September, 2019

A start-up’s month is a banker’s decade

Chris Skinner

I’ve heard many ex-bankers who joined a FinTech start-up, challenger bank or similar, say that they’ve achieved more in the past year than in the past decade. They claim to have achieved more with £1 million than they would have achieved before with £100 million in a bank.

JPMorgan Chase exec sees digital banking, branch experience working as one

Mobile Payments Today

Marbue Brown, the head of customer experience at JPMorgan Chase, told attendees at the annual BCX summit that millions of people want a combination of the speed and sophistication of digital banking along with the human interaction and financial wellness provided by a physical bank branch

10 Ideas For Our Bank We Got From Wegmans

Banker to Banker

LEARNING FROM NON-BANKS Last week we tagged along with The Bank of Charles Town (BCT) crew who, like us, are heavily believers in “cultural tours.” BCT used a series of these tours to kick off their strategic planning season with the purpose of grabbing ideas that could spark creative thinking.

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Plugging leaks: Bento for Business uses tech to help clients streamline payments

Bank Innovation

As consumer payments go digital, startups and banks now are focusing on digitizing business-to-business payments, an area where small business owners still are reliant on paper checks and a multitude of expense-management tools.

Burger King Now Accepts Bitcoin

PYMNTS

You want fries with that crypto? Might have to wait a bit, especially on the international stage. For some, bitcoin and cryptos — beyond a means of speculation — are a solution in search of a problem.

Rebeca Romero Rainey: We flourish in times of change

Independent Banker

“When community bankers join their voices, they are a powerful force, taking the industry to new levels.”. We’re in a season of unprecedented industry change, particularly when we look at faster payments.

We’re just a technology company that happens to have a banking licence

Chris Skinner

I hear this a lot, and don’t like it. Many banks say it these days, and they say it to be cool. To be like a start-up. To be like a Silicon Valley angel investment firm. To be like a young, FinTech unicorn.

More Trending

How Financial Education Quantitatively Helps Banks

Banker to Banker

THE ECONOMICS OF FINANCIAL LITERACY Many banks put financial literacy education squarely in their Community Redevelopment Act (CRA) effort using the mindset that financial literacy is an affliction of low-to-moderate income households. The reality is, financial illiteracy affects us all.

Digit to focus on automation as it evolves its future plans

Bank Innovation

Digit, a personal finance app that helps users save automatically, raised $27.5 million in Series C funding on Monday. The new financing will help Digit grow its user base; hire new talent in San Francisco; and grow its core product, a spokesperson for the company said.

Western Union Enables Real-Time Account-To-Account X-Border Payments For Banks, Digital Wallets

PYMNTS

Western Union’s history as a retail cross border remittance platform is moving money between people, largely via cash, within minutes.

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The challenge of managing hundreds of daily GRC alerts

Insights on Business

Today we are inundated with alerts, breaking news, celebrity scandals and what their neighbor had for lunch. The feeds are not limited to one medium; your computer, your television, your phone, your tablet and now even the watch you wear on your wrist.

The two big issues bank CEOs have with FinTech

Chris Skinner

For all the talk about how well FinTech start-ups are doing, I hear two regular laments from bank CEOs. First, why aren’t we valued like FinTechs? and second, why aren’t FinTechs regulated like us.

Why the insurance industry should prioritize digital payments

Mobile Payments Today

The insurance industry needs to consider how their payments technologies match up with increasingly disruptive trends in the financial services space

3 Questions From Kat Cole To Make Your Bank Better

Banker to Banker

BANK PERFORMANCE For her sheer authenticity and clarity in thinking, Kat Cole remains one of our favorite corporate leaders in America. We met her at the ICBA a couple of years ago and just saw here last week at the ABA Marketing Conference. She did not disappoint.

With Wirecard, UnionPay takes aim at Visa, Mastercard

Bank Innovation

China’s UnionPay, the world’s largest card issuer with 57.6% of the world’s payment cards in circulation, has global ambitions.

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Passage Of SAFE Banking Act Gives Cannabis Businesses Access To Banking

PYMNTS

The U.S. House of Representatives passed H.R. 1595, known as the Secure And Fair Enforcement (SAFE) Banking Act, on Wednesday (Sept.

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GRC is Everyone’s Business

Insights on Business

In my May 2019 blog, “Has GRC Reached Its Tipping Point? Observations From The Front Lines” , I described a set of common patterns that are driving business initiatives in Governance, Risk & Compliance.

The Purpose-Driven Bank

Chris Skinner

Building on my recent updates on sustainable finance and such like, it is interesting the word purpose consistently appears throughout the sub-text.

How U.S. retailers can benefit from strong customer authentication in Europe

Mobile Payments Today

While Strong Customer Authentication does not apply directly to U.S. merchants, there are significant implications for retailers that have operations in Europe and gaining a SCA delegation can provide significant benefits

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How Your Bank Approval Process Hinders Innovation

Banker to Banker

If you want a more innovative bank, it starts, and largely stops, with what your approval process looks like for new technology. Take a human and force them to grow up in New York City. Around age 20, you force them to go to conferences on living in the outdoors, hunting, fishing, and survival.

Inside Citi Ventures’ approach to finding talent

Bank Innovation

Citi Ventures, Citbank’s corporate venture arm, is turning to startups that can solve pain points for incumbent banks and financial companies.

Data Breach Leaks 198M Car Buyers’ Personal Data

PYMNTS

A massive data breach has compromised the records of 198 million car buyers. Jeremiah Fowler, a senior security researcher at Security Discovery , discovered the breach after coming across the same 413GB dataset multiple times. “It

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What does inclusion mean?

Chris Skinner

I’ve been reflecting for a while on the shift of power from America to China, as those who read my musings will know. This is typified by the latest Netflix offering American Factory, backed by the Obamas.

Ripple offer SWIFT an olive branch

Chris Skinner

Almost every day, there is an announcement of a new payments innovation.

HSBC exec says innovation will separate winners in financial services

Mobile Payments Today

Banks have been in the transactional business for far too long, says Jeremy Balkin, head of Innovation at HSBC Bank USA. "We We are in the financial services business; service is an experience — and that's not easy for banks to wrap their heads around

Blockchain: a solution looking for a problem?

Chris Skinner

Being conference season, there were many announcements in the past week about headlines companies wanted to gain with their innovations. One of the main headline grabbers for me came from R3.

Square is growing its platform into a one-stop shop for retailers

Bank Innovation

Square, which is best known for its physical and digital payment solutions, is building out its product ecosystem to manage nearly all of the operational needs of retailers.

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Visa B2B Connect Live In 62 Countries, Adds Infosys As Integration Partner

PYMNTS

Visa announced today that Visa B2B Connect is live in 62 countries, and has added Infosys as a new integration partner.

What does “purpose-driven” really mean?

Chris Skinner

During my writing about a purpose-driven bank, I tried to find good examples of what purpose-driven actually means. Googling the question the number one result is from the Plato Project, who outline eight great purpose-driven organisations.

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Corporate cloud-based payments: what’s that all about?

Chris Skinner

I was recently asked by Volante Technologies to consider what being a digital bank means, specifically for a commercial bank and, even more specifically, the bank’s payments and treasury services.

Banks, merchants look for reforms, resilience in the face of natural disasters

Mobile Payments Today

Banks and payment networks found themselves highly vulnerable to the recent spate of major hurricanes.

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We just haven’t got a clue what to do!

Chris Skinner

I was talking with a CXO of a bank. They are actively engaged in ‘going digital’, but she was sharing with me that the bank’s executive team had no idea what going digital means. Being brutally honest, she told me she had no idea what it means either.

US Bank’s White: Digital banking is now more than DIY

Bank Innovation

As digital banking goes mainstream, banks are recognizing that a mobile app that lets customers carry out day-to-day tasks isn’t enough. It’s a reality for which U.S.

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What The Trendsetters Say About How We Will Pay Next Decade

PYMNTS

Sheep are not natural-born leaders. If they were, they wouldn’t need border collies or sheepherders to make sure that they didn’t follow wolves blindly into harm’s way and that they ended up where they needed to be at the end of the day.

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The real reason for a regulatory sandbox … avoiding death and mayhem

Chris Skinner

I just spoke at Russia’s Eastern Economic Forum, a Davos for the Russian world and beyond. Hosted by Vladimir Putin there were stellar guests attending including Prime Minister Narendra Modi of India and Prime Minister Shinzo Abe of Japan, as well as other world leaders and Chris Skinner.

Money without government? Emperor’s without Clothes?

Chris Skinner

I finally hit the nail on the head about why you can’t have money without government.

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Making digital payments work in the moving and storage space

Mobile Payments Today

The moving and storage industry can benefit tremendously from upgrading to a modern payment system that supports EMV and allows for alternative payment options

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