November, 2019

Google, Facebook, Amazon and Co are NOT offering banking, so stop saying they are

Chris Skinner

In the last month, there’s been a wave of announcements from Facebook, Apple, Google and Amazon about banking.

Google 339

Consumers will embrace mobile apps, digital wallets amid short holiday shopping season

Mobile Payments Today

With a shorter window to complete holiday shopping this year, consumers are looking to mobile retail apps to find better deals and get ahead of jammed retail outlets. Mobile wallets could see a resulting benefit as consumers look to make their ecommerce purchases as seamless as possible

Mobile 230

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The future of banking is about data-driven experiences and not products: HSBC

Bank Innovation

The bank of the future will cease to be about specific products and services. Instead, it will offer embedded “experiences” based on data the institution has on its customers, according to a report released by HSBC this month.

Data 201

MoneyGram, Wing Team Up On Cambodian Digital Wallet 

PYMNTS

MoneyGram has announced a partnership with Cambodian bank Wing on a digital wallet venture that will allow funds to be deposited directly into customers’ accounts.

Mobile 286

Is “openness” the next big word in financial crime?

Insights on Business

About a month ago, I attended the IBM RegTech Summit in London, which brought together a mix of financial services professionals, regulatory experts and technologists. But the terminology was markedly different than most financial crime and compliance events I’ve attended.

Lenders, step up to true digital mortgage or go home.

Accenture

Serena Williams has 23 Grand Slam singles titles to her credit and is the most successful tennis player—woman or man—of the Open era. Throughout her 24-year professional career, she’s been known for exceptional comebacks and remarkable determination.

The real reason people don’t change banks

Chris Skinner

Interesting conversation about switching accounts. I’ve had a few people saying that banks don’t have loyal customers, but they have trapped customers.

More Trending

The ‘Netflix of finance’: How MoneyLion is evolving its subscription offering

Bank Innovation

Personal finance, banking and investment platform MoneyLion is moving its monthly subscription fee to a rate similar to Netflix and Spotify starting next year. The company currently offers a free checking account and a $19.99

Does ‘Google Checking’ Foreshadow Big Tech, FinTech Payments Changes?

PYMNTS

Banks and credit unions are certainly not on their way out, even as they face more pressure from challenger banks, FinTechs and Big Tech in the coming decade.

Google 282

Why QIIB trusts IBM Safer Payments for cross-channel fraud prevention

Insights on Business

Fraud prevention is about who you can trust. For financial institutions, it’s about understanding the relative risk of a customer, a merchant and/or a transaction, as well as hundreds of different factors including location, amount, device, etc.

Fraud 130

Asset/Liability Management by the Numbers: How Are FIs Approaching ALM Models?

Abrigo

Key Takeaways A dynamic asset/liability management (ALM) process can inform sound decision-making in both strategy and risk – but not many FIs approach ALM this way. Most FIs outsource their ALM model, rather than using a self-run model. Both have their pros and cons.

Banking is inherently sexist

Chris Skinner

Actually, it’s not just banking. It’s money. Money is about control – something I blog about regularly – and men control societies, economies and the world.

How video technology and AI are changing the way we bank

Mobile Payments Today

With technology, one plus one is often greater than two. AI and video technologies complement one another perfectly, and combining them can deliver tremendous value to any financial institution

Video 209

Stock trading app Invstr adds mobile classes to attract more clients

Bank Innovation

Stock trading app Invstr is rolling out a series of educational tools to make investing accessible to a wider audience. The mobile-based training program is called Invstr Academy, which launched last week.

Citi Launches Cross-Border Accounts Receivable Platform

PYMNTS

Citi is streamlining the cross-border collections process for its corporate treasury clients, the financial institution said Wednesday (Nov.

How Boston start-up became world's largest network of bitcoin ATMs, cashiers, kiosks

ATM Marketplace

At a time when buying bitcoin was full of friction, Chris Yim and Kyle Powers saw opportunity. Today, their startup LibertyX boasts the largest network of bitcoin ATMs, cashiers and kiosks in the world

Boston 129

Ask Your Credit Analysts These Questions to Optimize Deal Flow

Abrigo

Key Takeaways Optimizing loan deal flow involves more than number crunching and processes; don't overlook the human component. Some questions may help identify loan types, industries, and even co-workers who contribute to bottlenecks.

Big Banks AND Big Tech (not versus)

Chris Skinner

I’ve said for a while that the Big Tech giants will not become banks. Amazon and Alibaba will do a lot of bank-like activities, but they will never move into full-service banking, as in offering deposit accounts. Why won’t they?

How open banking enables the digital economy

Mobile Payments Today

Open banking represents a huge opportunity for financial institutions. By creating ecosystems to develop new customer propositions and generate new revenue streams, banks will be better able to compete with third-party players and big tech like Amazon

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Temenos is betting on a social banking tool to help small banks compete

Bank Innovation

To Switzerland-based banking tech provider Temenos, a human-centered digital approach will help small institutions compete with large players. Through its acquisition of software-as-a-service provider Kony last August, Temenos added social platform Engage to its toolkit for client banks.

Tools 195

FEMA Looks At Blockchain To Aid Disaster Payouts

PYMNTS

The United States Federal Emergency Management Agency (FEMA) has revealed that it might look into using blockchain technology to streamline disaster insurance payouts, as well as speed up its response to disasters.

An Agile Approach To Better Lending, Deposit and Fee Products

Banker to Banker

NEW PRODUCT DEVELOPMENT In past articles, we have talked at length about using agile methodology for application development, for technical product innovation, and for your risk processes.

4 Traits of a Strong Credit Analyst

Abrigo

Key Takeaways Credit analysts who are proficient in routine skills but also possess certain soft skills are most beneficial to a bank or credit union. Curiosity to dig behind the numbers and perspective are two traits of a strong credit analyst.

How much tax is lost each year? #defi

Chris Skinner

Building on my discussion yesterday about offshore tax havens and decentralisation to avoid governance in both the physical and virtual world, there’s a more fundamental issue at large here. Tax avoidance.

Taxes 318

Taking a stand on data privacy and security in the payments space

Mobile Payments Today

Mastercard last month challenged the industry on adoping a set of new standards on data privacy and security. Computop's founding director Ralf Gladis says the industry should take up the challenge and collectively move in a similar direction

Google, Walmart help drive India payments past 1 billion transactions

Bank Innovation

A payments platform created by India’s largest retail banks surpassed a billion transactions in October, a milestone that affirms the tremendous growth of services offered by U.S. giants from Walmart Inc. to Amazon.com Inc. and Google.

Google 186

The Not-So-Beaten Path To B2B Payments Real-Time Ubiquity

PYMNTS

The global payments ecosystem’s path to faster and real-time payments ubiquity is an evolution, not a revolution. That is to say, mass adoption will take time, and the factors driving that adoption will almost certainly continue to change and shift as end users’ needs do the same.

Why Tuesdays and Thursdays Are Your Best Banking Days

Banker to Banker

BANK WEBSITE MARKETING While last week we focused on bank mobile app usage, in this article we take a look at how mobile and online usage compares to see what insights we can glean for bank marketing and customer experience management.

Mobile 170

The Need for a FinCEN Database

Abrigo

Key Takeaways FATF best practices identify the most common challenges that countries face in ensuring that the beneficial owner(s) is identified. FATF suggests using a multi-pronged approach to ensure beneficial ownership is obtained.

Are banks adapting in the right way?

Chris Skinner

I picked up a few innovative changes taking place this week within banks. In fact, I should point out that banks are not static beasts, as many claim. They are changing all the time, doing things all the time, adapting all the time.

Meeting the growing demand for mobile debit, ATM funds access

Mobile Payments Today

As consumers shift to online banking, the ATM also has been impacted by the quest to go digital. Kamesh Tumsi, VP of product strategy at Fiserv card services, gives us the scoop on the digitizing of ATM transactions

It’s time for banks to take cues from big tech

Bank Innovation

Last week’s Money 20/20 in Las Vegas showcased numerous innovations in financial services, ranging from the launch of Uber Money to Facebook’s continued push for Libra, and the growth of Amazon Pay.

Why The Future Of Brick-And-Mortar Isn’t About Sales

PYMNTS

In 2014, it was hard to pick up any article about retail and not end up reading an obituary for the mall.

Biometrics: The next step forward in ATM security

ATM Marketplace

Biometrics have been touted as the next leap forward in ATM security. You don't need to memorize a PIN or even carry a card to access cash. So why haven't things like palm vein readers and facial recognition been more widely implemented

ATM 119

In 2020, Improve Your BSA/AML Program by Focusing on These 4 Areas

Abrigo

Key Takeaways Now is a good time to plan 2020 BSA/AML training and efforts to educate clients and colleagues about BSA and fraud red flags. It's also a good time to enhance your institution's BSA/AML risk assessment. Sustainability of your institution's BSA program deserves particular focus in 2020.

Can you recognise a fraudster when you meet one?

Chris Skinner

I’ve pointed out many times that it’s easy to scam people online and defraud them. I even once got a phone call from an elderly gentleman asking me if he had really won £1 million on the Financial Services Club lotto. I had to let him down gently.

SunTrust Banks' Vitale says mobile customers still want a little bit of friction

Mobile Payments Today

Andy Vitale, head of user experience design at SunTrust, says creating a mobile banking expereince for customers is about learning how they use their devices both in and out of the bank.