July, 2018

How AI is redefining financial crimes detection technologies

Insights on Business

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. Brexit Grid

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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.

TRENDING: Real-Time Payments Networks — For Real In Retail?

PYMNTS

Across the U.S., financial players are still exploring the best practices to offer faster payments to corporate clients. A recent survey of 20 of the nation’s top-60 banks found that there’s a lack of consensus among banks when it comes to managing and charging businesses for real-time payments.

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Rebeca Romero Rainey: Look beyond the day to day

Independent Banker

“It’s up to each of us to make the time to create a strategic vision for ourselves and our banks.”. By Rebeca Romero Rainey, president and CEO, ICBA. Summer is a time to reflect.

FSD Kenya Insights on Youth and Agri Finance

Bankelele

FSD Kenya, which aims to create value through financial inclusion, have just released their 2017 Annual Report which contains findings from ongoing research projects around Kenya.

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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.

More Trending

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.

Using IoT Tech To Drive Grocery Sales

PYMNTS

Shoe sellers can dust off a pair of unsold sneakers and keep them on the shelf until they sell, but businesses like grocery stores don’t have that luxury. Instead, they must keep a tight focus on moving goods out the doors — especially items with an expiration date.

Tokenization's role in IoT security

Mobile Payments Today

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

How LOS Efficiency Helped Elevate Trailhead CU to New Heights

CU Direct

When Justin Olson joined Trailhead Credit Union in 2013 as vice president of member services, the credit union was facing an uphill climb. With a loan-to-share ratio of just 59 percent and on a steady monthly decline, the $120M credit union was only originating around $1 million per month in 2013.

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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.

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. Digital Bank Future Grid Opinion

3 Fintech Data Analytics Startups to Watch

Bank Innovation

Financial institutions harnessing the power of big data must glean meaningful insights from many disparate data sets. Several startups helping banks and financial institutions make sense of data, alternative and otherwise, have emerged.

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.

Digital payments and the retailer

Mobile Payments Today

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

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The Pizza Place Incident

Credit Union Geek

Originally published on CUInsight.com This post highlights what I’ve come to call, “The Pizza Place Incident” In reality, it was nowhere near as exciting as the title implies. Or was it? (Cue Cue dramatic chipmunk) Here’s how it’s going to work.

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The secure digital platform for financial services innovation

Insights on Business

Savvy leaders in the banking and financial services sector are already seeking a meaningful competitive edge that will position their organization for the future. Developing a substantive advantage will very likely focus on the execution of a compelling digital transformation agenda.

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. Chris Skinner Digital Bank Fintech Future Grid Opinion Payments

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.

TRENDING: Can mPOS Solutions Win Over Cash-Centric Industries?

PYMNTS

Players in the mobile point-of-sale (mPOS) space are focusing on catering to payment needs of small- to medium-sized businesses (SMBs).

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Securing real-time payments with tokenization

Mobile Payments Today

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

How Would You Rate This Experience? (Part 2)

Credit Union Geek

This is a continuation of 3 Ways To Ensure Your Customer Service Doesn’t Suck. Every interaction with your members results in one of three ratings: Exceed expectations. Impress) Meet expectations. Satisfy) Miss expectations. Disappoint) Like you, I’m all about exceeding expectations.

IBM again a Leader in Gartner Magic Quadrant for Integrated Risk Management

Insights on Business

IBM RegTech Innovations. When IBM acquired OpenPages in 2010, it was widely recognized as a pioneer and market leader in governance, risk and compliance software.

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. Digital Bank Fintech Grid Opinion Payments

By 2030 Millennials Will Have $20 Trillion In Wealth. Here’s What They Want In Robo-Advisors

Bank Innovation

Millennials are expected to have $20 trillion in wealth by 2030, according to a July 2018 CB Insights study. Marketing investment options and robo-advisors to this mobile-centric group will require a specific strategy. Currently, millennials’ combined financial assets come up to $4.5

Visa: Cost Of Digital Acceptance 57 Pct Less Than Cost Of Cash Acceptance For SMBs

PYMNTS

It’s a striking difference: A new Visa study has found that digital accounts for 38 percent of consumer retail purchases, but when it comes to small- and medium-sized businesses (SMBs), only 15 percent of their sales are conducted via eCommerce.

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Biometrics: Are they becoming the nirvana of personal security?

Mobile Payments Today

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

Six reasons to think twice about your data lake strategy

Dataconomy

Since data has been called the “oil” of the new economy, it’s easy to assume that more is better. You can never have too much oil, so the same goes for data too, right? Hence there has been a lot of hype about data lakes over the past few years.

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.

Over $100 billion invested in FinTech in 2018?

Chris Skinner

KPMG’s Pulse of FinTech report came out this week. It makes for interesting reading, especially as investment in FinTech has raced ahead to levels unseen before. Globally, $57.9 billion was invested in FinTech firms in the first half of the year. These figures were slightly inflated by the $14 billion … The post Over $100 billion invested in FinTech in 2018? appeared first on Chris Skinner's blog. Fintech Grid Numbers

Financial Services will Invest $9 Billion in Big Data This Year

Bank Innovation

Data is created at every financial transaction, and as datasets expand beyond what a single database can hold, big data is born. As complex as these datasets can be, they hold valuable information for financial institutions and are spurring financial services investments.

Mid-Year 2018: Payments Execs Map Out What’s Next

PYMNTS

The world is getting faster these days. Change happens at the speed of, well, if not light, then sound. The information deluge is constant. Commerce is constant. Payments and financial services? Always on, too, and always in demand. There’s no such thing as “bankers’ hours” anymore.

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How a wearable changed the customer experience for Carnival Cruise

Mobile Payments Today

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

11 New Restaurant Concepts Reimagining Fast Food & Casual Dining

CB Insights

Brick-and-mortar businesses have been hammered over the past decade — with the exception of one bright spot. Dining out. But it’s not your parents’ fast food and casual dining chains that are seeing the upside.

Continuing the path to real-time payments innovation

Insights on Business

Since the 1960’s, IBM has worked with banks to help simplify their payment operations by upgrading payment processes, integrating existing silos and renovating legacy systems.

Some challenger banks are challenging

Chris Skinner

The UK’s challenger banks are busy getting on with it. They’ve got their licences, they’ve deployed their services, they’re partnering with third parties and creating marketplaces. Much of this was cited in a report by CBInsights, comparing the features of the five most notable new ones: Atom, Starling, Monzo, Revolut … The post Some challenger banks are challenging appeared first on Chris Skinner's blog. Digital Bank Grid Numbers

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