PYMNTS
JANUARY 31, 2020
Debit is a core payment method in the U.S. that has garnered particularly strong traction among consumers aged 31 to 38. A 2018 survey found that 40 percent of American financial institution (FI) customers in this age bracket reported debit cards as their go-to payment instruments, while 36 percent favored credit cards. Consumers aged 18 to 22, meanwhile, relied equally on the two methods. .
Bank Innovation
JANUARY 26, 2020
FICO is updating its credit scoring system to rely more on debt-to-income ratio, with consumers scoring below 600 to feel the brunt of the scrutiny. The credit bureau last week rolled out its FICO Score 10 Suite, which institutions will launch by the end of the year. The new scoring model is designed to improve underwriting […].
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Payments Source
JANUARY 27, 2020
New designs and easier authentication can boost adoption, says Fingerprints' Thomas Rex.
Bank Innovation
JANUARY 30, 2020
More and more retail and commercial customers are demanding a seamless banking experience. And it’s not just the centennials and millennials; Gen Xers and baby boomers also want immediate access to bank products and services. Financial institutions will need to leverage technology to meet these expectations if they want to retain existing customers and attract […].
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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
Bank Innovation
JANUARY 30, 2020
While U.S. merchants and consumers believe in quick transactions at the point of sale, a Hanover Research survey commissioned by payments tech companies Ingenico and FreedomPay this month suggests consumers have lingering questions about the security of contactless payments. The study queried 350 merchants and 1,350 consumers in the U.S. on their perceptions regarding payment […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Accenture
JANUARY 28, 2020
The weather is likely to be unstable for banks in 2020, with a high probability of storms in places. Several continuing and new indicators suggest so—from banking consolidation, Open Banking and AI to eager big-tech entrants, revenue migration and purpose-driven banking. Drawing on input from our “weather” observation points—the many banks and industry tech providers….
Payments Dive
JANUARY 28, 2020
Lunar New Year has grown to become one of the most important market opportunities in the world of e-commerce. Everyone in the global payment ecosystem needs to consider this holiday shopping period as a metric for global e-commerce performance.
Bank Innovation
JANUARY 29, 2020
With nearly 200 startups, five major banks, 19 venture capital firms and representation from large tech companies like Google, Facebook, PayPal, Toronto is quickly becoming a center for fintech entrepreneurship. To meet the demands of this growing industry, the University of Toronto’s School of Continuing Studies is partnering with education services company Trilogy to launch […].
Chris Skinner
JANUARY 26, 2020
I’ve watched Davos from afar for years now and often wondered what it would be like to be there so, when I got an invite this year, I took it straight away. The United Nations Media Group asked if I could join them and talk about sustainable finance, which I … The post A Davos Day appeared first on Chris Skinner's blog.
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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
PYMNTS
JANUARY 27, 2020
Retail keeps embracing numerous new technologies, and biometrics is not only one of them, but an area of recent growth and development, including via some of the biggest names in commerce. Take Amazon, which continues to expand its brick-and-mortar retail footprint, and the technology underlying those stores. The company is apparently making a bet that the future of retail, and retail payments, will involve consumers’ hands.
Payments Dive
JANUARY 31, 2020
Visa reported strong earnings during the fiscal first quarter, fueled by solid e-commerce and retail spending that offset weaker travel and restaurant spending.
Bank Innovation
JANUARY 30, 2020
Citibank will try to connect investors with neighborhoods in need through City Builder, a new digital tool launched last month. The searchable web platform allows investors to research and invest in “opportunity zones,” or areas in need of economic development, where investors get tax breaks for investing their capital gains. “It’s a market-driven approach to […].
Chris Skinner
JANUARY 28, 2020
I said you’re probably sick of Davos but one last update. On Friday a major announcement affecting all of banking and finance globally seeped out under the radar. I spotted it. Did you? Here it is … World Economic Forum Announces Global Consortium for Digital Currency Governance Today, the World … The post The Global Consortium for Digital Currency Governance appeared first on Chris Skinner's blog.
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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.
PYMNTS
JANUARY 30, 2020
Self-driving vehicle company Aurora has been approved by California regulators to allow passengers rides in its fleet of driverless vehicles, according to reports. The California Public Utilities Commission ( CPUC ) granted the company an official authorization, showcased on the official Aurora website. “This permit lets us give rides powered by the Aurora Driver and shows that we’re committed to being good partners to California and the Commission,” an Aurora spokesperson said.
Ron Shevelin
JANUARY 27, 2020
The “next generation” of banking customers isn’t based on age—it’s about need. Who will have new and different banking needs that the industry will have to design and redesign products and services for?
Bank Innovation
JANUARY 29, 2020
Mastercard Inc.’s new initiative to team up with more startups on credit cards is starting to pay off. The company has been starting card programs for fintechs including Brex Inc., Revolut Technologies Inc. and TransferWise Inc., and has unveiled programs designed to make it easier for startups to join Mastercard’s network. That helped boost customers’ […].
Chris Skinner
JANUARY 29, 2020
I recently posted a whine about HSBC charging 40 percent on overdrafts: Treating Customers Unfairly The fact I wrote this about HSBC gave the impression it was they who were the target. They are, but so are any banks who treat customers unfairly and the blog was meant to be … The post Free banking? No, it’s 39.9 percent banking! appeared first on Chris Skinner's blog.
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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.
PYMNTS
JANUARY 26, 2020
Bank of France Governor Francois Villeroy de Galhau said on Saturday (Jan. 25) that central banks should be in charge of issuing electronic currency, not private companies, Reuters reported. Partially brought on by the emergence of cryptocurrencies and Facebook’s upcoming introduction of the Libra coin, central banks across the globe have been looking into launching eCurrency as a means of maintaining states’ control over money.
BankBazaar
JANUARY 31, 2020
Missed out on the budget? Catch up on all the highlights and what they mean for you here. As India set its eyes on the Union Budget announcement by finance minister, Ms Niramala Sitharaman, one of the biggest expectations was that the budget will help revive the economy and pull it out of one of the worst economic slowdowns in decades. To this end, the government proposed a slew of changes and incentives among which was a major tax rejig.
Bank Innovation
JANUARY 27, 2020
CSI, a leading provider of fintech solutions, recently polled banking executives from around the country, representing 227 financial institutions from across the asset-size spectrum to uncover their top strategies for the coming year. The data from this survey was then collected and used to create an executive report to help bankers get a pulse on […].
Chris Skinner
JANUARY 27, 2020
You’ve probably heard all you need to hear about Davos by now, so I won’t bore you with it much further … except for this. Much of the dialogue for the past year has been about climate change or climate emergency or climate action or whatever you want to call … The post Fed up with talk of a climate emergency? appeared first on Chris Skinner's blog.
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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.
PYMNTS
JANUARY 27, 2020
Kobe Bryant , who died Sunday (Jan. 26), was a well-known businessman and leaves behind a strong legacy of savvy investing and mentoring, according to a report by CNN Business. He was 41 at the time of his death. “For 20 seasons, Kobe showed us what is possible when remarkable talent blends with an absolute devotion to winning,” NBA Commissioner Adam Silver said in a statement Sunday. “… He was generous with the wisdom he acquired and saw it as his mission to share with future generations
Payments Source
JANUARY 28, 2020
As an early adopter of e-commerce in the 1990s, 1-800-Flowers.com is pushing the envelope again with 3-D and augmented reality technologies to sell floral arrangements with new payment options, including Venmo.
Bank Innovation
JANUARY 31, 2020
This week, the Consumer Financial Protection Bureau filed suit against Citizens Bank, alleging violations of the Truth in Lending Act (TILA), including implementing Regulation Z and the Credit Card Accountability Responsibility and Disclosure Act. The CFPB alleges that the bank violated TILA for several years by failing to “properly manage and respond to credit card […].
Chris Skinner
JANUARY 27, 2020
Things we’re reading today include … N26 gaining deposits from US titans like Chase and Citibank UK banks approve highest number of mortgages since 2015 Author calls for Brexit coin ‘boycott’ over lack of Oxford comma £30bn pension fund: we’ll sack asset managers that ignore climate crisis New York surges … The post Things worth reading: 28th January 2020 appeared first on Chris Skinner's blog.
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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.
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