July, 2018

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Big banks are not feeling the FinTech heat (yet)

Chris Skinner

A few years ago Jamie Dimon was renowned for saying that bitcoin developers “are going to try and eat our lunch” and that silicon valley was coming to get the banks. Three years later, it’s not quite the case. The big banks are getting bigger, and the FinTech community is nibbling … The post Big banks are not feeling the FinTech heat (yet) appeared first on Chris Skinner's blog.

Fintech 419
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Digital payments and the retailer

Payments Dive

Some retail outlets are experimenting with moving to digital payment-only operations. As non-cash payments become the norm, some retailers, particularly in hospitality, no longer accept cash. While there are downsides to managing cash, what are the pitfalls of refusing to deal with it?

Retail 335
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Microlender SoLo Funds Could Help Banks Enter $90-Billion Payday Loan Space

Bank Innovation

A new fintech startup is letting consumers make loans to peers and positioning itself as an alternative to the payday loan industry, and there’s something in it for banks too. Since launching this past April, SoLo Funds, a P2P lending platform, has processed nearly $200,000 in small-dollar short-term loans. With small loan amounts and a default rate […].

Lending 321
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MoneyGram And Visa Team To Deliver Real-Time Global P2P

PYMNTS

MoneyGram and Visa announced today (July 24) that they have partnered to deliver real-time digital disbursements to MoneyGram customers using Visa’s push payments platform, Visa Direct. Launching in October in two key markets, Mexico and the Philippines, MoneyGram will expand its options in which receivers from those markets may receive and use funds instantly — via their bank-issued Visa-branded debit card or Visa-branded prepaid card — and senders may choose the option by which to send those

Branding 223
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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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How AI is redefining financial crimes detection technologies

Insights on Business

There is a quote in the most recent Star Wars movie, “The Last Jedi” that gets me thinking about innovation; ‘We are the spark, that will light the fire” The Star Wars movies, books, games and mythos is a masterfully woven tapestry telling the tale of a little guy triumphing over an established, organized and technologically advanced pan galactic empire.

More Trending

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How much did Nigel Farage make out of #Brexit?

Chris Skinner

I picked up Bloomberg’s Business Week in the airport lounge at the weekend. It always has interesting reading, but this one stood out because of the front-page cover. Of course, it should have occurred to me that Brexit was a great way to make money, and the article outlines how … The post How much did Nigel Farage make out of #Brexit? appeared first on Chris Skinner's blog.

Course 419
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Tokenization's role in IoT security

Payments Dive

While more connected devices is convenient for consumers as far as payments, it also opens a window for cybercrime and security breaches.

Security 373
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Chatbots to Save Banks $11 Billion in Costs by 2023

Bank Innovation

Bank of America has Erica, Capital One has Eno, Bank of Montreal has Bolt. Safe to say that most major banks are at least exploring the possibility of a virtual assistant, if they don’t already have one. And there is more to this virtual assistant than just the cool factor, for banks these chatbots improve […].

America 305
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Cybersecurity Stocks Still Benefit From Equifax Scandal

PYMNTS

Following the massive data breach at Equifax last year, the cybersecurity sector has flourished – and so have some of the investments that track the industry. The ETFMG Prime Cyber Security ETF, for example, has risen 18 percent this year, CNBC reported. The exchange-traded fund, which was founded in 2014, notched staggering returns of 31 percent following the Equifax data breach in 2017, twice that of the S&P 500 return during that same time period.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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Blockchain for KYC: Game-changing RegTech Innovation

Insights on Business

IBM RegTech Innovations. One of the best things about working at IBM—and in the RegTech field in particular—is meeting daily with the engineers and developers who are driving technological innovation in the financial industry. Consider, for example, the blockchain space. While blockchain’s decentralized, distributed-ledger technology is most popularly known as the basis for cryptocurrencies such as bitcoin, among the thought leaders with whom I work this is only scratching the surface of the pot

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Making the money work â?? smart IT modernization

Bobsguide

Driving to Digital. In an era of digital transformation, not to mention a lot of economic and regulatory change, for many organizations this means unprecedented pressure to deliver new innovation to remain relevant and competitive. With studies revealing that only 5% of organizations winning at.

Study 118
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The chasm between banks with digital leadership and those without

Chris Skinner

During #Money2020Europe Tink, the Swedish challenger bank, interviewed me on my opinions about all things finance and technology. It’s only five minutes and think it’s probably worth the viewing as people are picking up on various comments I made, such as: “The leadership team has to be completely committed to … The post The chasm between banks with digital leadership and those without appeared first on Chris Skinner's blog.

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How a wearable changed the customer experience for Carnival Cruise

Payments Dive

John Padgett, Carnival Cruise chief experience and innovation officer, outlined the company’s digital and guest-centric strategy in a keynote at the recent ICX Summit conference.

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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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How TBC Bank Created a Neobank Called ‘Space’ in Just 8 Months

Bank Innovation

For a digital bank, time to market is one of the most important innovation mandates. For Lasha Gurgenidze at Tbilisi, Georgia-based TBC Bank, this mandate combined with low operational costs were the two fundamentals he and his team followed in launching TBC’s digital-first Space Neobank. “We started only eights month ago,” Gurgenidze, who is currently […].

Georgia 284
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Can TAGWALK Redefine Fashion Search?

PYMNTS

Entrepreneurs are, as a rule, pretty excited about their ideas. They almost have to be, since the journey from idea to instantiation is arduous under the best circumstances. Only a true believer is likely to ever make it across the finish line, as the less convicted and committed are more than likely going to be worn down and out by the process itself.

New York 191
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An innovative risk path beyond aggregation for finance: An interview with Peter Chirlian

Insights on Business

IBM RegTech Innovations. IBM recently announced its acquisition of Armanta , a provider of aggregation and analytics software to financial services firms. Armanta’s technology platform allows financial institutions to aggregate data across multiple systems in near real-time speed. We caught up with Peter Chirlian, CEO of Armanta, an IBM Company, to tell us more about Armanta’s innovative approach to aggregation and risk analytics.

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Open banking's global sweep will stall without an open tech standard

Payments Source

A lack of standardization increases costs and complexity at each bank, opens the door to insecure solutions and hinders adoption by software developers that only have bandwidth to write to one or two open APIs, according to Steve Kirsch, CEO and founder of Token.

Software 118
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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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The battles for the future of fintech

Chris Skinner

Whilst in New Zealand, I had an interview with the country’s most respected business paper: National Business Review. The subsequent article is behind a paywall but, as they sent it across to me, I feel it’s worth sharing here. The battles for the future of fintech The future of financial … The post The battles for the future of fintech appeared first on Chris Skinner's blog.

Fintech 391
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Biometrics: Are they becoming the nirvana of personal security?

Payments Dive

The combination of mobile banking and biometric security in our smart devices will enable consumers to have more confidence regarding their personal security and will be far safer than it has ever been.

Security 289
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3 Bank-Backed Challenger Banks to Watch

Bank Innovation

PREMIUM - It's not just startups that need watching -- neobanks are springing up across the globe, and a particular breed is becoming more common -- those backed by traditional banks. These banks are usually digital-only, but some may have physical branches. For a while, traditional FIs did not concern themselves with these neobanks, which […].

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Hobby Lobby May Take Up Shop In Former Toys R Us Stores

PYMNTS

Following the closure of Toys R Us stores in June, retailers in the hobby and off-price segments may fill some of the larger empty big-box spaces. Companies such as Big Lots and Ashley Homestore had bid on the properties in bankruptcy court, but one hobby retailer may be particularly interested in Toys R Us’ former stores, The Wall Street Journal reported. “ Hobby Lobby especially is very aggressive,” Kimco Realty Chief Executive Conor Flynn said at a conference.

US 184
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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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A defining moment of exponential impact: Building trust with banking, Cloud and AI

Insights on Business

Data, data, everywhere, but how in fact to THINK. If you’re the ancient mariner of Samuel Coleridge’s epic poem, then you know this rhyme another way, but if you’re in the banking and finance industry, then the words make total sense. As IBM CEO Ginni Rometty mentioned in her 2018 CEBIT keynote address , it is a moment of “exponential impact.” Yes, the value of networks is equal to the square of the nodes that gave rise to platform companies and big data.

Data 114
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Getting smart with Robotic Process Automation

Bobsguide

Contracts, compliance, policies, bookkeeping - financial services has always been a sector burdened by administration and paperwork. Even as the industry has moved from recording everything on paper to digital systems and face-to-face service to contact centres and online, the fundamentals have.

Policies 113
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Open Banking – a complete failure?

Chris Skinner

I found an interesting article about Open Banking the other day (via FinTech Insider News). Its title is: Open Banking in the UK; a disaster in the making? no wonder it intrigued me. However, I clicked the article open and the first paragraph read: When the CMA Order went live … The post Open Banking – a complete failure? appeared first on Chris Skinner's blog.

Fintech 292
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Securing real-time payments with tokenization

Payments Dive

For banks, direct debit fraud represents a bigger financial risk than card fraud. In particular, growing momentum for real-time payment schemes across the world is creating huge opportunities for fraudsters and placing increasing pressure on banks and clearing houses, who now have only seconds instead of days to identify fraudulent transactions.

Security 279
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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.