Sat.Oct 19, 2019 - Fri.Oct 25, 2019

The Digital Corporate Bank, Part Two: Real-time Payments

Chris Skinner

Weekly Wrap: Luge Capital courts early-stage fintechs, as payment providers rustle with UX and data privacy

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, October 25, 2019.

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5 things traditional banks must do to combat non-traditional competitors

Mobile Payments Today

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

IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice

Insights on Business

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.

Things worth reading: 24th October 2019

Chris Skinner

Things we’re reading today include … Facebook’s Zuckerberg grilled over Libra currency plan Is Facebook’s Libra doomed?

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Amex taps Nova Credit’s tech to underwrite immigrants to the U.S.

Bank Innovation

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.

ATMIA CEO sees cash remaining critical as financial institutions embrace digital

Mobile Payments Today

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

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More Trending

What’s the latest on #Brexit in banking then?

Chris Skinner

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.

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Citi promotes Jane Fraser, sets stage for first female bank CEO

Bank Innovation

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.

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Zuckerberg faces grilling as skeptical House panel hears case for Libra digital currency

Mobile Payments Today

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

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E-Commerce Merchants: A Hot Commodity in the Dark Web

Abrigio

Dark Web | 5 minute read Key Takeaways Cybercriminals are now targeting e-commerce merchants with malware attacks. Merchants of all sizes are being targeted. Financial institutions should be proactive with their fraud prevention on the dark web. . The New Frontier on the Dark Web.

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Things worth reading: 23rd October 2019

Chris Skinner

Things we’re reading today include … Morgan Stanley elbows out rivals for plum role in $1.5

Consumers still turning to branches to open new accounts

Bank Innovation

When it comes to opening new bank accounts, customers still tend to trust the branch over digital channels, according to a new study from Forrester Research. While digital tools are areas of emphasis for major banks, the study points to the ongoing importance of a human touch.

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Chime outages illustrate complexities of digital banking

Mobile Payments Today

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

Cyber Complications for Vendor Risk Management

Abrigio

The following article was first published in ABA Banking Journal on October 17, 2019. Cybersecurity | 4 minute read Key Takeaways Third-party/vendor risk management is becoming increasingly challenging with more cloud-based providers.

Why decentralised currencies are a PEST!

Chris Skinner

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.

To grow deposits, digital isn’t enough: Forrester

Bank Innovation

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.

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Why The Time Is Right For Banks To Tap Into Integrated Receivables

PYMNTS

FinTech firms are delivering technology solutions to banks that can help them maintain their customer relationships — and generate income. As it stands, many larger banks — and even mid-sized banks — tap into treasury management solutions for two reasons.

Creating a Customer-Centric, Digital Financial Institution

Abrigio

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.

For Whom The Tweet Chimes: the problems of being cloud native and open

Chris Skinner

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.

With Mastercard, Revolut aims for US market

Bank Innovation

Digital banking and stock trading app Revolut, which boasts 8 million customers, is in the midst of a global expansion effort. The U.K.-based based company, which operates in Europe and Australia, announced two major milestones this week: a tie-up with Mastercard that will help fuel a planned U.S.

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Alphabet’s Sidewalk Labs Nearing Agreement On Toronto’s Smart City Project

PYMNTS

Alphabet’s Sidewalk Labs and public corporation Waterfront Toronto are moving forward on a deal to develop the “city of the future” nearly two years after the deal was proposed. Bloomberg is reporting that the two sides are addressing a number of issues ahead of an Oct.

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How Optionality Impacts Your Net Interest Margin

Banker to Banker

IMPROVING NIM For the majority of bankers, maintaining or increasing net interest margin (NIM) is the single most significant focus today. The shape of the yield curve and lower rates have caused NIM compression across the board and have hurt bank equity performance.

Things worth reading: 22nd October 2019

Chris Skinner

Things we’re reading today include … Chinese vice foreign minister says progress made in trade talks with U.S

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Ping An’s $22b push to shed old-school insurance skin

Bank Innovation

Ping An Insurance wants to be valued more like a technology company. Its executives have yet to convince investors their planned $22 billion spend on everything from artificial intelligence to block chain will work.

Facebook Rolls Out Curated News Feature

PYMNTS

With the soft launch of a new curation product called Facebook News, Facebook CEO Mark Zuckerberg and News Corp CEO Robert Thomson engaged in a discussion at the Paley Media Center in New York City. The news curation product is said to showcase daily news of a high quality, Venture Beat reported.

How Great Bank Brand Stories Are Built

Banker to Banker

BANK MARKETING Few bankers doubt the power of great storytelling. Instead of advertising, many banks have evolved into showcasing a customer, employee, or creative narrative that walks the reader to some point of conflict and then tells of a resolution.

Things worth reading: 21st October 2019

Chris Skinner

The banking revolution: Adapt or be left behind

Bank Innovation

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.

Johannesburg City Council Hit With Ransomware Attack

PYMNTS

The city council of Johannesburg, the largest city in South Africa , was hit with a ransomware attack on Friday (Oct. 25) that affected its website, call centers and digital platforms.

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Is Your Institution Prepared for Declining Mortgage Interest Rates?

SWBC's LenderHub

The housing market is quite fickle. It’s impacted by economic factors that are often difficult to understand, and typically leaves consumers and lenders alike on the hunt for information in an attempt to make sense of how it will impact their financial decisions

Google versus Government

Chris Skinner

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.

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Why some consumers are wary of open banking

Bank Innovation

Open banking, or the practice that lets banks securely share account data with third-party apps through application programming interfaces, is often heralded as the future of banking.

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Big Four Seek Guidance On Trade Finance

PYMNTS

Top accountancy firms are asking the Financial Accounting Standards Board (FASB) to clarify how corporates should report on supplier finance programs that are in place, according to Compliance Week reports on Friday (Oct.

Spain's CaixaBank reports success with facial recognition at ATMs

ATM Marketplace

It's been six month since CaixiaBank rolled out facial recognition at a handful of ATMs in Barcelona. Alejandro De Oleza, the bank's digital director, spoke on the progress of the biometric system at an ATMIA conference in Rome last week

The Finanser’s Week: 14th October – 20th October 2019

Chris Skinner

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.

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Aite Group’s von Wezel: Open banking is facing a trust deficit

Bank Innovation

Though open banking is gaining advocates in the financial industry and regulatory bodies, a recent Aite Group study suggests many consumers may not be ready for it. The core problem, according to a recent Aite Group study, is an understanding gap.

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