Sat.Jun 10, 2017 - Fri.Jun 16, 2017

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The crazy world of crypto currencies and ICOs

Chris Skinner

I’m boarding a flight yesterday and murfing (mobile surfing). Flicking between Facebook apps, twitter, bank account, BBC news and more. Suddenly I spot a new ICO – Initial Coin Offering – for a new bank. From Wikipedia: “An initial coin offering (ICO) is a means of crowdfunding the release of a new cryptocurrency. Generally, tokens for the new cryptocurrency are sold to raise money for technical development before the cryptocurrency is released.

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2017 Innovators to Watch: 44 Executives Shaping the Future of Banking

Bank Innovation

2017 was a tumultuous year, but despite some stops and starts, innovation in finance is only gaining more momentum. As the year saw changes in financial regulation, startup culture, and trends in venture capital, innovation moved forward: blockchain labs were made, funding was fought for, mobile payment systems were integrated, and the limits of artificial […].

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Trending Sources

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For restaurants, pay-at-table devices are a chance to catch up with EMV

Payments Dive

Pay-at-the-table devices, which generally accept both EMV and contactless payments, could start to appear at restaurants in a big way during the next couple of years.

Payments 353
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NEW REPORT: Can Western Union Leverage Its Heritage To Build A Better X-Border API?

PYMNTS

There was a time when the telegraph was as important to keeping people connected as the smartphone is today. And while the telegraph’s heyday may well be over, the network it once rested upon can still be put to good use, especially with an assist from API solutions. As more merchants and smaller businesses seek to engage in global commerce, several companies are stepping up their efforts to help merchants address the complexities presented by international trade.

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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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Will the last COBOL guy turn the banks’ lights out?

Chris Skinner

I regularly blog about the same subject, namely CHANGE YOUR CORE SYSTEMS. Banks do a great job of not listening to me, but that’s because they’ve caught themselves in Catch 22: screwed if I change them and screwed if I don’t. How did they get into this mess and how can they get out of it? Well, there is a way but most banks aren’t taking this way because they’re led by bankers who don’t get technology and don’t know how to implement digital transformation. 94% of the C-Suite team of banks are

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More Trending

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Mobile wallets: Moving beyond payments

Payments Dive

Millions of Americans use smartphones for everyday tasks such as taking pictures, working out, or arranging transportation, yet mobile wallets have struggled to gain traction among consumers.

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Customers are open to robo-advice—with a few conditions

Accenture

In my first blog of this series on our latest UK banking consumer survey— Beyond Digital —I explained why there’s still plenty of life in the bank branch, since even younger customers still value human interaction. In this second post, I look at our findings on a much newer and more virtual channel to market: robo-advice—the new generation of automated financial advice services powered by artificial intelligence (AI).

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A world of smart trading through smart systems using smart data

Chris Skinner

I was invited to talk to some City folks about using data analytics for trading. It made me pause for reflection, as I’ve been talking about analytics for trading for a long, long time. Twenty years ago in fact. Back in the 1990s, we were taking about object oriented programming, neural networking for stock picking and program trading. A decade later we had moved along to focus far more on low latency, high frequency trading using algorithms and black boxes.

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Santander’s Openbank Is Out of Stealth, Eyes International Expansion

Bank Innovation

Openbank, Santander’s 22-year-old subsidiary that operates in Spain, has just completed a major relaunch, going fully-digital and expanding its product offerings, the bank announced today. As part of the relaunch, the company will offer its 1 million customers a full suite of banking products, complete with all-digital onboarding, biometric identification, 24-hour virtual branches, and video […].

Video 363
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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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What do financial executives need to know about the blockchain

Payments Dive

Blockchain continues to win mindshare among fintech executives. The naysayers' position is starting to soften, and the viability of blockchain as a means to exchange information between untrusted parties has begun to receive recognition from major banks.

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Fintech Partnerships: A competitive advantage

Abrigo

Many banks and credit unions have found a path to growth via partnerships with fintechs. For some financial institutions, partnering with software providers has helped them maintain a competitive advantage. Technology partners offer much more than just software to banks; a fintech partnership provides delivery channels, convenience, corporate governance , advisory services, and industry data.

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Banks do dad dancing (badly)

Chris Skinner

I hosted a banking dinner the other night, where we were talking about the FinTech scene in this particularly vibrant and innovative country. It was under the Chatham House Rule, so I can’t say too much about who and where this dinner was, but it did amuse me half way through when we were talking about banks trying to be innovative. I made the comment that you have this can do and can’t do culture, and how it’s very hard to be innovative if everyone shouts you down.

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Breaking Banks: AI and the Future of Money

Bank Innovation

In this episode, host Brett King is joined by Stephen Wolfram to talk about Artificial Intelligence and Machine Learning, and how those will affect the future of money, finance, and the ethical discussions we need to be having to plan for it. Stephen Wolfram is the creator of Mathematica, Wolfram|Alpha and the Wolfram Language; the author of […].

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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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Potcoin Value Soars Thanks To Dennis Rodman’s Trip To North Korea

PYMNTS

Potcoin , the digital cryptocurrency similar to bitcoin but aimed at the legal marijuana market, got much-needed publicity by sponsoring Dennis Rodman’s trip to North Korea. According to a report in Business Insider , the value of Potcoin jumped nearly 97 percent, to more than $0.18, in trading on Tuesday after Rodman was photographed wearing a Potcoin T-shirt when he arrived in the country.

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Customers are open to robo-advice—with a few conditions

Accenture

In my first blog of this series on our latest UK banking consumer survey— Beyond Digital —I explained why there’s still plenty of life in the bank branch, since even younger customers still value human interaction. In this second post, I look at our findings on a much newer and more virtual channel to market: robo-advice—the new generation of automated financial advice services powered by artificial intelligence (AI).

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Things worth reading: 15th June 2017

Chris Skinner

Things we’re reading today include … Andy Haldane reappointed to Bank of England monetary policy committee Zelle, the real-time Venmo competitor backed by over 30 U.S. banks, arrives this month Is buying Lloyds Banking Group plc the best way to make a million? Former Barclays anti-money laundering director named City minister Misys boss to lead fintech giant after merger with DH Brexit to prompt ‘very few changes’ at Rothschild as revenue soars Three US bank chiefs fall v

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Stop Asking if Blockchain Projects Are in Production Yet, Chase Says

Bank Innovation

Financial services have been experimenting with blockchain projects for quite a while now. In fact, 2017 seems to be the year blockchain is set to break out of the Proof-of-Concept stage and into production environments — yes, even for banks. But driving blockchain experiments into real-life adoptions is a considerable journey, and big enterprises don’t […].

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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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Amazon Opens Up Video Skill API So Alexa Can Control Any TV

PYMNTS

Could Alexa’s latest API skill stem losses to streaming services for pay TV providers and the telco industry? Some providers seem to think so, with Dish, NetGem and YouView already on board. The skill? Amazon announced June 8 that its virtual assistant has learned to control more than just the company’s own Fire TV stick: Now, for developers that opt to use the Video Skill API, any cable or satellite TV company, streaming service or content provider can add Alexa voice control to its app.

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Watson Marketing Delivers a Competitive Edge that Financial Institutions can Bank On

Insights on Business

The worldwide banking industry experienced profound challenges during the Great Recession of 2008-2009. While the global economy has improved, the pressure on banks is unabated. Pressures stem from a myriad of sources: competition from fintechs; unrelenting regulatory environment; associated costs of compliance (or non-compliance!); increasingly sophisticated security threats; and, most recently, shifting customer expectations driven in large part by millennials.

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Things worth reading: 12th June 2017

Chris Skinner

Things we’re reading today include … Building blockchain banks with ICOs Suitors hire Barclays to look at possible Co-op Bank bid Zopa hunts for 40 tech whizzes as it narrows focus on bank launch Hung parliament sinks business confidence, IoD finds Trading tool UniCredit CEO confident Italian banks will help rescue Veneto lenders US Federal Reserve poised to raise interest rates Eurozone picks up pace as economists hail ‘sizzling’ recovery .

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Competing With Banks Won’t Fund Your Fintech Startup

Bank Innovation

Startups set on competing with banks and larger incumbents may not be the most attractive companies, at least according to those looking to fund them. For companies like growth equity firm Centana Growth Partners, the priority is investing in companies that are growing to service the existing financial services ecosystem (rather than supplant it), according to […].

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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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AI/BOT: Man Versus Artificial Intelligence

PYMNTS

Since the advent of technology, the age-old battle of man versus machine has been an issue. Whether it’s televisions entering homes in the mid-20th-century or personal computers coming onto the scene in the late 1980s, technology has no doubt had an effect on everyday life. By integrating tech into various aspects of everyday life, many processes have become streamlined.

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Pakistan’s new mobile money app aims to modernize financial inclusion

Payments Source

The global push to expand financial inclusion takes many paths, based on the challenges—and unique market advantages—in countries where vast portions of the population lack access to modern banking services.

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Things worth reading: 16th June 2017

Chris Skinner

Things we’re reading today include … Company directors targeted by identity fraudsters U.S. acts to seize stolen assets, Picasso in probe of Malaysian fund Surprise for markets as trio of Bank of England gurus call for interest rates to rise Booz Allen Hamilton says DOJ investigating its accounting practices Duke of York: UK firms should make best of Brexit UK’s fraud hotspots revealed by Which Is your wealth manager prepared for Brexit?

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AI’s Biggest Promise Is Simplicity, Experts Say

Bank Innovation

Innovation is all well and good, so long as it keeps banking simple. Most financial institutions are now at the stage where “anticipating the customer’s need” is a critical step towards creating that simplicity, whether it’s for mobile banking, payments, or other daily banking tasks, according to Andy Hernandez, executive vice president and head of […].

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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.