November, 2018

Teach children the things that machines cannot learn

Chris Skinner

I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see if they can remember.

System 326

Thinking Forward: Financial Services and the AI Revolution

Insights on Business

Artificial intelligence is changing the game. According to Stanford professor Andrew Ng , AI is the “new electricity,” already generating billions in value as it transforms industries such as IT, health care — and now financial services.

Smartwatch, bracelets help broaden mobile payment options amid competition

Mobile Payments Today

Consumer demand for smarter wearables is leading watch makers and others to explore new approaches to embedded payment technologies

Mobile 207

INV Fintech Announces Sixth Class of Startups

Bank Innovation

INV Fintech, Bank Innovation’s sister accelerator, has announced its sixth accelerator class, which begins this week with six unique startups seeking to revolutionize financial services.

Venmo Payment Fraud Led To $40M In Losses

PYMNTS

Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year.

Fraud 284

Rebeca Romero Rainey: Reflecting on 2018

Independent Banker

“We must all pause this holiday season and appreciate the people who make this industry what it is.”

Account opening? Oh, 1-2-3. Easy as A-B-C. Not!

Chris Skinner

There’s nothing like a true story to bring a point home, so here’s my latest one. I’m starting a new venture. It’s a philanthropic thing, thing to do with banking, but because we are seeking sponsorship, we need to open a bank account.

More Trending

3 drivers helping bridge the gap to a cashless society

Mobile Payments Today

Veteran payments executive Jason Bohrer says several key consumer trends are pushing us closer to a cashless society, and the financial services industry needs to consider these developments in order to bridge the gap

Trends 198

Can QR Codes Make It in America? SwiftPass Thinks So

Bank Innovation

The scale of mobile payments in China staggers the Western imagination. In 2017, $15.4 trillion in mobile payments were processed, 54% by Alipay, and 39% by Tencent’s WeChat Pay. By the most generous estimation, the U.S. market, though growing steadily, processes a tiny fraction of that amount.

What Black Friday Tells Us About The Future Of Retail

PYMNTS

The verdict is in. Black Friday was a boon for online retail.

Retail 279

Is Selling In Your Credit Union Culture?

Credit Union Geek

“We’re a service organization, not a sales culture.” ” I’ve heard those words from a number of credit unions. Too bad they’re wrong. Put down the pitchforks and torches! Please, at least for a moment!

Course 156

Banks and Telcos? Two become one!

Chris Skinner

Twenty years ago, I worked on a strategy for the future of banking. My conclusion was that banks would merge with telecommunications firms and become hybrid institutions. Twenty years later, it hasn’t happened. But will it?

Where is the Financial Services Industry in the digital transformation journey?

Insights on Business

At last month’s Money20/20 conference, the event brought over 10,000 people together and hosted speakers from start-up disruptors to incumbent financial institutions, and everything in between. IBM was there in full force. And I had the pleasure of hosting a panel of CEOs three mornings in a row.

Branson isn’t in it for the money; entrepreneurs need to improve the world

Mobile Payments Today

Sir Richard Branson, the British billionaire entrepreneur, philanthropist and visionary, never outgrew his passion to change the world

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In-Car Commerce Startup Cargo Inevitably Adds Venmo for Payments

Bank Innovation

We’ve all been there. It’s midday, you’re in between meetings, you’re craving a bag of candy or a shot of one of those super-charged, "coffee-based" energy drinks to push through the afternoon, but you’re caught in traffic in your rideshare and short on time. Or perhaps not.

Overstock To Sell Retail Biz, Focus On Blockchain

PYMNTS

Overstock is gearing up to sell its retail business, with a deal taking place in the next few months as it focuses solely on its blockchain initiatives.

Retail 279

How to Get and Understand your Credit Score

Bankelele

Have you ever seen your credit report? It is often a requirement for job applicants in Kenya to obtain a “clearance certificates” from a credit reference bureau (CRB) as one of the half-dozen source documents to be considered in their vetting.

How To 146

Five digital transformation lessons

Chris Skinner

In a final write-up on leadership, there was a fantastic presentation about the lessons DNB had learned in trying to make digital change happen.

Boost efficiency through operational innovation in financial services

Insights on Business

Now, more than ever, banks must be smarter and faster. Operational innovation is vital in a highly competitive financial services sector, with a new community of digital banks and other firms vying for market share. CFOs in financial organizations are not taking this challenge lightly.

Cyber crime seen as major risk to mobile shopping during holiday season

Mobile Payments Today

As cyber attackers develop more sophisticated methods of attacking online sites, security experts and retailers are increasingly focused on protecting mobile shopping and payment platforms to ensure a safe holiday season

More Banking CFOs Take Lead Role in Innovation, Accenture Says

Bank Innovation

A recent survey by Accenture found chief financial officers are taking on expanded roles in helping banks become data-centric and better equipped, in terms of technology, for what will likely be a volatile future.

Microsoft CEO: Data Privacy Is A ‘Human Right’

PYMNTS

Microsoft CEO Satya Nadella recently called data privacy a “human right,” urging tech companies to do all they could to protect users from cyber threats.

Data 281

Clash of clans … or new bank versus old bank (Fidor, BPCE) 

Chris Skinner

I was talking with some friends at the most innovative bank in Europe that has stopped getting on my radar for the past few years. I first blogged about them back in 2012, when I met the founder at an event. That bank is called Fidor.

Run the bank or change the bank

Chris Skinner

I was surprised to see that JPMorgan Chase is now hiring people as bankers and, as a mandatory part of their induction programme, they are taught to code.

Three fundamental shifts in financial crime investigations

Insights on Business

Financial institutions globally are awakening to the fact that regulatory technology will drive the next wave of innovation in their approaches to understanding and stopping financial crimes. From attempted money laundering, to account takeover, to insider trading, institutions are paying attention.

Black Friday mobile shoppers smash previous single-day record

Mobile Payments Today

Consumers relied on their smartphones to find the best deals on Black Friday

Mobile 194

OTP Bank Launches New International Startup Program

Bank Innovation

OTP Bank will launch its second international accelerator program in the first months of next year and is accepting applications from growth-stage startups and scaleups until the end of November.

Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

PYMNTS

The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. According to Quartz , the U.S. government collected approximately $4.7

Taxes 280

What banks can learn from British Airways

Chris Skinner

Something happened to me this week that made me think of big bank friends. It’s a different industry and one that, last month, I said we could learn from:the airlines. So, here’s a sobering, learning lesson.

Are you really ‘doing digital’?

Chris Skinner

I’m regularly asked why I don’t think banks are doing digital yet, and my answer consists of a series of steps. First, does the banks’ leadership team talk about digital, digital banking, digital investment and digital transformation? Invariably, all bank people tell me yes.

IFRS 17 adoption: Its impact and best practices

Insights on Business

International Financial Reporting Standard 17 ( IFRS 17 ) is expected to come into effect in January 2021 (though the IASB, the governing body, has tentatively agreed in Nov 2018 to postpone adoption to January 2022).

Banks team with technology firms: panel cites challenges

Mobile Payments Today

A session at the recent Money20/20 conference in Las Vegas attempted to clarify the roles that technology companies are playing in financial services and how traditional financial institutions are working with them

Bank Innovation Announces Demo Opportunity for Fintech Startups

Bank Innovation

It’s opportunity time for fintech startups. On March 12, 2019, Bank Innovation will host its ninth DEMOvation Challenge, in which fintech startups demo before a crowd of conference attendees in the hopes of earning their vote and walking away with fabulous prizes.

SWIFT Disconnects From Iran’s Banks

PYMNTS

Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all.

Will Ripple replace SWIFT?

Chris Skinner

It’s a big week of FinTech in Asia with Money 2020 China and the Singapore FinTech Festival (SFF) all taking place in the same week. One of the headlines emerging from SFF was an interview with Brad Garlinghouse, CEO of Ripple.

If they get big enough, we will buy them

Chris Skinner

I remember years ago hearing the story of a start-up that wanted to be acquired by the big incumbent institutions. The founder was struggling to succeed, and felt that an easy exit through acquisition was the best way to go.

How next-generation technologies are transforming governance, risk and compliance

Insights on Business