Sat.Oct 05, 2019 - Fri.Oct 11, 2019

Facebook has forced the world’s banks to innovate

Chris Skinner

It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow.

Why The SAFE Banking Act Won’t Solve All Cannabis’ Payment Problems

PYMNTS

One down, two more steps to go: That’s the situation with the federal SAFE Banking Act, which recently won approval by the U.S House of Representatives. The bill promises to open up cashless payments for the growing retail cannabis industry. If the bill were to win approval by the U.S.

Ohio 280

Affirm rolls out virtual card for checkout loans

Bank Innovation

The point-of-sale loan is evolving to a digital card that feels like a credit card but isn’t nearly as tough on customers’ budgets.

Cards 186

Last minute checklist on using SRC to remove friction out of mobile commerce

Mobile Payments Today

As American Express and Discover plan to implement SRC, there are a few issues to consider regarding how this will impact your business

Mobile 180

What does “innovation” mean in finance?

Chris Skinner

I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech.

What We’ve Learned From Libra

PYMNTS

PayPal officially pulled its support of Facebook’s Libra initiative after it no-showed at the Libra Association meeting last week in Washington, D.C.

With $2b valuation, Marqeta focuses marketing strategy on startups

Bank Innovation

A company that operates quietly in the background of popular financial apps and platforms is taking steps to become more visible.

More Trending

Innovation? Humbug!

Chris Skinner

Bill Gates said in the early 1990s that “we need banking but we don’t need banks anymore”. He was wrong. I hosted a banking seminar in the late 1990s where David Llewellyn, a Professor of Money, stood up and stated that “there will be more change in the next five … The post Innovation? Humbug!

Finastra Taps Ripple To Power Blockchain Payments

PYMNTS

Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments.

How TD Canada Trust is personalizing its in-app experience

Bank Innovation

As customers navigate through TD Canada Trust’s digital banking platform, the bank is looking to data analytics tools to make customer experiences more relevant.

BBVA's Strickland: customers want similar experiences in desktop, mobile banking

Mobile Payments Today

Tim Tang, director, enterprise solutions at Hughes, sits down with Gil Strickland, vice president, product management at BBVA USA, to talk about customer expectations for online and mobile banking during the Bank Customer Experience Summit in Chicago

What does the term ‘challenger’ really mean?

Chris Skinner

I had a few people haul me up over my critique of Nicholas Megaw’s article in the FT last week, including Nicholas himself. I realised post the post that the issue is definitions.

Google Beefs Up Vacation Rental Search

PYMNTS

Google is stepping up its vacation rental business with enhanced listings that will include reviews, photos and more, and appearing before competitors on search, Skift reported on Saturday (Oct.

Google 246

Upgrade bridges the gap between credit cards, installment loans

Bank Innovation

Banks and digital lenders may be throwing their weight behind point-of-sale loans instead of credit cards, but personal loan company Upgrade is launching a product that straddles both product categories.

Cards 158

Stress Testing: Are the Results Guiding Your CECL Decision-Making?

Abrigio

Stress Testing | 6 minute read Key Takeaways Stress testing is a useful tool to help guide CECL decisions. Top-down testing uses pool orientation and segmentation to make decisions. Bottom-up testing is transactional and best for smaller institutions (under $25B).

One world with one mission

Chris Skinner

I just got into a debate with a friend about the future of the world. Dangerous to get into a debate with a futurist, but hey, I upset her. My premise is that the world is globalising and will continue to do so.

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Finastra Customers Now Have Access To RippleNet’s Blockchain Network

PYMNTS

Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments.

Wellness platform Branch is now a challenger bank

Bank Innovation

Against the rising tide of digital-only banks, Minneapolis-based personal finance platform Branch has taken the plunge.

Why Your Bank’s Strategic Time Horizon May Hurt You

Banker to Banker

Strategic Planning and Innovation If you look at the sensitivity in a bank’s budget, $1 of investment in a new line of business usually doesn’t break even for two to three years. $1 1 invested in finding a new customer usually returns about 9%, while $1 invested in a new product is usually above 20%.

The Finanser’s Week: 30th September – 6th October 2019

Chris Skinner

The main blog headlines are … Banks are product not customer focused I walked into a grocer’s store the other day. The store was resplendent with fruits of all colours and continents.

Apple 239

India Lodging Startup OYO Raises $1.5B Led By Founder, SoftBank

PYMNTS

India-based hotel and booking startup OYO announced a $1.5 billion funding round led by founder Ritesh Agarwal, SoftBank’s Vision Fund, Lightspeed Venture Partners and Sequoia India, Bloomberg announced on Monday (Oct.

Banks not meeting needs of SME clients, Forrester study says

Bank Innovation

As big banks focus on attracting more small business clients, they should be leaning more on digital than human, according to a recent Forrester Research study.

Study 141

Every bit counts in setting competitive equipment financing rates

Accenture

There’s an old marketing adage that says, “You’re not selling a drill. Your selling a hole.” For equipment finance companies we might revise and say, “You’re financing a hole.”.

Survey 156

Things worth reading: 7th October 2019

Chris Skinner

Fraud 216

B2B Fraudsters Find New Twists In Old Scam Favorites

PYMNTS

Fraud never sleeps, and the corporate finance department cannot afford to stay behind on the ever-changing strategies of fraudsters.

Weekly Wrap: More fintechs eye core banking products

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, October 11, 2019.

New credit card partnerships climb, but the composition shifts

Accenture

The credit card partnership market is off to an aggressive start in 2019, given issuers’ robust activity in the first half to try to fuel new growth amidst a leveling-off in receivables.

Cards 156

Things worth reading: 11th October 2019

Chris Skinner

Credit Card Interest Rates Rise To Near-Record Levels

PYMNTS

The average interest rates on credit cards are nearing record levels, in spite of a 50-basis-point decline on a 10-year note yield. Bloomberg is reporting that the U.S.

Cards 234

Wirecard sets its sights on global expansion

Bank Innovation

Wirecard is taking aim at Asia and the Americas. The German financial services provider is advancing these plans through new product offerings, including cashierless checkout technology for retailers, a payments app for U.S.

Consumer data might be the new oil, but who gets to decide how it’s used?

Dataconomy

From the Cambridge Analytica scandal to GDPR and data breach headlines, the idea that consumers should know how their data is used is gaining traction with governments and consumer groups. What does this trend mean for companies that rely on consumer data for their business model?

Data 102

Things worth reading: 9th October 2019

Chris Skinner

Why Libraries Are Giving Up On Late Fees

PYMNTS

It has happened to all but the most organized among us. We’re minding our own business, cleaning out a closet or reorganizing the bookshelf, when it suddenly thrusts itself upon us. That lost library book we had almost managed to convince ourselves no longer existed.

OakNorth names ex-Google exec as CEO

Bank Innovation

On the heels of an international expansion push, digital bank OakNorth‘s platform-as-a-service business has named a new CEO. Sunil Chandra, who was appointed this week, most recently served as vice president responsible for global talent acquisition at Google.

Google 130

Engage Millennials with Better Banking

Perficient Financial Servies

Exploring what’s essential to consumers is a primary step to gaining, retaining, and cross-selling in the banking industry. However, millennial stereotypes regularly fool financial institutions, botching their marketing strategies with incorrect beliefs.

October 26th – BSA/AML Day | Nationally Recognized

Abrigio

Professionals across the nation encouraged to celebrate National Financial Crime Fighter Day. Part of our commitment here at Abrigo is to continue to spread the word about BSA/AML and continue to advocate on behalf of you -- BSA/AML professionals. We started that effort in full-force in 2017, with an idea to create a nationally recognized holiday – BSA/AML Professional Day – to be observed on October 26 th each year.

Upgrade Card Turns Credit Cards Into Installment Lending Products

PYMNTS

Twelve years ago, LendingClub Founder Renaud Laplanche built a business to help consumers manage the $800 million in outstanding credit card debt. That product was an unsecured personal loan that consolidated the debt into a lower interest option with fixed monthly payments. Today (Oct.

Cards 226