Sat.Mar 19, 2016 - Fri.Mar 25, 2016

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Banks are not technology companies (yet)

Chris Skinner

I’ve been illustrating my frustration with incumbent banks for some time, saying that they lack technology leadership. Almost a third of my new book talks about the biggest challenge for banks to respond to Fintech, Big Data, Cloud, Blockchain and all those other issues is to have leadership.

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Meet the 15 Fintech Startups from Y-Combinator’s Latest Class

Bank Innovation

Y Combinator’s Winter 2016 Demo Days just wrapped up, with 159 startups taking the stage and making their play for funding. Just under 10% of the companies — 15 to be exact — were fintech-related. This is about average for a YC incubator class, with the 26% from Summer 2015 being an Read More.

Fintech 239
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Social media becomes more of a mobile commerce tool worldwide

Payments Dive

Michelle Evans, digital consumer manager for Euromonitor International, examines the impact social media platforms have on commerce, specifically in the Asia-Pacific region.

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Revealing CRE Projections That Will Give Your Bank Comfort

South State Correspondent

We always like to look back and see where underwriting and credit accuracy can be improved. Recently, we looked at almost 5,000 commercial real estate (CRE) loans from across the country that was underwritten in 2012. We looked at the property level cash flow projections to include revenue, expenses and net operating income (NOI) and then compared that to what has actually happened over the last 3 years.

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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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We are the Robots: science fiction becomes science fact

Chris Skinner

I recently talked about the oncoming internet developments that follow the internet of things, from the internet on demand (3D and 4D printing) to the internet of robots. A colleague came up afterwards, and said I was daft to talk about robots. It’s science fiction he claimed.

More Trending

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Mobile apps quickly becoming financial services' biggest asset

Payments Dive

Lahary Ravuri, group manager of product marketing and strategy for Adobe Systems, examines how FIs can use mobile to improve their client interactions and build loyalty.

Mobile 234
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5 Mind Blowing Concepts In Culture Banks Can Immediately Use

South State Correspondent

Earlier this week ( HERE ), we highlighted how an employee handbook can have a colossal impact on culture that can radically alter your bank’s trajectory. We talked about how culture alone allowed Zingerman’s, a little Michigan deli, to have a worldwide following. We showed employee handbook examples from Netflix, Zappos and Nordstrom to demonstrate how their cultural tone can be leveraged into a strategic difference.

Handbook 183
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The best blockchain white papers, March 2016 [Part 2]

Chris Skinner

After sharing my favourite white papers about blockchain and fintech a month ago, I got a bit of a deluge of offers of more papers, so here’s this month’s update.

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Top 20 Apps: Credit Karma Claims No. 1 Spot in App Rankings

Bank Innovation

Credit Karma and Chase Mobile are old rivals for the top ranking in iOS and Android for finance apps. But after three weeks, Credit Karma unseated Chase Mobile this week on both the iOS and Android platforms. Packed below the new leader and the newly demoted Chase Mobile are Bank Read More.

Mobile 234
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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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Have your cake and pay with your phone at The Cheesecake Factory

Payments Dive

The restaurant chain has selected MyCheck as the mobile payment platform provider for its new 'CakePay' mobile payment app for Android and iOS.

Mobile 231
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What Your Bank Needs To Know About Using "Loan Buckets"

South State Correspondent

If your bank only offers fixed-rate loans to 5 years, you are probably competing against every other bank in your region with an identical product. If you cannot differentiate the loan product or the officer selling the product, you will surely compete on price, or, worse - on credit structure – not an enviable position for a bank.

Regional 174
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Open sourced banking – give it to me now

Chris Skinner

I was reflecting on the demonstrations of Deep Mind against Go Champion Lee Se-Dol along with Watson at CeBIT and other artificial intelligence (AI) developments. It soon becomes apparent that we are evolving rapidly to a state where data learning through data analytics will be the battleground.

Analytics 199
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Nearly 10% of Mobile Banks Give Thumbs Up to Biometrics

Bank Innovation

Passwords are broken, so why don’t banks do something about it? Oh wait, they are. A recent report by Celent indicates that 38% of banks with $100 billion or more in assets — there are 21 of them in the U.S. — offer fingerprint authentication. The most famous form of Read More.

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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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Report: Global digital payments to reach $3.6 trillion in 2016

Payments Dive

A new study from Juniper Research argued that the recent surge in contactless payments would continue.

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How To Create A High Performing Bank With An Employee Handbook

South State Correspondent

Let’s be honest. Your bank employee handbook is probably a snooze-fest. If you are like most banks, your employee handbook was likely cobbled together from a template given to you by a third-party human resources firm or a revision of another bank’s handbook. Chances are your handbook is about as inspiring as refrigerator instructions.

Handbook 174
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The Finanser’s Week: 14th March – 20th March 2016

Chris Skinner

Our main stories of this week includes … The Origins of Moneykind, Part One: Shared Beliefs As you all know now, this week sees the release of my new book ValueWeb. Yes, you can buy it from today on Amazon or any of the other services you use.

Maine 172
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Marketplace Lenders Win 20% of Small Business Loan Apps, Fed Says

Bank Innovation

Marketplace lending has siphoned a notable share of small business lending, new research shows. According to a little-noticed report from the Federal Reserve Bank of Richmond, fully 20% of all small business loan applications are now being originated by marketplace lenders. And in loans to companies that have less than Read More.

Lending 210
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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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Boku expands Google Play direct carrier billing across Europe

Payments Dive

As a result of the new deals, subscribers can use one-tap mobile payments to purchase games and apps in the Google Play store.

Google 224
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Mobile Helps Boost Subscription Box Sites By 3,000 Percent

PYMNTS

We’ve known that subscription box sites were on the rise, but new data showing the particular numbers in that regard is nonetheless impressive. EMarketer reports that, according to a recent study from Hitwise, visits to subscription box sites (online subscription retail services like BarkBox , Birchbox and Dollar Shave Club , which, on a monthly basis, provide their members with goods delivered quite literally in a box) in the United States have increased by nearly 3,000 percent in the pas

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There are *exactly* 608 US firms offering banking fingerprint authentication

Celent Banking

Biometrics are hot. Fingerprint authentication (Apple’s version is Touch ID) is one of the most common forms of biometric verification. So, quick – how many American banks let customers log on to their accounts using this method? Based on the press, you might optimistically think a few thousand, right? And, in fact, ApplePay just activated its 1000th bank (adoption is another story, and the subject of another post).

US 140
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Ahead of New IPhone Announcement, More Bad News for Apple Pay

Bank Innovation

The pain associated with EMV transactions — slowness, grouchy salespeople, confused customers in the line ahead of you — was supposed to be a good thing for mobile payments. It hasn’t turned out that way. While first time usage of Apple Pay is up, repeat usage is down, according to Read More.

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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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Centili expands direct carrier billing partnerships

Payments Dive

The company announced it has been working to bring its 3G/4G one-click billing flow coverage to India, Russia, Thailand and Egypt.

Company 212
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PayPal’s Schulman Joins Obama’s Cuba Delegation

PYMNTS

By any stretch, President Barack Obama’s trip to Cuba is a historic event. After all, he is the first United States president to visit the tiny nation, so long a U.S. adversary, in roughly 90 years. Obama has reopened the U.S. embassy there and has also paved the path for commercial airline flights to begin to that nation. Mail will go back and forth between the two countries.

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2016: Year of the Trading Tech Boom?

Bobsguide

Even though we are only in the third month of the year, trading tech has exploded and developments in innovation are set to flourish in 2016. After the flash crash in 2010 which resulted in the Dow Jones index losing 9% of its value in 20 minutes, US regulators introduced circuit breakers that would.

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AI in Digital Wealth mgt: Sniffing out investment opportunities

Bank Innovation

Economist Andrew McAfee concludes in his TedTalk “What will future jobs look like?” (already 3yrs old) that “The new ‘algorithm enabling’ technology is here today, and banks could use it to fundamentally change the value proposition for their customers.” Oscar Wilde said that: “The future belongs to those that can recognize opportunities before they become… Read more AI in Digital Wealth mgt: Sniffing out investment opportunities.

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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.