Payments Dive
OCTOBER 22, 2019
Chime Bank is recovering from its third system outage since July, and this most recent incident is serving as a wake-up call for many in the industry about the vulnerabilities of managing critical financial services in a digital-only environment.
Bank Innovation
OCTOBER 24, 2019
Over the past 10 years, the landscape of the financial services industry has dramatically evolved. Technology and the rise of fintechs have called into question almost every traditional banking model, requiring banks to either adapt or be left behind. In today’s digital age, some banks have been slow to innovate or to create a more […].
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Abrigo
OCTOBER 21, 2019
A farmer, a university student, and a business owner walk into a bank. It sounds like the beginning of a joke, but for many community financial institutions, a spectrum of different customers and banking needs is something that they see every day. However, they’re probably seeing fewer of these customers walking into a physical branch. Today, 73% of all consumer interactions with financial institutions are done digitally , according to the 2019 FIS Performance Against Customer Expectations (PACE
Chris Skinner
OCTOBER 22, 2019
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. Political, Economic, Social and Technological change. So I was having this debate with a friend about the … The post Why decentralised currencies are a PEST!
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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
Payments Dive
OCTOBER 24, 2019
Facebook chairman and CEO Mark Zuckerberg endured withering and often painful questioning as he tried to convince House members that the effort to develop Libra into a global digital currency could provide significant benefits to millions of underbanked consumers.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
OCTOBER 23, 2019
There is only so much time in a day to watch programming and only so much monthly budget to devote to food delivery services. Has the subscription commerce market reached saturation? The real question may be which of the many current and planned subscription services will come out on top. Last week, Netflix released earnings that were fairly positive.
Chris Skinner
OCTOBER 20, 2019
I’ve been noticing that there are more and more issues arising with the big internet giants. Unlike in China, where the companies are working with governments, the big Western giants work outside government control. That creates issues, particularly in Europe where government does not like to be out of control. … The post Google versus Government appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 25, 2019
While fintechs have introduced new innovations to a staid industry, traditional FIs possess great assets that could allow them to surpass the success of fintechs.
Bank Innovation
OCTOBER 24, 2019
Despite the vast improvements banks have made to online account opening processes, most consumers are still turning to branches to open new accounts, a recent Forrester Research study observed. According to a Forrester Research study released Wednesday, 71% of U.S. adults who use the internet regularly still went into a branch to open a checking […].
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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
PYMNTS
OCTOBER 24, 2019
Mastercard is introducing a Data Responsibility Imperative to spark a conversation with other companies about data security, Mastercard said in a press release on Oct. 24. Mastercard wants organizations to work together to heighten privacy and fend off cyberattacks. The initiative depends on coming up with fundamentals to direct how data is used. It is based on the premise that businesses have a responsibility when it comes to data management. .
Chris Skinner
OCTOBER 24, 2019
Following on from the discussion of payments in the cloud, I was recently asked by Volante Technologies to consider what being a digital bank means for a commercial bank’s payments and treasury services and identified three areas of focus: moving payments to the cloud; fast-tracking real-time / instant payments adoption; … The post The Digital Corporate Bank, Part Two: Real-time Payments appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 25, 2019
ATMIA CEO Mike Lee sits down at ATMIA Europe in Rome for a conversation about the war on cash and the future of mobile banking, bitcoin and ATMs.
Bank Innovation
OCTOBER 25, 2019
American Express is using credit reporting startup Nova Credit‘s technology to underwrite newcomers to the U.S., the companies announced Friday. With no financial history in the U.S., newcomers face difficulties accessing credit. American Express claims to be the first U.S. payments company to offer immigrants the opportunity to acquire U.S. credit scores, based an analysis […].
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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.
PYMNTS
OCTOBER 25, 2019
FinTech firms are keeping a pulse on how merchants retain their customers — and how they can help them with those strategies through technology. One of the ways organizations such as airlines keep customers returning, Modo CPO Ryan Lee told PYMNTS in an interview, is through a robust loyalty program. However, making loyalty a currency or allowing it to be a method of tender, he said, “is quite complicated.
Chris Skinner
OCTOBER 23, 2019
I’ve avoided any commentary on Brexit in recent times, as it seemed to be going nowhere. Finally, just ten days before deadline, the House of Commons voted that a deal could be done … just not in the deadline given. So, it now looks like 31st January, 2020. Maybe. The … The post What’s the latest on #Brexit in banking then? appeared first on Chris Skinner's blog.
Insights on Business
OCTOBER 23, 2019
This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We are incredibly proud of our customers continued input into our offering, especially in our most current release of OpenPages with Watson v8.1 as discussed in my previous blog. Their contribution in our “innovating in the open” approach is part of the reason we received this honor.
Bank Innovation
OCTOBER 22, 2019
Across the U.S., banks and credit unions continue to face digital disruption. As mobile banking usage surges, branch visits continue to decline. A BI Intelligence study found that mobile banking is nearing ubiquity, with usage topping in at 83 percent. As banks and credit unions improve their online experience and make banking features more readily […].
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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.
PYMNTS
OCTOBER 21, 2019
The mood in the air at the start of the 2010s was different from the one that preceded the start of the 2000s. The shift from 1999 to 2000 was (mostly) a joyous and cheerful environment. Sure, there was a slight lingering concern that a glitch in how the world’s PCs were programmed might accidentally bring on the tech-pocalypse affectionately referred to as Y2K.
Chris Skinner
OCTOBER 21, 2019
Banks are control freaks. I’ve blogged about that often. I’ve also blogged often about how they need to move to be open and partnering. That’s not easy. It’s obviously easier to launch a brand new bank, fresh with no legacy and open to everything, isn’t it? Not necessarily so. The … The post For Whom The Tweet Chimes: the problems of being cloud native and open appeared first on Chris Skinner's blog.
Ron Shevelin
OCTOBER 20, 2019
It’s admirable that many fintechs aim to be altruistic and want to address social issues. But so do thousands of credit unions and community banks.
Bank Innovation
OCTOBER 25, 2019
Jane Fraser ascended to the No. 2 job at Citigroup, putting her in position to succeed chief executive officer Michael Corbat and become the first woman to lead a major U.S. bank. The behemoth lender on Thursday named Fraser as president and handed her responsibility for consumer banking, one of its thorniest turnaround efforts in […].
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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.
PYMNTS
OCTOBER 21, 2019
Mastercard is celebrating National Women’s Small Business Month by gathering it’s Women’s Business Advisory Council for a retreat and launching its first ever Small Business Summit in New York City. “Small Businesses are the heart of the nation. During a month where our attention turns to them, we are continuing to drive a dialogue with women entrepreneurs from across the country to better understand their needs and challenges and ensure that we are advocating for them through action,” Cheryl Gu
Chris Skinner
OCTOBER 19, 2019
The main blog headlines are … Talking ’bout my generation 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. There was no Europe, just a … The post The Finanser’s Week: 14th October – 20th October 2019 appeared first on Chris Skinner's blog.
Jack Henry
OCTOBER 23, 2019
I live in the middle of small-town USA. We had a joke in Elizabethtown, Kentucky. When they broke ground on a new building, we’d say it’s either McDonalds or another bank. Well, that used to be the joke. These days, you don’t see many new banks being built. As a matter of fact, there have been more banks acquired in the past five years than built. As a matter of fact, our iPay Solutions™ group is moving into what once was the main corporate branch of First Federal Savings Bank in Kentucky.
Bank Innovation
OCTOBER 23, 2019
Luge Capital, a fintech venture capital firm based in Toronto and Montreal, serves a growing ecosystem of startups north of the border. This week, it closed a C$85 milion ($65 million) fund for fintech and AI solutions. “If you’re an early-stage fintech company, the number of investors you have to pick from is very, very […].
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