Chris Skinner
APRIL 15, 2019
I picked up an interesting article from Reuters, about how Asian technology firms are moving into banking in a different way to Europe or America. The article says that Amazon and Alphabet / Google are far more interested in serving banks with cloud and advertising, rather than competing with them, … The post Why Chinese TechFin is the exception and not the rule appeared first on Chris Skinner's blog.
Payments Dive
APRIL 16, 2019
Facebook and PayPal are beginning to make investments in blockchain that could have a major impact in the payments business.
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Bank Innovation
APRIL 16, 2019
While many banks are shutting down branches, Bank of America is adopting a "high-tech, high-touch" strategy, which will result in the addition of 350 branches, or what it calls "financial centers," across the country over the next two years. Once these new financial centers are opened by 2021, "our network will provide coverage for more […].
PYMNTS
APRIL 18, 2019
“When do you want to get paid?” It’s a basic question that — when posed to anyone, particularly, a small business (SMB) — most always has the same answer, no matter who one asks or within what industry: now. Until recently, “now” was almost never an option, since it was always based on when the funds had cleared, regardless of how that payment was made.
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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
Chris Skinner
APRIL 16, 2019
When I talk about FinTech, I often reflect on the first time I encountered what I would, today, call a truly FinTech firm. It was on March 30, 2005, and a newly formed firm presented at the Financial Services Club an idea. The idea was to connect people with money … The post Will a global platform connect all of our money? appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 17, 2019
Coming off the launch of a revamped mobile app and the hiring of the bank's first chief digital officer, U.S. Bank executives, during the first-quarter earnings call today, outlined a strategy to extend relationships with customers outside the Minneapolis-based bank's physical footprint. "Digital engagement with our customers is growing," Andy Cecere, chairman, president and CEO […].
PYMNTS
APRIL 16, 2019
While most CEO stories are about having founded a firm to solve a problem, Upstart CEO Dave Girouard and his team of former Google staffers actually started with a solution. A solution, he told PYMNTS four years ago , that had nothing to do with financial services or lending at all — they were actually studying hiring and figuring out ways to track employability over time with data.
Chris Skinner
APRIL 14, 2019
Someone said to me recently that most tech Unicorns are more like Leprechauns. A Leprechaun is also mythical and magical but, rather than delivering riches, it just promises riches at the end of a rainbow you never reach. In other words, most Unicorns are offering riches that are as mythical … The post Are these $1 billion start-ups Unicorns or Leprechauns?
Payments Dive
APRIL 17, 2019
The annual awards honor financial institutions and fintech providers whose unique strategies and technologies are heightening the consumer experience.
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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
Bank Innovation
APRIL 16, 2019
Mastercard today announced the rollout of a streamlined real-time rewards program that eschews the traditional multi-step path to redeeming rewards and cash back. The Purchase, N.Y.-based payments processor has entered partnerships with merchants such as Lyft, Fandango, Boxed and Postmates to automatically and instantly trigger rewards for World Mastercard and World Elite Mastercard cardholders in […].
PYMNTS
APRIL 16, 2019
Cross-border FinTech efforts have seen increasing participation from central banks and monetary authorities. Among the most recent headlines, in Asia this past week, the Monetary Authority of Singapore (MAS) and the National Bank of Cambodia have signed a memorandum of understanding (MOU), that Business Times said will boost partnerships on FinTech and financial services innovation.
Chris Skinner
APRIL 13, 2019
The main blog headlines are … Leaving customers digitally high and dry … big mistake I’ve recently seen two blogs about issues with challenger banks N26 and Tandem. They both relate to the ways in which these new banks communicate, or not in these cases. Judith Bogner, a well-known and … The post The Finanser’s Week: 8th April – 14th April 2019 appeared first on Chris Skinner's blog.
Payments Dive
APRIL 19, 2019
The annual BCX Summit has opened the awards competition for banks and fintechs in several important categories.
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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.
Bank Innovation
APRIL 19, 2019
Fintech in Southeast Asia is reaching new records for both deals and funding. One of the reasons for this rise may be, perhaps surprisingly, the ride-hailing business. The region, which includes countries like Vietnam, Indonesia and the Philippines, among others, is a widely under-banked market. In fact, according to a CB Insights report, published Wednesday, […].
PYMNTS
APRIL 16, 2019
The Intelligence of Things (IoT) has become a fixture of everyday life, with more than 14 billion connected devices expected to be in use by the end of 2019. However, as IoT continues to proliferate in more industries and use cases, concerns about data privacy have quickly followed, with consumers and lawmakers ra ising concerns about attacks from bad actors.
Chris Skinner
APRIL 17, 2019
Things we’re reading today include … Deutsche Bank faces action over $20bn Russian money-laundering scheme FCA must adapt to changing technology to regulate City, says chief Mark Carney tells global banks they cannot ignore climate change dangers Half of England is owned by less than 1% of the population Why … The post Things worth reading: 18th April 2019 appeared first on Chris Skinner's blog.
Payments Dive
APRIL 17, 2019
FSS Payment Gateway maintained a strong growth trajectory in 2018, processing 790M transactions amounting to USD 18B in value.
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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.
Bank Innovation
APRIL 16, 2019
The big four U.S. banks are adding more active mobile users than overall digital users on both a quarter-over-quarter and year-over-year basis, earnings reports for the first quarter of 2019 show. Combined, these banks now account for more than 136 million active digital users, of which nearly 96 million are active mobile users, in North […].
PYMNTS
APRIL 17, 2019
The race to 5G retail is on. The new, faster mobile network technology is a big part of the plans for many commerce and payments operators, even though specific use cases have been only slowly emerging as the technology and the devices to support it are deployed. Recent news out of Asia serves as solid foreshadowing of how 5G could enhance retail in the coming few years.
Chris Skinner
APRIL 15, 2019
Things we’re reading today include … Bank of England begins climate enforcement with a velvet glove | Larry Elliott Italy’s UniCredit to pay $1.3 billion to settle U.S. sanctions probe Worried a recession is coming, U.S. online lenders reduce risk Goldman Sachs to layoff 98 bank employees in New York … The post Things worth reading: 16th April 2019 appeared first on Chris Skinner's blog.
Bobsguide
APRIL 17, 2019
In an era of digital transformation - not to mention a lot of economic and regulatory change - things are moving quickly. For many financial services organizations this means unprecedented pressure to innovate to remain relevant and competitive. And the results are starting to show: in.
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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.
Bank Innovation
APRIL 19, 2019
The Detroit, Mich.-based online-only bank, Ally Financial, had 120,000 new deposit customers in the first quarter on 2019, CEO Jeff Brown said on the bank's 1Q earnings call Thursday, bringing the Ally’s total depositor count to 1.77 million — a 20% YoY increase. CFO Jennifer LaClair said new customers accounted for 56% of Ally's balance […].
PYMNTS
APRIL 14, 2019
The International Monetary Fund ( IMF ) and the World Bank are partnering up to launch a private blockchain and “quasi-cryptocurrency.”. The asset, “Learning Coin,” will be accessible only within the Washington-based multinational agencies. Since the coin has no monetary value, it’s not an actual cryptocurrency, according to The Financial Times. Instead, the coin will be used to study the technologies used for crypto assets, and how they can be utilized in the real world.
Chris Skinner
APRIL 14, 2019
Things we’re reading today include … Halifax accused of copying rival banks Monzo and Starling with rebrand Asia’s tech champions zero in on main street banking Bank IT failures ‘haunt customers on credit reports’ Big Bank Earnings Reflect Strength in the Economy Citigroup to refund retail customers for investment losses: … The post Things worth reading: 15th April 2019 appeared first on Chris Skinner's blog.
Payments Source
APRIL 17, 2019
CV Systems’ COO Randy Schmidt, BHMI Chairman Jack Baldwin and Mickey Goldwasser, vice president of Payrailz, discuss challenges and opportunities, for faster payments, back office gaps, and cross-industry cooperation.
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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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