Chris Skinner
JULY 21, 2017
There’s an old joke about the guy who’s lost driving in the countryside who stops to ask a pedestrian how to get to the city. The pedestrian replies: “oh, if you want to get there, I wouldn’t start from here”, and this is exactly how banks feel today. They want to get to the nirvana of new technologies, but are stuck in a spaghetti of old systems.
Bank Innovation
JULY 17, 2017
The war on cash is resurging, but this time companies are more focused on other companies than they are on changing consumer behavior. The campaigners against cash have long included companies like Visa and Mastercard, which each offer their own incentives for consumers to move to digital methods of payment. However, cash (and consumers) are […].
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Payments Dive
JULY 20, 2017
Despite the predominance of digital banking, there's evidence customers are growing less satisfied with their digital banking experience.
Accenture
JULY 19, 2017
The PSD2 regulatory technical standards for strong customer authentication (SCA) and secure communication (SC) are proving difficult to finalize. Circulated in draft in 2016 for consultation, the EBA published its final draft in February 2017, followed by amendments requested by the European Commission, subsequently rejected by the EBA in June 2017.
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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
JULY 18, 2017
I was interviewed by UBS’s wealth management team a month ago, when the bitcoin bubble was in full bloom. The price had exploded, tripling in a month. Now that it has burst, the interview seems quite prescient so, here it is … UBS interview with Chris Skinner Cryptocurrencies – digital currencies based on encryption – are in the midst of a bubble, but that should not overshadow the genuinely transformative change that is taking place within the financial services industry.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JULY 18, 2017
The beverage alcohol industry in particular might fall victim to Amazon's takeover of Whole Foods.
Accenture
JULY 20, 2017
I’ve been a big Doctor Who fan since I first cowered behind my parents’ sofa in Scotland in the early 1970s, hiding from the Daleks. From the original black and white 1960s series to the recent news that, for the first time, the 13th Doctor will be a woman, the sci-fi series has continually reinvented itself to remain relevant to new audiences. One secret to its success has been the Doctor’s ability to regenerate into a completely new character every 2 to 3 years.
Chris Skinner
JULY 19, 2017
I just attended an EFMA conference where the opening presentation talked about the most innovative banks in the world. They may or may not be, you can decide, as I’m posting some of their stories here. These are the ones I quite liked, so it’s not exhaustive. See what you think … Capital One Skill for Alexa Capital One’s skill for Alexa provides a new feature called “How much did I spend?
Bank Innovation
JULY 20, 2017
Banks are taking the battle for millennial customers where it belongs: mobile. Citibank and JPMorgan Chase users will now be able to link cards to PayPal via mobile, allowing customers of both banks to add cards before paying online and in-store via the PayPal mobile wallet, both banks announced today. These new mobile capabilities also […].
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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
JULY 21, 2017
Demonetization in India is a policy of extraordinary scope and ambition, combining advanced solutions in identity, mobile and payments to revolutionize commerce and financial services across the nation.
Insights on Business
JULY 20, 2017
See how open banking APIs are transforming financial services (and businesses, too!). What is “open banking”? I wasn’t particularly inspired by the Wikipedia definition , so I’ll give you mine. Open banking is a term that is associated with a broad set of initiatives that align to one of these three principles: Banking customers are empowered as the owners of their financial data. .
Chris Skinner
JULY 20, 2017
One of the presentations I particularly enjoyed at the EFMA meeting was from Gürhan Çam, Senior Vice President- Digital Banking at DenizBank, Turkey. You will all know by now that I love the innovations in retail banking in Turkey, and Gürhan didn’t disappoint. First, there is the fastPay Wallet. With fastPay you can do send money to a mobile phone, withdraw cash from ATM without a card, shop with fastPay businesses and top-up cash for prepaid cards.
Bank Innovation
JULY 17, 2017
The number of consumer mobile banking apps available is continuing to grow, but smaller banks are getting left out of the race. That is according to the July Monkey Insights report, released today by Malauzai Software. Consumer mobile apps grew about 6%, in keeping with last year’s growth, according to the report. This slower growth […].
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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.
PYMNTS
JULY 20, 2017
Innovation foundation Nesta has announced the 20 FinTechs chosen to compete for a $6.5 million prize as the company looks to boost innovation in the small business banking space. As part of its Open Up Challenge, announced in February, Nesta called for FinTechs that are using APIs to disrupt small business banking. The 20 chosen companies will compete for the prize money used to develop next-generation services and apps for U.K. small businesses, Nesta explained, adding that each of the 20 firms
Insights on Business
JULY 19, 2017
Deep changes are sweeping the financial services industry. Lofty expectations by millennials, FinTech upstarts, stinging memories of the financial meltdown, and a growing body of stringent regulations are just a few causes for industry-wide upheaval. Despite the changes, though, there are some constants; look at the data foundations at financial institutions and you’ll find that things are rather stable.
Chris Skinner
JULY 19, 2017
Things we’re reading today include … Goldman’s rotten trading quarter is a familiar smell on Wall Street One-third of card payments contactless P2P lender RateSetter steps in to protect investors from losses Regulators assessing suitability of Deutsche Boerse board Spain’s ‘secret credit card banker’ Blesa found shot dead AmEx profit dips as it splurges on customer rewards Two Britons win appeal against US Libor convictions.
Bank Innovation
JULY 19, 2017
Dash Wallet, based on the cryptocurrency Dash, is now available in the iOS App Store as of today, according to Dash, the company that operates the eponymous currency. The app store approval comes almost a year after the Cupertino, Calif.- based Apple denied Dash Wallet entry in its app store, in August 2016. The Dash Wallet-iOS saga offers an intriguing window […].
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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.
PYMNTS
JULY 20, 2017
A group of six multinational corporations in Switzerland is urging banks around the world to join SWIFT’s gpi initiative, news reports said Wednesday (July 19). ABB, Nestle, SBB and others reportedly sent an open letter to banks promoting their support for SWIFT’s gpi (global payments innovation) initiative and urging those FIs to take part in exploring how to improve cross-border payment processes.
Insights on Business
JULY 18, 2017
In 2016, more than 4 billion data records were stolen or lost, a 556% increase over 2015. Over the past few five years alone, 9 billion records have been breached. Of these records, only 4 percent of have been encrypted. Although cloud data centers have been on the rise, little to no progress has been made so that data is fully encrypted at any scale. .
Chris Skinner
JULY 17, 2017
I talked earlier about the homogenization of the world as we are all become globally connected, seeking global brands using a global language through global platforms. I truly believe that will happen, as it’s the natural outcome of the fourth age of humanity where we become digital humans, but there’s a long way to go. You only have to experience countries emerging from the darkness of disconnectedness to know this.
Bank Innovation
JULY 19, 2017
Running a business is hard enough without dealing with all of the pitfalls of legacy banking, which is why Qonto is building a virtual assistant for its business banking service. The French startup will be adding this capability next year to the current account offering it launched earlier this month. The service charges users €9 […].
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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.
PYMNTS
JULY 19, 2017
Mastercard is expanding its QR-based programs to create greater choice in retail mobile payments. The company today announced news of its plans to offer QR codes for scan by customers and merchants, building on its QR efforts in India, Thailand, the Middle East and Africa, as well as its collaborations with industry players to create new global QR standards.
Bobsguide
JULY 20, 2017
Every day companies around the world are finding new and innovative ways of exploiting public cloud technologies. The overall growth of cloud adoption continues to increase at double digit rates, and public cloud providers are facilitating unprecedented levels of innovation, agility, insight, and.
Chris Skinner
JULY 17, 2017
Things we’re reading today include … The Boston Consulting Group Says Banking Needs to Become More Bionic Italian banks may take 10 years to fix bad debt issue – Morgan Stanley Former Barclays chief will stand trial over Qatari fundraising in January 2019 Didn’t pay your Macy’s bill? Expect a text from Citigroup BNP Paribas faces $246m fine in currency scandal Who are the seven female bosses in the FTSE 100?
Bank Innovation
JULY 20, 2017
Financial service executives are still concerned about regulatory changes, but the best response is to improve data aggregation and management services. This is according to a survey by AxiomSL, which found that 66% of regulatory executives believe their institution needs to make investments in data management. The majority of respondents noted that the best response […].
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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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