Sat.Jan 11, 2020 - Fri.Jan 17, 2020

Bye-bye FinTech

Chris Skinner

I just spent time with a bank talking about Doing Digital. The host had read a preview copy of my new book and was asking a few questions about it. What had surprised me the most in my talks with five banks?

BMO’s Ben Schack on what’s next for bank-fintech collaborations

Bank Innovation

BMO Harris partners with fintech startups through the BMO Harris Bank 1871 Innnovation Program. The bank usually works with five to seven firms each year and announced its third cohort of startups last October.

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Payments Providers Combat The Conflict Between Security, User Experience

PYMNTS

In financial services, demand for ease of use and security are sky-high, even for business customers. But for many service providers, achieving one can often mean compromising the other.

Facial recognition hardware may secure the future of mobile commerce

Mobile Payments Today

The use of facial recognition hardware in mobile devices is expected to surge in the next few years, reaching more than 800 million devices by 2024. Facial recognition software however will still dominate

What is the purpose of a bank?

Chris Skinner

It’s a simple question: what is the purpose of a bank? However, the answers I get are often missing the mark, imho.

Visa, Mastercard, AmEx win easier access to China market

Bank Innovation

The biggest U.S. card companies just moved a step closer to gaining access to China’s $27 trillion payments market. China said it won’t take longer than 90 days to consider applications from providers of electronic-payments services such as Mastercard, Visa and American Express Co.,

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Red Sox affiliate looks to boost concessions with autonomous checkout

Mobile Payments Today

The Pawtucket Red Sox became the first professional sports team to announce an autonomous checkout store, to be located in Polar Park, a ballpark the team is building. The company's owner has joined the technology firm to introduce autonomous checkout to other facilities

European payments on gas

Chris Skinner

Just before Christmas I heard of a new European payments initiative called PEPSI, short for Pan European Payment System Initiative. Nice acronym although I prefer Coca-Cola, the Co-ordinated Car Co-operative Association. Or something like that.

Mastercard turns to AR to visualize loyalty benefits

Bank Innovation

Payments giant Mastercard launched a new augmented reality (AR) app this month that lets cardholders get a bird’s-eye view of their benefits. It’s a move that the company hopes will drive engagement and loyalty, and add value to the offerings of its partner financial institutions. “At

Visa Tap To Phone Expands POS Acceptance For Retailers

PYMNTS

The mPOS landscape got more interesting today (Jan. 12), as Samsung has unveiled its Galaxy XCover Pro, an enterprise-grade smartphone that comes pre-installed with Visa’s Tap to Phone app.

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Visa to buy fintech data network Plaid for $5.3B

Mobile Payments Today

Visa Inc. landed a blockbuster deal to integrate Plaid's data network, which connects millions of consumer bank accounts to fintech applications. Visa intends to use its global payments network to expand that capability around the world

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Things worth reading: 17th January 2020

Chris Skinner

Visa to buy Plaid for $5.3 billion in bid to reach startups

Bank Innovation

Visa Inc. grew into one of the world’s most valuable financial companies by serving as the pipes that help connect banks and merchants. Now, it’s making a major bet on doing the same for data between banks and financial startups. Visa agreed to pay $5.3

$500M Rescue Plan Considered For Debt-Burdened Taxi Drivers

PYMNTS

A New York City-appointed panel is seeking a $500 million bailout to help taxi drivers trapped in unscrupulous medallion loans, The New York Times reported on Wednesday (Jan.

Why Your Bank Needs A Digital Lead Gen Strategy

Banker to Banker

GENERATING DIGITAL LEADS Unfortunately, in 2020, most bank websites are nothing more than brochure-ware. That is a problem as not only can a bank’s website be its most efficient source leads, but it should also be the best source of conversions (leads that turn into new accounts and loans).

China and India in 2020: Watch and Learn

Chris Skinner

I often written about how the developing world is leap-frogging the developed world. The reason is that the developing world had no infrastructure in place whilst the developed world implemented their infrastructure in the last century. The developed world has become a legacy world.

How Upstart and Cross River Bank are automating credit card payments

Bank Innovation

Despite advances in banking and personal finance technology, paying credit card bills in a simple, time-efficient way is still a pain point for many consumers. According to recent research, 37% of U.S. households revolved credit card debt from month to month last year.

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Visa Says Tokenized Transactions Hit $1T Mark, Sets Click-to-Pay Transition

PYMNTS

For tokenized payments, $1 trillion and counting. Visa said on Tuesday (Jan. 14) that participants in its Visa Token Service have processed eCommerce volumes of $1 trillion since the service’s debut in 2014, and that its transition of Visa Checkout merchants to click-to-pay will begin on Jan.

Why Do 44% Of Millennials Bank With Bank Of America, Chase, And Wells Fargo? Mobile Banking

Ron Shevelin

Large banks offer more mobile banking features than smaller banks--and that attracts and keeps Millennials

Things worth reading: 13th January 2020

Chris Skinner

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Shopify launches starter loans for merchants as low as $200

Bank Innovation

Commerce platform Shopify, which supports the operations of more than a million merchants, has launched a loan product for early-stage U.S. businesses.

Visa’s $5.3B FinTech Play, Wrapped In Plaid

PYMNTS

Call it an expansion of the Visa network-of-networks model. As reported on Monday (Jan. 13), Visa said it will buy Plaid — which focuses on the development of application programming interfaces (APIs) that allow consumers to share their data with thousands of apps — for $5.3 billion.

Traditionalists: Not technophobes, just keen on human contact

Accenture

Accenture’s ground-breaking 2019 Global Financial Services Consumer Study has seen four mindsets emerge from the data: Pioneers, Sceptics, Traditionalists and Pragmatists. In this series of blog posts, we’ll look at each type in the Australian context.¹

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Things worth reading: 16th January 2020

Chris Skinner

MUFG Union Bank turns to cloud for speed and agility

Bank Innovation

MUFG Union Bank is on track to move to a cloud core banking infrastructure system within two years, an initiative that will let the bank build and release new products more quickly, the company told Bank Innovation this week.

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The Rapid Rise Of Real-Time Payments

PYMNTS

When The Clearing House launched its Real-Time Payments (RTP) network in 2017, the service was bound to rewrite some rules, and it has.

Derivatives Are Tough But Hedging Is Easy (Get Our Documentation)

Banker to Banker

HEDGING FOR LOAN GROWTH With a flat and low yield curve, borrowers’ demand for long-term fixed-rate loans is high. Furthermore, based on the forward market and most analysts’ predictions, the yield curve is expected to stay low and flat in 2020.

Things worth reading: 14th January 2020

Chris Skinner

Things we’re reading today include … Visa to pay $5.3

India’s about to hand people data Americans can only dream of

Bank Innovation

India has more than 560 million internet users, all generating data by the terabyte. Soon they’ll have an unprecedented amount of control over their digital financial footprints, with the ability to decide what to share, with whom, and for how long.

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Strip Malls Gaining An Edge Over Traditional Shopping Malls

PYMNTS

Open-air shopping centers – also called strip malls or strip centers – are replacing malls as retail juggernauts, offering necessities like grocery stores, hair salons and dentists, The Wall Street Journal reported on Tuesday (Jan.14).