Sat.Dec 07, 2019 - Fri.Dec 13, 2019

How is 2020’s banking different to 1990’s banking?

Chris Skinner

Building on my blog post last week, showing the views of 1997, it was clear years ago that banking was under siege. However, that siege never happened. Tesco thought that most banks were “a bunch of clowns”, but never cracked the market and still have not.

Payment security in a world going mobile

Mobile Payments Today

As a rising number of consumers use digital payments to conduct ecommerce transactions, businesses need to make sure their mobile apps are secure. Customer identity and payment information is increasingly at risk as fraud actors find new ways to compromise mobile platforms

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OnDeck wants to become ‘mom and pop’ bank of the future

Bank Innovation

Small business lender OnDeck is making a pitch to Main Street. The company, which has been outspoken about its pursuit of a bank charter, is trying to move beyond loans and become a digital bank for small businesses.

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Doing Battle With Holiday Fraudsters At The ATM

PYMNTS

The holiday season is in full swing. That means opening up wallets and purses at the point of sale, which often means paying with cash … and cash? Well, that means trips to the ATM. For fraudsters, armed with new technologies, the ATM is fertile ground for fraud.

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Traditional banks are suffocating … they just don’t know it yet

Chris Skinner

An interesting lunch discussion about data the other day.

Is cashless underserving the underbanked?

Mobile Payments Today

As cashierless shopping becomes more popular, a stark disparity is coming to light — the underbanked are getting left behind. In this blog post, Plain Green's Guy Dilger talks about the move away from cash and how some cities are fighting back

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Centana Growth Partners closes $375m fintech fund

Bank Innovation

Centana Growth Partners, a New York and Palo Alto, Calif.-based based growth equity firm, closed its second fintech valued at $375 million this week. The firm, which closed a $250 million fund in 2015, primarily invests in business-to-business technology companies.

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Things worth reading: 13th December 2019

Chris Skinner

Things we’re reading today include … ING working on digital assets custody technology Battle over Volcker’s rule outlives its creator Central bankers debate tackling climate change Citi, Credit Suisse drop China’s Ucommune U.S.

Bitcoin transactions at 'Lightning' speed

Mobile Payments Today

A bitcoin aficionado who goes by the name "21isenough" has created a prototype for a Lightning ATM. The contraption allows you to send tiny amounts of bitcoin over the Internet via the Lightning Network, a second-layer protocol that works on top of bitcoin

Trust in UK startup banks growing among all age categories, data shows

Bank Innovation

The notion that customers don’t trust non-legacy banking brands is starting to fade, at least in the U.K. A study from consultancy A.T. Kearney released this month entitled “How Convenience, Innovation, and Trust Will Shape Tomorrow’s Banking,” noted that while U.K.

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Making The Frozen Foods Section Ground Zero For Retail Reinvention

PYMNTS

As most people who found themselves in a grocery store during the chaotic pre-Thanksgiving period will probably recall: some days shopping in a store, even for relatively simple things, can be a pretty atrocious experience.

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Show me the money!

Chris Skinner

Someone turned to me the other day, mid-discussion around Facebook and their abuse of customer data, and asked: How did we get here? My answer: Because we let it happen.

How Your Customers Want to Communicate With Your Bank

Banker to Banker

Since your bank's primary value proposition is service and you are likely striving for a superior customer experience, then it would make sense that the first stop you should make is to improve your ability to communicate with the customer.

BofA’s AI-powered assistant Erica pulls in 10 million users

Bank Innovation

Half a year after Bank of America’s AI-powered digital assistant Erica reached 7 million users, Erica has surpassed 10 million users, Bank of America reported this week. The virtual financial assistant is on pace to complete 100 million client requests in the coming weeks, according to the bank.

RTP: Achieving Ubiquity Without A Mandate

PYMNTS

Though the U.S. continues to take significant steps toward a faster payments ecosystem , the market undoubtedly lags behind others across the world in the path toward real-time payments ubiquity.

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Catch 22: to die or maybe die?

Chris Skinner

As it’s Friday the Thirteenth I thought I’d cheer you up with yet another core systems renewal story. There’s a great article that resonated with me in the Financial Times the other day, talking about ‘technical debt‘.

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Prevention is the Key to Stopping Elder Financial Exploitation & Fraud

Abrigo

Key Takeaways Elder financial abuse/exploitation (EFE) is under-reported although it remains on the rise. ABA study shows banks are reporting more cases of EFE. The Senior Safe Act provides a safe harbor for financial institutions reporting suspected EFE. . The under-reported and growing crime. Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States.

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Branches still pay off for Canada’s banks even in the app era

Bank Innovation

In a world reliant on smartphone apps, bank branches may no longer be Main Street mainstays, with red velvet ropes between brass stanchions herding customers to tellers behind wickets.

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QuickBooks Releases Expanded Payroll Services Suite

PYMNTS

The company behind QuickBooks , Intuit , announced it is releasing an expanded suite of online payroll offerings to help small to medium-sized businesses (SMBs) automate payroll and tax filing, according to a press release.

Things worth reading: 12th December 2019

Chris Skinner

Things we’re reading today include … This Is What Racism Sounds Like in the Banking Industry Bank of America CEO Brian Moynihan says confident consumers are spending 5.5%

Funding Loan Growth: How to Set Your Institution Up for Success

Abrigo

Key Takeaways To grow your FI, you must support the growth with proper funding. Relationship pricing leverages your customer base and cross-sells products for a larger share of the deposit wallet. Bundling accounts can make a loan more attractive for both the institution and the borrower. .

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Bank Innovation Ignite to focus on digital customer journey

Bank Innovation

The business of banking is reaching a critical inflection point as ‘challengers’ take market share and incumbents implement strategies to accelerate their digital transformation efforts to enhance customer journeys.

Revolution Payments Expands Service To Lower Biz Card Fees

PYMNTS

The interchange fees associated with commercial card acceptance are the latest target of commercial card optimization company Revolution Payments, which announced a new service designed to further reduce that burden on business-to-business (B2B) suppliers. In a press release Wednesday (Dec.

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Do users care about their data?

Chris Skinner

A further discussion about data and the key issue of who should have access. During a recent lunch, we talked about how Chinese citizens allow the government to see all of their digital footprint via Tencent and Alibaba, but they do this for a number of reasons.

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Dynamic vs. Static Approach to Asset/Liability Management: Why It Matters

Abrigo

Key Takeaways Changing your perspective on asset/liability management can position your financial institution for better business results. A dynamic ALM approach provides an ongoing method for evaluating risk and return and for strategic decision-making.

MoneyGram takes aim at startups with peer-to-peer international payments

Bank Innovation

MoneyGram is branching out beyond international cash pickup services to digital account-to-account transfers across borders.

Visa: US Contactless Payments Primed For A Big 2020

PYMNTS

When Visa launched a contactless payments pilot with New York’s Mass Transit Authority (MTA) seven months ago, the company started small, and with modest goals.

Things worth reading: 11th December 2019

Chris Skinner

Things we’re reading today include … Deutsche Bank says crypto could replace cash by 2030 Would ‘getting Brexit done’ bring lots of new investment?

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FDIC Releases Formal and Informal Enforcement Actions Manual

Abrigo

Key Takeaways. The FDIC released a manual on Formal and Informal Enforcement Actions. ABA study shows banks are reporting more cases of EFE. The Senior Safe Act provides a safe harbor for financial institutions reporting suspected EFE. .

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Data shows smaller FIs are far behind because of weaker mobile technology

Bank Innovation

Smaller banks and credit unions are under increasing pressure from larger banks and tech-centric financial services companies. New data shows why significant gaps in mobile banking capabilities are complicating these FIs’ struggles to keep up.

PayPal’s Schulman: Why Payments’ Biggest Innovations Are Yet To Come

PYMNTS

“Do you see PayPal as a tech company, or as a financial services company?”. Dan Schulman still vividly remembers the first question he was asked on his first day on the job as PayPal’s CEO in 2014.

The Finanser’s Week: 2nd December – 8th December 2019

Chris Skinner

The main blog headlines are … Treating Customers Unfairly (#HSBC) I’ve blogged many times that so called free banking is a fallacy.

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Quadratic Payments: A Primer

Vitalik Buterin

Special thanks to Karl Floersch and Jinglan Wang for feedback. If you follow applied mechanism design or decentralized governance at all, you may have recently heard one of a few buzzwords: quadratic voting , quadratic funding and quadratic attention purchase.

Banks could save more than $70 billion using new tech by 2025

Bank Innovation

North American banks could save more than $70 billion through 2025 using technology to automate jobs or assist employees, according to estimates from Accenture Plc.

Visa Direct To Power TransferWise Real-Time Global P2P

PYMNTS

Visa has added a new partner in its quest to simplify, digitize and drive costs down in the global remittances space with its real-time push payments platform Visa Direct. Visa Direct has been used to process 2 billion transactions in 2019, a number it is looking to grow in 2020.

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Things worth reading: 10th December 2019

Chris Skinner

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Will your next ride share be in an electric, self-driving car?

Accenture

My latest trip to Phoenix gave me a preview of what’s to come in auto financing, the for-hire vehicle industry and autonomous fleet management. And, that was just on my ride back to the airport. With my travel schedule, hailing a ride to the airport using a ride sharing app is all in a day’s….