January, 2018

Funding for Startups in FIS-Backed Fintech Accelerator Reaches $38 Million

Bank Innovation

EXCLUSIVE – If the future of banking is partnering with fintech startups, then finding the most innovative and efficient fintechs becomes crucial for banks’ success. This demand has led to the rise of third-party run accelerator programs. One such program is Little Rock, Ark.-based

There’s A (Ro)Bot For That

PYMNTS

The American psyche has a complicated relationship with robots. On the one hand, we love robots. When we think about our happier futures, friendly, helpful robots are often envisioned beeping and bopping in the background, quietly improving our lives.

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Why cloud? Why now? Because your customers won’t wait

Insights on Business

In real estate, the three most important words are “location, location, location.” In banking, the three most important words might be “speed, speed, speed.”.

PayPal sets the pace for the payments industry in 2018

Mobile Payments Today

For a company once known as a threat to the card networks and banks, PayPal is now an ally as it pushes forward with digital payments

20 of Europe’s hottest fintech start-ups to watch in 2018

Chris Skinner

I really liked this article by John Kennedy over at Silicon Republic, and decided to reproduce it here as it’s fitting for the kickoff of 2018. Who are the fintech start-ups in Europe worth banking on in the year ahead? Europe is in the grip of a fintech revolution and 2018 … The post 20 of Europe’s hottest fintech start-ups to watch in 2018 appeared first on Chris Skinner's blog. Fintech Grid

Where Top US Banks Are Betting On Fintech

CB Insights

Since 2012, the top 10 US banks by total assets have participated in 81 deals to fintech startups, totaling nearly $4.1B in disclosed funding. In the last year, banks have homed in on the consumer, backing robo-advisors and companies offering easy-to-use money management apps. .

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BofA Eliminates Free Checking Accounts, Now Charging $12 Fee to Low-Balance Customers

Bank Innovation

EXCLUSIVE- Bank of America has quietly shuttered its free checking account, now requiring customers to keep a certain minimum balance in their accounts, or set up direct deposit of at least $250, to avoid a $12 monthly fee, the Wall Street Journal reported yesterday.

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More Trending

Rethinking the operating model: How a global bank accelerates transformation results

Insights on Business

Business model innovation only just begins once you’re on the cloud—and the leading global banks are already making the move and are now exploiting cloud for innovation – and while they do that, they are having to rethink their operating models.

The many faces of mobile payments

Mobile Payments Today

NFC, QR codes and various in-app payment methods have helped change the way consumers pay via a smartphone

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The FinTech outlook for 2018

Chris Skinner

I usually start the new year by making some predictions, but so many others have been writing about 2018 trends that I’m not going to. There are four big things for 2018 from a FinTech viewpoint that are obvious to me however, which are: Getting down to business with Artificial … The post The FinTech outlook for 2018 appeared first on Chris Skinner's blog. Fintech Future Grid Opinion

Bank of America Merrill Lynch’s API Gateway Seeks to Connect EMEA Clients with Fintechs

Bank Innovation

EXCLUSIVE- Echoing the mandate of PSD2, Bank of America Merrill Lynch today unveiled an API gateway that seeks to connect its commercial clients to fintechs and other third-party vendors.

EU Banks Must be Able to Support Biometric Authentication by April 2019, Mastercard Says

Bank Innovation

Payments provider Mastercard has issued a deadline for the availability of biometric authentication across its cards, stating that all customers will be able to use fingerprints or facial recognition for verification by April 2019.

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Why Innovation Is Nothing Without Distribution

PYMNTS

Charles Babbage is considered “the father of the computer.” ” But it was Lord Byron’s daughter, the mathematician Ada Lovelace , who wrote the first algorithm that made computing machines more than just fancy calculators.

Mastering the paradox: How a bank CEO can invest in the future and cut costs today

Insights on Business

Let us pose a question: How does a financial institution cut costs today and manage compliance, while still spending on the future? One answer: Move to the cloud.

How the future of cash and digital payments is playing out in Europe

Mobile Payments Today

This ease of contactless payments has spurred a cultural shift, embraced by the younger and more tech-savvy generations, who are happy to go for days without carrying physical cash and instead opt for their phones — even over cards. Older generations, meanwhile, typically prefer to have the option of the security of traditional physical cash

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Why I like Turkish banks

Chris Skinner

Just before Christmas, I was interviewed by a Turkish magazine about the future, Turkey and fintech. I thought it might interest folks to share it here … When you wrote your first book about fintech – little was known about it. How much has that changed and have your predictions … The post Why I like Turkish banks appeared first on Chris Skinner's blog. Digital Bank Grid Uncategorized

South Africa Reserve Bank Launches Fintech Unit

Bank Innovation

South Africa’s Reserve Bank today unveiled a fintech unit. The unit, which consists of only three members right now, will pay attention to developments in areas like payments, lending and insurance among other things. The unit will report to Deputy Governor, Francoise Groepe.

Taking Back Ownership of Your Data

Dataconomy

The internet has long been a consummate environment for collecting immense amounts of data from large swathes of the population. With the increased use of cookies and other data mining tools, the internet is, essentially, a bottomless trove of useful data.

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NEW DATA: Solving The $200 Billion Checkout Conversion Conundrum

PYMNTS

Modern consumers want it all: free shipping, live site support, product reviews, many types of payment acceptance and, especially, quick checkout times. If they don’t get what they want, they’re likely to walk — or, well, click — away.

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Re-think risk and compliance at IBM RegTech Europe

Insights on Business

As we enter a new year, uncertainty in the risk and compliance landscape is as evident as ever. The amount of regulations and pace of change continues to be overwhelming.

A 2018 resolution: Smoother mobile payments

Mobile Payments Today

Today's mobile payments experience has too many potential cracks in the system waiting to form that put a snag in the potential of a smooth ride start to finish. The industry should work to prevent such issues as much as possible

Mobile 158

Future bank products are like jobs for your children

Chris Skinner

Banks need to make money on new products and services, from things that don’t exist yet, in the same way that children will need to find jobs that don’t exist yet. You may not have seen it, but it is estimated that two-thirds of the jobs of the future are … The post Future bank products are like jobs for your children appeared first on Chris Skinner's blog. Digital Bank Fintech Future Grid Innovation Opinion

JPMorgan Chase Will Invest $20B to Add 400 Branches

Bank Innovation

JPMorgan Chase will open 400 new branches in the United States, raise the hourly wage for a portion of its workforce, and add new jobs to its banks as part of a $20 billion investment program, the bank said yesterday. The new branches will join the 5,130 Chase is already operating in the U.S.,

Meet Ryan Gilbert, One of the Geniuses of the Innovation Bar at Bank Innovation 2018

Bank Innovation

Shouldn’t banks be more like Apple stores? And shouldn’t fintech conferences be more like Apple stores? Bank Innovation 2018 will be.

Upgrading The Sharing Economy With Disbursement Tools

PYMNTS

For the millions of American households that remained on the “nice” list during 2017, the holiday season often meant receiving mounds of new gifts. But sometimes staying on the “nice” list means receiving holiday gifts that are well-meaning, but miss the mark.

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Backing the right horse: Factors for success in transformation investments

Insights on Business

When it comes to digital transformation, how do you manage investments to accelerate results? For banks, the three elements for transformation success are: Security. Culture. Enterprise integration.

Emerging consumer trends bring change to shopping and paying

Mobile Payments Today

Roger Niederer, head merchant services, SIX Payment Services, offers up insight on how technology is not only changing consumer behavior and needs, but also the choice of payment options that retailers can and must offer customers online and in-store

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What does the FCA think about blockchain?

Chris Skinner

In mid-December 2017, the UK’s Financial Conduct Authority (FCA) published a really interesting 32-page paper on Distributed Ledger Technology (DLT). The timing wasn’t great as most of the City was out getting smashed at Christmas parties, so I thought it best to put it aside until the New Year hangovers … The post What does the FCA think about blockchain? appeared first on Chris Skinner's blog. Blockchain Grid Regulation

Fintech Innovation is Top Concern for Banks, EY Says in Banking Outlook Report

Bank Innovation

While regulations continue to be top of mind for financial institutions, banks have another main concern: the innovations and progress being made by fintechs, according to a survey released by EY.

Top 5 Trends to Watch in 2018

Bank Innovation

EXCLUSIVE — It’s not even a month into 2018 and already so much has changed. The cryptocurrency bitcoin, which shocked everyone by surpassing $17K, further shocked everyone by dropping below $10K.

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The Data Behind B2B Payments’ API Excitement

PYMNTS

From market pressures in the U.S. that have encouraged data sharing between banks and FinTechs to regulations in the U.K. and EU like Open Banking and PSD2 that require such cooperation, APIs are emerging as an essential piece of the equation for payments innovation.

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What are best practices to leapfrog your competition in your industry? Look outside

Insights on Business

Fundamental forces are changing how we view business. These forces mean future outcomes are less certain. There is more competition and more ways to assemble winning teams and winning business models, but fewer certainties about what will deliver success.

Payments chatter invades CES

Mobile Payments Today

A CES panel explored the challenges of payments technology, including the difficulty with online payments, glitches in online payment systems, the lack of retail locations that accept mobile payments and problems specific to cross-border payments

Banking as usual is NOT an option

Chris Skinner

I’ve blogged quite a bit about adapting to change lately, and will continue to do so as banking-as-usual (BAU) is not an option. It’s similar to standing in the middle of the road. If you stand there for long enough, you’ll get run over. This is as true in banking: … The post Banking as usual is NOT an option appeared first on Chris Skinner's blog. Digital Bank Grid Uncategorized

The Periodic Table Of Cloud Computing

CB Insights

While the cloud computing industry is one of the more mature sectors in tech, investors and entrepreneurs continue to find fresh opportunities in the space, with top smart money VCs pouring over $7B into the cloud computing industry since 2012.

Banks, Businesses Aren’t Ready for GDPR — But Consumers Are

Bank Innovation

EXCLUSIVE— While PSD2 was the subject of extensive focus for European banks, businesses, tech firms, and fintechs, these institutions may not be ready for another data initiative, the General Data Protection Regulation, set to come into effect this May.

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Amazon Launches Cooking Smart Home Skill API

PYMNTS

Amazon has expanded into cooking with its latest round of new skills , with the announcement on Thursday (Jan. 4) of the launch of the Smart Home Skill API. In a blog post , Amazon developer Mike Maas said that developers can now build skills to enable U.S. customers to control microwaves via Alexa, its voice-activated digital assistant. Support for other types of cooking devices, such as convection ovens, will be launched soon, the executive said.