Sat.Sep 28, 2019 - Fri.Oct 04, 2019

How UK FinTech took over the world

Chris Skinner

In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech.

Are Starbucks and Uber the right experience for banks?

Mobile Payments Today

The changing nature of consumers in recent years is raising major questions regarding privacy, loyalty and perceived value in the banking industry, according to a panel of experts at the 2019 Bank Customer Experience Summit

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Varo’s de los Reyes on building inclusive user design

Bank Innovation

To Varo, a digital-only banking startup which has more than 750,000 users, an inclusive user experience is its passport to growth. Varo is looking to other digital-only financial players along with big-tech platforms like Google and Amazon for inspiration.

Another Disappointing Monthly Jobs Report for September

Abrigo

This morning’s Employment Situation report from the Bureau of Labor Statistics for the month of September came in weaker than expected. There were 136,000 jobs added in September, falling short of the expectation of an added 145,000 jobs.

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Are challenger banks winning or losing?

Chris Skinner

I don’t get The Financial Times editorials these days.

How to go beyond the mobile app during the transition to digital banking

Mobile Payments Today

The successful transition to mobile banking requires a seamless, intuitive user experience built into a mobile app.

More Trending

How Apple Card Brings ‘Existential Crisis’ To Smaller FIs

PYMNTS

With the recent launch of the Apple Card , Apple has sent a signal that they seek to offer a better user experience than banks. In fact, their slogan for the card is “Created by Apple, Not a Bank?.”

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A start-up’s month is a banker’s decade

Chris Skinner

I’ve heard many ex-bankers who joined a FinTech start-up, challenger bank or similar, say that they’ve achieved more in the past year than in the past decade. They claim to have achieved more with £1 million than they would have achieved before with £100 million in a bank.

CIBC, First Citrus, Bridgeable discuss digital transformation

Mobile Payments Today

Legacy banks are struggling to transform their brick-and-mortar ecosystems to fit into an increasingly digital world. How do they do it? And more importantly, how do they do it without alienating customers who are used to one-on-one interactions

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Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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Payments’ Role In The Fourth Industrial Revolution

PYMNTS

To get a sense of where faster payments are headed, look to the consumer. There are dozens of faster payment schemes rooted or taking shape around the world — 54 at last count. Some of them have been mandated by governments, readying for anticipated demand.

Blockchain: a solution looking for a problem?

Chris Skinner

Being conference season, there were many announcements in the past week about headlines companies wanted to gain with their innovations. One of the main headline grabbers for me came from R3.

5 Web Self-Service Pitfalls

Mobile Payments Today

This whitepaper highlights 5 myths frequently encountered in the context of self-service strategies and implementation

Credit Karma expands personal finance hub with high-yield savings accounts

Bank Innovation

Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. The FDIC-insured savings account is offered through custodian MVB Bank.

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Vista Looks To Sell Huge Stake In Finastra FinTech

PYMNTS

Vista Equity Partners is reportedly thinking about selling a stake in London-based FinTech Finastra. Bloomberg is reporting that the sale could value Finastra at $10 billion with debt included. Vista is collaborating with Goldman Sachs to look for companies that might be interested in buying.

Banks are product not customer focused

Chris Skinner

I walked into a grocer’s store the other day. The store was resplendent with fruits of all colours and continents.

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Customer Service Challenges and Innovations in the Financial Services & Insurance Sector

Mobile Payments Today

This paper describes the innovation and best practices the financial sector has deployed across technologies, processes, and people in their contact centers

Digital and human: Inside BofA’s small business strategy

Bank Innovation

Digital-only lenders tout the speed and efficiency of their user experiences. However, for Bank of America, a “human-digital” approach is the cornerstone of its small business banking approach. It’s a strategy that’s yielding results for the bank.

Uber Buys Dubai Ride-Hailing Unicorn Careem For $3.1B

PYMNTS

Uber coughed up over $3 billion to get its hands on Dubai’s ride-hailing startup Careem, the Financial Times reported on Wednesday (Oct. Founded in 2012, the ride-hailing unicorn – which is valued at over $1 billion – was the premier tech startup in the Middle East and North Africa. Uber paid $3.1

The Finanser’s Week: 23rd September – 29th September 2019

Chris Skinner

The main blog headlines are … The purpose-driven series: Greed is good … or is it? There’s a comment that has stayed with me for a long time.

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11 Reasons Why Customer Service Chatbots Fail

Mobile Payments Today

Virtual assistants are a white-hot topic nowadays. Vendor marketing drumbeat is loud, and they promise nothing short of eradicating world hunger with their chatbots! However, if you look beyond the hype, success stories are few and far between

Gulf Capital, a ‘de novo’ bank, to launch without legacy tech

Bank Innovation

Gulf Capital Bank, Houston’s first new bank to launch since 2009, will open its doors by early next year. It confirmed on Monday that it received conditional approval from the Texas Department of Banking and the Federal Deposit Insurance Corporation.

Truckers Put The Hammer Down Into A Digital Marketplace Future

PYMNTS

Trucking is a difficult and vital job. It’s not only the long, often-lonely hours, but the anxiety — as well as the lost time and money — that comes from inefficient dispatching and last-minute (perhaps unwanted) loads, among other points.

Things worth reading: 4th October 2019

Chris Skinner

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3 Questions From Kat Cole To Make Your Bank Better

Banker to Banker

BANK PERFORMANCE For her sheer authenticity and clarity in thinking, Kat Cole remains one of our favorite corporate leaders in America. We met her at the ICBA a couple of years ago and just saw here last week at the ABA Marketing Conference. She did not disappoint.

With IBM, Bank of China takes aim at super apps

Bank Innovation

The advent of social payment platforms like Alipay and WeChat are causing ripple effects within China’s banking sector.

Amazon Launches First Physical Store In MA

PYMNTS

Amazon has opened its first physical store in Massachusetts. Located at the Natick Mall in Natick, Massachusetts, the 4-star store is the fifth physical location nationwide for the eCommerce giant.

Things worth reading: 2nd October 2019

Chris Skinner

Things we’re reading today include … Visa, Mastercard reconsider backing Facebook’s Libra: WSJ Too big to lend? JPMorgan cash hit Fed limits, roiling U.S.

How payments fraud is becoming more complex—and expensive

Payments Source

Recent reports that counterfeit card fraud is markedly down in the U.S. since the introduction of EMV chip cards in 2015 is fantastic news, except for retailers that also sell goods sells online. In that case fraud has merely moved from an in-store payment attempt to a card not present (CNP) one.

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RBC rolls out AI insights for business customers

Bank Innovation

Royal Bank of Canada is adding in-app personalized insights on business owners’ cash flow to improve their expense tracking and analysis capabilities. The technology was developed by conversational AI company Personetics.