Chris Skinner
SEPTEMBER 11, 2019
I hear this a lot, and don’t like it. Many banks say it these days, and they say it to be cool. To be like a start-up. To be like a Silicon Valley angel investment firm. To be like a young, FinTech unicorn. However, there is a massive difference between … The post We’re just a technology company that happens to have a banking licence appeared first on Chris Skinner's blog.
Payments Dive
SEPTEMBER 10, 2019
The moving and storage industry can benefit tremendously from upgrading to a modern payment system that supports EMV and allows for alternative payment options.
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Bank Innovation
SEPTEMBER 10, 2019
As consumer payments go digital, startups and banks now are focusing on digitizing business-to-business payments, an area where small business owners still are reliant on paper checks and a multitude of expense-management tools. Bento for Business‘ pitch to business owners, however, is more than just about expense tracking, according to Farhan Ahmad, the Chicago-based company’s CEO. […].
PYMNTS
SEPTEMBER 12, 2019
When Zohr Co-Founder and CEO Komal Choong and Co-founder and COO Anoop Choong were in college, they would flip cars and car parts on the side. While they were buying and selling a lot of those vehicles, Komal told PYMNTS in an interview that “we realized how painful the experience was for the consumer going into a traditional tire shop or repair facility.
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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
Chris Skinner
SEPTEMBER 9, 2019
I was talking with a senior banker, who told me that he was in charge of the Artificial Intelligence program in the bank. I was impressed as he is part of the executive leadership team of the bank and not the CIO. We have invested widely across the board in … The post Where the AI rubber hits the banking road appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
SEPTEMBER 12, 2019
As digital banking goes mainstream, banks are recognizing that a mobile app that lets customers carry out day-to-day tasks isn’t enough. It’s a reality for which U.S. Bank has been preparing, especially as it reports that 72% of its customers are considered “digital-active” and 50% are using mobile channels. “Digital and do-it-yourself (DIY) are the basic […].
PYMNTS
SEPTEMBER 12, 2019
With an expansion of its Grocery Delivery membership option for customers, Walmart plans to grow the reach of Delivery Unlimited to 1,400 stores later this autumn. The offering allows shoppers to pay a monthly or yearly fee to get unlimited Walmart Grocery Delivery orders. Shoppers, however, can still pay a per-delivery fee without a membership, the company said in an announcement.
Chris Skinner
SEPTEMBER 8, 2019
I finally hit the nail on the head about why you can’t have money without government. It’s because you can create as open a system, complex a platform, distributed an idea, decentralised a currency as you want but, unlike most industries, without some form of supervisory oversight, the whole financial … The post Money without government? Emperor’s without Clothes?
Payments Dive
SEPTEMBER 12, 2019
A bill that reclassifies gig workers at ride sharing, delivery and other app-based firms passed overwhelmingly in California. However gig companies like Uber, DoorDash and others say they will push for a more balanced bill that preserves some of the independence that drivers enjoy and creates less of a financial burden on the industry.
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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
Bank Innovation
SEPTEMBER 11, 2019
In a sea of sameness among digital-only banks, Varo is taking a bold move in pulling the plug on a feature that millennials supposedly hold dear: goals-based savings envelopes. In one fell swoop, the San Francisco-based startup rebelled against a trend that’s become a table-stakes offering among digital-only banks, including N26’s “Spaces” and Monzo’s “Pots.” […].
PYMNTS
SEPTEMBER 13, 2019
Voice recognition could soon play a bigger role in retail — especially in the world of quick service restaurants. That’s the signal sent recently by McDonald’s. The fast food operator recently announced an agreement to acquire Apprente. The company said in an announcement that the arrangement is another bold step in advancing employee- as well as customer-facing innovations while bolstering the technological capabilities of the chain.
South State Correspondent
SEPTEMBER 12, 2019
Payment Innovation When it comes to long-range strategic planning in banking, what to do about payments, should be in the top five considerations up there with treasury management, capital allocation, risk tolerance, and human capital. Payments are such a central part to banking and are now undergoing such a radical change that all banks have an opportunity to reclaim transaction market share back from the card networks, card processors and even national banks.
Chris Skinner
SEPTEMBER 13, 2019
As it’s Friday, a slightly more whimsical post. I was amused to see a story floating around the internet yesterday that read like this: ‘Missing’ woman mystery solved A group of tourists spent hours Saturday night looking for a missing woman near Iceland’s Eldgja canyon, only to find her among … The post Elvis seen opening a bank account in Hawaii appeared first on Chris Skinner's blog.
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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.
Bank Innovation
SEPTEMBER 13, 2019
Mastercard is doubling down on its prepaid card business, which it sees as fuel for the rise of many consumer-facing fintech companies. During its investor day on Thursday, the payments giant said its prepaid card business grew 19% in gross dollar volume from the first half of last year. Furthermore, the company expects its prepaid […].
PYMNTS
SEPTEMBER 11, 2019
To find out if Amazon is utilizing its market power to hurt competition, a Federal Trade Commission (FTC) team of investigators has started to interview small businesses that sell items on Amazon. Multiple attorneys, as well as one economist at a minimum, have been conducting interviews that tend to last roughly an hour and a half that cover many topics, Bloomberg reported on Wednesday (Sept. 11), citing unnamed merchants.
Payments Source
SEPTEMBER 13, 2019
The information you need to start your day, from PaymentsSource and around the Web. Today: Australia pushes open banking; Western Union makes a deal in Canada; Patreon sells product curation company Kit; Uber and Lyft lobby against California "gig economy" bill.
Chris Skinner
SEPTEMBER 10, 2019
One of the key attributes of many of the firms I’ve talked to about doing digital transformation is that there are lay-offs but, whenever possible, these banks support people to change careers. Sure, there may be significant lay-offs if it is a heavily branch oriented bank as getting rid of … The post All we are saying, is give us a chance appeared first on Chris Skinner's blog.
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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.
Bank Innovation
SEPTEMBER 13, 2019
Brands have begun to Venmo their most loyal customers with rewards points converted to Venmo cash. PayPal-owned Venmo this week rolled out a partnership with PepsiCo’s loyalty program Pepcoin, in which customers who buy a PepsiCo beverage and a Frito-Lay snack together can earn up to 10% in cashback rewards, paid out in Venmo cash […].
PYMNTS
SEPTEMBER 12, 2019
Video games are helping to drive retail innovation and growth, and that includes the hot area of subscription commerce. Video games have changed a lot since the early days of home gaming in the late 1970s and early ’80s. The graphics improved, the games got more expensive and elaborate, and a whole lot more people from every walk of life are playing them.
Ron Shevelin
SEPTEMBER 9, 2019
Banks no more need an AI-first strategy in 2019 than they needed a COBOL-first strategy back in 1959.
Chris Skinner
SEPTEMBER 7, 2019
The main blog headlines are … We just haven’t got a clue what to do! I was talking with a CXO of a bank. They are actively engaged in ‘going digital’, but she was sharing with me that the bank’s executive team had no idea what going digital means. Being … The post The Finanser’s Week: 2nd September – 8th September 2019 appeared first on Chris Skinner's blog.
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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.
Bank Innovation
SEPTEMBER 13, 2019
Jack Dorsey’s Square already lets customers buy and sell Bitcoin on its popular Cash App. Soon, it may let them buy and sell stocks. Square is testing out a new Cash App feature that would enable users to make free stock trades, according to a video outlining the product’s features seen by Bloomberg. While the exact date of its launch […].
PYMNTS
SEPTEMBER 10, 2019
While in many places, the “best” time of day for a trip to the grocery store is a matter for debate, for some shoppers in Finland, the answer is easy. It’s between 9 p.m. and midnight – when grocery “happy hour” begins at S-market’s 900 stores around the nation, at which point grocery items that are scheduled to expire at midnight tumble into deep-discount mode.
Payments Source
SEPTEMBER 10, 2019
High-tech heavyweights like Google, Amazon and Apple have tied payments to broader financial services, added to the view that banks are less relevant, writes Polyient Labs' Brad Robertson.
Chris Skinner
SEPTEMBER 13, 2019
Things we’re reading today include … Deutsche Bank is first to settle bond-rigging lawsuit, amid federal probe Hong Kong’s bourse seeks to snap up the London Stock Exchange Steven Mnuchin begins reforming America’s giant mortgage-guarantee firms Google to pay €1bn to end French tax probe Hong Kong stock market operator … The post Things worth reading: September 13, 2019 appeared first on Chris Skinner's blog.
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