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

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. Crisis Fintech Future Grid Opinion

Investment climate grows dim for fintech startups

Mobile Payments Today

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

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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…. The post Building a digital monetary authority for a digital age appeared first on Accenture Banking Blog.

Visa Seeks Patent On System To Turn Government Currencies Into Digital Blockchain Versions

PYMNTS

Credit card giant Visa has filed an application for a U.S. patent on a computer system that would convert physical dollars and other fiat currencies into digital versions, complete with denominations and serial numbers and recorded via blockchain. The system would then remove the paper currency from circulation. According to the [details] discussed herein, the payment ecosystem may become entirely (e.g.

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Intelligent Process Automation: Boosting Bots with AI and Machine Learning

Across all sectors, companies are learning that they can transform their businesses by embracing Intelligent Process Automation, or IPA. With the pairing of AI and RPA, IPA adds a new layer of intelligent decision-making processes to automated RPA tasks. By automating repetitive work, and adding the ability to automate intelligent decision making, intelligent automation frees up your most valuable resources – your employees – to spend more time on higher value and more strategic work. But in order to reap the rewards of Intelligent Process Automation, organizations must first educate themselves and prepare for the adoption of IPA. In our ebook, Intelligent Process Automation: Boosting Bots with AI and Machine Learning.

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. Crisis Digital Bank Fintech Grid

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Bad Actors Emerge in PPP Lending – More Expected as Forgiveness Guidance Emerges

Abrigo

Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. While the SBA has said lenders will be held harmless, some banks fear they will still be culpable if borrowers fail to comply with PPP criteria. Banks can take additional steps to bolster customer due diligence. Small business owners aren’t the only ones eager to get their hands on Protection Program (PPP) funds.

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. It’s also given innovators a renewed impetus to improve them.

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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. Grid Mobile

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An Update to Our CRE Credit Portfolio Forecast

Banker to Banker

In past articles, we discussed a proposed Coronavirus stress test under CCAR ( HERE ) and provided our COVID-19 probabilities of default and loss given defaults for a model bank portfolio ( HERE ). In this article, we update our CRE modeling and take a deeper dive into loan-level analysis in order to help banks triage and manage both individual credits and their portfolio-level reserves

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!

How to Submit a PPP 1502 Report – Get Lender Processing Fees

Abrigo

Key Takeaways While lenders are still awaiting further guidance on PPP loan forgiveness, the SBA has stated that lenders will have to submit an SBA Form 1502 to report on PPP loans and collect processing fees. While an SBA Form 1502 exists for 7(a) loans, the SBA will make a specific Form 1502 for PPP loans, according to the final rule. Lenders must submit 1502 reports through Colson Services Corp.

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The Resurgence Of The Great American Road Trip

PYMNTS

Before 1980, the typical American vacation, no matter its destination, always began with a road trip. Sandwiches and cold drinks packed in a cooler, the maps spread out in the passenger seat and the license plate game were all basic staples of every family trip.

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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. Crisis Grid

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dLocal, Shopify partner to expand merchant payment offerings

Payments Source

Cross-border payment fintech dLocal is partnering with Canadian e-commerce company Shopify to enable small businesses to offer local payment methods in more than 19 currencies in emerging markets. Acquirers Fintech Cross border payments Point-of-sale

How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

Digital Capabilities Adopted for PPP: The ‘New Best Practices’ For Strongest Players

Abrigo

Key Takeaways PPP required lenders to embrace digitalization at scale and vendors delivered The earliest PPP solutions were built upon existing solutions for SBA 7(a) A focus on the entire life cycle of the PPP loan is important in lender-vendor collaboration.

Pandemic Might Launch Flight To Suburbs, And That’s Bad For Urban Businesses

PYMNTS

The COVID-19 pandemic is prompting many Americans to consider moving from urban areas to the suburbs or rural locales – a potentially bad sign for businesses like offices and downtown restaurants.

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. Blog Index Grid Regulation

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Is innovation a friend or enemy of cyber resilience?

Accenture

Banking is continuing to experience rapid change. An array of forces—evolving customer demands, digital disruption, cloud, Open Banking, regulatory shifts, fintech and now the global COVID-19 pandemic—mean banks must innovate or risk becoming obsolete. But while innovation is instrumental to business growth, banks are exposing themselves to an expanding and increasingly diverse cyber risk landscape.…. The post Is innovation a friend or enemy of cyber resilience?

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.

Is Your Financial Institution’s Data Safe in the Cloud? FFIEC Issues Joint Statement on Cloud Computing

Abrigo

Key Takeaways The FFIEC issued a joint statement highlighting best practices for safe and sound use of cloud computing services. There are three main cloud service models, each with different levels of shared responsibilities between provider and client. There are several steps financial institutions can take to mitigate the risk. Cloud computing is an efficient and cost-effective way of housing data and is becoming a mainstay for data services and infrastructure across the globe.

How Brick-and-Mortar Banks Can Seize The Digital Moment

PYMNTS

There was a time when consumers did not require much more from their local bank than a checking account, savings account and an ATM card. This has changed dramatically in recent years as consumers’ financial lives have migrated to the digital realm. Consumers are paying with credit and debit cards more than ever before, and they are increasingly looking to their smartphones to gain greater control over how they spend and manage their money.

You might be staying in more than you expect

Chris Skinner

When Digital Human came out, its subtitle was The Fourth Revolution of Humanity includes Everyone. The premise was based upon humanity entering a fourth phase where every human on Earth could connect with every other human on Earth by just having a mobile telephone. Not only could they connect, but they … The post You might be staying in more than you expect appeared first on Chris Skinner's blog. Crisis Future Grid

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Can fintech fix the supply chains that coronavirus broke?

Payments Source

Coronavirus has taken a massive toll on suppliers, and emerging invoice methods are getting thrust into the mainstream to rescue cash-strapped businesses. Fintech Real-time payments Digital payments Faster payments Venture funding Coronavirus Payment processing

How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

What the Coronavirus Has Taught Us About Banking Relationships

Abrigo

Key Takeaways The coronavirus has propelled FIs and customers to embrace digital offerings Work from home schedules, sheltering in place, and urgent financial needs have changed customers' expectations of bank response times. The Paycheck Protection Program exposed the importance of digital offerings for customer retention and acquisition.

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Why Pushing Pause Will Help Subscription Commerce Surge

PYMNTS

Consumers are treating spending very differently today than they were even eight weeks ago. That fact is increasingly underlined in a variety of data streams: recent PYMNTS consumer surveys, the earnings reports of the card networks, early information on how stimulus funds are being spent – they all tell the same story of consumers tightening their belts and shifting away from discretionary spending and toward necessities.

Things worth reading: 12th May 2020

Chris Skinner

Things we’re reading today include … Barclays still banking on climate breakdown UBS eyes digital bank licence in China Judo Bank achieves Unicorn status on $230 million fund raise Bitcoin goes through third ‘halving’, falls vs U.S. dollar Bitcoin ‘halving’: What does the much-hyped event mean? Brexit: UK-EU trade talks … The post Things worth reading: 12th May 2020 appeared first on Chris Skinner's blog. Reading

A Protocol for Reopening a Non-Customer Facing Office (Phase II Protocols)

Banker to Banker

We have blogged about checklists for returning to work ( here ) and the models available to bankers to decide when to call employees to the workplace ( here

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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.