October, 2019

Facebook has forced the world’s banks to innovate

Chris Skinner

It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow.

Are Starbucks and Uber the right experience for banks?

Mobile Payments Today

The changing nature of consumers in recent years is raising major questions regarding privacy, loyalty and perceived value in the banking industry, according to a panel of experts at the 2019 Bank Customer Experience Summit

Varo’s de los Reyes on building inclusive user design

Bank Innovation

To Varo, a digital-only banking startup which has more than 750,000 users, an inclusive user experience is its passport to growth. Varo is looking to other digital-only financial players along with big-tech platforms like Google and Amazon for inspiration.

US Banks Expected To Lose 200K Jobs To Technology

PYMNTS

In the next 10 years, as robots and other tech bring about the “greatest transfer from labour to capital” the industry has witnessed, per a report by Wells Fargo analysts, U.S. banks will slash over 200,000 jobs.

Rebeca Romero Rainey: Embrace the opportunity

Independent Banker

“A plethora of new digital payments offerings now must factor into business strategies.”. As Winston Churchill said, “To improve is to change; to be perfect is to change often.” That sentiment rings true for digital payments.

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The Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

Insights on Business

How do compliance professionals manage more than 57,000 regulatory alerts in one year? IBM OpenPages with Watson recently had the opportunity to join host Thomson Reuters for a morning of regulatory compliance thought leadership to explore this very topic.

Why dumb old banks can’t compete

Chris Skinner

Now that’s a contentious title for a blog, but purposefully so. Old banks can compete in the new world if they’re smart … it’s just that so many of them are dumb. Dumb with data, as I’ve blogged before. To illustrate this, I have three examples.

More Trending

Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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Why The SAFE Banking Act Won’t Solve All Cannabis’ Payment Problems

PYMNTS

One down, two more steps to go: That’s the situation with the federal SAFE Banking Act, which recently won approval by the U.S House of Representatives. The bill promises to open up cashless payments for the growing retail cannabis industry. If the bill were to win approval by the U.S.

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CECL Extensions One Step Closer to Final Approval

Abrigio

CECL | 6 minute read Key Takeaways The FASB affirmed plans to extend deadlines for CECL implementation; a final vote is expected in November. The board will monitor whether it has divided the two adoption-date buckets in the most appropriate way.

IBM Algo FIRST becomes IBM FIRST Risk Case Studies

Insights on Business

In the continued evolution of the IBM Governance Risk and Compliance (GRC) product line, I am pleased to announce that effective today, Algo FIRST (FIRST) is rebranded to IBM FIRST Risk Case Studies.

Is Revolut leading a FinTech revolution … or destroying it?

Chris Skinner

We are regularly being bombarded with unicorn news. Some rise and some fail. We hear about toxic corporate cultures and ousted CEOs on some occasions, with WeWork being the latest to get caught in the pre-IPO crossfire.

CIBC, First Citrus, Bridgeable discuss digital transformation

Mobile Payments Today

Legacy banks are struggling to transform their brick-and-mortar ecosystems to fit into an increasingly digital world. How do they do it? And more importantly, how do they do it without alienating customers who are used to one-on-one interactions

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Affirm rolls out virtual card for checkout loans

Bank Innovation

The point-of-sale loan is evolving to a digital card that feels like a credit card but isn’t nearly as tough on customers’ budgets.

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What We’ve Learned From Libra

PYMNTS

PayPal officially pulled its support of Facebook’s Libra initiative after it no-showed at the Libra Association meeting last week in Washington, D.C.

Cyber Complications for Vendor Risk Management

Abrigio

The following article was first published in ABA Banking Journal on October 17, 2019. In a marketplace where data is shared and distributed at record speeds, third-party or vendor risk management is a challenge for most businesses. The banking industry is no stranger to this.

The Thomson Reuters and IBM Exclusive Breakfast Briefing, Oct. 2, 2019 in Toronto

Insights on Business

How do compliance professionals manage more than 57,000 regulatory alerts in one year? IBM OpenPages with Watson recently had the opportunity to join host Thomson Reuters for a morning of regulatory compliance thought leadership to explore this very topic.

How UK FinTech took over the world

Chris Skinner

In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech.

App security an issue when banks partner with fintechs

Mobile Payments Today

As banks strive to offer customers good online experiences, they often partner with a variety of fintechs. But how do they ensure that their apps are secure

Digital and human: Inside BofA’s small business strategy

Bank Innovation

Digital-only lenders tout the speed and efficiency of their user experiences. However, for Bank of America, a “human-digital” approach is the cornerstone of its small business banking approach. It’s a strategy that’s yielding results for the bank.

How Apple Card Brings ‘Existential Crisis’ To Smaller FIs

PYMNTS

With the recent launch of the Apple Card , Apple has sent a signal that they seek to offer a better user experience than banks. In fact, their slogan for the card is “Created by Apple, Not a Bank?.”

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E-Commerce Merchants: A Hot Commodity in the Dark Web

Abrigio

Dark Web | 5 minute read Key Takeaways Cybercriminals are now targeting e-commerce merchants with malware attacks. Merchants of all sizes are being targeted. Financial institutions should be proactive with their fraud prevention on the dark web. . The New Frontier on the Dark Web.

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IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice

Insights on Business

This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions.

What does “innovation” mean in finance?

Chris Skinner

I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech.

Last minute checklist on using SRC to remove friction out of mobile commerce

Mobile Payments Today

As American Express and Discover plan to implement SRC, there are a few issues to consider regarding how this will impact your business

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Gulf Capital, a ‘de novo’ bank, to launch without legacy tech

Bank Innovation

Gulf Capital Bank, Houston’s first new bank to launch since 2009, will open its doors by early next year. It confirmed on Monday that it received conditional approval from the Texas Department of Banking and the Federal Deposit Insurance Corporation.

Payments’ Role In The Fourth Industrial Revolution

PYMNTS

To get a sense of where faster payments are headed, look to the consumer. There are dozens of faster payment schemes rooted or taking shape around the world — 54 at last count. Some of them have been mandated by governments, readying for anticipated demand.

Cyber Complications for Vendor Risk Management

Abrigio

The following article was first published in ABA Banking Journal on October 17, 2019. Cybersecurity | 4 minute read Key Takeaways Third-party/vendor risk management is becoming increasingly challenging with more cloud-based providers.

The Difference Between Succeeding and Trying

Credit Union Geek

A few years ago, I had the pleasure of attending a Tony Robbins event. If your mental picture is a large gathering of people looking to become more positive through “ra ra” activities, then you’re half right. It is an enormous group of committed individuals. At a typical event, there are over 4,000 people in attendance. […]. The post The Difference Between Succeeding and Trying appeared first on Credit Union Geek.

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Are challenger banks winning or losing?

Chris Skinner

I don’t get The Financial Times editorials these days.

4 ways banks and credit unions can stay ahead of fintech startups

Mobile Payments Today

With the intensifying competition from fintech startups, financial institutions need to step up their game, especially when it comes to digital, or they risk losing ground to these newcomers

Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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Uber Buys Dubai Ride-Hailing Unicorn Careem For $3.1B

PYMNTS

Uber coughed up over $3 billion to get its hands on Dubai’s ride-hailing startup Careem, the Financial Times reported on Wednesday (Oct. Founded in 2012, the ride-hailing unicorn – which is valued at over $1 billion – was the premier tech startup in the Middle East and North Africa. Uber paid $3.1

Creating a Customer-Centric, Digital Financial Institution

Abrigio

A farmer, a university student, and a business owner walk into a bank. It sounds like the beginning of a joke, but for many community financial institutions, a spectrum of different customers and banking needs is something that they see every day.

Why Your Bank’s Strategic Time Horizon May Hurt You

Banker to Banker

Strategic Planning and Innovation If you look at the sensitivity in a bank’s budget, $1 of investment in a new line of business usually doesn’t break even for two to three years. $1 1 invested in finding a new customer usually returns about 9%, while $1 invested in a new product is usually above 20%.

Innovation? Humbug!

Chris Skinner

Bill Gates said in the early 1990s that “we need banking but we don’t need banks anymore”. He was wrong. I hosted a banking seminar in the late 1990s where David Llewellyn, a Professor of Money, stood up and stated that “there will be more change in the next five … The post Innovation? Humbug!

4 keys to a successful retail digital engagement strategy

Mobile Payments Today

As digital channel growth shows no sign of slowing down, it represents a significant revenue opportunity for brands, retailers and other consumer-facing businesses. But what does an effective strategy look like and how can businesses successfully create and execute against it