Bank Innovation
MARCH 30, 2016
For Gen Y, the rallying cry was, “I want my MTV.” For Millennials, the cry might as well be, “I want my mobile banking.” About 67% of Millennials now use mobile banking, according to a study released today by the Federal Reserve. This compares to 18% for those consumers aged 60 Read More.
Chris Skinner
MARCH 30, 2016
There are a number of hotbeds for innovation in finance – London, Singapore, Tel Aviv, Silicon Valley – may all spring to mind to begin with … but what about Berlin and Munich? Yes, Berlin is showing some interesting true colours with three standout start-ups: Fidor, NUMBER26 and solaris.
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Payments Dive
MARCH 31, 2016
A media report recently revealed a potential plan for Facebook to add an in-store mobile payments option to Messenger. This could be another step in the company's plans to introduce a digital wallet.
South State Correspondent
MARCH 29, 2016
The number one reason that banks struggle to grow their commercial business is their relationship managers don’t have enough time. Credit memos, compliance, administration and a whole host of other tasks take up the day leaving very little time to bundle a steady pipeline of profitable accounts. However, next to streamlining your calling officer’s day, the next largest impediment to prospecting is the lack of knowledge.
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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
APRIL 1, 2016
Brett King opened yesterday’s episode of Breaking Banks with the new Citibank report, which suggests disruption will lead to a 30% cut in employees across the retail banking sector. Next up was data and its use in providing context to the consumer experience. Pat Phelan of Trustev and Paul Siegfried of TransUnion spoke about the developments Read More.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
APRIL 1, 2016
A new report from the US Federal Reserve Board says that 43 percent of banked adults with mobile phones now use mobile banking — a year-over-year increase of 4 percent.
South State Correspondent
MARCH 30, 2016
We are in agreement with the ICBA that FASB’s proposed current expected credit loss (CECL) model would place tremendous costs and regulatory burdens on community banks. We also agree that CECL, as proposed, will increase reserves and negatively impact many community banks’ ability to lend and support economic growth through lending. However, it does not appear that the current proposal will be modified for banks under $10B in assets.
Bank Innovation
MARCH 28, 2016
Is it best to dip a toe in the water, or jump in for a cannonball? According to Square, a slow and constant march into the wading party beats both. The payments company announced today it would move beyond cash advances into a more general loan product. This may mean Read More.
Chris Skinner
MARCH 31, 2016
I don’t always want to just repost other documents, but there are 428 pages of reports that came onto my desk this week and I think they’re worth sharing. The first report is about Fintech trends (316 pages) and Money of the Future by Life.
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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
MARCH 29, 2016
Michael Bruemmer, from Experian, examines the issues the payments industry still faces when it comes to data security.
South State Correspondent
MARCH 31, 2016
Virtual reality is all the rage this week. Facebook released their Oculus Rift headset and it was announced that the NCAA Final Four basketball games will be live-streamed in virtual reality. This all has the “Wow” factor but the reality of virtual reality is that it leaves much to be desired. It is no surprise that, in our opinion, the technology is over-hyped and out over its skis.
Bank Innovation
MARCH 31, 2016
A Russian company wants to move users out of the password era with a combination of voice and facial recognition. SpeechPro, based in St. Petersburg, Russia, introduced its new authentication technology yesterday at FinDEVr in New York. Text-dependent systems like passwords are familiar and generally reliable, since they can be memorized and kept Read More.
Chris Skinner
MARCH 31, 2016
OK, I see weird things everywhere. Last week in Japan … But even the Japanese cannot beat the guys in the Middle East. A few days before I went to Tokyo I was in the United Arab Emirates (UAE) at a conference called MEFTECH, where one exhibitor proudly showed me the Beam app.
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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
APRIL 1, 2016
With its new ad campaign and tagline ('It's all the change you need'), Visa Europe takes a stab at 'coin-shaming' Brits into making more contactless payments.
South State Correspondent
MARCH 28, 2016
Most bank calling officers are inadequately prepared to effectively sell bank products. It is not because they can’t, but because the art and science of selling bank products is rarely taught. When it is taught, it is without understanding that banking has a set of special needs to include regulatory compliance, the component of credit and the emotional content of dealing with the most private of information – a person or company’s financial position.
Bank Innovation
MARCH 29, 2016
Google is offering up its machine-learning infrastructure to “cool fintech startups.” The Google Cloud Computing allows for massive — and we mean massive — database queries, and offers the infrastructure to build deep machine-learning at scale. Rene-Paul Lafarie, a Google System Engineer with requisite long beard, said this Cloud Computing system Read More.
Chris Skinner
MARCH 28, 2016
Our main stories of this week includes … We are the Robots: science fiction becomes science fact 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.
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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.
Finer Points
MARCH 30, 2016
It’s something ICBA and the community banking industry say all the time: community banks are the nation’s leading small-business lenders. And the numbers back it up. While community banks make up less than 20 percent of the banking system’s assets, they dole out more than half of its small-business loans. Still, some small businesses continue […].
PYMNTS
APRIL 1, 2016
Perhaps put in a litigious mood by the lawsuit recently filed against her and her sisters, Kourtney and Khloé, by Hillair Capital Management for the trio’s alleged failure to promote the “Kardashian Beauty” makeup line — and/or worried that she’ll need to bring in some extra money to pay for the $180 million in damages being sought therein — Kim Kardashian West has gone on the legal offensive in a completely unrelated manner.
Bank Innovation
APRIL 1, 2016
Pivotus Ventures, a new venture capital firm launched by Umpqua Holdings Corporation, believes that drastic action is needed to keep banks relevant in the coming years. If any FIs can do it, Umpqua is certainly among them. Just last year, the Portland, Oregon-based corporation performed the rare feat of upgrading its core Read More.
Payments Dive
MARCH 29, 2016
The solution allows customers to set up a withdrawal online and complete it at any one of the bank's 900 ATMs.
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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.
Celent Banking
MARCH 31, 2016
Digital banking is so hot right now – for good reason. The recently published research sponsored by the Federal Reserve, Consumers and Mobile Financial Services 2016 , reported that 87% of the U.S. adult population has a mobile phone and 77% of them are smartphones, up from 71% in 2014 and 61% in 2013. Admittedly, it is getting hard to find a phone that’s not internet-enabled.
PYMNTS
MARCH 26, 2016
A loan company employee has pleaded guilty to stealing identities of several customers and fraudulently seeking $400,000 in tax returns. According to court documents , Montgomery, Alabama resident Wendy Huff, who worked at two different insurance companies between January 2013 and August 2015, stole personal information of her employers’ customers, including their names, social security numbers and dates of birth.
Bank Innovation
MARCH 29, 2016
While private initiatives seek to capitalize on distributed ledger technology, academics are turning their attention to bitcoins. It’s been an open secret for some time that as blockchain has soared to ever greater heights, bitcoin’s reputation has suffered (though its value as a commodity has held fairly steady this year.) Read More.
Payments Dive
MARCH 29, 2016
The change would put the app on similar ground with offerings from Alipay and Tencent in China
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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