Sat.Oct 26, 2019 - Fri.Nov 01, 2019

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Varo crosses 1 million customers, with plans to become a bank by 2020

Bank Innovation

Digital banking brand Varo has 1 million customers, and is pushing ahead with plans to become a nationally-chartered bank early next year, CEO Colin Walsh told Bank Innovation Tuesday. The four-year-old company received conditional approval for a national bank charter from the Office of the Comptroller of the Currency in August, a process it initiated in […].

National 284
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How banks can ensure high availability for today’s technology

Payments Dive

The need for high availability in banking systems is clear, and has become even more of a priority in a more digitally focused environment where a 24/7 service and instant payments are a minimum requirement rather than an added bonus.

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McKinsey reckon banks are in a ‘do-or-die’ moment … really?

Chris Skinner

A few talking points last week, but two hit me in particular. The first is a McKinsey report that reckons half of the world’s bank are not viable. Their cost of equity is higher than their return on equity. Should another downturn hit … well, they’re gone. “Every bank is … The post McKinsey reckon banks are in a ‘do-or-die’ moment … really?

Report 244
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The Only 3 Things You Need To Focus on For Bank Strategic Planning

South State Correspondent

GAINING STRATEGIC VISION Strategic planning means a lot of things to a lot of different people. One problem that exists in banking is that the act of strategic planning is undefined and so management teams feel that if they can just get to an offsite, sit around a table, work on some budget plans and have an investment banker speak, then they have done their strategic planning.

Meeting 191
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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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Amazon Pay launches bill inquiry feature via Alexa devices

Bank Innovation

Amazon Pay is partnering with payment network Paymentus to allow U.S. consumers to query Alexa devices about their bills, the companies announced Sunday at the Money2020 conference in Las Vegas. The move stops short of enabling bill payments through Alexa, though Amazon said it would add this capability in the future. Through voice, the companies […].

Las Vegas 250

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PSD2, Open Banking and Beyond

Chris Skinner

I’ve a number of great friends in the industry, and enjoy their company and contribution. One of those friends is Gijs Boudewijn, Chair of the Payment Systems Committee at the European Banking Federation who kindly quoted me in his recent presentation on Open Banking. He has also kindly allowed me to … The post PSD2, Open Banking and Beyond appeared first on Chris Skinner's blog.

System 216
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Adding Transparency To The Commercial Loan Closing Process

South State Correspondent

BETTER LOAN CLOSINGS There is a correlation between the speed of commercial loan closing and bank profitability, and there are many reasons why banks that close loans faster can generate more profits. While banks should be focusing on closing loans faster, there are other techniques that banks can deploy to enhance customer experience while keeping loan closing speeds unchanged.

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Google, Walmart help drive India payments past 1 billion transactions

Bank Innovation

A payments platform created by India’s largest retail banks surpassed a billion transactions in October, a milestone that affirms the tremendous growth of services offered by U.S. giants from Walmart Inc. to Amazon.com Inc. and Google. Indian digital payments took off when the government pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in […].

Google 247
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Uber unveils Uber Money to improve driver benefits, reward loyalty

Payments Dive

Uber unveiled Uber Money, a series of credit and debit producs that will provide additional benefits to drivers and incentives to encourage customer loyalty and financial wellness among employees and upping the market share game against rival Lyft.

Marketing 210
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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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Some banks get IT

Chris Skinner

I’m acutely aware that so many people write and talk about how big banks are dumb and stupid and don’t get digital, that I try to avoid that mantra personally. People do accuse me of being a bank basher, but I’d rather say that I’m a bank challenger (not a … The post Some banks get IT appeared first on Chris Skinner's blog.

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LVMH Makes $14.5B Takeover Offer For Tiffany & Co.

PYMNTS

With jewelry as one of the fastest-growing businesses in the luxury sector, Tiffany & Co. has received an offer from LVMH Moët Hennessy Louis Vuitton. The French firm sent the company’s officials a letter that reportedly outlined an all-cash, $120-per-share takeover bid that would value the firm at nearly $14.5 billion, The Wall Street Journal reported.

Report 158
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Ally Bank CMO: Virtual reality is a personal finance teaching tool

Bank Innovation

Ally Bank just closed out a personal finance experiment using storied board game Monopoly as a launch pad for financial literacy. Earlier this month, Ally Bank launched the Ally + Monopoly game, which allowed customers and potential clients to engage with the brand through a digital version of the popular board game. The move aligns […].

Tools 231
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Valyou Case Study: On a mission to empower migrant workers

Payments Dive

Find out how with the first year of their platform launch, Valyou saw 66% growth in their customer base, and now entering its third year of operation, has never had a moment of downtime.

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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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Things worth reading: 30th October 2019

Chris Skinner

Things we’re reading today include … Lloyds Bank creates inheritance mess for hundreds of bereaved families after wills storage blunder The next Bank of England governor will face another recession – and Brexit won’t help with that PPI hit could tip Lloyds Bank into red Barclays profits plunge as … The post Things worth reading: 30th October 2019 appeared first on Chris Skinner's blog.

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Venmo Debit Card Offers Cash-Back Rewards 

PYMNTS

Venmo, the peer-to-peer (P2P) payments platform from PayPal, is rolling out a cash-back rewards program for its Venmo Mastercard debit card at certain retailers, Venmo announced in a press release on Tuesday (Oct. 29). Venmo Rewards is now offering 5 percent cash back at Target, Sephora, Chevron and Papa Johns, and 4 percent cash back at Dunkin’, Sam’s Club and more for a limited time.

Cards 136
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How banking app Bunq plans to win over European consumers

Bank Innovation

Bunq, a digital-only banking brand based in the Netherlands, is on a path to grow its customer base through travel rewards and an underwriting formula for its credit card based on how much money a customer has in their account. The seven-year old company launched in the U.K. this month. Founder and CEO Ali Niknam […].

Branding 231
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Mphasis sees blockchain transforming digital payments worldwide

Payments Dive

Blockchain has made major waves in a variety of industries ranging from restaurants to retailers. However, the biggest area of focus for blockchain for many is still on the payments side, because it has the potential to truly transform the payments industry.

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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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Things worth reading: 31st October 2019

Chris Skinner

Things we’re reading today include … Rise of machine trading forces data providers to pivot Federal Reserve cuts rates again amid trade and growth fears Brexit deal means ‘£70bn hit to UK by 2029′ Citi to withdraw from two-thirds of FX platforms NatWest to offer help to gambling addicts in … The post Things worth reading: 31st October 2019 appeared first on Chris Skinner's blog.

Data 177
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Why Mobile Order-Ahead Is A Sure Bet For Most QSRs

PYMNTS

If Q3 2019 quick-service restaurant (QSR) earnings are any indication, restaurants’ rush to digital and mobile ordering is benefiting many — but not all — restaurants. What’s the latest news in the quick-service world? Dunkin’ just announced the addition of on-the-go mobile guest ordering. The new feature allows any customer — not just Perks members — to place a mobile order via the Dunkin’ app.

Mobile 135
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Digital Transformation Doesn’t Always Require a Core Conversion

Bank Innovation

The Financial Brand’s Jim Marous made some strong points in an earlier post titled, Becoming a ‘Digital Bank’ More Than Lipstick on a Legacy Pig. However, more emphasis should be placed on the urgency of the situation. Any banker who read his article and thought, “He’s right, I need to make some changes,” may already […].

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Artificial Intelligence: How AI is changing the banking industry

Payments Dive

Artificial Intelligence (AI) in banking can be used to establish more meaningful conversations with customers by solving real problems and managing finances.

Industry 218
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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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Legacy systems … isn’t ‘legacy’ what you leave behind AFTER you’re dead?

Chris Skinner

Last week I blogged about Chime’s issues with their third party partner Galileo going down, blocking payments and cards for their five million users for a short time. I made the comment: I would still claim that using cloud native third party partners in a technology ecosystem is far better … The post Legacy systems … isn’t ‘legacy’ what you leave behind AFTER you’re dead?

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Western Union Rolls Out Full API Access For International Payments

PYMNTS

Cross-border payments firm Western Union has rolled out full application programming interface (API) access to domestic and global payment applications, the company said in a press release on Monday (Oct. 28). This new set of APIs offers users a way to “integrate their financial institutions, accounting and enterprise resource planning ( ERP ) systems and their account on GlobalPay,” according to the release.

Payments 129
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Behind Mastercard’s approach to data security and privacy

Bank Innovation

Mastercard has unveiled a series of principles that underline its approach to data security and privacy. In a report about global data responsibility, the payments company outlined six guiding principles that companies can abide by when protecting their customers’ data. Mastercard’s principles include security and privacy, transparency and control, accountability, integrity, innovation, and social impact. […].

Security 199
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How retailers use AR, VR and 3D to enhance product visualization

Payments Dive

Augmented reality (AR), virtual reality (VR), and 3D product visualizations can help e-commerce retailers enhance the customer experience, increase sales and decrease returns.

Retail 199
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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.