Sat.Sep 03, 2016 - Fri.Sep 09, 2016

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Do banks need a CIO?

Chris Skinner

I was talking with a technology firm the other day. They offer everything from cloud to core systems. Their issue is that the competition wins every time. Not IBM. Not Accenture. Not TCS. Not FIS. Not SAP. Not any of the big names you could mention in such areas. No, their competition is the CIO. … The post Do banks need a CIO? appeared first on Chris Skinner's blog.

System 239
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Mixed reality: A way forward towards a cashless society

Payments Dive

In his latest blog post for Mobile Payments Today, Bruce Burke discusses how "mixed reality" technology could be interwoven between shopping, buying and paying for goods.

Mobile 235
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Credit Karma Hits 60 Million Users, Will Add Mortgages

Bank Innovation

Credit Karma now has 60 million users. Yes, that zero is supposed to be there. And the company, which gives out free credit scores and generates revenue from selling lending leads, is adding 1 million to 2 million users — which the company calls “members” — per month, a Credit Karma official told an Read More.

Lending 229
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Know your competition: Best Practices for using peer bank data

Abrigo

This post is based on a webinar led by Tim O’Rourke, Chairman and CEO of Matthews, Young – Management Consulting. Why analyze peer institutions? A peer analysis – where a bank compares its performance to that of similar institutions - equips bankers to think strategically about a bank’s current position in its competitive environment and to consider its current progress toward a strategic plan.

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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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India’s billion digital identities

Chris Skinner

I’ve blogged a lot about digital identities, but failed to cover an in-depth review of the largest identity program in the world: Aadhaar. It’s been very remiss of me, but I’ve been waiting for the right moment and now seems to be that moment. Aadhaar is well known for those in the identity field, but … The post India’s billion digital identities appeared first on Chris Skinner's blog.

More Trending

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FinovateFall Day 1: APIs, Biometrics, Big Data Analytics

Bank Innovation

It’s that time of year again! Today FinovateFall debuted in New York, where thirty-nine fintech companies debuted their newest toys to an appreciative, fintech-hungry audience. The technology presented ranged from the latest in biometrics, including voice and facial recognition, the latest in how to create insights for big data use–and Read More.

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3 Things impacting consumers' satisfaction with financial institutions

Abrigo

According to the Consumer Financial Protection Bureau’s (CFPB) Monthly Complaint Report , consumer banking complaints increased by 26 percent from 2015 to 2016. This three-month rolling average compares the number of complaints reported from May to July in 2015 against the same period in 2016. In total, the complaints increased from 1,890 in 2015 to 2,239 in 2016.

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Which countries are leading financial inclusion?

Chris Skinner

Building upon Friday’s discussion of how the system treats the poor, there are interesting movements afoot at the Brookings Institute. If you’re not familiar with Brookings, it is one of America’s oldest Think Tanks and provides independent research into social sciences, particularly economics, governance and foreign policy, for the US Government. The Institute has a … The post Which countries are leading financial inclusion?

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Mobile Payments Today: August's best reads

Payments Dive

It's time for a look back at August's most-read articles on Mobile Payments Today.

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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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XBRL usage from Banks and Fintechs

Bank Innovation

XBRL adaptation for reporting, monitoring and supervisory purposes is a broad topic that encompasses Central Banks, Regulators, Stock exchanges, individual companies (both private and public). Main relationships that can benefit from XBRL adaptation in the financial sector Central Banks can improve their favorable financing business to the banks, if they Read More.

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PayPal And MasterCard Announce New Strategic Partnership

PYMNTS

The Wall Street Journal is reporting that Mastercard and PayPal have inked a strategic partnership similar to the one that PayPal and Visa inked earlier this year. As part of this partnership, Mastercard will be presented as a visible payment option to PayPal customers, with prominent issuer branding, implying that PayPal will no longer encourage Mastercard customers to link their bank accounts to PayPal via ACH.

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The developer-driven bank

Chris Skinner

Building on yesterday’s blog (Do bank’s need a CIO?) , the key misunderstanding is the role. Most banks thing the CIO is there to run the technology. They’re not. That’s what they used to do. That’s not the job for the future. First and foremost, the person leading technology developments in any incumbent bank of … The post The developer-driven bank appeared first on Chris Skinner's blog.

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The Inescapable Urgency of the Cognitive Bank

Insights on Business

Late last year, I read an article in the Financial Times that said there were three possible reasons for the turmoil in the worldwide banking industry: a blip induced by excessive regulation, a return to normal after an exceptional pre-crisis boom, or the slow death of banking. Whether you believe it’s one of these or something else altogether, it’s clear that the industry is not performing as well as it – or its investors – would like.

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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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Breaking Banks: Breaking Down Blockchain; Identity and Security [AUDIO]

Bank Innovation

This week host Brett King is again joined by Chris Skinner, as the two conclude their five-part talk on blockchain technology — the rails beneath the anonymous bitcoin which keeps it secure. King and Skinner will wrap up their blockchain series with a discussion about the importance of digital identity and digital security, and the larger role Read More.

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There Are Fewer Unbanked Americans, According To The FDIC

PYMNTS

With increasingly few exceptions, the ranks of the unbanked seem to be on the decline, according to new data released by the FDIC. The percentage of Americans going without banking services fell to 7 percent in 2015 from 7.7 percent in 2013. According to FDIC data, unbanked American consumers peaked toward the end of the Great Recession in 2011 at 8.2 percent.

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Financial Services Club Season Q4 2016

Chris Skinner

I don’t often highlight the Financial Services Club’s forthcoming meetings, but felt it worth just noting a few upcoming specials. Join the Club if you want to come along: Financial Services Club England September 6 Future Applications of the Blockchain Technology – Leanne Kemp, Founder and CEO, Everledger September 20 The Refugee Crisis is also an … The post Financial Services Club Season Q4 2016 appeared first on Chris Skinner's blog.

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CFSA FOIA request to CFPB yields positive comments from payday loan customers

CFPB Monitor

Barbara S. Mishkin. The Consumer Financial Services Association of America (CFSA) issued a statement in which it reported that documents it received from the CFPB in response to a Freedom of Information (FOIA) request filed on December 31, 2015 “reveal for the first time more than 12,000 positive testimonials that payday loan customers submitted to the [CFPB] as part of the Bureau’s “Tell Your Story” initiative.” According to the CFSA, during the five-year period covered by the FOIA

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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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Breaking Banks: New York Fintech Week 2016 [AUDIO]

Bank Innovation

New York was rocking the fintech this week, from Next Money and BBVA Open Talent to Finovate Fall. Tune in to Brett King and company below to hear the fintech insider perspective.

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The Uber For Aerial Shots

PYMNTS

Looking for that ultra-sexy flyover video of your business? Shootly is the mobile app to shoot for. Dubbed the “Uber of photography and droneography,” Cofounder and CEO Garrett Henricksen says he already has more than 25 photographers and a dozen drone pilots ready to meet your photography needs. Whether you’re a real estate agent looking for the flyover money shot, an event planner looking to show off the glitz from tonight’s red carpet production or just a regular joe looking for s

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Things worth reading: 9th September 2016

Chris Skinner

Things we’re reading today include … Mastercard faces £14bn card fee claim Stephen Fry: ‘Without tax, civilisation falters’ Wells Fargo will pay $190 million to settle customer fraud case Federal Reserve asks Congress to limit Wall Street merchant banking Quantum of scholars Carney’s arrogance has diminished the Bank’s influence just when we need it most … The post Things worth reading: 9th September 2016 appeared first on Chris Skinner's blog.

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Mobile Payments 0.9: Why Is the Tech Forever Stuck in Beta?

Payments Source

Mobile technology is radically changing the way people hail taxis, book lodging, consume entertainment and find prospective dates, but the same magic isn’t happening with how people spend money.

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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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Is Human-Robo ‘Hybrid’ Advisory the Best Way to Manage Finances?

Bank Innovation

Roboadvisors are hot in financial and wealth management at the moment, despite the fact that “roboadvisor” can essentially refer to any online service that generates automated investment advice. The current debate in fintech is over their use more than their classification; specifically, people are questioning whether they should be used at all, Read More.

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New App Makes It Easier For People In Vancouver To Pay For Meals

PYMNTS

Residents in Vancouver are getting a little more convenience in their lives thanks to a new app that lets them pay for their meals. According to a report , the co-creator of PayByPhone, a parking app that lets you use your mobile phone to pay for parking, has launched Glance Pay , a mobile app for people who eat out. The app enables diners to pay for dinner at 46 restaurants in Vancouver.

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Things worth reading: 8th September 2016

Chris Skinner

Things we’re reading today include … Barclays and Wave complete world’s first blockchain trade finance transaction Chancellor to meet bank bosses on Brexit gameplan Deutsche Bank calls for reform of global financial messaging system SWIFT Four Fresh Worries About China’s Shadow Banking System Four Fresh Worries About China’s Shadow Banking System Banks say they will … The post Things worth reading: 8th September 2016 appeared first on Chris Skinner's blog

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Blockchain and the reinvention of enterprises, ecosystems and economies

Insights on Business

Having grown up in India, I have first-hand experience on how complex real estate transactions can be to execute. The number of participants that are required to be involved across banks, insurance companies, brokers, land registries, government tax authorities, and other intermediaries is incredible, not to mention the ever present danger that the seller of the property may not be the actual owner of the property being sold.

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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.