Sat.Nov 23, 2019 - Fri.Nov 29, 2019

The real reason people don’t change banks

Chris Skinner

Interesting conversation about switching accounts. I’ve had a few people saying that banks don’t have loyal customers, but they have trapped customers.

Consumers will embrace mobile apps, digital wallets amid short holiday shopping season

Mobile Payments Today

With a shorter window to complete holiday shopping this year, consumers are looking to mobile retail apps to find better deals and get ahead of jammed retail outlets. Mobile wallets could see a resulting benefit as consumers look to make their ecommerce purchases as seamless as possible

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Does ‘Google Checking’ Foreshadow Big Tech, FinTech Payments Changes?

PYMNTS

Banks and credit unions are certainly not on their way out, even as they face more pressure from challenger banks, FinTechs and Big Tech in the coming decade.

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Fintech companies use holidays to push product usage

Bank Innovation

The holiday season comes with extra expenses for consumers, and financial companies want to help customers budget. While these efforts highlight financial planning and education, they also serve an important business objective, which is to increase user adoption and engagement on platforms.

How much tax is lost each year? #defi

Chris Skinner

Building on my discussion yesterday about offshore tax havens and decentralisation to avoid governance in both the physical and virtual world, there’s a more fundamental issue at large here. Tax avoidance.

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How open banking enables the digital economy

Mobile Payments Today

Open banking represents a huge opportunity for financial institutions. By creating ecosystems to develop new customer propositions and generate new revenue streams, banks will be better able to compete with third-party players and big tech like Amazon

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The Not-So-Beaten Path To B2B Payments Real-Time Ubiquity

PYMNTS

The global payments ecosystem’s path to faster and real-time payments ubiquity is an evolution, not a revolution. That is to say, mass adoption will take time, and the factors driving that adoption will almost certainly continue to change and shift as end users’ needs do the same.

More Trending

Are banks adapting in the right way?

Chris Skinner

I picked up a few innovative changes taking place this week within banks. In fact, I should point out that banks are not static beasts, as many claim. They are changing all the time, doing things all the time, adapting all the time.

Lenders, step up to true digital mortgage or go home.

Accenture

Serena Williams has 23 Grand Slam singles titles to her credit and is the most successful tennis player—woman or man—of the Open era. Throughout her 24-year professional career, she’s been known for exceptional comebacks and remarkable determination.

People’s Bank Of China: Hundreds Of Country’s Banks At Risk

PYMNTS

This past year has been difficult for Chinese banks, and the country’s central bank, People’s Bank Of China, said that about 13 percent of the country’s financial institutions were considered “high risk,” according to Bloomberg. .

Uncoventional Ventures’ Lau: Diversity is more than a buzzword in fintech

Bank Innovation

The startup and venture capital ecosystem may profess to be colorblind, but a look at where funding dollars are going presents a different picture. According to recent research, there have been two quarters since 2009 where the proportion of venture dollars going to female founders exceeded 17%.

Ana Botin of Santander on FinTech and Blockchain

Chris Skinner

Really interesting interview here with Ana Botin, Executive Chair of Santander, on Bloomberg. It starts with talking about how Santander can make a difference on climate change with Ana claiming that the bank is voted the most sustainable bank in the world.

Why QIIB trusts IBM Safer Payments for cross-channel fraud prevention

Insights on Business

Fraud prevention is about who you can trust. For financial institutions, it’s about understanding the relative risk of a customer, a merchant and/or a transaction, as well as hundreds of different factors including location, amount, device, etc.

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Facing The Fast Future Of QSR Payments Experiences

PYMNTS

Make sure to bring more than your appetite when you dine out in the 2020s, especially at a quick-service restaurant (QSR). You might end up ordering or paying with your face via facial recognition technology.

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Weekly Wrap: MoneyLion prepares for growth, as fintechs focus on holiday promotions

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, November 29, 2019.

Crypto and banking are one and the same

Chris Skinner

People were surprised to see a headline that garnered much market shock: Markets Crash after reports that Binances Shangai Office Closed in Crypto Crackdown Argh. Crypto meltdown!

Asset/Liability Management by the Numbers: How Are FIs Approaching ALM Models?

Abrigo

Key Takeaways A dynamic asset/liability management (ALM) process can inform sound decision-making in both strategy and risk – but not many FIs approach ALM this way. Most FIs outsource their ALM model, rather than using a self-run model. Both have their pros and cons.

Bank Branch Closings Take Toll On Rural Communities 

PYMNTS

More than half of the 3,114 counties in the U.S. lost bank branches between 2012 and 2017, with rural areas feeling the brunt of the closures, according to research from the Federal Reserve released on Monday (Nov. 25). .

Japan cashless incentives could be extended as part of stimulus

Bank Innovation

Japan’s measures for encouraging the spread of cashless payments will likely need more funding beyond the end of March and could be extended as part of a planned government stimulus package.

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Things worth reading: 29th November 2019

Chris Skinner

Ask Your Credit Analysts These Questions to Optimize Deal Flow

Abrigo

Key Takeaways Optimizing loan deal flow involves more than number crunching and processes; don't overlook the human component. Some questions may help identify loan types, industries, and even co-workers who contribute to bottlenecks.

Unencrypted Vistaprint Database Exposed Personal Customer Data

PYMNTS

Printing company Vistaprint left an online database containing customer interactions unencrypted, according to a report. A security researcher named Oliver Hough discovered the unprotected database on Nov. He reached out to the company but didn’t hear back.

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Fintech task force deliberates pros and cons of ‘big data’

Bank Innovation

More than 2.5 quintillion bytes of data are created every single day. As such, lenders are collecting vast amounts of consumer information and calling it “big data,” a key product to generate insights, support decision making, and enable automation.

Things worth reading: 26th November 2019

Chris Skinner

Why banks must reinvent programme delivery

Accenture

The face of banking is changing—our big high-street banks are now having to compete, not only with each other, but also with the growing ranks of challenger banks and other third parties. To sustain their importance to the economy and remain relevant to their customers, this means banks have no choice but to innovate and…. The post Why banks must reinvent programme delivery appeared first on Accenture Banking Blog. Uncategorized Bank Innovation Change Management Program Delivery

Netflix Reboots Iconic NYC Movie Theater For Screenings, Events

PYMNTS

Entertainment streaming giant Netflix has taken over the lease of the iconic New York City movie theater, The Paris, and plans to use it for movie screenings, events and releases, the company said Monday (Nov. The theater closed in August.

Ant Financial to raise a $1 billion startup investment fund

Bank Innovation

Billionaire Jack Ma’s Ant Financial is planning to raise about $1 billion for a fund that will invest in startups from Southeast Asia to India and help strengthen its foothold in fast-growing mobile internet markets, a person familiar with the matter said.

Things worth reading: 25th November 2019

Chris Skinner

The ABCs of bitcoin ATM regulation and compliance in the US

ATM Marketplace

If you are planning to operate a bitcoin ATM business in the U.S., there's a lot more to consider than simply buying a kiosk and setting up shop. You need to stay compliant, both on the federal level and the state level

Large Corporates Find Value In Bank-FinTech Connectivity Too

PYMNTS

Small businesses are a growing target for bank-FinTech collaborations and data integration initiatives as financial service providers explore new use cases for open banking.

Clearing House sets data-sharing framework, but the devil is in the detail

Bank Innovation

The Clearing House this month rolled out a data-sharing legal agreement model for banks to use when partnering with third-party technology companies. The draft agreement is intended to streamline the operational implementation of data-sharing arrangements.

Things worth reading: 27th November 2019

Chris Skinner

Things we’re reading today include … Major banks suffer five IT glitches a week, Which?

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Make These 5 Financial Moves Before The Year Ends!

BankBazaar

It is a commonly perceived notion that the year-end is the best time to get your finances in place. Get your money act together by making these five financial moves before the year ends. Have you been paying your Credit Card dues on time? How many new loans have you added to your kitty?

JPMorgan Moves Forward With Blockchain Vehicle Tracking System

PYMNTS

The wholesale car financing arm of JPMorgan Chase is putting together a plan to finance the creation of a blockchain-based automobile inventory system, The BlockCrypto reported on Friday (Nov.

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TD would unlock value by selling Schwab stake, CIBC says

Bank Innovation

Toronto-Dominion Bank sees “significant value” from Charles Schwab Corp.’s s purchase of TD Ameritrade Holding Corp. — but that will only be realized if the Canadian lender opts to unload its minority stake in the combined entity, according to one analyst. Schwab agreed Monday to buy the U.S.

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The Finanser’s Week: 18th November – 24th November 2019

Chris Skinner

The main blog headlines are … What would you rather talk about: sex, religion, politics or money? My blog often seems to return to the subject of sex, whether it be sexism or basic sex.

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Innovate from the customer backwards- but caveat innovator!

Daily Fintech

image The insurance industry is in large part past the hysteria of disruption, innovation and entrants solving the issues of the insurance world, and is moving into the stage of implementation, collaboration and iteration.