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

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

Chris Skinner

An interesting lunch discussion about data the other day.

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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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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Intelligent Process Automation: Boosting Bots with AI and Machine Learning

Across all sectors, companies are learning that they can transform their businesses by embracing Intelligent Process Automation, or IPA. With the pairing of AI and RPA, IPA adds a new layer of intelligent decision-making processes to automated RPA tasks. By automating repetitive work, and adding the ability to automate intelligent decision making, intelligent automation frees up your most valuable resources – your employees – to spend more time on higher value and more strategic work. But in order to reap the rewards of Intelligent Process Automation, organizations must first educate themselves and prepare for the adoption of IPA. In our ebook, Intelligent Process Automation: Boosting Bots with AI and Machine Learning.

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.

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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.

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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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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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

The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

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.

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.

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.

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.

How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

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.

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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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.

Deep Dive: Serving Up Better Customer Service With Enhanced CRM

PYMNTS

Almost everyone has experienced a quick food run that turned into a 45-minute ordeal, but such delays are bad news for both quick-service restaurants (QSRs) and patrons.

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B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

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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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….

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%

Home Depot Connects Opioid Addiction To Thievery Uptick

PYMNTS

Executives at Home Depot said opioid addiction in the U.S. might be part of the reason for a recent escalation of thefts in its stores, Bloomberg reported on Wednesday (Dec. 11). .

How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

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.

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Q3 2019: US credit card issuer snapshot

Accenture

Each quarter, Ryan Douglas from the Card Issuing group reports on recent developments for the US consumer credit card sector and compiles key metrics reported by the largest US banks (spend, receivables, loss rates and returns).

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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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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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Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.