Sat.May 09, 2020 - Fri.May 15, 2020

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The Impact of the COVID-19 Pandemic on Financial Inclusion

Chris Skinner

I spent some time recently chatting with Joanne Dewar, Chief Executive Officer, Global Processing Services (GPS). I spotted GPS a while ago, and blogged about how they worked with Monzo, Starling, Revolut and more last October. Anywho, Joanne wrote a brilliant piece on the Nasdaq website the other day, which … The post The Impact of the COVID-19 Pandemic on Financial Inclusion appeared first on Chris Skinner's blog.

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Building a digital monetary authority for a digital age

Accenture

Central banks’ key functions have remained largely unaltered since the first such institution was established in Sweden in the mid-17th century. These include setting monetary and financial policy, acting as lenders of last resort, ensuring the stability of the financial system and supervising the financial industry. The pace of digitally driven change throughout the financial….

Policies 432
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Investment climate grows dim for fintech startups

Payments Dive

The COVID-19 pandemic has created a shaky climate for startups in the fintech space, as investors look for more clarity in the near-term economic outlook.

Fintech 356
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Disrupting Traditional Payroll For A New Economic And Global Normal

PYMNTS

For all the human and business impacts caused by the global coronavirus pandemic, the crisis has also been instructive, particularly in illustrating the shortcomings in systems that worked just fine — until they didn’t. The massive and simultaneous global shift to digital has put a spotlight on traditional supply chains, antiquated paper-based processes and an aging payments infrastructure.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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Dealing with a crisis: FinTech versus Bank

Chris Skinner

The chasm between start-ups and incumbents is massively exposed by coronavirus. I realised this early on, when I saw that FinTech firms who were born on the internet were far more ready for working from home than traditional banks who depend on branches, buildings, office and physicality. In fact, this … The post Dealing with a crisis: FinTech versus Bank appeared first on Chris Skinner's blog.

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How retailers can use mobile to recapture sales during COVID-19

Payments Dive

Retailers are using e-commerce and mobile to make up for lost sales at the physical store during the wave of store closings due to the COVID-19 pandemic.

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Will Restaurants Ever Find A Way To Beat The Grocery Store?

PYMNTS

The fact that grocery stores are comprehensively winning the race to keep the American consumer fed shouldn’t be too surprising, considering grocery stores are by and large still open for business, and restaurants have been forced by statute in most places to close their doors. In the world of retail sales, it’s hard to find a bigger advantage than being open in the face of everyone else’s closure.

Survey 265
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Free research: Open Banking, Mobile Money and Digital Currency

Chris Skinner

I just found three interesting management reports. One is a survey from Salt Edge on the lack of success of the use APIs and Open Banking, two years after the introduction of PSD2; the second is from the GSMA on the state of mobile financial services; and the third is … The post Free research: Open Banking, Mobile Money and Digital Currency appeared first on Chris Skinner's blog.

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Tech competition will hinder digital identity adoption

Bobsguide

With banks and financial services closing physical branches and large parts of the population unable to leave their homes, organisations are hoping to utilise digitalised identities – but the fact there are no industry standards or protocols is causing concerns. “We’ve always.

Industry 203
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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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Coronavirus puts greater onus on tokenization for e-commerce security

Payments Source

Tokenization and buy buttons began, in part, as ways to appease the security concerns of online shoppers who were wary of moving away from plastic. They’re now becoming a way to keep a health and economic crisis from turning into a security problem as in-store checkout quickly gives way to apps and websites.

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EMQ Bolsters Global Payments With New Enterprise Settlement System

PYMNTS

To bolster global payments for businesses throughout the world, EMQ launched its new enterprise payment technology with same-day settlement functions in local currencies throughout eight countries. The nations include China, Indonesia, India, the Philippines, Malaysia, the United Kingdom, Singapore, and Japan, according to an announcement. . The enterprise settlement technology of EMQ lets companies, banks, and other licensed financial institutions access same-day settlement with more transpa

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Things worth reading: 15th May 2020

Chris Skinner

Things we’re reading today include … Coronavirus: Lloyd’s of London says claims to be biggest since 9/11 How will Britain dig itself out of a £300bn coronavirus hole? How to fight an economic crisis in a monetary union Goldman Sachs to buy boutique wealth management custodian Folio Washington fires its … The post Things worth reading: 15th May 2020 appeared first on Chris Skinner's blog.

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Open banking could see monopolies emerge

Bobsguide

Areas of the market in which open banking protocols are implemented without standards could risk seeing new bank monopolies emerge, according to Paul Freemantle, chief technology officer at open source tech provider WSO2 during a panel today at the Open Banking World Congress. “Maybe.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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How businesses are surviving the pandemic

Payments Source

Our second monthly survey found a smooth transition to remote work and digital customer access channels — but technology issues still arose. The pandemic has highlighted the importance of having a strong digital presence across all retail sectors, including financial services.

Survey 158
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Why Cultivating Customer Loyalty Has Become The Crucial Commerce Capability

PYMNTS

Consumers are thinking about their commerce experience through an entirely different and largely safety-focused lens in a way they never have before. It’s a story told in the data — the PYMNTS COVID-19 Brief Series quantifies the myriad ways health and safety have become prime factors in consumers’ lifestyle choices. And it’s a story told in the subtle but noticeable shifts happening in all of our own lives anecdotally.

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Things worth reading: 14th May 2020

Chris Skinner

Things we’re reading today include … Coronavirus crisis causing ‘very sharp move into recession’, Bank of England governor warns Open Banking Europe publishes draft signature standards for bank APIs UK property market could fall 13%, housing experts predict ABN Amro slumps to loss as impairment charges pile up Banking: the … The post Things worth reading: 14th May 2020 appeared first on Chris Skinner's blog.

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LatAm embraces OB

Bobsguide

Effective since 2018, the implementation of Open Banking standards in the UK has established a model across the globe – particularly for ambitious Latin American countries looking to digitise their financial system. Last week, Brazil released its new open banking rules aimed at enabling.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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Gig economy payroll players may be well positioned for the coronavirus economy

Payments Source

The sharing economy faces its first true crisis, but the payment companies that enable nontraditional payrolls say that the best way to fuel the recovery is to simply be more creative in how people get paid.

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Visa Expands Visa Token Service, Eyes eCommerce ‘Balancing Act’

PYMNTS

Visa said Wednesday (May 13) that 28 new partners — spanning a range of gateway acquirers and technology partners — are joining Visa Token Service as credential on file token requestors. The 28 additions add significantly to the 150 token requestor partners that had been included in Visa Token Service through the years since the service launched in 2014.

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The failure of banks (#coronavirus)

Chris Skinner

The other day, I blogged about the failure of government in this crisis. Today, I’m blogging about the failure of banks. I am aware that in some countries – the Netherlands seems to be one – there has been great continuance of bank service. Unfortunately, the UK is proving to … The post The failure of banks (#coronavirus) appeared first on Chris Skinner's blog.

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3 Questions with SWBC Financial Institution Group's Mark Hein

SWBC's LenderHub

Recently, SWBC Financial Institution Group’s CEO, Mark Hein, sat down with Lauren Culp, publisher and CEO of CU Insight to discuss how SWBC is helping credit unions and their members during these unprecedented times.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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Personal Finance In The Post COVID-19 World

BankBazaar

The world as we know it will no longer be the same in the aftermath of the COVID-19 crisis. Nationwide lockdowns across the globe have crippled the economy that has led to massive layoffs and pay cuts. What does it hold for our personal finance? Let’s take a look. . A few years ago, if someone told us that a microbe is capable of bringing the world to its knees, we would’ve laughed it off.

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AI-Powered Robots Help Retailers Build Cleanliness As ‘Brand Value’

PYMNTS

The rise of the machines seems a bit closer at hand now that we are battling the pandemic. Not the humanoids that are the stuff of science fiction that ostensibly, one day, will do our bidding (and, depending on who you read, perhaps conspire against us). Picture, instead, fleets of utilitarian machines, squat, careful and not at all threatening, rolling through retailers’ aisles, hospital wings and other avenues of everyday human life.

Retail 247
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The Finanser’s Week: 4th May 2020 – 10th May 2020

Chris Skinner

The main blog headlines are … Where was the digital backup to our physical structure? The coronavirus crisis has hit everyone sudden and hard. We originally thought it was a Chinese crisis and now it’s a global one. It’s shut down economies worldwide and the banking system has been asked … The post The Finanser’s Week: 4th May 2020 – 10th May 2020 appeared first on Chris Skinner's blog.

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COVID-19: Real Trends and Stories From the Front Line

Gonzobanker

Banks and credit unions report the pandemic’s impact on customer behavior. There have been all sorts of discussions about the impact of COVID-19 on branches, customers and banking activity. At Cornerstone, we had a novel idea: instead of people like us droning on about what’s happening at financial institutions, why not hear what bankers who are living this every day at the front line have to say?

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.