July, 2018

How AI is redefining financial crimes detection technologies

Insights on Business

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.

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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. Digital Bank Fintech Grid Numbers

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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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.

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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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

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

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

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.

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.

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.

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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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

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

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.

Why Household Finances Under The Hood Don’t Look So Good

PYMNTS

Paul McCartney and The Beatles may have told us that money can’t buy us love , but new research claims that it can certainly buy us happiness. And how much money consumers need to be happy.

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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.

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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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

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

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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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.

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.

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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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

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

Today In Data: Changing The Technology And Evolving Preferences

PYMNTS

Normal operating procedure for consumers on the eve of the 2020s is incredibly different than it was on the eve of the 2010s – and it’s almost unrecognizable from the eve of the millennium.

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.

TRENDING: Using IoT Tech To Sell 4th of July Goodies On The 5th

PYMNTS

New efforts in the IoT space are aiming to help payment-enabled wearables and devices come to market faster, and assist grocery stores to leverage their existing sensors and other in-store tech for deeper customer insights and tightly targeted, in-the-moment marketing.

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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. Digital Bank Future Grid Opinion

Podcast Episode 3: Masabi exec discusses future of transit with mobile payments, and Uber

Mobile Payments Today

Host Will Hernandez, discusses the future of transit, Uber, and how mobile payments ties it altogether, with Jonathan Donovan, chief product officer of Masabi.

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.

Deep Dive: Why Employers Are Turning To Payroll Cards

PYMNTS

Employers are increasingly moving away from depositing paychecks into employees’ bank accounts, offering instead to add them to payroll cards. Payroll cards work like debit cards, allowing employees to purchase goods and services or make cash withdrawals from ATMs.

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The next step in fintech: Collaboration

Insights on Business

When describing the financial services industry, you often hear words like “transformation” or “evolution.” These words were commonly said during the rise in popularity of secure internet browsing, voice recognition, or mobile devices and apps.

TRENDING: IoT’s Big Security Fail

PYMNTS

Over the next five years, some 40 billion connected devices are expected to be installed by consumers and businesses around the world. This rapid proliferation of Intelligence of Things (IoT) devices calls for robust infrastructure that can securely accommodate the upsurge of network traffic.

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