Sat.Sep 16, 2017 - Fri.Sep 22, 2017

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China Does a 180° on Cryptocurrency

Bank Innovation

China has reportedly banned all bitcoin executives from leaving its borders as part of the country’s crackdown on its cryptocurrency industry. Though these reports named bitcoin executives in particular, some see the move as the onset of a larger “war” between governments everywhere and all cryptocurrencies. This is the latest in a series of new […].

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Which banks are leading digital (and who are the laggards)?

Chris Skinner

I’ve written a lot about legacy and the challenge of old systems, so it’s interesting to read a few press reports on said subjects. Yolanda Bobeldijk writes in the Financial News that 92 of the world’s top 100 banks still rely on IBM mainframes. Now that’s not an issue if … The post Which banks are leading digital (and who are the laggards)? appeared first on Chris Skinner's blog.

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How to Integrate With Apple Pay

Payments Dive

Apple Pay is the mobile payment and digital wallet service from Apple that lets users make payments using an iPhone, Apple Watch, iPad or Mac. It was first launched in the US in October 2014, and has since rolled out in more than 20 countries worldwide.

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Evaluating Single vs. Dual Rating Systems

Abrigo

When a lending institution establishes its risk rating system it has to decide whether it will require analysts to risk rate the borrower or the loan -- or both. Said another way, it has to decide between a single or dual rating system. There are benefits to each. On one hand, a single rating system is simple. On the other, the dual rating system allows for more distinction in risk grades, which could be beneficial to the institution.The answer to the question as to which is better for a lending

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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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The Rise of Alternative Data in the Lending Market

Bank Innovation

EXCLUSIVE – There were conflicting views on the importance of the FICO score at the PayThink Conference in Phoenix this week. While only some professionals were bold enough to say the standardized credit scoring has become marginalized, others maintained that it was here to stay. However, all agreed on the increasing potential of alternative data.

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7 FIs and fintech providers recognized as Best in Bank Customer Experience for 2017

Payments Dive

Networld Media Group handed out awards to honor seven innovators in the ATM and mobile technology industries. The awards gala took place on Sept. 19 in conjunction with the Bank Customer Experience Summit.

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New App Detects ATM Skimmers At The Pump

PYMNTS

Sparkfun has created a new app that gives off alarms if a skimmer is nearby at a gas station. The app, dubbed Skimmer Scanner, looks for the Bluetooth transmissions, talks to the source and determines whether it is a skimmer or not, reported Forbes. If the app detects questionable behavior, it will send an alert to your smartphone. The company behind the app, noted the article, has worked with law enforcement agencies and has a deep understanding of how skimmers behave.

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Uruguay’s Central Bank to Lauch Pilot Program for Cryptocurrency

Bank Innovation

Uruguay’s central bank is testing out its own digital currency, joining a growing group of other nations doing the same. The Banco Central del Uruguay (BDC) said that it has engaged a focus group to test the transfer of cryptocurrency funds via a mobile-based app. According to CoinDesk, BCD President Mario Bergara said at the […].

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How do you see the world?

Chris Skinner

I was reflecting on an interview about the role and importance of Asian, and specifically Chinese, FinTech when something exploded in the middle of my head. Not literally, of course, although you might have said that, but more an idea that had occurred to me a few times but suddenly … The post How do you see the world? appeared first on Chris Skinner's blog.

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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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What is Apple Pay & How Does it Work?

Payments Dive

Apple’s corporate history demonstrates a proven ability to shape consumer demand and drive mass adoption. The launch of Apple Pay in 2014, therefore, brought mobile contactless payments firmly into the mainstream.

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Jewel Paymentech Puts Banks On Par With FinTechs

PYMNTS

There’s one thing banks and FinTechs can agree on: Those old-fashioned merchant onboarding processes take way too long. But nimble FinTechs have been able to move much faster to address that compared to their lumbering legacy competitors, and that has often left traditional banks to watch as merchants turned to the FinTechs instead. Singaporean startup Jewel Paymentech is on the banks’ side.

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Will Using AI for PFM Help Consumers Develop Better Financial Habits?

Bank Innovation

EXCLUSIVE — Will the use of artificial intelligence push banking customers to better personal finance and saving habits? Fintechs have been exploring this idea for quite some time now, whether it be through fraud management, or using AI to execute trades across global equities algorithms business. Banks are just starting to look into how AI can be […].

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A banker’s view of bitcoin

Chris Skinner

I just got this commentary from a banker and thought it worth sharing … Bitcoin – Desperately seeking Satoshi Nakamoto By John Wyn-Evans, Head of Investment Strategy at Investec Wealth & Investment All the ingredients for life on earth were available in the primordial soup, but it took some unknown … The post A banker’s view of bitcoin appeared first on Chris Skinner's blog.

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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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How banks are keeping up with Venmo in attracting millennials

Payments Dive

Designers and developers need to consider how Zelle fits within, and complements, the bank in question’s digital experience.

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Equifax Lets Go Of Two Execs; Wealthy Victims Could Be At Risk After Breach

PYMNTS

In the wake of the massive data breach at Equifax , the embattled credit scoring company announced that the Chief Information Officer, David Webb, and the chief security officer, Susan Mauldin, will both retire. According to a report in the Wall Street Journal , Webb’s job will be taken over by Mark Rohrwasser, who has headed up Equifax’s international IT operations since 2016.

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Standard Bank, Africa’s Largest Bank, Joins INV

Bank Innovation

EXCLUSIVE — Standard Bank Group, the largest bank in Africa, has joined the INV Fintech accelerator program as a partner, INV announced today. INV is the sister accelerator of Bank Innovation. Standard Bank, headquartered in Johannesburg, South Africa, joins several financial services companies as INV partners. Partners participate in accelerator activities, including consider startups in […].

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What is a Decentralised Autonomous Organisation?

Chris Skinner

I was asked to explain what I meant by haven’t central bankers realised that democratised trust is in the technologies and code? when I blogged about the regulator’s views on bitcoin the other day. I wasn’t going to answer, but then have been prompted to do so after attending the … The post What is a Decentralised Autonomous Organisation? appeared first on Chris Skinner's blog.

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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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Carrier billing in India - 2017 market report by Fortumo

Payments Dive

Adopting alternative payments is one of the key challenges for merchants looking to expand their user base and revenue in India. This market report aims to help merchants in solving that challenge by providing information on carrier billing in the country.

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Hilton Rewards Points Can Be Used On Amazon.com

PYMNTS

Hilton Hotels, a hotel operator , announced Tuesday (Sept. 19) that Hilton Honors loyalty rewards members will now be able to redeem their Hilton Honors rewards points on Amazon.com. In a press release , Hilton said the program has 66 million members and also announced it is the first hotel operator to offer customers the ability to redeem rewards points through Amazon. .

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ABN Amro Bank Opens Home Grown SME Lending Fintech New10

Bank Innovation

Dutch bank ABN Amro’s online lending fintech New10 is open today. New10 was created to provide small businesses loans ranging between EUR 20,000 and EUR 1 million, through a process that is entirely online. To apply for the loan, the candidate has to fill an online process in which they have to select the type […].

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The Open Finance Marketplace in Action (six video interviews)

Chris Skinner

I mentioned the Lego Bank not built by Lego recently. It’s all about the Open Marketplace of apps, APIs and analytics, and I said that the idea was illustrated well by firms like Solaris, Clear.bank and Bud. Just to follow on from that, here is a series of video interviews we … The post The Open Finance Marketplace in Action (six video interviews) appeared first on Chris Skinner's blog.

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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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How to provide a personalized mobile retail experience at scale

Payments Dive

Matt McGinty, chief revenue officer, Fiksu DSP, provides insight on why targeting shoppers via mobile, based on their shopping habits, can improve the consumers' relationship with the brand.

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Mastercard: Micro Businesses Can Move Financial Inclusion’s Largest Roadblocks

PYMNTS

Promoting financial inclusion — a lofty ambition targeting two billion people around the world who currently live without the ability to securely send and receive money — is about more than taking cash away, handing those consumers an electronic payments solution and opening up bank accounts for them. Even with solutions like that in place, reliance on cash persists.

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Raisin Acquires PBF Solutions for Move to UK Deposit Market

Bank Innovation

Savings fintech Raisin has made its first move into the United Kingdom savings market, acquiring customer acquisition and onboarding company PBF Solutions. The move is aimed at providing the Berlin-based Raisin a firm way forward into the United Kingdom, a market that will soon be independent from the European Union, where Raisin already operates. The […].

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Things worth reading: 22nd September 2017

Chris Skinner

Things we’re reading today include … Fake website fools Equifax staff Challenger bank Paragon restructures as it bids to go mainstream Hack of Wall Street regulator rattles investors, lawmakers Invisible threat ‘Payment by vein’ trialled in supermarket Banks to carry out immigration checks on customers Young shoppers want to pay … The post Things worth reading: 22nd September 2017 appeared first on Chris Skinner's blog.

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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.