Chris Skinner
JULY 4, 2017
I’ve written a column for The Banker magazine for the last 15 years and, during that time, have collected their special July edition each year. Every July The Banker publishes their analysis of the Top 1000 banks in the world. In the 1990s, the top 10 were mainly Japanese; in the 2000s, American; and today, Chinese. This year is particularly interesting as there is a clear impact of Brexit on the British banks.
Bank Innovation
JULY 6, 2017
What do mortgage lending and music streaming have in common? More than one would think. In fact, mortgage lenders could stand to learn a few lessons from how music services such as Spotify interact with consumers, according to Vishal Garg, founder and CEO of Better Mortgage. Better, an online mortgage lender utilizing machine learning to […].
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Payments Dive
JULY 6, 2017
The retail landscape is evolving rapidly as emerging technologies and trends are changing expectations of the in-store experience. As retailers look to find their place in this brave new world, many are now seeing payments as an opportunity.
PYMNTS
JULY 5, 2017
The Hive Project, a company that uses cryptocurrency and Ethereum blockchain for trade financing , has launched its platform. The company announced Friday (June 30) that its portal is up and running to link SMEs to trade financing by turning unpaid invoices into tradable assets. Every invoice is assigned a unique fingerprint, the firm said, by tokenizing each bill and linking them onto the blockchain.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
Chris Skinner
JULY 5, 2017
I spend a lot of time talking with my friends in Turkey, particularly since the big change in climate after the protests last year. Nevertheless, from a financial markets point of view, it’s a fascinating place. One of the first to be contactless and, more recently, one of the first to offer social retail banking. If nothing else, I love Turkey for their cheesy adverts: In this latest update BKM, the ACH for most of the retail banks, provides the story of Troy, the first and only nation
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JULY 5, 2017
Mobile wallets, security and Alipay were just a few of the many discussions that took place at the recent conference in Copenhagen.
PYMNTS
JULY 6, 2017
API technology is opening new doors for the world of financial services, a trend that cultivates cooperation and collaboration between FinTechs and banks, once considered competitors. With the speed of payments accelerating and Same Day ACH initiatives continuing to roll out, NACHA has pulled together a group of industry experts to explore API standardization as a way to facilitate faster payment speeds and greater transaction security, among other use cases.
Chris Skinner
JULY 6, 2017
Last week was Money 2020 Europe week. This year a gathering of 6,000 odd people – and I mean ODD – assembled in Copenhagen to talk all things FinTech and stuff. That’s 50 percent up on last year’s first outing and, due to the numbers and a few brown envelopes from the Dutch, the whole shindig moves to Amsterdam next year. I had various duties during the week, including hosting a panel on the challenge of large banks replacing their core systems.
Bank Innovation
JULY 7, 2017
The introduction of yet another bank-branded digital wallet service hasn’t exactly shifted the world of payments on its axis. Citi Pay, Citi Bank’s digital wallet (and P2P service, thanks to the bank’s integration with the ever-expanding Zelle network) launched in the U.S. yesterday. Citi customers can now use the wallet for online and in-app transactions, enabled […].
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Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.
Abrigo
JULY 6, 2017
It’s been more than six months since the National Credit Union Administration (NCUA) issued its revised member business lending (MBL) rule in January 2017. Among other things, the new MBL rule further defines the difference between commercial and member business loans and states that non-member loans do not count toward the statutory MBL cap. With the new rule in effect, the NCUA has received several questions regarding its implications.
PYMNTS
JULY 7, 2017
Banks were once the great riverbed of financial activity. Today, the flow of cash is gradually being diverted through other, third-party channels because of services that are unavailable from banks. It’s not totally the banks’ fault — their hands are often tied by regulations and processes — but the reality remains that, if they don’t adapt, the commercial banking establishment will slowly evaporate.
Chris Skinner
JULY 3, 2017
The British Bankers’ Association released their The Way We Bank annual report last Thursday. It was interesting. Here are the key highlights: Over the past five years customers’ activity on banking apps rocketed by 354%, with apps now an increasingly popular way to access current accounts rising from 21% of access in 2012 to 61% by the start of 2017.
Bank Innovation
JULY 5, 2017
Machine learning and artificial intelligence have made waves in the lending space recently, but human underwriters are by far not out of the picture. That’s according to OnDeck’s Chief Financial Officer Howard Katzenberg. “What we want to do is be great at both the algorithmic and analytic part, as well as [maintain] a human element,” […].
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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 7, 2017
It's time for a look back at last month's most-read articles and blog posts on Mobile Payments Today.
PYMNTS
JULY 6, 2017
Open Banking, the U.K. bank-funded entity that was mandated by the Competition and Markets Authority to provide new ways for customers to share their financial data with non-bank providers, has released an API specification for accounts and transaction information and payments initiation. In a press release Open Banking said the new spec was released on its website for review and development by banks and third-party service providers.
Chris Skinner
JULY 7, 2017
Building on yesterday’s blog, Money2020 has an official Money Magazine to go with the European show, produced by Norfico. I was picked as one of a few commentators to talk about what’s going on in the world and was featured in the magazine, which you can find and download here. Anywho, for blog purposes, I thought I would record the final interview notes and share for those interested.
Bank Innovation
JULY 5, 2017
Payments between individuals and companies will be a lot more mobile in the future, according to consumers. Turns out, the majority of consumers (who have grown used to being paid via direct deposit or electronic transfer anyway) believe that future payments between consumers and corporations will be exchanged via mobile app, according to a survey […].
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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
JULY 5, 2017
According to the 2017 Retail Banking Trends and Predictions report, the top strategic priority for banking institutions around the world is improving customer experience. To achieve this goal, banks need to offer consumers the flexibility to engage via their preferred channels at their preferred.
PYMNTS
JULY 4, 2017
According to the latest findings of the European Ecommerce Report 2017 , it is a good time to be selling online in Europe — especially since online retail growth has been “exponential” over the last several years. During 2016 alone, eCommerce activity increased by 15 percent to €530 ($602 billion U.S., 30 percent of global eCommerce). The 2017 forecast indicated a projected 14 percent growth to €602 billion ($684 billion, 34 percent of global retail sales).
Chris Skinner
JULY 4, 2017
Things we’re reading today include … Italy ON BRINK: Now THIRD Italian bank demands cash injection ‘Interest rate rise now would be a mistake’ The Trump administration—not the Fed—has it right on bank regulation US sanctions Chinese bank for links to North Korea Former COO of Deutsche Bank joins MortgageGym Ex-Barclays bankers appear in court Brexit clarity needed to avoid ‘tipping point’ for industry as companies abandon investment in UK.
Bank Innovation
JULY 5, 2017
Vantiv is expanding its role in international payments, with its latest move gaining it a firm foothold in the United Kingdom. The American payment processor, headquartered in Ohio, has just closed a deal with London-based payment processor WorldPay. Vantiv’s former British competitor has agreed — in principle — to be acquired by the company for […].
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
Let's Talk Payments
JULY 6, 2017
The modern business landscape has evolved. The core business focus has moved from operational excellence to innovation. The customer is now at the center of the pyramid, around which processes.
PYMNTS
JULY 6, 2017
The world’s not ready for the Internet of Things (IoT). Oh, consumers are excited, and they have embraced connected commerce with both thumbs — and their voice. People have embraced smart technology such as the Apple Watch, Amazon Echo, Fitbit and even connected scales and blood pressure monitors by Withings. PYMNTS’ study in collaboration with Visa, “ How We Will Pay ,” quantifies just how many people are on board.
Chris Skinner
JULY 6, 2017
Things we’re reading today include … City watchdog chief pushes for Brexit transition deal for financial services Brexit should not end UK financial firms’ access to EU, says FCA Keep euro clearing in London but share oversight with Brussels, says Barclays’ John McFarlane Worldpay deal sparks scrutiny of EU state aid rules MetLife seeks new delay in ‘too big to fail’ case to wait for Trump Wanna buy some cash?
Bank Innovation
JULY 3, 2017
The rise of fintech startups and financial services companies espousing financial literacy programs, good financial health practices, and budgeting tools for consumers hasn’t changed one crucial fact: underbanked U.S. households are still underbanked. “I have seen a lot of [new] people in credit, but relatively little at the lower end,” Marla Blow, CEO and founder of […].
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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
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