Sat.Oct 12, 2019 - Fri.Oct 18, 2019

Why dumb old banks can’t compete

Chris Skinner

Now that’s a contentious title for a blog, but purposefully so. Old banks can compete in the new world if they’re smart … it’s just that so many of them are dumb. Dumb with data, as I’ve blogged before. To illustrate this, I have three examples.

App security an issue when banks partner with fintechs

Mobile Payments Today

As banks strive to offer customers good online experiences, they often partner with a variety of fintechs. But how do they ensure that their apps are secure

Mastercard, Curb Launch Donation Campaign For American Cancer Society

PYMNTS

Mastercard is teaming with the taxi ride-hailing app Curb to help the American Cancer Society’s Road to Recovery program, which provides free rides to patients going for cancer treatment, Mastercard announced in a press release on Monday (Oct.

Finastra taps Ripple for real-time payments across borders

Bank Innovation

Banking technology provider Finastra, which works with more than 9,000 clients, is partnering with payment network Ripple to facilitate real time, blockchain-supported payments for its customers.

Is Revolut leading a FinTech revolution … or destroying it?

Chris Skinner

We are regularly being bombarded with unicorn news. Some rise and some fail. We hear about toxic corporate cultures and ousted CEOs on some occasions, with WeWork being the latest to get caught in the pre-IPO crossfire.

4 ways banks and credit unions can stay ahead of fintech startups

Mobile Payments Today

With the intensifying competition from fintech startups, financial institutions need to step up their game, especially when it comes to digital, or they risk losing ground to these newcomers

What’s Wrong With The Attack On Gig Economy Pay

PYMNTS

Drivers can’t make ends meet. Given the median income of roughly $25,000 a year and the number of hours required behind the wheel to earn that, drivers’ wages fall well below the federal hourly minimum wage. As independent contractors, drivers also have no benefits.

More Trending

Mister Bó Jangles: the story of yet another new UK challenger bank

Chris Skinner

Like quite a few big banks, the Royal Bank of Scotland (RBS) has been messing about with doing digital by launching a number of new initiatives. The two of most note are Bó, a new retail bank, and Mettle, a service for small to medium enterprises (SMEs).*

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4 keys to a successful retail digital engagement strategy

Mobile Payments Today

As digital channel growth shows no sign of slowing down, it represents a significant revenue opportunity for brands, retailers and other consumer-facing businesses. But what does an effective strategy look like and how can businesses successfully create and execute against it

Wearables That Read Your Mind

PYMNTS

The fact that our connected devices are getting to know us pretty well is, by now, well-known. A phone that can unlock a hotel room door. A smartwatch that can call an Uber. A connected car that can not only help the driver find the closest burger joint, but can also order ahead.

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Paytm nears $2 billion from backers including SoftBank, Ant

Bank Innovation

Indian fintech giant Paytm is close to scoring $2 billion of new financing from investors including Jack Ma’s Ant Financial and Japan’s SoftBank Group Corp. to fend off an influx of new rivals, a person familiar with the matter said.

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Things worth reading: 16th October 2019

Chris Skinner

3 ways to improve the retail app shopping experience

Mobile Payments Today

With mobile apps poised to become the de facto digital shopping channel, retailers can no longer treat them as an afterthought or merely an extension of the website experience

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Paychex Wades Into Wearables, Real-Time Payments

PYMNTS

Payroll and human resource management solution provider Paychex has unveiled a range of new solutions and services at the 2019 HR Technology Conference & Exposition event late last month.

For Citi, cards are driving multi-product relationships

Bank Innovation

To Citibank, the world’s largest credit card issuer, cards are driving revenue and deeper relationships with the brand. On Tuesday, the bank reported that, in North America, revenue from branded cards grew 11% to $2.3 billion.

The Finanser’s Week: 7th October – 13th October 2019

Chris Skinner

The main blog headlines are … What does “innovation” mean in finance? I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech.

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Traditional banks accelerate shift towards digital amid competitive pressures

Mobile Payments Today

Traditional banks in the U.S. and Europe are picking up the transition to digital banking as they face heightened competition from fintech startups and consumers become more and more comfortable with mobile apps and online sites for routine functions

Bringing Autonomous Smart Shuttles To the Masses

PYMNTS

There will be 41.6 billion Internet of Things (IoT)-connected devices around the world by 2025. Consumers and businesses have increasingly employed the technology in a variety of use cases as it becomes more sophisticated, from smart cars to sensors that can be utilized for smart cities.

Forrester’s Clarke: Digital banking is not self-service

Bank Innovation

Banks are rushing to grow digital capabilities, but they are neglecting the digital enablers that support the overall customer experience. Indeed, many customers did not have a contextually relevant experience with their bank, which diminished overall loyalty.

Things worth reading: 15th October 2019

Chris Skinner

The changing patterns in cross-border payments markets

Mobile Payments Today

The cross-border payments market is increasingly complex and creates a series of challenges for ecommerce companies who need to be able to allow customers to pay in the methods they prefer

Renault Pilots Self-Driving Ride-Hailing Service

PYMNTS

Renault has started a public trial of its on-demand car service on the Paris-Saclay urban campus, according to a press release on Monday (Oct. A panel of around 100 people will use the service — provided by two electric, autonomous and shared Renault Zoe Cab prototypes — on the campus from Oct.

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OTP Bank expands startup program, adds implementation period

Bank Innovation

Budapest-based OTP Bank is expanding the scope of its startup development program beyond Hungary to Russia, Ukraine, Croatia, Serbia and Albania and is adding a new opportunity for startups to work closely with practitioners.

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Things worth reading: 14th October 2019

Chris Skinner

On Spreadsheet Day 2019, Celebrate the App, But Acknowledge Its Limitations

Abrigio

On Spreadsheet Day 2019, Celebrate the App, But Acknowledge Its Limitations. Sub-category | 10 minute read Key Takeaways Spreadsheet Day is a good time to celebrate this popular tool while examining some vulnerabilities spreadsheets pose for FIs.

Olo CEO: What Restaurants Don’t Know They Don’t Know About Delivery Aggregators

PYMNTS

The trouble with existential threats is they very rarely show up and announce themselves. When Amazon launched in 1995, it looked to most as a one-trick eTailer that sold books online.

Digital-only bank partnerships reap benefits for retailers

Bank Innovation

Challenger banks are on the rise for attracting modern consumers who seek banking alternatives that are convenient and more affordable. In order for traditional banks and credit unions to compete, launching a digital-only bank has quickly become a survival strategy.

Retail 151

Talking ’bout my generation

Chris Skinner

I was reflecting on things again. Dangerous. My reflection was on when I grew up. My mum and dad went through the second world war. They feared for their lives and for our future.

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Avoiding the Suspicious Activity Monitoring Rabbit Hole

Abrigio

SAMS | 4 minute read Key Takeaways Staff your BSA department for success with more senior employees on alert triage. Document all decisions and clearly state why the activity is (or is not) deemed suspicious. Optimize your transaction monitoring system regularly.

Libra’s Unraveling, The Geneva Crypto Convention’s Folly

PYMNTS

If one is going to hold a wake, Geneva’s a picturesque place to do it. Well, perhaps the Libra project is not dead. Today (Oct.

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Mobile users drive deposit growth at Bank of America

Bank Innovation

For Bank of America, mobile and digital channels are sustaining its retail business. In a third-quarter earnings call Wednesday, CEO Brian Moynihan stressed the importance of digital banking offerings that are complemented by human support.

Things worth reading: 17th October 2019

Chris Skinner

Things we’re reading today include … Bank of America’s Future Is Digital, and It’s Now Metro Bank Q3 earnings: what next for the share price?

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The Difference Between Succeeding and Trying

Credit Union Geek

A few years ago, I had the pleasure of attending a Tony Robbins event. If your mental picture is a large gathering of people looking to become more positive through “ra ra” activities, then you’re half right. It is an enormous group of committed individuals. At a typical event, there are over 4,000 people in attendance. […]. The post The Difference Between Succeeding and Trying appeared first on Credit Union Geek.

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Revolut Taps JPMC To Raise $1.5B For Global Expansion

PYMNTS

FinTech company Revolut wants to raise as much as $1.5 billion so that it can expand globally.

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Google’s payday loan app ban adds pressure on high-interest lenders

Bank Innovation

Google Play is banning digital lenders whose products have APRs of 36% or higher, per a Wall Street Journal report Sunday. While the move may be seen as pro-consumer, it’s a sign lenders have more than just regulatory compliance to consider in the evolution of their product strategies.

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Some challengers really are challenging … but not where you’re looking

Chris Skinner

You’ve got to love all these challenger banks (née neobanks née digital banks née mobile banks née whatever banks) appearing. There’s lots of chat about the British ones led by Monzo and closely followed by Starling, Atom and Tandem, but there are many more.

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Hot baths and warm burritos of a reimagined payments industry

Accenture

Life in the Middle Ages in Europe was hard. The majority of people’s time was spent on the basics: hauling water from the well, chopping firewood and getting enough to eat.