Sat.May 30, 2020 - Fri.Jun 05, 2020

Key Considerations Tied to the Pandemic and CECL, Allowance-Related Issues

Abrigo

Key Takeaways CFOs have numerous considerations related to the impact of the coronavirus pandemic on the allowance for credit losses, whether it is calculated under the incurred-loss model or CECL. For lenders reporting under both the expected-loss and incurred-loss models, an increase in loan workouts or modifications may wind up as unwanted impacts on the allowance.

How direct pay can help frontline delivery workers

Mobile Payments Today

Frontline workers have faced many hardships during the COVID-19 pandemic, including the risk of economic insecurity. The growing trend among gig economy workers and other frontline employees, is the ability to get money directly into their pockets when they compete their daily obligations

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2030 arrives in 2020

Chris Skinner

I got a chart this week that made me smile. This is it … In one month, retail sales jumped massively from 16% to 27% of all sales. The end of main street is nigh. Other facts and figures that made me smile were Amazon’s retail sales jumping 24% in … The post 2030 arrives in 2020 appeared first on Chris Skinner's blog. Future Grid Technology

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The future of finance is sustainable?and profitable

Accenture

The finance ecosystem—clients and employees, shareholders and stakeholders—is striving for purpose and sustainability. Environmental, social and governance (ESG) considerations are at the forefront of financial decisions, supported by the Sustainable Development Goals (SDGs) and increased awareness of the climate emergency. Sustainable finance is sometimes referred to as green finance, but it’s not just about reducing….

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5 Things a Data Scientist Can Do to Stay Current

DataRobot together with Snowflake – a leading cloud data platform provider — is helping data scientists stay current with the latest technology and data science best practices so that they can excel in an increasingly AI-driven workplace. Five Things a Data Scientist Can Do to Stay Current offers data scientists guidance for thriving in AI-driven enterprises.

Alabama Reopens And COVID-19 Cases Soar 300 Pct Month Over Month

PYMNTS

After Alabama reopened on May 1, the state has seen coronavirus cases surge by 300 percent month over month, with intensive care units (ICUs) at less than 4 percent capacity remaining and medical workers “exhausted physically and mentally,” Montgomery Mayor Steven Reed said on CNBC. Reed said his region has “improved marginally,” but that it is “not enough to get us out of this crisis moment.”

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No one changes behaviour ? unless forced to

Chris Skinner

I see lots of surveys and research about the use of technology in finance. Things like 47 percent of consumers are interested in biometric payments or 80 percent of consumers would use mobile payments. Then you look at the adoption rates and the actual usage is more like 4 and … The post No one changes behaviour … unless forced to appeared first on Chris Skinner's blog. Grid Numbers Payments

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Messaging that will Maximize Forgiveness and Reduce Processing Time

Banker to Banker

PPP forgiveness is fraught with peril for bankers. Done the wrong way, and it will suck countless resources. Aside from having a good process and/or technology platform, having a marketing plan will be the difference between success and failure. If done correctly, an application can take 20 minutes to review and approve. If done incorrectly, that same application will take over three hours

Atlanta Fed: Real GDP Estimated To Fall 52.8 Pct In Q2

PYMNTS

Real gross domestic product ( GDP ) is projected to plummet 52.8 percent in the second quarter, according to the Federal Reserve Bank of Atlanta’s GDPNow as of Monday (June 1). The model, which offers a “nowcast” of the official estimate before its release, had forecast a 51.2 percent drop on May 29, according to an announcement. The nowcasts of real personal consumption expenditures growth for Q2 fell from a 56.5 percent drop to a 58.1

The impact of new payments methods on the payments landscape

Accenture

In his report on the top 10 banking trends for 2020, our global banking lead, Alan McIntyre, made a telling observation: that the focus of Open Banking has shifted from payments initiation services to consumers’ data rights. The impact? Today, banks don’t just need to show that they can be trusted with aggregated customer information.…. The post The impact of new payments methods on the payments landscape appeared first on Accenture Banking Blog.

The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

I’m not a futurist

Chris Skinner

The other day, I said that I was confused about the future. Some folks said that seems strange for ‘a futurist’, but I’m not a futurist. I’m just a guy who looks to the future and tries to understand and predict what I can. We often get predictions wrong. The … The post I’m not a futurist appeared first on Chris Skinner's blog. Future Grid Opinion

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Rebeca Romero Rainey: Leadership is about teamwork

Independent Banker

“Well-executed leadership is less about marching to your own beat and more about creating a well-choreographed team play.”. Remember that childhood game follow-the-leader where one person directed, and the others walked in line? Well, it was not a favorite of mine, and I could never quite pinpoint why. As I’ve moved forward in my career, I realized what bothered me: The leader in that game dictated the path, and others blindly followed suit.

MercadoLibre: The ‘Amazon Of Latin America’ Spreads Its Wings

PYMNTS

Imagine if a North American company had the market share of Amazon, the payment flexibility of PayPal and the credit portfolio of Visa. In Latin America, such a company exists in the form of MercadoLibre , a triple-threat regional financial powerhouse based in Argentina. It is one of the region’s fastest-growing companies, having just turned in a stellar first quarter in a region that has more complexities than any of its northern neighbors.

Finding the right operating model and governance for Open Banking

Accenture

When transitioning to Open Banking, one of the key considerations for banks is their operating model and governance structure. If banks do not adapt to new ways of working, they may risk losing market share to savvy new digital entrants. In our experience working with banks across the globe, we found that focusing on the…. The post Finding the right operating model and governance for Open Banking appeared first on Accenture Banking Blog. Uncategorized Governance Open Banking Operating Models

The Empowered Consumer

When it comes to working with the empowered consumer, AI has the power to help your business thrive by leveraging your own data to better understand your customers. Read our ebook, The Empowered Consumer, to learn more about how AI can help you connect with your customers.

Goldman Sachs compare bitcoins to tulips, and cryptofolks aren’t happy

Chris Skinner

Goldman Sachs just became the bad boy on the block in the bitcoin brethren by saying bitcoin has nothing behind it. Remember last week when we were all bullish for the Goldman Sachs Bitcoin call? L pic.twitter.com/W5lRyx1L5Y — Zack Voell (@zackvoell) May 27, 2020 However, when you look at their … The post Goldman Sachs compare bitcoins to tulips, and cryptofolks aren’t happy appeared first on Chris Skinner's blog. Blockchain Future Grid Opinion Payments

Payment firms already have the tools for the coronavirus recovery

Payments Source

As merchants are challenged to adapt their business just to survive, and consumers push for greater control over where and how they spend, the payments industry is in a position to align the various needs, says Splitit's Brad Paterson. Fintech Contactless payments Mobile payments Coronavirus Payment processing Merchant

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Bitcoin Daily: Nike Offers Crypto Rewards For Online Purchases; BlockFi Teams With Bitcoin Mining Pool On Lending, Financial Services

PYMNTS

Plutus , a British FinTech startup, is providing rewards via its credit card to customers who buy from the eCommerce store of Nike , Cointelegraph reported. The rewards are made with Pluton, the native digital currency of the company. Users can receive additional rewards by staking their digital tokens through the company’s app. Users have to utilize the Plutus Visa card as they shop through the web to get the benefit. The company, for its part, runs in the European Economic Area and in Britain.

May Employment Report Shows Unexpected Improvement

Abrigo

This morning’s employment situation report for the month of May was genuinely amazing – and unexpected. Market expectations were for a headline unemployment rate of about 19.7% and job losses for the month to total between 8.3-8.5 million. That wasn’t the result. The headline unemployment rate fell from 14.7% to 13.3%, and employment increased by 2.5 million jobs. Functionally, I can stop right there. Employment by sector was uneven.

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B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

The end of main street

Chris Skinner

Wondering about the future. Always wondering about the future. Thinking about where things are going. It’s the only thing we don’t know. We know the past; we live in the present; we wonder about the future. What’s my future? What’s your future? What’s the future for our children and our … The post The end of main street appeared first on Chris Skinner's blog. Case Studies Future Grid Opinion Payments

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Is coronavirus pushing more people to voice payments?

Payments Source

The coronavirus pandemic was an unexpected catalyst for contactless cards, and another no-contact payment method is poised for growth as well: voice payments. Voice Recognition Online payments Biometrics Digital payments Coronavirus Virtual assistants Internet of things

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The Machine Learning Fix For Healthcare Disbursement Delays

PYMNTS

Financial institutions (FIs), businesses and healthcare providers are adjusting their operations to suit the new reality that the COVID-19 pandemic has caused. Healthcare provideers, for example, are turning to telehealth solutions to service patients for routine appointments as to keep those individuals from entering hospitals or doctors’ offices and risking exposure.

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8 Steps To Profitable Loan Growth Given The Environment

Banker to Banker

Loan growth is slowing for community banks, and credit spreads are widening. As is typical in economic cycles, recessions present an opportunity for healthy banks to thrive and for weaker banks to be whittled. Despite the flat and low yield curve, the current banking environment is a perfect recipe for healthy banks to win new, strong credit relationships, and increase loan profitability.

Data Science Fails: Building AI You Can Trust

The new DataRobot whitepaper, Data Science Fails: Building AI You Can Trust, outlines eight important lessons that organizations must understand to follow best data science practices and ensure that AI is being implemented successfully.

Things worth reading: 5th June 2020

Chris Skinner

Things we’re reading today include … Can you help? research request) Goldman Sachs executive’s email making plea for racial equality goes viral at firm Revealed: UK banks and investors’ $2bn backing of meat firms linked to Amazon deforestation Wealth management faces fallout from coronavirus ESG investors get their heads around … The post Things worth reading: 5th June 2020 appeared first on Chris Skinner's blog. Reading

How GDPR rules still apply to coronavirus contact-tracing apps

Payments Source

In addition to Apple and Google delivering smartphone apps that would alert users that they are near a person infected by the virus, various other government agencies and businesses are developing that type of technology to address the pandemic's spread. Compliance European Union Coronavirus GDPR Mobile technology

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Cloud Computing Takes On The Legacy Issue

PYMNTS

Isn’t it surprising to know that 70 percent of financial institutions are just now adopting cloud computing solutions? Or how about this fact: over 90 percent of the world’s top 100 banks still use physical mainframes running 20th century style. So, what’s holding up the upgrades? It’s that old devil, legacy, and a smidgen of caveat emptor on the part of upgrading banks.

If Security Tokens are in a coma, maybe it is time for a new look at Utility Tokens ? did somebody say ICO?!

Daily Fintech

Before we had STO, we had ICO. Now the STO market is either taking a refreshing nap or in a coma – or punched by the SEC and down for a count of 10. Before either ICO or STO became famous, somebody pointed out to me that tokenizing existing assets via what we now call Security Tokens is a big and important change but not as fundamentally game-changing as a totally new tool such as Utility Tokens. Maybe that idea of Utility Tokens is worth revisiting?

Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.