Sat.Sep 21, 2019 - Fri.Sep 27, 2019

The Purpose-Driven Bank

Chris Skinner

Building on my recent updates on sustainable finance and such like, it is interesting the word purpose consistently appears throughout the sub-text.

JPMorgan Chase exec sees digital banking, branch experience working as one

Mobile Payments Today

Marbue Brown, the head of customer experience at JPMorgan Chase, told attendees at the annual BCX summit that millions of people want a combination of the speed and sophistication of digital banking along with the human interaction and financial wellness provided by a physical bank branch

Western Union Enables Real-Time Account-To-Account X-Border Payments For Banks, Digital Wallets

PYMNTS

Western Union’s history as a retail cross border remittance platform is moving money between people, largely via cash, within minutes.

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Inside Citi Ventures’ approach to finding talent

Bank Innovation

Citi Ventures, Citbank’s corporate venture arm, is turning to startups that can solve pain points for incumbent banks and financial companies.

What does inclusion mean?

Chris Skinner

I’ve been reflecting for a while on the shift of power from America to China, as those who read my musings will know. This is typified by the latest Netflix offering American Factory, backed by the Obamas.

HSBC exec says innovation will separate winners in financial services

Mobile Payments Today

Banks have been in the transactional business for far too long, says Jeremy Balkin, head of Innovation at HSBC Bank USA. "We We are in the financial services business; service is an experience — and that's not easy for banks to wrap their heads around

Passage Of SAFE Banking Act Gives Cannabis Businesses Access To Banking

PYMNTS

The U.S. House of Representatives passed H.R. 1595, known as the Secure And Fair Enforcement (SAFE) Banking Act, on Wednesday (Sept.

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What does “purpose-driven” really mean?

Chris Skinner

During my writing about a purpose-driven bank, I tried to find good examples of what purpose-driven actually means. Googling the question the number one result is from the Plato Project, who outline eight great purpose-driven organisations.

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US Bank, BBVA, Paykey grab top 2019 Bank Customer Experience Awards

Mobile Payments Today

Bank, Sampath Bank Sri Lanka and First Commonwealth Federal Credit Union won honors during an awards dinner this week at the seventh annual Bank Customer Experience Summit at the Loews Chicago Hotel

SMBs Severely Underestimate Data Breach Costs

PYMNTS

It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Stronger passwords. Paying closer attention to suspicious emails. Using public wi-fi with caution and safeguarding mobile apps.

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Chase commits $25m to inclusion-focused startups

Bank Innovation

JPMorgan Chase this week announced a $25 million commitment to tech tools that help underserved consumers.

Money creates purpose (which is why it’s so important)

Chris Skinner

I’m going to write the last of my blogs at this point on being purpose-driven to reference something that irks me a lot. Exclusivity. We have exclusivity a lot in life. The idea is that it creates ambition, hope, focus, hunger, direction and reward.

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Big tech, disruption and trust: Can Uber cross over from mobility to money?

Mobile Payments Today

Uber is a major force in the tech industry. Despite consistently operating in the red, the company commands more than 70% of the U.S. rideshare market and reached an $82 billion valuation at the time of their initial public offering earlier this year

Serving Mobile P2P Payments To The Gen X Crowd

PYMNTS

Financial providers worldwide are working to give small and medium-sized businesses (SMBs) quick access to their funds. Digital banks , for one, are teaming up with technology providers to accelerate settlement times for payments collected at the point-of-sale (POS).

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IBM makes progress validating fintechs for its banking clients, CTO says

Bank Innovation

LONDON — IBM now has more than 60 startups in its Catalogue offerings that allow for modular inclusion of additional software products.

Security is about as good as a fart in a spacesuit

Chris Skinner

It’s a weird world. I know lots of grumpy old men like me lament that, when we were growing up, we were left outside to run about as we felt, find our own way to and from school, were encouraged to read more and exercise, and such like.

The challenge of managing hundreds of daily GRC alerts

Insights on Business

Today we are inundated with alerts, breaking news, celebrity scandals and what their neighbor had for lunch. The feeds are not limited to one medium; your computer, your television, your phone, your tablet and now even the watch you wear on your wrist.

FinTech Brex Teams With JetBlue On Rewards Points Transfer

PYMNTS

Silicon Valley credit card startup Brex has begun a points transfer partnership for its rewards program with JetBlue Airways , Brex announced in a press release on Tuesday (Sept. The partnership allows customers to use Brex rewards points on JetBlue’s TrueBlue loyalty program.

Finastra plans to double its API count to 120   

Bank Innovation

LONDON — Finastra has designs to double the number of APIs it offers to 120. Bank Innovation believes this will be the greatest number of APIs offered by one financial technology company.

Things worth reading: 24th September 2019

Chris Skinner

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US Bank, BBVA, Paykey grab top BCX awards

Mobile Payments Today

Bank, Sampath Bank Sri Lanka and First Commonwealth Federal Credit Union won honors during an awards dinner this week at the seventh annual Bank Customer Experience Summit at the Loews Chicago Hotel

New Apple OS Reportedly Has Payment Security Issues

PYMNTS

Two Apple iOS 13 users took to Reddit to share some payment security issues they faced when using the tech giant’s newest iteration of its operating system, according to reports. Apple has already announced it will release iOS 13.1 on Tuesday (Sept.

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‘Worst gimmick in history’: HSBC trumpets success of Pepper robot

Bank Innovation

Armed with new numbers, HSBC is touting the success of its Pepper robot deployments at select branch locations.

The Finanser’s Week: 16th September – 22nd September 2019

Chris Skinner

The main blog headlines are … The two big issues bank CEOs have with FinTech For all the talk about how well FinTech start-ups are doing, I hear two regular laments from bank CEOs. First, why aren’t we valued like FinTechs? and second, why aren’t FinTechs regulated like us.

GRC is Everyone’s Business

Insights on Business

In my May 2019 blog, “Has GRC Reached Its Tipping Point? Observations From The Front Lines” , I described a set of common patterns that are driving business initiatives in Governance, Risk & Compliance.

IoT’s Impact On Supply Chains And Security

PYMNTS

This week, along with Amazon’s announcement about new Echo devices and Alexa’s celebrity voices, came news of Amazon Sidewalk , a new wireless protocol that uses low bandwidth to extend the distance at which IoT devices can be controlled and requires less power than Wi-Fi.

BBVA USA eyes growth by helping startup competitors

Bank Innovation

To BBVA USA, the future is about enabling fintech startups rather than competing with them. It’s been almost a year since the U.S. arm of the Spanish multinational bank rolled out its Open Platform, a banking-as-a-service platform through which it offers four main APIs for startup clients.

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Things worth reading: 27th September 2019

Chris Skinner

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How Your Bank Approval Process Hinders Innovation

Banker to Banker

If you want a more innovative bank, it starts, and largely stops, with what your approval process looks like for new technology. Take a human and force them to grow up in New York City. Around age 20, you force them to go to conferences on living in the outdoors, hunting, fishing, and survival.

Half Of Americans Now ‘Middle Class’ With $78K Average Annual Earnings

PYMNTS

Data from the Pew Research Center shows that 52 percent of American adults live in “ middle class ” households, with the median income at $78,442 in 2016.

Digit’s Bloch on the future of personal finance

Bank Innovation

By setting aside random amounts of money users don’t immediately need, personal finance app Digit has saved its customers more than $1 billion since its launch in February 2015. The San Francisco-based company was one of the early movers in digital money management.

Things worth reading: 26th September 2019

Chris Skinner

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How To Avoid Structural Subordination In Commercial Bank Lending

Banker to Banker

INADVERTENT CREDIT RISK Too many banks in the last financial crises fundamentally misunderstood or did not pay attention to structural subordination risk. We feel that this pattern is partially repeating at some banks today.

WeWork Aims To Sell Acquired Businesses And Private Plane

PYMNTS

As WeWork looks to reduce its costs and refocus, the co-working company’s two new co-CEOs reportedly committed in a message to workers to “strengthen our core business” following the ouster of Chief Executive Officer Adam Neumann.

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With Plaid, Wells Fargo gives customers a new lever to control their data

Bank Innovation

Wells Fargo has entered into a data-sharing agreement with aggregator Plaid in an effort to safeguard customer data and, consequently, enhance customer control over their account information.

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Things worth reading: 23rd September 2019

Chris Skinner

Fraud 232

Gig Economy Banking Is Booming (And Banks Are Missing The Boat)

Ron Shevelin

The changes in how we work are creating needs and opportunities across a wide range of products and services, not just financial services. But banks are watching this opportunity slip through their fingers

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