Bank Innovation
MAY 10, 2017
Open banking, virtual branches, machine learning, and AI — these are just some components of the alternative banking puzzle. Digital-first upstarts that provide alternative lending solutions have now proved to the banking world that they are as good (if not better) at attracting, underwriting, and servicing customers, when compared to traditional peers.
Chris Skinner
MAY 10, 2017
It shows how important FinTech is when major financial centres vie for focus. London has been leading the charge to be the FinTech capital of the world, but many other cities are nipping at their toes. So I was intrigued to see Hong Kong issue their FinTech strategy today. Here’s the summary: Financial Technology, more commonly referred to as FinTech, looks set to reshape the financial sector in the coming years and present Hong Kong with both challenges and opportunities.
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Payments Dive
MAY 9, 2017
Consumers these days want to connect with their preferred brands at a moment's notice. This, in turn, has forced companies to dabble in areas that didn't exist three to five years ago.
PYMNTS
MAY 10, 2017
When it comes to finding the latest, greatest API solution does it help to invite outsiders into the sandbox? As more companies seek to engage in international trade, API-based solutions are being seen as a way to address some of the frictions that arise with cross-border transactions. The May B2B API Tracker™, a collaboration with FI.SPAN, looks at the challenges companies must address when delving into overseas business and how API-based solutions are helping address these issues.
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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 11, 2017
Wells Fargo will begin underwriting customers for their “entire credit limit” later this year, Avid Modjtabai, head of payments, virtual solutions and innovation (PVSI) group said during the bank’s investor day today. Currently, customers seeking credit need to apply for individual products– such as loans or credit cards– separately, Modjtabai said.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MAY 11, 2017
The decision on which mobile app to work with is an important decision. Some are sleek. Others are clunky. Some are quick. Others are slow as molasses. There are many items you must choose from, but here is an important something to think about.
PYMNTS
MAY 11, 2017
Xero , the online accounting software company, announced Wednesday (May 10) a partnership with Capital One Financial Corporation to simplify direct bank feeds, credit card data and the bank reconciliation process. In a press release , Xero said the partnership will empower millions of small businesses to make more informed financial decisions. With direct, secure integration through Capital One’s new application programming interface (API), small businesses will be able to connect their Capital
Bank Innovation
MAY 9, 2017
Artificial intelligence and machine learning have found their way into lending. But can we trust robots with loan origination quite yet? Upstart — a five-year-old online lender — bets you can (and you must). In fact, more than 25% of Upstarts current loans are fully automated, Bank Innovation has learned. “We have made this progress […].
Chris Skinner
MAY 8, 2017
I’m very sceptical about competition in banking because I’ve been waiting for it to happen for too long. Back in the 1990s, I visited Australia that had just had sweeping reforms in banking to promote more competition. Zero affect. America’s biggest banks haven’t seen much change to their market share in the last decade, and UK banks have just been getting bigger.
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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 12, 2017
Bank of America's latest Trends in Consumer Mobility Report shows that P2P adoption is strong across all generations. While millennials lead the charge, Gen Xers, baby boomers and even seniors use such services to varying degrees.
PYMNTS
MAY 10, 2017
Mswipe Technologies , India’s largest independent POS merchant acquirer and network provider, announced Tuesday (May 9) it has enabled Samsung Pay at all its terminals across the country. In a press release, Mswipe said the partnership with Samsung Electronics will enable contactless/tap-and-pay-on-the-go facility for Samsung Pay users across all two lac Mswipe terminals in the country.
Bank Innovation
MAY 11, 2017
Biometrics are fast becoming the norm for identity verification in banking—but criminals are adapting to these authentication methods as quickly as consumers. Biometric forms of authentication, like the various modes of “Selfie Pay,” fingerprint recognition, and voice ID, provide more security than passwords—but that doesn’t mean financial institutions can afford to drop their guard.
Chris Skinner
MAY 10, 2017
Things we’re reading today include … Australia’s big banks hit by $6.2bn levy in budget cash grab $14 billion wiped off big banks as new levy, fines add to pain Germany welcomes Chinese investment in financial firms RBS cuts hundreds of technology jobs Former Lloyds bosses to face October court date over shareholder HBOS lawsuit Barclays boss set for shareholder grilling at AGM Who’s banking whom in cryptoland?
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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.
Payments Dive
MAY 9, 2017
The Emerging Markets Payment Index is intended to be used by digital media companies, web and game developers for benchmarking their revenue in markets with high smartphone growth and low credit card penetration.
Celent Banking
MAY 8, 2017
We’ve seen that banks are focusing intensely on the customer experience, and very often they’re using technology to try to make that happen, whether it’s through predictive analytics, bots, or new branches. There’s another tack to take that can complement these laudable efforts: just be more human – and mean it! I travel a lot, and so have been reading recent stories of airline customer service disasters with a mixture of horror and disgust.
Bank Innovation
MAY 11, 2017
Thanks to the likes of Venmo and (soon) Zelle, real-time, person-to-person payments are now an expectation for consumers. In fact, P2P has become the new social ‘norm,’ Bank of America claims. According to the bank’s Trends in Consumer Mobility Report released today, nearly two in five (36%) adults currently use person-to-person payments, with millennials nearly double that […].
Chris Skinner
MAY 11, 2017
Things we’re reading today include … Mashreq CEO foresees branchless future for UAE bank Top French bank chief attacks no-frills rivals for freeloading Bank branch closures affecting poorest the most Barclays rejigs global investment banking team, seeks new hires Lloyds chief says taxpayer to make £500m on bank rescue Barclays chief falls victim to email prankster pretending to be bank chairman Zopa gets FCA approval as peer-to-peer lender Goldman Sachs to revamp dark pool business A
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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
MAY 10, 2017
Refugees are among the most unique groups of people for whom to enable mobile payments and other financial services. Clearly an acute need is there, but modern banking is built upon knowing one’s customers; and when all refugees have are the clothes on their back, cash in their pocket and a mobile phone in their hand, knowing one’s customer becomes an extremely high bar to jump.
Insights on Business
MAY 12, 2017
(L to R: Patrick Lane, Banking Editor, The Economist; Nick Bostrom, Founding Director of The Future of Humanity Institute). We’ve been long saying that financial services firms today are undergoing a radical transformation. From pressures around data security, a constantly evolving regulatory environment, and disruptive new players (fintechs)—all amplified by cost pressures and diminishing margins—it’s clear that business models need to quickly adapt.
Bank Innovation
MAY 12, 2017
Alexa now has about 12,000 skills on its platform (the 10,000 milestone was in March) since opening it up to developers in 2015, according to Ford Harris, senior business development manager at Amazon Alexa. “When we set out to build Alexa, we were looking to bring this Star Trek experience to customers,” Harris said during the Amex […].
Chris Skinner
MAY 11, 2017
Things we’re reading today include … Fintech: the second wave of challenger banks Lloyds boss Antonio Horta-Osorio said to be hunting for new job ahead of AGM RBS bosses face ‘brutal grilling’ at banking giant’s AGM SoFi plans to apply for a bank charter in the next month Barclays boss Jes Staley publicly apologises over whistleblowing scandal US regulator warns Europe to tread carefully on euro clearing Noel Edmonds seeks £50m damages for HBOS fraud.
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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
MAY 11, 2017
For financial institutions investing in application program interface (API) solutions to help customers gain access to new services, it pays to open up the sandbox to others. Several major banks, including Citi and Standard Chartered, recently launched their own APIs to help their various clients access each banks’ financial toolsets to address their individual needs.
Bobsguide
MAY 10, 2017
Customer churn can provide great insights into what needs to change in business. In 2016, over a million customers switched their banks in the UK. With Current Account Switch Service in effect in UK, the pace of switching is making Current Accounts look a lot like Gas & Heating suppliers. By.
Bank Innovation
MAY 8, 2017
Affirm, the lending startup that provides loans at the POS, is looking into launching everyday-use virtual credit cards, Bank Innovation has learned. The company, launched by a PayPal cofounder Max Levchin, provides point-of-sale loans that allow customers, particularly millennials, to finance purchases with participating merchants. Once approved, consumers receive a one-time use virtual card via Affirm’s […].
Chris Skinner
MAY 8, 2017
Things we’re reading today include … Is your money safe? Why are analysts so bullish on Lloyds Banking Group plc? Australia to hold new inquiry into ‘Big Four’ banks Goldman Sachs wins largest concessions on Volcker rule Upstart challenger banks eye consolidation Debit card control lets you ‘turn off’ card to beat scams Rich List 2017: UK’s super-rich carry on making billions.
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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