August, 2018

How AI will change banking

Chris Skinner

The World Economic Forum has been conducting research over the last year around how AI (Artificial Intelligence) will change banking that was published last week. Here’s the lowdown: Artificial intelligence is fundamentally changing the physics of financial services.

Moving Past The Myths Of Payments Innovation


All you need is a hot idea and some funding. All you have to do is listen to what consumers say they want. The big players have an inherent advantage. Meetings suck the creativity out of any worthwhile project. Those are some of the common myths of innovation , and they apply to the payments world.

How to break free from legacy infrastructure

Insights on Business

Three years ago, a group of IBM Cloud experts, myself included, answered an important question still facing nearly every incumbent bank worldwide today: How can we rethink our architecture to better serve our customers with more innovative applications, through more agile, faster development?

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Facebook Asks Banks to Share Customer Data

Bank Innovation

Facebook has entered discussions with major U.S. banks in an attempt to gain access to customer data, the Wall Street Journal reports. The exact timing of the request is not clear.

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Biometrics security isn't one-size-fits-all

Mobile Payments Today

Andrew Jamieson, the director of security & technology for the identity management & security unit at UL, writes that many technologies that would be enabled by biometrics are still vulnerable to spoofs and hacking

Rebeca Romero Rainey: Community service is at our industry’s heart

Independent Banker

“Community service is a timeless tradition that’s core to every community bank.”. By Rebeca Romero Rainey, President and CEO, ICBA. As I work on this column, I’m in Santa Fe, preparing to speak at the Independent Community Bankers Association of New Mexico’s annual convention. I was chairman of this great organization 10 years ago, and the theme of that convention was “Independent Community Banks—A Timeless Tradition.”

The future financial world is here

Chris Skinner

I’ve been thinking for a while now about building a new financial system from the ground up using AI, blockchain, the Internet of Everything and other technologies. What would it look like? What would we build?

More Trending

Transforming IT banking Infrastructure and IT department mindsets

Insights on Business

Many banks and financial services are starting or continuing their transition to a customer-centric model of doing business. To do this, companies are rigorously evaluating the right systems and processes needed to support their transformation.

3 Alternative Lending Startups to Watch

Bank Innovation

Large banks, e-commerce moguls like Amazon and eBay and tech firms are likely to enter the alternative lending space, and soon, according to Eden Amirav, co-founder, and CEO of startup LendingExpress. In markets like Australia, this is already happening.

Podcast Episode 6: Kount VP discusses Machine Learning, AI, and how the technologies help the mobile payments industry

Mobile Payments Today

Host Will Hernandez, discusses machine learning, with Kount VP of Marketing, Don Bush. Will also chats with Cherryh Cansler, editor of FastCasual, about mobile ordering and the restaurant industry

For UMe Federal Credit Union, Incorporating an LOS Digital Strategy Delivered Double-Digit Loan Growth

CU Direct

When CEO Robert Einstein decided to implement a new loan origination system at UMe Federal Credit Union, all he was looking for was an LOS that would upgrade his online loan application process to include instant decisioning. He got it. But he also received so much more.

Do we need a blockchain?

Chris Skinner

I haven’t written about blockchain for a while. I guess it’s because I got bored of it. I’m not bored of the promise of blockchain and distributed ledger technologies. Just bored of how much hype there has been and of so many companies claiming to have the latest blockchain breakthrough.

Why Belgium Can Be A Good ‘Test Market’ For FinTech Firms


Belgium, which is home to many European Union (EU) institutions, is also a burgeoning FinTech hub. The country has the fifth-highest number of FinTech deals in Europe, according to an analysis from Belgium-based European FinTech platform B-Hive. The average FinTech deal size in the region is doubling, but B-Hive noted a decrease in the number of deals. At the same time, blockchain, artificial intelligence (AI) and data analytics are seeing a particularly high amount of activity.

Changing the way money moves across Asia Pacific: Sibos 2018

Insights on Business

We very much look forward to hosting the premier global financial services industry conference in Sydney, Australia from October 22-25.

Lenmo, the Venmo for Lenders, Set to Launch for IOS

Bank Innovation

Whether it’s a consumer lender like Goldman Sachs’s Marcus or a point-of-sale lender like Affirm or even SMB lenders like BlueVine, there is a lot of perceived opportunity in the lending market. Add a P2P dimension to that, and you have Lenmo.

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The time is now for banks to issue contactless cards

Mobile Payments Today

A recent study from A.T. Kearney urges FIs en masse to begin issuing contactless cards now that merchants have the necessary payment terminals and consumers are more aware of the “tap,” thanks to NFC-enabled mobile payments

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When national currencies fail (cryptocurrencies rise)

Chris Skinner

Venezuela is the latest country to spin into hyperinflation, showing the same signs as the meltdown in Zimbabwe that created the 100 trillion dollar note. Hyperinflation, as defined by economist Philip Cagan in the 1950s, is when a country sees inflation rates rise by more than 50% per month.

Visa-Supported Blindsight Could Change Payments For The Visually Impaired


Right now, it looks like a blood pressure cuff with wires and tiny boxes attached to it. Or, perhaps, an oversized watchband, one that was made by a child stuck inside on a rainy day.

Zuckerberg, Gates, Bezos, Ma & Co are destroying the world

Chris Skinner

I was listening to Andrew Keen, digital sceptic, giving a keynote at a conference. He was lambasting the way in which the internet had developed, and the fact that it had gifted power to a small, select few companies, who own the world.

What does reinventing financial services look like?

Insights on Business

The word “reinvent” is something you hear all the time. Reinvent yourself. Don’t reinvent the wheel. But what does reinvention really look like? The word reinvent means to change something until it is entirely new. It is nothing less than a complete transformation.

Phishing Attacks Continue to Rise as Malware Moves from Attachments to URLs

Bank Innovation

The sophistication of cyber attacks on financial services continues to evolve, yet instances of long-established tactics like email phishing and malware attacks persist. A July 2018 study conducted by Proofpoint, a Sunnyvale, Calif.-based

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The right mobile messaging is critical to a brand's marketing efforts

Mobile Payments Today

Executives from Caesars Entertainment, Guess?, McDonald's and Skogen's Festival Foods discussed mobile messaging at the recent CONNECT: The Mobile CX Summit in Chicago

ICO Investors Fall For Exit Scams, Phishing


The founder of crypto startup Savedroid , which just raised $50 million in an initial coin offering (ICO), posted two photos on his Twitter account a few months ago — one of him at an airport and another one of him at the beach. The caption? Thanks guys! Over and out.” While it seems that Savedroid Founder Yassin Hankir pulled off a fake “exit scam,” the real ones are becoming a problem.

Food In Flight: Delivering Mobile Orders By Drone


Food delivery is a $13 billion business in the U.S., one seeing growing interest from various players, ranging from delivery service companies like Deliveroo to ride-hailing giants like Uber.

The State of FinTech in Latin America

Chris Skinner

I’m off to Chile next week and thought, in preparation, I’d look at the state of FinTech in Latin America. So far, I’ve spent fair time in Colombia, Brazil and Argentina, and see these as the three major centres of activity along with Mexico. Equally, I meet a lot of the … The post The State of FinTech in Latin America appeared first on Chris Skinner's blog. Fintech Future Grid Numbers Regulation

Have banks reached an AML compliance inflection point?

Insights on Business

IBM RegTech Innovations.

Digital Check Solution Makes Headway in Auto Finance

Bank Innovation

Baxter Credit Union, based in N.J., has found a new solution to an old, and costly problem. David Brydun, vice president of consumer lending, exclusively told Bank Innovation that the financial institution has partnered with

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What is AR's role in retail mobile apps going forward?

Mobile Payments Today

Blair Newman, chief technology officer at Bell One, explains that while augmented reality apps offer endless possibilities to engage customers not all apps are created equal. He offers up five key aspects to consider before deployment

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TRENDING: Making Mobile Order-Ahead Appealing To App-Weary Customers


Not every consumer wants to add yet another app to their mobile phone. In fact, smartphone users aged 35 to 54 delete their existing apps more frequently than they download new ones, according to a recent report.

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Zoho Expense Integrates With Uber For Business Travelers


Zoho , the maker of an operating system for businesses, announced on Thursday (Aug. 16) that it will automatically import Uber for Business trip receipts into Zoho Expense, its expense reporting and tracking software. In a press release , Zoho said that with direct integration between the Uber and Zoho apps, business travelers don’t have to manually forward Uber receipts to Zoho Expense.

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This bridge collapse is a shocking image of legacy

Chris Skinner

I wasn’t going to post this blog but the more it sits in my head, the more I felt I had to write it. Like everyone I expect, I was really shocked by the Genoa Morandi bridge collapse that killed 43 people this month.

Innovative compliance technology is empowering end-to-end GRC

Insights on Business

IBM RegTech Innovations. Regulatory change is growing in size and IBM’s innovative end-to-end GRC solution , powered by Watson, is enabling the financial services industry to meet this challenge.

3 Startups to Watch in Credit Scoring

Bank Innovation

The rise of alternative data has allowed fintechs to go beyond Fico scores to determine the financial risk of a borrower. With this data, some fintechs are looking to facilitate more loans to thin-file consumers.

Podcast Episode 5: Citi Managing Director discusses loyalty programs and the mobile experience

Mobile Payments Today

Host Will Hernandez discusses mobile loyalty programs with Citi's managing director of customer engagement and innovation. Will also chats with Elliot Maras, editor of Kiosk Marketplace and Food Truck Operator, about the relationship between mobile and kiosks

According to one banker, banks are just like sewage

Chris Skinner

Now I didn’t make this statement, to be clear. A banker did. He was talking about the four quadrants of service, and said that banking needed to become like the sewage system: invisible, but incredibly important that it works especially when it’s urgent.

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Reformed Fraudster Now Fighting Fraud


Most people’s first job was babysitting, or delivering the paper, or perhaps working at a local shop. But none of those jobs really appealed to a young Tony Sales – because they weren’t lucrative enough. Fraud, on the other hand, paid extremely well, a fact he learned at the age of 13 when he embarked on his first subscription scam. Sales would go door-to-door soliciting pledges for a charity walk, or a swim to fight cancer or a skate-a-thon, or anything else he could think of.

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Forcing banks to tell customers their ranks

Chris Skinner

On Wednesday, the UK’s Competition and Markets Authority published the first survey of whether retail or small business customers would recommend their bank to family and friends.

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