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.

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.

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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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.”

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

Moving Past The Myths Of Payments Innovation

PYMNTS

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.

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

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.

It’s About The Members, Remember? (Payday Lending)

Credit Union Geek

Update 8/31/18: A reader graciously made me aware of an NCUA program empowering credit unions to provide payday lending alternatives. It is used by a bit over 500 credit unions and discussion is invited from institutions on how to evolve it in the future. See more direct from NCUA. Looks like a great opportunity to […]. The post It’s About The Members, Remember? Payday Lending) appeared first on Credit Union Geek. Articles "Dory I'm a little fella.

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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How Digital Disbursements Tools Are Changing Low-Dollar Lending

PYMNTS

As Americans increasingly turn to their mobile devices to instantly pay through peer-to-peer (P2P) services like Venmo and Zelle, the act of writing a check or heading to the ATM for quick cash is becoming a thing of the past.

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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.

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.

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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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.

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

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

PYMNTS

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.

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.

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.

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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Creating a Holistic View: Data Consolidation and Integration

Perficient Financial Servies

The consolidation of data and integration of systems is essential to providing a holistic 360-degree view of patients and members. This view can enable a variety of activities to enhance and drive efficiency in business and clinical activities, such as increasing patient safety and the quality of care healthcare delivery organizations provide to patients. One organization that understands the challenges associated with bringing data together across a large number of hospitals is Mayo Clinic.

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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

Visa-Supported Blindsight Could Change Payments For The Visually Impaired

PYMNTS

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.

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.

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.

Digital Check Solution Checkbook.io 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 Checkbook.io

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Foot In Mouth: 43 Quotes From Big Corporate Execs Who Laughed Off Disruption When It Hit

CB Insights

Sometimes disruption is staring you right in the face and you can’t help but look the other way. That’s doubly true when you’re the head of a legacy business desperate to stay relevant.

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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ICO Investors Fall For Exit Scams, Phishing

PYMNTS

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.

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.

Most Consumers Want to Apply For and Service Loans Digitally, Survey Says

Bank Innovation

Digitizing the lending process is still incomplete for banks of all sizes. A recent survey from the lending platform Lendtech, provides further evidence that banks and lending platforms must digitize the loan application and servicing process to capture today’s borrowers.

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$1B+ Market Map: The World’s 260 Unicorn Companies In One Infographic

CB Insights

There are 260 private companies around the world valued at $1B+ as of 8/13/2018, and they are all tracked on our real-time unicorn tracker. These companies are collectively worth approximately $840B and have raised a combined total of around $201B.

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

Food In Flight: Delivering Mobile Orders By Drone

PYMNTS

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.

A monkey could pick stocks better than me

Chris Skinner

I got into an argument after a presentation where I said that active fund management is dead. It wasn’t the best thing to say in front of a group of active fund managers, but I can’t help myself.

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How to gain and keep the digital trust of your clients

Insights on Business

If you managed a restaurant, would you eat there if you knew the staff dropped food on the floor? Many times, security professionals working in the financial sector find themselves in the same situation.

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