Sat.Aug 17, 2019 - Fri.Aug 23, 2019

The key to IoT is identity

Chris Skinner

The term The Internet of Things (IoT) was first used twenty years ago. Twenty years later, IoT is emerging rapidly. We have our cars and homes networked but, more than this, we have gadgets like Google Home, Siri and Alexa.

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Inside Kiva’s digital identity solution for banks in Sierra Leone

Bank Innovation

Confirming a customer’s identity is an ongoing pain point for banks and financial institutions around the world. It’s an even bigger challenge for countries that have high underbanked populations like Sierra Leone.

In Latin America, Ripple Makes Remittance Waves

PYMNTS

In Latin America, news comes this week that Santander Group is boosting its use of Ripple’s technology to aid payments across what CoinDesk reported is a “payment corridor” in Latin America.

Apple Card launch generates major buzz, but industry split on long-term impact

Mobile Payments Today

The official launch of Apple Card has generated major buzz across the payments and banking industry, however a split has emerged about whether the technology company will truly break new ground on a digital payment product that grows the business with consumer friendly financial services

AI is not a technology change but a cultural one

Chris Skinner

I just picked up a Financial Times article talking about how Artificial Intelligence (AI) will change the way you deal with money. It’s actually more about the Chinese internet giant Ping An, and how they’re changing finance using AI.

RBC focuses on digital products as mobile adoption spikes

Bank Innovation

Royal Bank of Canada is growing its digital product portfolio as mobile user adoption grows.

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Mastercard Looks To Hire Crypto Team

PYMNTS

Mastercard , already an ally of Facebook’s Libra , announced it’s in the midst of planning its own cryptocurrency team, the New York Post reported on Saturday (Aug.

More Trending

Silicon Valley is eating the crumbs the banks’ left after lunch

Chris Skinner

I saw a write-up in The Financial Times the other day on how Silicon Valley is eating the banker’s lunch. The article was written by Tom Braithwaite. Tom Braithwaite is the companies editor, managing the FT’s business coverage.

Two Proven Secrets To Faster Bank Decisions - Part II

Banker to Banker

CRITICAL THINKING In Part I, we highlighted how having too much information about a decision often increases the confidence about the decision but usually doesn’t change the accuracy of the decision.

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Apple Card Officially Released In US

PYMNTS

The Apple Card, a credit card created in partnership by the technology company, was officially released in the U.S. on Tuesday (Aug. 20), the company said in a release.

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Lawmakers take a hard look at cryptocurrency

Mobile Payments Today

With Facebook's announcement of its cryptocurrency Libra, cryptocurrency has gotten a lot more attention recently, and not all of it is positive, especially from U.S. lawmakers. Many are seeing cryptocurrencies like Libra as a national security issue

Are humans really needed for banking?

Chris Skinner

I enjoy being around bankers who have been immersed in the industry nearly all of their lives and hearing their war stories. I heard two stories recently from a retiring banker, and thought it worth sharing to show just how far we’ve come.

Cuentas wants to turn convenience stores into financial centers

Bank Innovation

Cuentas, a Miami-based prepaid debit card company targeting Spanish-speaking populations, wants to turn convenience stores into financial hubs through Cuentas-branded debit cards and accounts. The cards, which will launch in early September, will be linked to an online bank account from Saturn Bank.

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How Sports Stadiums Are Undergoing Digital Transformations

PYMNTS

No industry is immune to digital transformation. Sure, activities like shopping online, getting food delivered, catching a cab or finding a gig are some of the most front-and-center examples. But recreational pursuits like live sports have also been given a tech makeover.

Seven Items That Should be on Every BSA Software Checklist

Abrigo

Shopping for a bank secrecy act/anti-money laundering (BSA/AML) monitoring software can feel overwhelming. There are so many options, features, and benefits to each system that it can be tough to figure out where to start. We’ve spent the last 20 years working with industry experts regarding regulatory compliance and our customer base regarding program efficiencies to build BAM+ into the ultimate BSA/AML regulatory and compliance solution.

The future of The City of London

Chris Skinner

As I walk around The City, I’m often finding new buildings, new developments and major erections rising around the Square Mile. On that latter note, I don’t mean Boris Johnston, but major new office blocks.

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Wirecard’s cashier-free checkout to help retailers stand up to Amazon

Bank Innovation

The growth of Amazon Go cashierless stores is causing a ripple effect among retailers. It’s what’s been inspiring big-box retailers — among them, Walmart, Sam’s Club, Giant Eagle and others — to develop cashierless payment systems of their own.

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When Disaster Strikes, Digital ID Is Front And Center

PYMNTS

Hurricanes, wildfires, tornados, earthquakes and floods — disasters of all types tend to bring out the best and the worst in people. Generous donations. Ripped-off funds. Faulty grant applications and truckloads of supplies sent to the impacted areas.

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Easy Ways BSA Officers Can Get Their Required Training

Abrigo

Ongoing training is at the very heart of a satisfactory Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program in financial institutions.

The Finanser’s Week: 12th August – 18th August 2019

Chris Skinner

The main blog headlines are … Chris Skinner’s TEDx Talk I am honoured and privileged to list on my profile that I have been an advisor to the White House, World Bank, World Economic Forum and United Nations. Now I can add TEDx Speaker.

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Why MPOWER offers student loans based on future salary potential

Bank Innovation

While student loans are a necessity for many American students, international students face the additional hurdle of a lack of credit access. Washington, D.C.-based based MPOWER is trying to solve this problem by offering international students loans based on future earnings potential.

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Amazon On Track To Invest $15B In Tools For Third-Party Sellers

PYMNTS

Amazon is on track to invest upwards of $15 billion this year in new tools to help small and medium-sized businesses (SMBs) grow and succeed, according to a press release. . To aid SMBs, 150 new tools have been launched since the beginning of the year, the company announced on Thursday (Aug 22).

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How One Bank Intends to Implement CECL – And Maybe Even Do It Early

Abrigo

Main Street Bank, like thousands of other privately held or smaller financial institutions across the U.S., recently found out it will have extra time to implement the current expected credit loss (CECL) accounting standard.

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Things worth reading: 20th August 2019

Chris Skinner

Things we’re reading today include … ECB Says the Next European Bank Hack Is Just a Matter of Time Bank of America Applies for Multi-Tiered Crypto Wallet Patent Is mobile banking app Monzo too good to be true?

How savings app Plinqit wants to help banks

Bank Innovation

While third-party savings apps like Digit, Qapital and Tip Yourself aim to help customers save money automatically, Plinqit is pitching its savings app as a tool that partner banks can use to drive more business.

Trending: FIs Use AI To Challenge Challenger Banks

PYMNTS

Legacy banks have their work cut out for them if they want to survive another century as key players in the digital banking world.

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What Visa and Mastercard don't want you to know about cash

ATM Marketplace

Cash is the quicker choice. The average cash payment transaction at the point of sale takes only around 22 seconds, 7 seconds faster than the average card and PIN payment and a whole 16 seconds quicker than a typical card and signature transaction

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Things worth reading: 19th August 2019

Chris Skinner

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Better.com raises $160m to expand partnerships, launch insurance products

Bank Innovation

Better.com, a New York-based mortgage lending startup, raised $160 million in a Series C funding round on Monday to develop new products, hire new employees and launch new partnerships.

JPMorgan Shuts Down Chase Pay In Stores

PYMNTS

JPMorgan has discontinued its Chase Pay app that allowed users to pay with their smartphones in stores, according to a report by Bloomberg. The app will stop working in the early part of next year, but users will still be able to use Chase Pay on websites and in the apps of participating retailers.

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A Loan Strategy Given Lower Rates

Banker to Banker

INCREASING LENDING PROFITABILITY Many industry analysts are increasingly gloomy on the banking industry, trimming expectations for net interest margin, interest income, and total profits.

Things worth reading: 23rd August 2019

Chris Skinner

Things we’re reading today include … U.S. SEC fines Deutsche Bank $16 million to settle foreign corruption charges Can the Fed’s chair shake off the wolves of Wall Street and White House? Jes Staley: the last man in European investment banking Wells Fargo pays $6.5

Weekly Wrap: Transit to drive tap-to-pay push, as Chase embeds with merchants

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending August 23, 2019. In this episode, Suman Bhattacharyya, deputy editor of Bank Innovation, discusses the following news developments: How the U.S.

Supply Chains, Aided by AI And Robots

PYMNTS

eCommerce is ever faster — and consumers want what they want — now. That means for the firms shipping all manner of goods across all manner of verticals need to track inventory and supply chains in real time. Technology is the key to speed.

Silicon Valley Is Eating The Crumbs From The Banks' Lunch

Ron Shevelin

A Financial Times article on how Silicon Valley is "eating banks' lunches" got it all wrong. It's time to set the record straight

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Things worth reading: 22nd August 2019

Chris Skinner

Things we’re reading today include … Deutsche Bank clamps down on hiring amid €7.4bn restructuring Atom Bank boss Mark Mullen: “Banks in a hurry are taking risks or cutting corners” Contactless cards could get fingerprint upgrade Citigroup, BNP caught up in U.S.

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BofA sees encouraging results among small businesses using Zelle

Bank Innovation

Bank of America is seeing encouraging early uptake of business-to-business payments through Zelle, with 180,000 small businesses having sent money through the service since it launched in June.