Sat.Nov 02, 2019 - Fri.Nov 08, 2019

What do banks think about decentralised finance

Chris Skinner

I got a tweet the other day pointing me to a report from the Financial Stability Board about the use of decentralised technologies for financial services. Excellent report from the Financial Stability Board @fsb about the impact of decentralized #fintech#finserv #DeFi #DLT #payments #lending ??[link]

Apple Pay facing additional scrutiny by EU regulators over competition questions

Mobile Payments Today

European regulators are taking a hard look at Apple Pay amid concerns that it may be using its market position to crowd out rival mobile wallet services. Apple Pay has gained share in the U.S.

How Stress Test Results Can Yield Better Lending, Credit, and Risk Decisions

Abrigo

Stress Testing | 7 minute read Key Takeaways Stress testing is an important component of sound risk management. Top down and bottom up analysis can inform capital assessments. Stress testing can put a burden on smaller financial institutions, but today's technology "levels the playing field.".

Weekly Wrap: Takeaways from Bank Innovation Build

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, November 8, 2019. In this episode, Suman Bhattacharyya, deputy editor, interviews Bob Meara, senior analyst at Celent, on some of the key conclusions from Bank Innovation Build.

Seven Fin and Tech truisms we wish were myths (with thanks to Anne Boden)

Chris Skinner

I attended the New Stateman’s FinTech Summit yesterday. I gave the opening speech and was followed by the indomitable Anne Boden, CEO and Founder of Starling Bank, who talked about the path to profitability.

Taking a stand on data privacy and security in the payments space

Mobile Payments Today

Mastercard last month challenged the industry on adoping a set of new standards on data privacy and security. Computop's founding director Ralf Gladis says the industry should take up the challenge and collectively move in a similar direction

USDA Releases Interim Final Hemp Rules

Abrigo

3 minute read Key Takeaways The USDA released their interim rule on hemp production. States and tribes must include key components in their programs. States may begin submitting programs to the USDA for approval. .

More Trending

Big Banks versus Big Tech … it’s all about the money

Chris Skinner

I’ve blogged for a while now about the different approaches to Big Tech in China and America. In China, Big Tech is pretty much working hand-in-hand with government to solve society’s issues and police them.

CIBC's Martinez-Moreno sees bank user experience as key to digital transformation

Mobile Payments Today

Leslie Martinez-Moreno, senior manager of user experience and design at CIBC, sat down with Tim Tang of Hughes, to discuss the role of design and user experience in the transformation to digital banking

FinCEN Issues Advisory on the Financial Action Task Force Updated List of Jurisdictions with AML/CFT Deficiencies

Abrigo

3 minute read Key Takeaways Three countries are added to the FATF list: Iceland, Mongolia, and Zimbabwe. DPRK and Iran continue to need enhanced due diligence. FinCEN released update guidance around these FATF updates. .

First Internet Bank, Key, Grasshopper: Banks are facing talent shortages

Bank Innovation

Beyond technical debt, talent is the biggest obstacle to bank modernization, executives said at Bank Innovation Build. On a panel about designing the bank of the future, participants discussed how banks can keep up with consumer-facing tech companies like Amazon and Shopify.

Criminals in the financial system

Chris Skinner

We hear a lot about how crypto and bitcoin encourages illegal activity, drugs, money laundering and such like. The reality is that such activity today is tiny when compared with the amount of illegal activity, drugs and money laundering goes through the banking system.

System 221

PayPal execs to testify in House of Commons regarding online donations to Brexit Party

Mobile Payments Today

A House of Commons subcommittee is reviewing whether PayPal can be used to make small, online contributions to political parties that would make it difficult to trace the origins of the payments. PayPal allows users to make secure, online payments using a mobile number or email

Online 130

How to Increase Member Business Lending

Abrigo

Small Business Loans | 5 minute read Key Takeaways Credit unions' small business loans hit a record low, while small business lending continues to remain strong at big banks and community banks. Going digital can help reduce the cost of small business lending and capture more member business loans.

Robinhood is back in Washington’s crosshairs after leverage glitch

Bank Innovation

Robinhood Markets Inc. is once again getting unwanted scrutiny in Washington after some of the brokerage’s customers took advantage of a flaw that allowed them to make highly leveraged trades without putting down enough cash to back the transactions.

FX transfers that are wise

Chris Skinner

I got an email the other day from TransferWise, a service I use frequently. Why do I use it? Because I moved to Poland. Poland’s currency is the Zloty and paying everything on my card in British Pounds with conversion rates seemed stupid.

Cards 208

Andreessen Horowitz To Launch School For Blockchain/Crypto Startups

PYMNTS

Venture capital firm Andreessen Horowitz is offering a course to help entrepreneurs better understand blockchain technology and cryptocurrency companies, according to a report by CNBC.

Course 164

Digital investments and the growth of regional credit card issuers

Accenture

Guest blogger Tripp Gavin and Frank Martien examine the role technology investment has played in helping smaller banks grow faster than their larger counterparts. In the past 12months, U.S.

Why voice is integral to TD Ameritrade’s customer strategy

Bank Innovation

As financial services companies consider the next wave of interaction technologies, TD Ameritrade is making the case for voice as a channel. Over the past year, the company has invested in voice-based tools to allow customers to learn more about their portfolios.

Things worth reading: 8th November 2019

Chris Skinner

Video 156

Why Friendly Fraud Is Anything But Friendly

PYMNTS

While there is little good to be said about criminal fraudsters who plague merchants by stealing credentials to snag goods with absolutely no intention of ever paying for them, they at least have the merit of being a fairly homogeneous group in terms of intention.

Fraud 164

4 Trends From Money 20/20 That Will Influence Your Bank

Banker to Banker

Last week’s Money 20/20 conference in Las Vegas proved that it remains one of the best conferences for banks that are serious about innovation, particularly as it revolves around payments.

N26’s Cooke: A global presence is fueling the brand’s expansion

Bank Innovation

To digital banking brand N26, which operates in 26 markets and boasts 3.5 million customers, a global footprint lets it benefit from a wealth of expertise on product development. The company recently began offering products to U.S.

Things worth reading: 7th November 2019

Chris Skinner

Things we’re reading today include … Deutsche Bank collapse rebuttal sets off Twitter storm Factbox: How the SEC is making life easier for corporate America Goldman’s journey: from high finance to the Mittelstand Second U.S.

SCA Awareness Issues Persist Among EU Merchants, Consumers

PYMNTS

Earlier studies found a surprising lack of both consumer and merchant awareness about the European Union’s Strong Customer Authentication (SCA) and second Payment Services Directive ( PSD2 ) regulations. Post-SCA deadline, a lack of readiness persists.

What The Fed Pause Means For Commercial Loan Production

Banker to Banker

COMMERCIAL LENDING STRATEGIES

Deloitte Digital taps Finxact to help banks boost digital capabilities

Bank Innovation

As legacy banks build competitive arsenals against digital-only challengers, partnerships are the way forward. Deloitte and Finxact, a Jacksonville, Fl.-based

Things worth reading: 6th November 2019

Chris Skinner

Visa Teams With Tencent To Support Mobile Payments In China

PYMNTS

Visa has released a statement saying Tencent’s announcement that it will support international card schemes in its mobile wallet is “a great step forward” for the payments industry. Visa believes this is a great step forward, both for consumers travelling to China and the overall payments industry.

Cards 151

Top CECL Questions Answered

Abrigo

CECL | 7 minute read Key Takeaways Balancing the scales: the FASB's cost-benefit an alysis of CECL. Strategies to lessen the impact of CECL on smaller community banks. How to work better with field examiners and auditors. . The transition to the current expected credit loss (CECL) standard is just around the corner for larger SEC filing institutions, but for many institutions, there are still many questions surrounding the new standard.

JPMorgan has a plan to help Amazon and Airbnb look more like banks

Bank Innovation

JPMorgan Chase & Co. has long feared that technology giants will act more and more like banks. The firm’s surprising solution: help them do it. The bank has spent the last year developing an e-wallet tailored for companies such as Airbnb, Lyft Inc. and Amazon.com Inc.

Online 130

Things worth reading: 5th November 2019

Chris Skinner

The Rise Of Instant Payments In The Lending Industry

PYMNTS

Lenders need to meet borrowers’ needs before any of their competitors swoop in, which means application processes must be as quick and seamless as possible.

B2B CX: The new battleground

Accenture

The personal experiences of corporate banking clients—hyper-relevant, simple, instant and more—are shaping their expectations for their business-to-business (B2B) experiences. In payments, for example, corporate customers want immediate transactions akin to a retail purchase done over a mobile app. Payments leaders are taking notice and action. B2B payments leaders are prioritizing client experience for growth B2B…. The post B2B CX: The new battleground appeared first on Accenture Banking Blog.

It’s time for banks to take cues from big tech

Bank Innovation

Last week’s Money 20/20 in Las Vegas showcased numerous innovations in financial services, ranging from the launch of Uber Money to Facebook’s continued push for Libra, and the growth of Amazon Pay.

The Finanser’s Week: 28th October – 3rd November 2019

Chris Skinner

The main blog headlines are … McKinsey reckon banks are in a ‘do-or-die’ moment … really? A few talking points last week, but two hit me in particular. The first is a McKinsey report that reckons half of the world’s banks are not viable.

Maine 156

Stepping Into High-Fashion P2P Innovation, On-Rental

PYMNTS

Wardrobe , a peer-to-peer (P2P) fashion marketplace that gives users the chance to rent out designer and vintage items for a fraction of their purchase price, has recently debuted amid many competitors with similar concepts.