Sat.Jul 08, 2017 - Fri.Jul 14, 2017

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Are Open APIs the Gateway to New Cores?

Bank Innovation

Open APIs have been advancing steadily across the banking landscape for a number of years, though just how “open” may be a point of conjecture. Many of the European neobanks have done it, such as Monzo and Fidor, and in Europe, where PSD2 is set to take effect next year, the issue is especially pressing. […].

Online 394
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The bank calls for an Open Banking meeting

Chris Skinner

I posted this on twitter earlier and it’s proven so popular that I thought I would share with all. The bank calls for an Open Banking meeting. The post The bank calls for an Open Banking meeting appeared first on Chris Skinner's blog.

Meeting 342
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Want to increase mobile payments? Give consumers more control over their cards

Payments Dive

While mobile wallets make it possible to manage several cards in one application, the challenge facing financial institutions is becoming the default card option within mobile wallets and payment applications.

Mobile 320
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Jet.com Tests Try Before You Buy

PYMNTS

In eCommerce news: The tug-of-war game just got a bit tighter, and Amazon may be in the crosshairs. Walmart’s Jet.com is helping to push the envelope with its new “ try before you buy ” approach. Approximately 300,000 online product samplings and exclusive offers will be included in monthly eCommerce packages. Through this new promotional effort, Jet.com is hoping to enhance its customer engagement process and is likely to continue to increase its status as a tier one eCommerce company.

Online 218
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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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40% of Non-Prime Millennials Run Out of Money Every Other Month

Bank Innovation

Life as a non-prime millennial consumer means more debt and less financial confidence, with the majority of these consumers living paycheck to paycheck. Nearly 60% (58%) of non-prime millennials live from one paycheck to the next, according to the Millennials’ Day-to-day Finances: The Non-Prime Experience released today by Elevate’s Center for the New Middle Class. […].

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Visa continues to thumb nose at cash

Payments Dive

The card this week announced a program to award small-and-medium sized business to renounce cash in favor of shiny new point-of-sale systems that accept credit and debit payments as well as those of the digital variety.

System 279
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AI/BOTS: AI’s Impact on The Digital Retail Revolution

PYMNTS

The digital retail revolution is well underway. Fusing technology into in-store experiences has officially gone mainstream, and retailers are looking for ways to go beyond the traditional mobile app. As we’ve reported in the past, places like Sephora have installed various tablets with embedded augmented reality (AR) features to help customers pick and choose what makeup shades look best on their skin tone.

Retail 212
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PayPal’s New Apple Partnership Leaves Square on the Outskirts

Bank Innovation

Square may have Apple Pay, but PayPal is the one with access to the rest of Apple. PayPal will now be a payment option for users making online purchases in the Apple ecosystem (including purchases made in the App Store, iTunes, and Apple Music), the payments company announced today on its blog. The partnership, which […].

Apple 284
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A three-stream financial world: which one to watch?

Chris Skinner

I was reflecting on a question posed to me recently by a Turkish banker. He asked me: “why is it that the Western banks are always talking about legacy?” I knew exactly what he was getting at, as the banks I deal with in USA, UK, France, Germany and other European nations are always fretting over the challenge with their old systems. It is not surprising when 43 percent of their bank systems are built in COBOL and other old programming languages where few people have any knowledge of how to p

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The State of Automation in Financial Services 2024 Report

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

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While fintech investment rises, cash remains king

Payments Dive

Fintech investment hit an all-time high in 2016, but has this massive investment translated into consumer adoption? A new study suggests that it might not have — at least, not yet.

Fintech 218
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Registration deadline approaching - Risk management summit 2017

Abrigo

One month before the primary registration period ends. Register now and save $100 per registration. The 2017 Risk Management Summit presented by Sageworks is set for September 25-27th in Denver, CO. The Summit is the industry’s leading life-of-loan conference, spanning loan origination through portfolio risk management in a CECL - current expected credit loss - world.

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5 Fintech Startups Under the Radar

Bank Innovation

Fintech is growing more quickly than ever, but sometimes we have a tendency to focus on the innovations made by the big companies, leaving smaller fintechs in the shadows. From PFM to P2P to roboadvisors to microlending, these under-the-radar startups are changing the world of fintech. Take a look at Bank Innovation’s list of 5 […].

Fintech 282
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What did Jack Ma say?

Chris Skinner

I’m spending the week in China with Alibaba and ANT Financial. More details to follow, as this is all building towards a case study chapter in my new book Digital Human, and sat amongst 2,000 fans listening to Jack Ma yesterday and his vision of the future. Jack spoke in Chinese and I was listening with simultaneous translation, but here are my main notes and takeaways from what he said: It is impossible to do business today offline as everything has to have something online, which is why we nee

Big Data 262
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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NEW REPORT: Fiverr Finding Future Outside The Gig Bargain Bin

PYMNTS

Searching for a different kind of lodging or the perfectly priced graphic designer to help give a startup the right look? These days, the best place to look may just be on an online platform. The July PYMNTS Payments Powering Platforms Tracker™ , powered by WePay, features a roundup of last month’s headlines on how payments are powering new businesses in industries from freelancing to financing, and everything in between.

Report 161
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PSD2 is pushing banks to reinvent themselves, but are they up to the task?

Bobsguide

“Banking is necessary, banks are not” Bill Gates famously said in 1994, speculating on the future power of technology. As the Second Payment Services Directive (PSD2) comes into effect at the beginning of 2018, what once seemed like a controversial statement is now gaining increasing.

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Chinese Partnerships Are Good For Stripe, Great For Alipay and WeChat

Bank Innovation

Stripe’s recent entry into Chinese payments opens up a vast market to the payments processor, but more notably, it allows Chinese payment giants WeChat Pay and Alipay to keep dominating that market — and gain entry into markets outside China. Stripe will now allow global support for both of the most popular digital payment methods […].

Marketing 265
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Homogenizing the world

Chris Skinner

I’ve pretty much been travelling the world on business non-stop for thirty years, and something has fundamentally changed during that period. Obviously, the internet and mobile and global connectivity, but also the homogeneity of globalisation. I remember flying into Singapore’s brand spanking new Changi Airport in 1987 and my disappointment at being greeted by McDonald’s.

Branding 227
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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.

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Repair Man Locked Inside ATM And Rescued

PYMNTS

Working in the ATM business can be dangerous. From potentially getting robbed when reloading the ATM with money to installing the heavy machine, it’s possible to sustain severe injuries. However, it’s being reported out of Corpus Christi, Texas, that a repair man accidentally locked himself inside an ATM he was working on. The room located behind the machine that allows workers to repair it was the place where the man was stuck.

ATM 135
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What To Know About the Austrian FinTech Ecosystem

Let's Talk Payments

Europe and the FinTech Adventure: The Austrian Case As the FinTech industry keeps growing, it is fundamental to know where to find the best conditions to start and effectively run.

Fintech 111
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+500 Deals Already Funded via New Alt Investment Portal Yieldport

Bank Innovation

Yieldport.com, a newly launched alternative investment community and portal, seems to have already facilitated the funding of more than 500 deals. The Amsterdam-based site, which officially opened today, currently lists more than 2,000 investments, including a fixed income note paying 10.25% and 7.8% of equity in MeineSpielzeugkiste, a platform for sharing children’s toys.

Community 225
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Things worth reading: 10th July 2017

Chris Skinner

Things we’re reading today include … Wells Fargo CEO ‘pleased’ with preliminary approval of $142 million settlement Analysts saved by stroke of the FCA’s pen Theresa May’s election woes spark jitters among UK finance chiefs Top bankers back calls for revamp to protect small firms Goldman Sachs is 2017’s worst-selling fund manager with $27 billion in outflows: FT Banks pressed to release more non-financial data Brexit may never happen – Sir Vince Cable Me

Data 192
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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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Albertsons IPO Is Back On Hold

PYMNTS

Albertsons still wants to go public, two years after first mulling and tabling an initial public offering, Bloomberg reports. Yet once again, the grocer is going to have to put that dream on hold as it struggles to get its same-store sales back into the black. Same-store sales dropped into the negative in fiscal 2016 and have yet to recover. It’s not doing Albertsons any favors that, between the popularity of grocery pickup and delivery services, cheap groceries at Walmart and the debut of Germa

Marketing 128
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RegTech Companies in Europe Driving Down Compliance Costs to Enable Innovation

Let's Talk Payments

In the financial services industry, compliance is not an option. It is the speed-inhibiting layers of operations that are extremely expensive and becomes even more expensive if not done correctly.

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RegTech and Insurance Remain Hot with Seed-Stage VCs

Bank Innovation

Compliance, insurance, and workflow solutions: these are the most interesting areas for a seed-stage fintech investor right now. Chris Fortunato, principal at KEC Ventures, named compliance and insurance as two of his biggest current focuses during Bank Innovation’s “For the Love of Fintech” meetup yesterday. “We’re definitely very interested in compliance.

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The Finanser’s Week: 3rd July – 9th July 2017

Chris Skinner

This week’s main blog headlines are … The Top 1000 banks in the world 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 … What was hot at Money2020 Europe?

Cards 171
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Addressing Top Enterprise Challenges in Generative AI with DataRobot

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.