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

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.

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

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The ‘Netflix of finance’: How MoneyLion is evolving its subscription offering

Bank Innovation

Personal finance, banking and investment platform MoneyLion is moving its monthly subscription fee to a rate similar to Netflix and Spotify starting next year. The company currently offers a free checking account and a $19.99

Why Friendly Fraud Is Anything But Friendly


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.

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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.

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.

More Trending

Amazon To Build $40M Robotics Innovation Hub Near Boston


Amazon is planning to build a $40 million state-of-the-art robotics innovation hub near Boston that will result in the creation of 200 tech and manufacturing jobs, Amazon announced in a press release Wednesday (Nov.

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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.

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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

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INV Fintech’s pivot to bank enablement evident in new accelerator class

Bank Innovation

INV Fintech’s new class, announced today, solidifies the accelerator’s pivot to greater bank enablement. INV has refocused its operations within the last year on FI enablement, and the new class – INV’s eighth – is the first solely curated for this directive.

Google Health To Use Search To Innovate Healthcare


The VP of Google Health has revealed that his focus for the division is on its search capabilities.

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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]

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

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.

Biometrics Innovation Tests Consumer Privacy Sentiment


Biometrics isn’t as sci-fi as it once was. Thanks to smartphones equipped with facial and fingerprint recognition for security, many consumers now have up close and personal experience with newer forms of digital ID. Innovations — some more fantastical than others — keep emerging, though.

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.

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


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.".

With Recurly and TransferWise, GoCardless tackles cross-border payments

Bank Innovation

GoCardless is continuing its international push through new partnerships. This week, the company confirmed tie-ups with subscription billing platform Recurly and cross-border payments company TransferWise in an effort to take market share away from banks.

Visa Teams With Tencent To Support Mobile Payments In China


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.

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Things worth reading: 5th November 2019

Chris Skinner

Things we’re reading today include … Goldman Sachs offers would-be parents on staff $20,000 to buy eggs OneCoin lawyer on trial for role in ‘crypto-scam’ Regulators press Deutsche boss to drop dual roles Santander buys majority stake in fintech Ebury for £350m Edmond de Rothschild chief warns private banks face … The post Things worth reading: 5th November 2019 appeared first on Chris Skinner's blog. Reading

USDA Releases Interim Final Hemp Rules


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. .

TD tests new AI-based app capabilities

Bank Innovation

TD Bank is testing new AI-based personalization capabilities within its mobile app, thanks to technology from Layer 6, an AI company it acquired in 2018.

Can Robots Help Solve the Fresh Food Problem?


Fresh food is one of those products that, depending on the context, can almost feel like a minor luxury.

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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.

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


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. .

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.

Deep Dive: Digital ID Systems Wrestle With Ethics


Digital identities are flexibly changing forms as they gain ubiquity. Consumers around the world log in to eBay with their Facebook profiles, purchase lunches with Apple Pay and in some cases pay their taxes or register to vote with government-provided digital identities.

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Things worth reading: 8th November 2019

Chris Skinner

Things we’re reading today include … Citi, Deutsche get go-ahead to probe regulator witnesses in landmark cartel case Wall Street investors slam Warren’s policies City traders: We want shorter working hours How big tech is dragging us towards the next financial crash Financial crime through video games is on the … The post Things worth reading: 8th November 2019 appeared first on Chris Skinner's blog. Reading

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How to Increase Member Business Lending


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.

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

Flywire Taps Former Apple Pay Exec As President, COO


A relentless focus on customer experience and simplifying complexity are the defining characteristics of the most valuable companies in the world today.

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