Sat.Jun 29, 2019 - Fri.Jul 05, 2019

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The end of FinTech

Chris Skinner

I’ve been involved in finance and technology for a long, long time. Originally, I was a technologist; then a financial technologist; and now a FinTech guy. However, I see the FinTech piece as being irrelevant. Whether it’s FinTech or TechFin, it’s all still just finance and technology. The difference is … The post The end of FinTech appeared first on Chris Skinner's blog.

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Generation Z is the new battleground for challenger banks

Bank Innovation

A new breed of banking startups wants to lock in customers while they’re in high school and college. As the ecosystem of millennial-focused challenger banks gets crowded, a growing number of startups are focusing on Gen Z customers, or those who were born in the mid-1990s onwards. The objective is to become the customer’s primary […].

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Trending Sources

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Our 7 Question Test To Prevent Bad Bank Technology

South State Correspondent

BANK TECHNOLOGY DECISIONS The largest problem with bank innovation is that we see or hear about a sexy piece of technology at a conference or at another bank and then acquire it. The new piece of technology ends up solving a known problem but in the process actually creates more problems, and risk, than it solves. It’s called the “Shiny Object Syndrome” (SOS), and it could be sowing the seeds of destruction for many banks.

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Brexit uncertainty causing some fintechs, challenger banks to put growth plans on hold

Payments Dive

The chaos surrounding the looming Brexit deadline is causing some fintechs and digital banks to take precautionary steps.

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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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How can you be AI with DD?

Chris Skinner

No, I don’t mean Attention Deficit Disorder, which would be ADD, but I mean Artificially Intelligent with Dumb Data. Now, I know I moan on and on about fragmented legacy systems, but I honestly have no idea how a bank could ever be able to compete with an Apple or … The post How can you be AI with DD? appeared first on Chris Skinner's blog.

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13 Of The Most Important Mary Meeker Slides Pertaining To Banking

South State Correspondent

TECHNOLOGY TRENDS Starting in 1995, star-analyst Mary Meeker, “The Queen of the Internet,” co-founder at ReCode, and partner at the investment firm Bond Capital delivers a 30-minute presentation on the state of the digital landscape. The presentation is always the talk of the digital town as it has been the definitive source of major trends backed by quantitative evidence.

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Coinsquare partners with Just Cash to allow bitcoin buys at regular ATMs

Payments Dive

Coinsquare, a Canadian cryptocurrency exchange, has partnered up with Just Cash to allow consumers to buy bitcoin via regular, non-bank operated ATMs in the U.S.

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AI in banking: the pitfalls and opportunities (research paper)

Chris Skinner

Building on yesterday’s blog about reports that are useful, I just found another one from UK Finance (formerly the British Bankers Association) on how they see AI in banking, released last week. The report is in two parts that address what they see as the two key issues banks face … The post AI in banking: the pitfalls and opportunities (research paper) appeared first on Chris Skinner's blog.

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The paradox of data: can financial services avoid a Cambridge Analytica?

Bank Innovation

For the financial services industry, Facebook’s new cryptocurrency, Libra, is yet another warning that digital technology is chipping away at the foundation of traditional business models. If bankers were reading the wires on June 18, they might have choked on the Libra news. Among them, the old-school capitalists, still tarnished by the financial crisis, would […].

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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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Why Blockchain Holds Promise For Cross-Border Payments

PYMNTS

The rise of the global economy and the demand for swift and secure cross-border payments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech. According to the new Smarter Payments Tracker , cross-border business-to-business (B2B) payments generated approximately $125 billion in revenue last year, a figure that continues to grow as the economy becomes more global.

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Payment interoperability can't exist without APIs

Payments Source

By turning compatibility into a nonissue, APIs help enable open banking, which has the potential to offer core banking services such as payment initiation or account balances through APIs, writes JPMorgan Chase's Stephen Markwell.

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Fintech foundations lie with both financial and technology people

Chris Skinner

I was talking to a Securitisation conference the other day. Securitisation? What’s that? Well, I could explain but if you don’t know google it and you’ll find it’s one of those areas of financial markets that destroyed economies a decade ago and left us all with a huge debt. Well, … The post Fintech foundations lie with both financial and technology people appeared first on Chris Skinner's blog.

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SMB lender Kabbage secures $200m in funding for growth

Bank Innovation

Digital lender Kabbage, which offers small businesses lines of credit up to $250,000, has secured a four-year revolving credit facility to fuel further growth. The funding, provided by an undisclosed “leading life insurance company,” is the longest period of committed debt capital for the 10-year-old company and a major boost for its business model as […].

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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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PayPal And Visa Launch Instant Transfer SMB Tool In Canada

PYMNTS

Payment bottlenecks cause problems for all types of consumers and companies, not the least of which are small and medium-sized businesses (SMBs). But a new offering from PayPal and Visa could help ease those frustrations and hassles. The two payments firms announced on Tuesday (July 2) the launch of PayPal’s Instant Transfer in Canada for SMBs and individual consumers.

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The Solution To The Fintech IPO Shortage

Ron Shevelin

The inability to achieve scale in financial services may be depressing the number of fintech IPOs. But the root cause of this inability to achieve scale is the lack of sustainable business models.

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Mobile first is a no brainer, but what is digital first?

Chris Skinner

An interesting report came out this week saying that UK consumers would access mobile banking apps more often than branches in the next two years. It got covered on the BBC, Sky News and lots of other media, but I was thinking in the next two years? It just shows … The post Mobile first is a no brainer, but what is digital first? appeared first on Chris Skinner's blog.

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BMO adds personal loan assessment tool to its mobile app

Bank Innovation

The Bank of Montreal has launched a mobile loan application tool for its Canadian customers. Brett Pitts, BMO's chief digital officer, told Bank Innovation the product rollout was a response to customer demand. “Customers were looking for a solution that would simplify the process and provide them with a real-time decision,” he said. BMO, like […].

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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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Deep Dive: How Biometrics And AI Are Improving Banks’ Customer Experiences

PYMNTS

Passwords are increasingly vulnerable in today’s day and age. Hacks and data breaches have become all too common, with fraudsters turning to “brute force” attacks and plugging in commonly used passcodes to gain access to users’ accounts. There is a growing need for stronger authentication methods as the number of attacks continues to climb. Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave.

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Open banking could allow banks to get out of the payments business

Payments Source

For many banks, especially midtier institutions, payments isn’t a core business — and their batch processing-based legacy systems weren’t designed to deliver real-time payments.

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Things worth reading: 5th July 2019

Chris Skinner

Things we’re reading today include … In Brexit Britain, battling home lenders chase risk and pensioners Nearly half of global wages received by top 10%, survey finds Osborne thinks he could run the IMF. Maybe gaslighting a country is a useful skill | Faiza Shaheen European financial services leads charge … The post Things worth reading: 5th July 2019 appeared first on Chris Skinner's blog.

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Scenic Advisement’s Leung: Banks aren’t meeting private tech’s needs

Bank Innovation

The growth of capital in play in the private market is changing how private companies, particularly tech startups, find liquidity in the race to go public. Exits of firms like Uber, Lyft and Slack have made 2019 something of a banner year for initial public offerings. It's notable Slack chose the direct listing route, in […].

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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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Seniors Help Drive Progress In The Digital Economy

PYMNTS

Younger consumers — millennials, Generation Z — seem to get all the focus when it comes to eCommerce and digital payments these days. But older citizens are still out there, shopping, buying and paying, and they are getting attention from businesses, too — and that consumer segment, in its own way, is pretty important to the future of retail and payments.

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Cash is not endangered, it's recyclable

Payments Source

For banks and financial institutions, the wave of the future is using technology to optimize, not eliminate, their cash-handling processes, writes Diebold Nixdorf's Devon Watson.

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Things worth reading: 3rd July 2019

Chris Skinner

Things we’re reading today include … The rise of the CEO as social justice warrior | Jill Priluck Wall Street looks to earnings after strongest June in decades Breakdown of global trading system is looming, Australian economist warns Japan payment systems: paper qualifications Why Facebook’s Libra currency gets the thumbs … The post Things worth reading: 3rd July 2019 appeared first on Chris Skinner's blog.

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ComplyAdvantage CEO sees regulatory headaches for big tech’s financial forays

Bank Innovation

Charlie Delingpole, founder and CEO of regtech startup ComplyAdvantage, said big tech firms like Google, Apple, Facebook and Amazon face no shortage of regulatory headaches by venturing into financial services. Facebook, with it's Libra cryptocurrency, is in for an exceptionally bumpy ride, he predicted. ComplyAdvantage, a New York City-based firm that uses machine learning to […].

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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.