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

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.

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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.

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How banks can ensure high availability for today’s technology

Mobile Payments Today

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

Rebeca Romero Rainey: Embrace the opportunity

Independent Banker

“A plethora of new digital payments offerings now must factor into business strategies.”. As Winston Churchill said, “To improve is to change; to be perfect is to change often.” That sentiment rings true for digital payments.

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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.

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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.

More Trending

Visa, Marqeta Team To Boost FinTech Expansion Across Asia Pacific

PYMNTS

The drive to become a “borderless business” has its challenges.

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. Reading

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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.

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Chime, Varo, Grasshopper executives say digital banks see continued growth

Mobile Payments Today

Digital bank executives from Chime, Varo and Grasshopper told attendees at this year's annual Money 20/20 conference that they see continued growth in the space as they are providing more responsive and lower fee services to consumers who are leaving legacy bank rivals that are burdened with aging technology and higher fixed costs.

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.

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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. Reading

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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.

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Uber unveils Uber Money to improve driver benefits, reward loyalty

Mobile Payments Today

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

DoorDash Acquires Square’s Caviar In $410M Deal

PYMNTS

Payments company Square has announced the completion of a deal to sell food delivery service Caviar to rival delivery company DoorDash, according to a release. The sale was completed on Thursday (Oct. 31), for a combination of DoorDash stock and cash worth $410 million.

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.

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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.

Valyou Case Study: On a mission to empower migrant workers

Mobile Payments Today

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

Accounts Payable AI Company Stampli Raises $25M

PYMNTS

The artificial intelligence-based accounts payable company Stampli has raised $25 million in a Series B funding round, the company announced Wednesday (Oct. The round was led by SignalFire, and Hillsven Capital, Bloomberg Beta and NextWorld Capital participated in the round.

The Gruffalbank

Chris Skinner

My children are big fans of The Gruffalo. If you’re not familiar with The Gruffalo, it’s the story a mouse who might get eaten by threatening creatures like a Fox, an Owl or a Snake, but makes up a fictional character who could actually eat them instead.

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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.

Mphasis sees blockchain transforming digital payments worldwide

Mobile Payments Today

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

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.

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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.

Chime outage highlights the importance of real-time feedback for startups

Bank Innovation

Digital-only challenger bank Chime‘s recent outage may have riled many customers on social media, but the company’s real-time response to the crisis ensured damage to the brand was nipped in the bud.

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

Mobile Payments Today

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

Apple Embraces Paying On Installment

PYMNTS

iPhone growth continues to look sluggish, but Apple’s earnings report was a mostly story about growth once one got away from the figures on the firm’s flagship product. Particular areas of strength were Apple wearables and the services business line.

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The Finanser’s Week: 21st October – 27th October 2019

Chris Skinner

The main blog headlines are … Why decentralised currencies are a PEST! Sometimes you debate stuff and a realisation comes. I had one of these today. When futurists talk about the future, they generally based their opinions on forces of change, known colloquially as PEST.

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Weekly Wrap: Big tech makes moves in financial services, as Ally bets on VR

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday November 1, 2019.

Contactless cards driving move away from cash in UK

Mobile Payments Today

Graham Mott, head of strategy at Link, which oversees the U.K.'s s network of ATMs, believes that contactless cards are behind the globe's shrinking reliance on cash

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Why Super Apps Could Have Superpowers

PYMNTS

It’s what WeChat and Alipay already are in China, and what LINE is in Japan. Rappi follows suit in Latin America. It’s what Grab and Gojek are investing hundreds of millions of dollars to become in South Asia. It’s Facebook’s global ambition, with or without Libra and Calibra.

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