Bank Innovation
MAY 4, 2017
Automated teller machines — ATMs — have been around for decades now. They have done a great job reducing lines in branches, by taking over routine over-the-counter transactions, such as cash withdrawals or check deposits. Currently, there are 425,000 active ATMs in the U.S. But, as we hear a lot lately, cash (and checks) are […].
Chris Skinner
MAY 4, 2017
There are different views of what constitutes a FinTech Unicorn. For example, Techcrunch lists just 20 (+1) FinTech Unicorns today: ANT Financial $60B (Feb 2017) Lufax $18.5B (Jan 2016) Stripe $9.2B (Nov 2016) ZhongAn $8B (Jun 2015) JD Finance $7.1B (Jan 2016) One97 Communications $4.83B (Aug 2016) SoFi
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Payments Dive
MAY 2, 2017
We've seen multiple studies over the past few months that conclude younger generations are aware of mobile payments, but don't care much about them — a service such as Venmo being the rare exception.
PYMNTS
MAY 4, 2017
Cash is dead? Keep a lid on the casket talk. In the latest webinar series, PYMNTS’ Karen Webster jumped into the findings of the Global Cash Index, gaining a sense of the story behind the numbers in the United States and the Americas in general. In conversation with Cardtronics’ Brian Bailey, managing director for Global Financial Institutions, and Tom Pierce, chief marketing officer of the firm, Webster noted that even with the rallying cry of a war on cash in the digital economies — and in eme
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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
Bank Innovation
MAY 3, 2017
There is a new challenger bank in town, and yes, it is planning on launching with physical branches. The newcomer, U.K.-based iam bank, will launch later this year with both prime digital tools—mobile offerings, machine learning algorithms, and chatbots—as well as with real, touchable bank branches, specifically tailored to appeal to the millennial consumer base. […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MAY 5, 2017
With the inherent convenience of ordering favorite specialty items online, come new demands from consumers, namely: the expectation of finding their favorite brands in the app store. The more consumers turn to their smartphones for buying convenience, the more competition arises for brands looking to cash in on the gold rush.
PYMNTS
MAY 3, 2017
Card issuer Mastercard posted results Tuesday morning that bested analyst estimates, buoyed by increased spending by consumers globally, driven across both debit and credit cards. The bottom line, at $1.01, was six pennies ahead of the consensus estimate and up 12.7 percent from a year ago, while revenues of $2.7 billion were better than the $2.6 billion expected and were up 12 percent year over year.
Bank Innovation
MAY 1, 2017
The majority of people use their mobile banking apps to check their balance. This is a fact that does not surprise most in banking, many of whom believe the industry’s focus on “money movement” as opposed to “money management” is hurting engagement levels. Focusing on the movement of a consumer’s money, or P2P capabilities, has […].
Chris Skinner
MAY 5, 2017
Larry Summers, former director of the National Economic Council for President Barack Obama, writes a regular column in The Financial Times. His latest piece is his take on FinTech, which has the main headline that FinTech is taking away frictions in finance. Yep. The frictions are illustrated by things like interchange fees, the length of time it takes to clear cross-border cheques, the charges per transaction for basic banking services, the high overheads of insurances and interest on mortga
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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
Payments Dive
MAY 4, 2017
As more and more financial providers do way with physical locations and ATMs, making way for innovations that place mobile payments at the forefront, similar movements for international money transfers are likely much further down the track.
PYMNTS
MAY 4, 2017
With so many consortia and internal development teams in play, it’s difficult to assess global banks’ progress on blockchain. But analysts assure progress is being made. Last year, IBM released surveys of 400 financial institutions across the globe to examine exactly how they’re positioned in their journey to develop and release real-world, working blockchain tools.
Bank Innovation
MAY 3, 2017
Financial services organizations are among the leading adopters of cloud services, according to McAfee’s recent Cloud Security Report. This shift to private and public cloud is happening amidst conflicting priorities between regulations and business drivers. Most financial institutions are interested in the cost and flexibility benefits of clouds and are actively looking for ways to […].
Chris Skinner
MAY 1, 2017
I’m regularly blogging and talking about the legacy economy known as America. This will irritate my American colleagues, but come on, which country still issues more checks (cheques) than the rest of the world combined? Which country took a decade longer to get Chip & PIN than most? Which country is still struggling to work out how to make a faster payment?
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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.
Celent Banking
MAY 5, 2017
It seems like almost weekly I’m hearing something about a new challenger or digital-only bank brand. The velocity of news is substantial, but despite years of hype, it seems this class of institution is still largely treading water. It reminds me of The Fermi Paradox. The paradox was originally posed as a question by the physicist Enrico Fermi about the apparent contradiction between the probability of life in the universe and the complete lack of evidence to support it.
PYMNTS
MAY 2, 2017
Credit card fraud is a fact that will likely continue to plague retailers for the foreseeable future. It’s on the rise in the eCommerce arena, according to data released from omnichannel commerce technology and operations company Radial’s eCommerce Fraud Technology Lab. In Q1 of this year, there was a 200 percent increase in credit card testing, up from 2016.
Bank Innovation
MAY 4, 2017
Consumers are becoming more comfortable with biometrics in banking—most are now actively asking for the capability to be included in their mobile and online banking experience. Almost 80% of customers want more biometric authentication methods in their digital banking (online and mobile) experience, according to a survey of 1,000 U.S. consumers released today by biometric identity solutions […].
Chris Skinner
MAY 4, 2017
Things we’re reading today include … Hammond reassures City as euro-clearing battle with Brussels heats up Goldman’s Blankfein says London could stall due to Brexit: BBC Société Générale to pay €963m to settle Libyan legal claims HSBC profits fall in first quarter Adele earned £40m last year, says Sunday Times Rich List This week’s Economist: Warren Buffett has many fans in China but few true followers Investors are both bullish and skittish about share prices.
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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.
Bobsguide
MAY 5, 2017
Technological innovation – driven by the emergence of a tech-hungry generation – has become a huge catalyst for change across the financial services industry. Certainly, the payments space has altered significantly in recent years, with new players including fintechs and challenger banks.
PYMNTS
MAY 2, 2017
On Monday, and for the first time ever, bitcoin was worth over $1,400. While the day’s high was $1,422.22 according to CoinDesk , trading at the time of writing was closer $1,413, up 4.88 percent for the day, up 42 percent from the start of 2017 and up a whopping 215 percent from this time last year. If there’s any probable cause for the rise, it’s likely that the SEC recently announced plans to review l ast month’s rejection of the proposed Winklevoss Bitcoin ETF.
Bank Innovation
MAY 1, 2017
Financial institutions and other large corporation are using Big Data for a range of successful projects and initiatives, according to a recent survey. Almost 81% of executives, surveyed by consulting firm NewVantage, characterized their big data investments as “successful.” The report, released last week, included responses from 50 C-level executives at Fortune 1000 companies; more than […].
Chris Skinner
APRIL 30, 2017
This week’s main blog headlines are … Why organisations resist innovation One of my good friends at 11FS referenced Conway’s Law the other day. I wondered what it was, as I know Moore’s Law and the Law of Diminishing Returns in economics, but Conway’s Law? What’s that? It’s a thesis created by Melvin E. Conway, a … The Semantic bank I have a keynote coming up on May 19 in Amsterdam with The Next Web, who I regularly write a column for now.
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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.
Let's Talk Payments
APRIL 29, 2017
The e-commerce industry is rapidly changing with ever-evolving trends and an increasing number of online shoppers every year. Convenience is attributed as the biggest factor in the growth in the.
PYMNTS
MAY 1, 2017
It’s been more than a year since Bangladesh’s central bank was attacked by cybercriminals that took away $81 million by infiltrating the bank’s connection to the SWIFT network. Since then, there have been revelations about similar attacks at FIs across the globe, and the blame game began, with some fingers pointing to the bank’s own employees , North Korea and SWIFT itself.
Bank Innovation
MAY 5, 2017
The likes of OnDeck and Lending Club have made the borrowing experience significantly simpler for borrowers, removing paperwork and reducing the decisioning process down to minutes. Most (if not all) major banks have also upped their lending experience, offering online applications and immediate decisions. What about the small financial institutions?
Chris Skinner
MAY 3, 2017
Things we’re reading today include … JP Morgan may move hundreds of jobs in pre-Brexit move UBS breaks ranks with push for mid-tier Asian millionaires BNP Paribas: ooh là là HSBC profits fall as bank bids to restore flagging revenues Ignore €100bn Brexit bill and focus on trade deal, CBI tells London and EU French bank SocGen settles dispute with Libyan Investment Authority Standard Chartered and JP Morgan step up Brexit plans.
Advertiser: Data Robot
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.
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