UK. With Current Account Switch Service in effect in UK, the pace of switching is making Current Accounts look a lot like Gas & Heating suppliers. By.

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Reinventing Financial Services

Insights on Business

(L to R: Patrick Lane, Banking Editor, The Economist; Nick Bostrom, Founding Director of The Future of Humanity Institute). We’ve been long saying that financial services firms today are undergoing a radical transformation. From pressures around data security, a constantly evolving regulatory environment, and disruptive new players (fintechs)—all amplified by cost pressures and diminishing margins—it’s clear that business models need to quickly adapt.

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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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BNP Paribas Announced VR-Based Banking App

Bank Innovation

Banking consumers in Paris will soon be able to get a taste of “future banking” with a virtual reality-based app for retail banking, French bank BNP Paribas announced today. The app, which will be demoed at the Viva Technology Fair this June in Paris, allows users to access their bank transaction records as well as move through all […].

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FinTech Unicorns: what’s the real number?

Chris Skinner

There are different views of what constitutes a FinTech Unicorn. For example, Techcrunch lists just 20 (+1) FinTech Unicorns today: ANT Financial $60B (Feb 2017) Lufax $18.5B (Jan 2016) Stripe $9.2B (Nov 2016) ZhongAn $8B (Jun 2015) JD Finance $7.1B (Jan 2016) One97 Communications $4.83B (Aug 2016) SoFi

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Retailers miss opportunities without a mobile app

Payments Dive

With the inherent convenience of ordering favorite specialty items online, come new demands from consumers, namely: the expectation of finding their favorite brands in the app store. The more consumers turn to their smartphones for buying convenience, the more competition arises for brands looking to cash in on the gold rush.

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Why Smartphones Are The Biggest Payments Innovator

PYMNTS

Innovation is happening at the speed of payments — which, as it turns out, can be pretty fast these days. In this edition of the PYMNTS’ Commander in Chief Series , Western Union President Odilon Almeida shares a day in the life as leader of one of the largest global person-to-person money transfer networks, what smartphones have done for the payments space and why security and compliance are always key in a game where the rules are changing every day.

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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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Five ways banks can stand out in a digital landscape

Bobsguide

The age of waiting in line at your local bank branch is thankfully over. The banking industry went online in the early 2000s and we haven’t looked back since. Competition between retail banks remains fierce, particularly as challenger banks and fintech players begin to take market share. In.

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Who Am I?

Jeff For Banks

Who I am is in the eye of the beholder, right? Quick note: I mostly blog about banking. Today I blog about myself so you can have a better idea of the person behind the writing. I am a recent member of my local Rotary Club. New members typically give what is termed a "Classification Speech" to the membership. I was no different, and was tapped to deliver mine last month.

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Blockchain Won’t Kill the Banks (Banks Say)

Bank Innovation

Decentralizing banking processes won’t actually kill financial service companies — at least according to those financial service companies. In fact, decentralization may be beneficial for banks, depending on “what do you mean by decentralization,” said Jared Harwayne-Gidansky, North American lead of the emerging business and technology group for BNY Mellon.

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What a load of COBOLx

Chris Skinner

I was inspired to think more about the legacy challenge in the legacy economies when I saw this article by the inimitable Anna Irrera (she’s worth following if you’re on twitter). She was lamenting the state of US bank systems and how they’re hiring retired programmers just to keep the lights on. What really struck me were the charts. That’s real COBOLx (pronounced COBOLicks).

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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.