Sat.Jul 27, 2019 - Fri.Aug 02, 2019

Banks need a purpose other than making money

Chris Skinner

I wrote a couple of recent blogs about the issue with finding good developers and attracting them to banks. The first, about the war for talent, made the statement: the main motivation of developers joining a firm is to solve interesting problems.

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Mobile payment adoption just might be on the verge of a breakthrough

Mobile Payments Today

Despite years of hype and expectations that failed to materialize, mobile payment adoption in the U.S. may be close to a breakthrough as issuers transition to contactless cards and retailers make significant upgrades in POS systems

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Banks push for more fintech startup collaborations, despite failures

Bank Innovation

When it comes to bank-fintech collaborations, banks are finding more failure than success. That’s according to a study by Bank Innovation and INV Fintech, a startup accelerator, released today. Carousel Innovation Strategy INV Fintech Startups

Hacker Arrested In Capital One Breach Affecting 100M+ 

PYMNTS

A former Amazon systems engineer working for Capital One is said to be the woman behind a breach that accessed the data of over 100 million people. Software engineer Paige Thompson, 33, allegedly boasted about the hack and left crumbs for investigators to follow, The New York Times reported.

Who governs the internet?

Chris Skinner

I have this debate often: Why governments will fail to block the emergence of cryptocurrencies such as Bitcoin Can you have decentralised exchange without centralised control? Is the world being democratised through technology? How do governments regulate a networked world?

The ever changing challenge of payments fraud detection

Mobile Payments Today

While data shows that credit card fraud has decreased from the standpoint of payment volume, there remains a concern in the industry that cybercriminals are using sophisticated methods of changing tactics to avoid detection and put consumer payment information at risk

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Glint Pay launches gold-backed debit card in the U.S.

Bank Innovation

Glint Pay launched its gold trading and payment platform in the U.S. this week, part of the startup’s international expansion plans rolling out this year. Glint, based in London, offers users two separate bank accounts, one for fiat currency and one for gold.

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More Trending

Change is the only constant

Chris Skinner

As banks embrace digital transformation, there is a high level of discomfort amongst bank staff around the change. First, they hear almost every day that artificial intelligence and machine learning will automate their jobs. They fear the future. They fear losing their job.

Stop waiting to apply AI for financial crimes

Insights on Business

Challenges from financial crime incidents and penalties grow. Criminal enterprises are becoming increasingly sophisticated at the same time as new payment methods are emerging (peer to peer and faster/immediate payments) and transaction volumes are exploding.

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Amplify Credit Union rolls out mobile banking via Apple Watch

Bank Innovation

Amplify Credit Union is letting customers check in on their financial health by looking at their wrists. The Austin-based credit union, which has $950 million in assets, rolled out mobile banking via the Apple Watch earlier this month.

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MoneyGram Sees Transaction Growth Outside US, Led By Digital Efforts

PYMNTS

MoneyGram International posted results that missed top-line expectations, but beat at the bottom as restructuring efforts continued amid weakness within the company’s domestic money transfer business but growth in international corridors.

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My worst prediction ever

Chris Skinner

I was asked the other day about my worst prediction ever made. My answer may surprise some, but ti was the view that intermediaries would disappear as technology takes over. I made that prediction about independent financial advisors back in the 1990s as call centres appeared. It didn’t come true.

Accelerate sales productivity with an AI digital assistant

Insights on Business

Digital assistants today can deliver far more services beyond sophisticated call routing. Infusion of artificial intelligence (AI) functionalities adds the potential to increase seller field time, improve sales performance and help lift HR productivity.

Former Amazon worker is accused in cloud hack of Capital One

Bank Innovation

Capital One Financial said data from about 100 million people in the U.S. was illegally accessed after prosecutors accused a Seattle woman identified by Amazon as one of its former cloud service employees of breaking into the bank’s server.

That Inexplicable In-N-Out Burger, And Marketing Stunt #Fails

PYMNTS

This week, the world was presented with a truly unusual retail mystery: The Case of the Inexplicable In-N-Out Burger. The story starts at 6:30 a.m. EST on July 20 in Jamaica, Queens, when Lincoln Boehm and his wife were heading to McDonald’s.

There are always questions about the future

Chris Skinner

There are always questions about the future. It’s the only thing we don’t know. We don’t know what will happen in the future, so we ask lots of questions. What will happen when Amazon opens a bank? Will regulators create new rules about data sharing?

Capital One breach seen as final wakeup call to financial industry on data vulnerability

Mobile Payments Today

The breach at Capital One, which resulted in 106 million U.S. and Canadian consumers losing access to critical personal data, should be a wakeup call to financial industry officials

BofA, Prudential: Retail is setting a standard for customer expectations in finance

Bank Innovation

Look no further than Amazon or Apple to learn what customers want from their financial services providers.

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Jack Ma’s Digital Bank Offers Three-Minute Loans To SMBs

PYMNTS

Jack Ma ’s MYbank is aiming to change the way China lends to small businesses. The 4-year-old bank uses real-time payments data and a risk-management system that analyzes more than 3,000 variables to allow borrowers to apply for a loan on a smartphone and receive cash almost instantly if approved.

The Finanser’s Week: 22nd July – 28th July 2019

Chris Skinner

The main blog headlines are … How to make a small island a big centre for FinTech One of the discussions at the UN meetings was around SIDS, the Small Island Developing States. I didn’t know much about SIDS but, when investigating further, discovered I did.

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Rebeca Romero Rainey: We stand the test of time

Independent Banker

“We stand the test of time as pillars of our communities.”. I recently attended an ICBA Services Network meeting where a group of us started reminiscing about the evolution of banking over the past few decades. We collectively wondered at how much has changed for the better.

As payments giants combine, Square narrows its focus

Bank Innovation

Mega-mergers in the payments sector appear to be leading Square to narrow its business focus and boost investment in its seller and Cash App ecosystems.

FIS Closes Acquisition Of Worldpay

PYMNTS

In a move that enhances its global technology position serving merchants, banks and capital markets, FIS closed its acquisition of global payments firm Worldpay, Inc. The combined company will have over 55,000 employees and more than $12 billion in pro forma revenue, according to an announcement.

Things worth reading: 30th July 2019

Chris Skinner

Things we’re reading today include … Pound sinks to 28-month low on Brexit fears Capital One says information of over 100 million individuals in U.S.,

Are Mobile Payments and IoT Environments Vulnerable to Data Breaches? Security I Mobile Payments I Malware I IoT I DDOS Attacks

Mobile Payments Today

As consumers embrace mobile devices and IoT technology in growing numbers, organizations are finding themselves under pressure to address data security concerns related to these devices. Download this infographic from TNS which looks at the challenges that security professionals are facing

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How Mastercard Advisors uses AI and analytics to fuel ‘rapid experimentation’

Bank Innovation

The direct-to-consumer era of e-commerce is changing the way customers behave and is having a ripple effect on merchants’ customer outreach strategies, requiring enhanced speed and accuracy in decision making.

Russian Airline’s Blockchain System Sells $1M In Tickets In July

PYMNTS

Russia’s S7 Airlines revealed that its blockchain platform, developed in partnership with Alfa-Bank, sold $1 million in tickets in July. Thanks to this new technology, now it’s easier for our agents to work directly with the airline, which allowed us to expand our own S7 Airlines sales network.

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IBM sponsoring WorldatWork: Spotlight on Sales Comp 2019 conference

Insights on Business

I like to learn, network, meet new people with similar interests – who doesn’t? I especially like to learn about sales incentive compensation and how to improve sales performance. However, there are very few conferences to attend that focuses on the field of sales compensation.

Who Poses the Greatest Data Breach Threat? I Security I Cyber-criminals I Hacktivists I Cyber-terrorists

Mobile Payments Today

Strengthening protection against data breaches is an ongoing requirement as criminals evolve and respond to industry measures. Download this infographic from TNS which looks at the sources of recent breach incidents and where the threats are perceived to lie

How BNY Mellon is using a design approach to reshape client experiences

Bank Innovation

Despite the hurdles involved in rethinking how a large, storied financial institution views customer experience, 235-year-old BNY Mellon is tackling the challenge head on. The bank and financial services holding company, which has $1.8

Why Mastercard Bit On Flybits

PYMNTS

In the art and science of reaching a consumer, some things never change. The gold standard of marketing is, was and ever shall be the same: Put the right product in front of the right consumer at the right time. Though much has changed in how that is done, that basic tenant remains the same.

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Writing Effective Credit Memos Efficiently

Abrigio

Why is writing effective credit memos so vexing? Given that a credit memorandum is one of the most critical documents in the life of the loan, it would seem like a straightforward process. However, lenders, credit analysts, and other banking staff frequently seek tips for writing better credit memos.

A new era of technology enabled financial risk management: Advanced analytics and aggregation

Insights on Business

In this series of blogs , we focus on four high-growth transformative technologies with emerging risk applications which can help banks and financial institutions complete and protect the enterprise.

Fintech venture firm Nyca raises $210m for third fund

Bank Innovation

Nyca Partners has closed on $210 million for its third investment fund, a vehicle that will let it continue to support the growth of fintech innovation, David Sica, partner at the New York- and San Francisco-based venture firm, told Bank Innovation.

Visa Ups Innovation Ante With US FinTech Fast Track Launch

PYMNTS

Even in 2019, there persists this idea in the mainstream that invention stems from the epiphany and late-night toil of the solitary scientist.

How Chile's BancoEstado keeps cash available to entire nation

ATM Marketplace

Chile's government-owned BancoEstado relies on a correspondent banking system to offer its services across the country. Operating as simplified bank branches in urban and rural settings, the bank's CajaVecina network provides low income Chilleans access to cash when and where they need it

Microsoft Defender ATP

Perficient Financial Servies

(Microsoft Intelligent Security Solutions, Part 2). Data Breach and Endpoint Protection. This blog on Microsoft Defender ATP is Part 2 of my 3-part series covering Microsoft Intelligent Security Solutions.