Sat.Feb 22, 2020 - Fri.Feb 28, 2020

Customer and employee activism will change banking even if the banks don’t want to change

Chris Skinner

I know a few of you have spotted that I have a regular theme these days about sustainable finance, purpose-driven banking, the climate emergency and more.

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Formula for Business Lending Success: Minimize Delays

Abrigo

Key Takeaways Financial institutions who want to maintain a healthy share of business lending this year and through potentially tougher economic times ahead want to be in the best position possible before trouble hits.

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How The Gig Economy Has Evolved Over The Last Decade

PYMNTS

A quick glance at the workforce of 2020 doesn’t immediately present itself as all that different from the workforce of the year 2000. The major professions remain the same — doctors, lawyers, bankers, accountants, stock brokers, academics, teachers, consultants, software programmers, etc.

Intuit acquires Credit Karma for $7.1B to create personal finance juggernaut

Mobile Payments Today

Intuit announced its highly anticipated $7.1 billion acquisition of Credit Karma, a move that will create a personal finance powerhouse that can help financial institutions create targeted product offers for users of the platform

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“I was the first knowledge worker whose job was threatened by a machine”

Chris Skinner

Really interesting interview with Garry Kasparov in Wired magazine about the potential of artificial intelligence (AI) in the future. Garry Kasparov is perhaps the greatest chess player in history. For almost two decades after becoming world champion in 1985, he dominated the game.

TD Bank: Digital growth drives results

Bank Innovation

TD Bank’s digital strategy is showing results. The bank said it’s investing heavily in digital channels, making it the largest digital bank in Canada. TD noted that, according to App Annie data, the bank is ranked No.

More Trending

Qdoba, California Tortilla advance mobile ordering

Mobile Payments Today

California Tortilla and Qdoba have launched mobile app upgrades

Purpose? We need actions, not words!

Chris Skinner

I guess my discussions of purpose-driven banking are growing. Maybe I just picked up the vibe or created it, but more and more I’m seeing bank CEO’s talking about purpose. Tom Blomfield, CEO and co-founder of Monzo, in Wired magazine: “Why do companies even exist? What are we here for?

Fifth Third’s Dobot savings app hits $425M in savings goals since launch  

Bank Innovation

Dobot, the automated savings platform acquired by Fifth Third in 2018, is working to help its users save $425 million since it launched with the bank just over a year ago. The app lets users put away funds toward savings goals of their choice.

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BoE Gov Says Crypto Could Slow Bank Loans

PYMNTS

The Deputy Governor of the Bank of England (BoE), Jon Cunliffe, said on Friday (Feb. 28) that digital currencies could potentially dry up lending for banks and affect the economy as a whole, according to a report by Reuters.

Shares of Shake Shack fall on revenue miss, slower transition to GrubHub

Mobile Payments Today

Shares of the fast casual chain were down sharply in pre-market trading after the company missed revenue estimates, reported weaker same-store sales and warned that the conversion to exclusive food delivery through Grubhub was being rolled out on a market-by-market basis

Coronavirus: what it means for trade and finance

Chris Skinner

I was quite relaxed about the coronavirus thinking it would blow over (no pun intended). Yet, as the days and weeks went by, it’s obviously a lot more serious than first thought. I first thought, Oh, it’s Wuhan. It’s not over here. It will sort itself out.

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US is now Afterpay’s largest customer market 

Bank Innovation

Afterpay’s efforts to embed itself in the U.S. retail ecosystem are showing results. The point-of-sale lender announced this week it has more U.S. customers than customers in New Zealand and in Australia, where it is headquartered. This is the first time since the company’s 2014 launch that its U.S.

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Corona (Beer) Takes Hit From COVID Naming

PYMNTS

Someday this will be a marketing case study. You’re Constellation Brands. One of your leading brands is Corona beer. Then out of China comes a virus that has your name on it. You’re blowing up on social media for all the wrong reasons.

Ashburn embraces TaaS model for payments

Mobile Payments Today

Žoržas Šarafanovi?ius, ius, executive director of Ashburn International, cited the importance of "terminal as a service" following the recent Ingenico Paytech Summit in Barcelona, Spain

Nostalgia ain’t what it used to be

Chris Skinner

There’s a growing lament amongst the few, who are worried our analogue world is crumbling around them. They see the loss of bank branches, high street shops, use of cash and such like as the end of their world.

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Square revises credit risk model for its SMB lending program

Bank Innovation

An update to Square’s credit risk model for its Square Capital commercial lending product — first disclosed yesterday — was “a key driver of Capital’s outperformance in the fourth quarter,” the company said.

Privacy And Personalization Clash For Retailers

PYMNTS

Retailers are facing a personalization paradox. Recent studies are showing counter trends right now that are proving the adage that consumers want what they want — even if it’s a contradiction. That paradox is evident between the appeal of personalization and a stepped-up need for privacy.

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Countdown to CECL: A Timeline for Credit Unions

Abrigo

Large SEC filers have officially adopted the current expected credit loss standard, or CECL, for recognizing credit losses, and other financial institutions are eager to learn from their implementation efforts.

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Things worth reading: 27th February 2020

Chris Skinner

Things we’re reading today include … B-Social raises £7.8m

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With Credit Karma, Intuit to boost personalization

Bank Innovation

Intuit, the business and financial software company behind TurboTax, QuickBooks and Mint, plans to buy personal finance platform Credit Karma for $7.1 billion, the companies announced this week.

Signify US CEO (Formerly Philips Lighting): Lighting Up The Connected Economy’s Innovations

PYMNTS

“What, do you think we own the electric company? Then shut off that light!”. It is an admonishment that we’ve all heard, or at least a variation of at some point in our lives.

FinCEN Strengthens Commitment to Digital Innovation

Abrigo

Key Takeaways FinCEN hires Digital Innovation Officer to prove commitment to innovation in BSA/AML. Abrigo embraces innovation with the introduction of artificial intelligence scenarios. Our Transparent AI is easy to explain to regulators. .

Things worth reading: 26th February 2020

Chris Skinner

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GCB raises $93M to build digital tools for customers

Bank Innovation

Houston-based Gulf Capital Bank recently completed a capital raise of $93 million. With the funding, the bank plans to invest in its digital capabilities, providing services that include mobile deposits, secured and unsecured commercial loans, letters of credit and consumer loans.

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Ex-Microsoft Engineer Guilty Of 18 Felonies After Pilfering $10M In eCurrency

PYMNTS

A former Microsoft engineer was found guilty of 18 federal felonies after he stole $10 million worth of digital currency from his ex-employer and used the money to finance a $1.6 million waterfront house, $160,000 Tesla, and other lavish items, the U.S.

Cannabis Banking in Illinois: Mitigating Reputation Risk to Financial Institutions

Abrigo

Key Takeaways. The number of institutions banking cannabis grew significantly in 2019. Despite Federal ambiguity, Illinois State Regulators defined their stances on cannabis banking.

Things worth reading: 25th February 2020

Chris Skinner

Things we’re reading today include … UBS releases diversity figures for Americas staff US hedge fund calls for Prudential breakup as it takes near-$2bn stake Barclays/Jes Staley: Europe’s last investment banker British fintech Revolut hits $5.5

Fifth Third Bank taps Fundation to underwrite small businesses

Bank Innovation

Amidst the rise of nonbank lenders such as Kabbage, OnDeck, BlueVine and others, Fifth Third Bank is partnering with digital lender Fundation to speed up loan-approval processes for small businesses.

JPMC CEO: Bank Plans FinTech, Other ‘Very Creative’ Acquisitions

PYMNTS

Billions of dollars in earnings. Billions of dollars in the bank. Time to go shopping? As reported by CNBC , Jamie Dimon, CEO of JPMorgan , said at the company’s investor day Tuesday that “we are looking, and will be much more aggressive with acquisitions.”.