Bank Innovation
APRIL 26, 2017
What’s hot in fintech? Regtech, insurtech, real estate, robos — all of those (and more) have enjoyed the fintech spotlight recently, with impressive startups on the leaderboard. Six of those startups took the stage at the Empire Startups Fintech Conference yesterday to demo their latest and greatest. Checkout the lineup of the hottest startups below.
Chris Skinner
APRIL 25, 2017
I have no academic papers or historical research view on what I’m about to post, although I will find some, but I was reflecting on my discussions of revolutions in humanity. In particular, the second age of humankind, when we invented money as a control mechanism. Before this seismic change, money didn’t matter. We shared beliefs that allowed us to live together in relative peace, but the creation of money changed the balance of humanity.
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Payments Dive
APRIL 25, 2017
Mobile payment platforms debuted amidst tremendous buzz. Although the platforms launched successfully, most consumers continued to use traditional payment methods, pushing business owners to delay their mobile-first strategies to a later date. But that is changing and retailers need to be ready.
Accenture
APRIL 26, 2017
For years, we’ve heard people proclaiming the demise of the bricks-and-mortar bank branch, supposedly swept away by customers’ mass-migration to online and—increasingly—mobile alternatives. But as our latest UK banking consumer survey— Beyond Banking —confirms, there’s still plenty of life in the bank branch. Put simply, customers still want to be able to visit branches and experience the face-to-face contact they enable.
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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
APRIL 25, 2017
The pay-as-you-go model of SaaS — software as a service — has certainly gained traction in the world of banking. SaaS has helped banks and other traditional financial institutions to take advantage of apps or software offered (commonly) by fintechs, without having to buy or build out the technology. But as fintechs are getting bigger, […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
APRIL 28, 2017
Bitcoin was designed to be free from control by any one institution. But as mining and buying activity become concentrated in China, a country whose government wields absolute power, it's getting harder to argue that bitcoin is decentralized and borderless.
PYMNTS
APRIL 25, 2017
Chatbots have moved into a unique position over the past few years. Rather than using chatbots to resolve customer service issues solely on company websites or for inside use at organizations, businesses have begun branching out to help optimize both internal and external organizational needs. While chatbots may be traditionally thought of as the standard instant message chat windows, they have evolved to meet the needs of today’s fast-paced consumer.
Bank Innovation
APRIL 27, 2017
Ripple is taking strides to expand its network–and its technology offerings–in 2017. According to Asheesh Birla, vice president of product for the enterprise blockchain solutions provider, this year “is all about expansion” to new clients, countries, and markets. The company is looking into integrating new technologies to further augment the speed and transparency of its network during […].
Chris Skinner
APRIL 27, 2017
I have a keynote coming up on May 19 in Amsterdam with The Next Web, who I regularly write a column for now. Here’s my latest one: I’m delighted to be speaking at TNW on May 19 in Amsterdam. I wanted to talk about Digital Human, the theme of my next book, but the guys want me to talk about banking and finance and money, as that’s why they asked me.
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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
Payments Dive
APRIL 27, 2017
Retailers, financial services companies, government agencies and others that interact with customers through mobile apps need to keep security top-of-mind and threats become more sophisticated.
PYMNTS
APRIL 28, 2017
Good news emerged from the U.S. venture capital sphere this week: VC funding for FinTech startups in Q1 alone hit $1.2 billion, found a new report from KPMG. Analysts said the industry has seen its highest venture capital activity since Q1 of 2016, fueled by focus on late-stage investment rounds. “The U.S. leads the rest of the world in the total value of FinTech investment due to the large amount of funds available to invest in the market, with investors focusing on late-stage, clear front-runn
Bank Innovation
APRIL 25, 2017
That bank’s mobile app has a killer P2P feature—too bad most consumers are busy checking their balances. According to the April Monkey Insights report released this week by Malaluzai software, checking their balance and transaction history is what happens 77% of the time a user logs into their banking app. That number has remained relatively […].
Chris Skinner
APRIL 26, 2017
I have a webinar on digital transformation at 12:00 GMT tomorrow (April 27) with Salesforce, and they kindly asked me to write a blog to introduce the subject matter. Here it is: I regularly ask audiences at the conferences I speak at if they think we are going through an evolution or a revolution in banking. Invariably, most of the banking people vote for evolution, but I disagree.
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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.
Insights on Business
APRIL 28, 2017
Not so many years ago, “Bankers’ Hours” was a pejorative term meaning any job with a short work day. Today, bankers’ hours are much more customer oriented. With few exceptions, “banking hours” are becoming 24/7/365, or whenever and wherever a customer wants to do banking. Traditionally, banking was a conservative industry with relatively high barriers to entry.
PYMNTS
APRIL 24, 2017
Consumers and business buyers alike are placing new pressures on merchants and their supply chains. The rise in omnichannel B2B and B2C eCommerce has, for some companies, created a disconnect in the product content viewed by buyers and a lack in product information management across sales channels means money lost. According to new data from 1WorldSync, almost half of surveyed merchants and suppliers have lost at least $1 million because of this challenge of omnichannel sales — and more than a t
Bank Innovation
APRIL 28, 2017
There’s a war on in payments — the card networks (and their fees) vs. everyone else. In the U.S., payments innovation tends to center around cards. Uber, Square Cash, even, lately, PayPal are card-first. But Dwolla, and now Plaid, are teaming up to improve the ACH experience for builders, merchants and consumers, which could save […].
Chris Skinner
APRIL 28, 2017
One of my good friends at 11FS referenced Conway’s Law the other day. I wondered what it was, as I know Moore’s Law and the Law of Diminishing Returns in economics, but Conway’s Law? What’s that? It’s a thesis created by Melvin E. Conway, a computer programmer, back in 1968 which states: Any organization that designs a system (defined broadly) will produce a design whose structure is a copy of the organization’s communication structure.
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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.
Payments Dive
APRIL 28, 2017
It's time for a look back at last month's most-read articles and blog posts on Mobile Payments Today.
PYMNTS
APRIL 28, 2017
Apexx, a FinTech startup, is reportedly launching in London, aiming to create a transparent marketplace in which merchants can browse and plug into competing services for a network of acquirers and payment brands. In a report , Apexx said with its platform, merchants can see how the costs compare from one payment brand to the next and get advice on the payment providers that would be best suited for the merchant.
Bank Innovation
APRIL 27, 2017
From “select users” to “millions of merchants,” Venmo is about to make some serious strides into e-commerce. PayPal announced yesterday that it will fully roll out the Pay with Venmo feature to PayPal merchants, said CEO Dan Schulman: PayPal made Venmo available as a payment option on the Braintree platform. We have had the opportunity […].
Chris Skinner
APRIL 25, 2017
Things we’re reading today include … Number of U.S. bank branches to shrink 20 percent in five years will.i.am to mix tech know-how with banking at Britain’s Atom Lloyds bank bailout repaid in full, says Philip Hammond For Wells Fargo directors, narrow wins may not be enough Weatherbys aims to double client base and loan book Former Santander executive to lead bank lobby group Credit Suisse investors prepare to grill chairman Rohner over pay What’s wrong with Lloyds Banki
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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.
Insights on Business
APRIL 28, 2017
The banking industry is undergoing a paradigm shift in terms of adopting cognitive computing into all of its facets. It’s amazing to hear the conversations and see the pilots in which clients are exploring “art of the possible” with cognitive. With the rich data financial services clients hold this is a natural evolution for the industry. The pressure of innovation — driven by the Fintechs — is another factor driving cognitive adoption and moving the industry towards a new way of wor
PYMNTS
APRIL 28, 2017
Although it’s still in its infancy stage of being used outside of the financial arena, blockchain technology is slowly showing signs of impacting other industries. On the tip of everyone’s tongue in the digital advertising arena is blockchain technology. Just as recent as this January , ethereum-based blockchain technology company adChain partnered up with decentralized application studio ConsenSys with the goal of specifically developing a blockchain solution for the online advertising industry
Bank Innovation
APRIL 28, 2017
The Ubers and TaskRabbits of the world fueled the creation of a whole new layer of the labor market, which now spans across (arguably) every imaginable industry. Just like with every new industry, the gig economy is now in need of products and services, designed specifically for its unique market. Finance and insurance products, are, of course, […].
Chris Skinner
APRIL 23, 2017
A summary of the main blogs of the week … Arguing with a banker … A banker and I were talking about the function of a bank. He gave me the classic view: “A bank is there to take people’s money and lend it out at a profit, whilst ensuring the risk of non-payment is minimised” No it isn’t, I … Financial Services: The Next Generation … where is it? I’ve blogged about how I see leadership in the developing (developed now) economies of China and India, and the new innovation models of emerging econo
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