Sat.Nov 30, 2019 - Fri.Dec 06, 2019

The Finanser’s Week: 25th November – 1st December 2019

Chris Skinner

The main blog headlines are … Are banks adapting in the right way? 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.

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Black Friday sets online, mobile shopping records

Mobile Payments Today

Black Friday shopping figures in the U.S. showed more consumers embracing mobile and general online shopping for the best deals. Meanwhile average order volume increased, showing more willingness to make big ticket purchases via smartphone

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California’s fintech startups are invading New York

Bank Innovation

When two Irish brothers started Stripe Inc. together in 2010, there was little question about where they should put their headquarters. It had to be California.

Nigeria Turns To FinTechs To Boost Financial Inclusion

PYMNTS

In an effort to expand access to financial institutions (FIs), the Central Bank of Nigeria is planning to license more payment providers, Bloomberg reported on Saturday (Nov. 30). . The goal is to improve Nigeria’s financial inclusion rate by 20 percent, bringing it to 80 percent by the end of 2020.

China’s Singles Day is five times bigger than Black Friday … and it’s all down to Cloud and AI

Chris Skinner

Regular readers of the blog know that I’m a fanboy of Alibaba and their financial firm Ant Financial which operates Alipay, the major payments system of China. On November 11, they had their Singles Day jamboree.

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Cyber Monday results shows mobile driving ecommerce train

Mobile Payments Today

A record holiday shopping performance on Cyber Monday was driven by heavy use of mobile by retailers looking to take advantage of the short holiday season

A Missouri bank is using tech to secure large deposits from public entities

Bank Innovation

Bank of Franklin County, a Washington, Mo.-based based bank with $273 million in assets, is using ‘cash sweep’ technology to gain large deposits from public funds without having to put up its own assets as collateral.

More Trending

The Case for a Bitcoin ETF

Chris Skinner

I’ve noted that the bitcoin swings and roundabouts tend to often cycle around the hope and expectation of the US SEC giving approval to a bitcoin ETF … only to find that they never do and so it goes around.

An untapped market: The unbanked shopper

Mobile Payments Today

Billions of people do not have access to a bank account, either due to the lack of income, unstable financial markets or the lack of verifyable identification. At the same time, millions of these same people operate in major consumer markets and shop for food, apparel, household goods and gifts

Canadian neobank Koho to launch credit and savings products in 2020

Bank Innovation

Koho, a Toronto-based digital banking startup, is on track to expand its product suite to include credit and savings products in 2020, CEO Daniel Eberhard told Bank Innovation on Wednesday.

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Can Digital Upgrades Save Monopoly (And Other Board Game Classics)?

PYMNTS

The holiday season isn’t only about retail and payments. It’s about family and friends – and killing time with those relatives and pals. And that means this is the time of year for board games to shine. Yes, board games.

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Banking in the 1990’s … even then, the writing was on the wall

Chris Skinner

Back in 1997, I was tasked with writing a strategy for NCR. The strategy had to review the likelihood that other industries would enter banking and what threat or opportunity this offered.

Chase's Brown wants customers to feel like they accomplished goals

Mobile Payments Today

Marbue Brown, head of customer experience for consumer banking at JPMorgan Chase, believes that customers need to walk away feeling fulfilled when they engage the bank at the branch, on the phone or within the mobile app

App Annie, Adjust: Payment apps are struggling to retain users

Bank Innovation

When it comes to keeping users engaged, payments apps seem to be missing the mark. According to a report from mobile analytics platform App Annie and the mobile marketing platform Adjust, only 6% of users globally who download a payment app will use that same app 30 days later.

How Faster Payments And Faster Data Drive Payroll Innovation

PYMNTS

Shifting employee landscapes, changes in workers’ demands over how and when they get paid, and technological innovation have combined to open the floodgates for payroll FinTech.

Treating Customers Unfairly (#HSBC)

Chris Skinner

I’ve blogged many times that so called free banking is a fallacy. It’s actually only free as long as you don’t go overdrawn. The result is that the most financially challenged group of customers pay for the wealthy bank users, by being stiffed with high costs and fees.

Rebeca Romero Rainey: Connections are critical

Independent Banker

“A plethora of new digital payments offerings now must factor into business strategies.”. What does “the best” mean? It can be a tricky question, as “the best” of anything is usually subject to interpretation. What I think is the best restaurant may not fit your palate, and vice versa.

Two years after Chase acquisition, WePay retains its autonomy

Bank Innovation

Incumbent banks conjure up images of cultural uniformity with their large, bureaucratic structures, but WePay, a Silicon Valley payments startup that JPMorgan Chase acquired in 2017 for $400 million, retains a startup feel two years after it became part of the bank.

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FinServ Providers Lift Some Of B2B’s Fraud Burden

PYMNTS

As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters.

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Financing fossil fuel firms fracks our future

Chris Skinner

I’ve said on a number of occasions recently that banking and finance is at the heart of the climate crisis. Banks provide the financing for fossil fuel firms who are destroying the planet.

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The Irishman’s Guide To Bank Sales and Marketing

Banker to Banker

Throw all the facts that you want at someone, and you won’t move them to a position anywhere near the effectiveness than if you can work the facts into a story.

Weekly Wrap: Canadian fintech gets funding injection, as BMO tackles gender identity

Bank Innovation

Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, December 6, 2019.

Gusto Cites Security Concerns In Zenefits API Dispute

PYMNTS

Small business accountants have said they are now forced to manually transfer data between payroll and human resources solution providers Gusto and Zenefits after the two companies abruptly ended their application programming interface (API) integration, AccountingToday reported.

Things worth reading: 6th December 2019

Chris Skinner

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November Employment Report Shows Underlying Strength

Abrigo

The morning’s Employment Situation Report from the Bureau of Labor Statistics showed a fairly (and surprisingly) strong labor market. There were 266,000 new jobs added in the month of November, compared to the 188,000 new jobs expected.

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BIS wants central banks at center of digital cash revolution

Bank Innovation

Central banks must embrace the revolution under way in digital money to ensure they remain at the heart of the global payments system, according to the head of the Bank of International Settlements.

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Automakers Worry That Qualcomm Appeal Could Boost Cost Of 5G Cars

PYMNTS

If microchip supplier Qualcomm wins its case on appeal, the cost of connected cars using 5G technology will skyrocket, automakers and suppliers said in court filings on Friday (Nov. 29), Reuters reported.

Things worth reading: 5th December 2019

Chris Skinner

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New Regulatory Guidance on Providing Banking Services to Hemp-Related Businesses

Abrigo

Key Takeaways. The landscape around banking hemp and hemp-related businesses is very confusing. A joint statement was issued to provide guidance to institutions regarding banking hemp. The guidance does not cover marijuana banking. . Seeing through the smoke.

EQ Bank moves to cloud to save money and connect with third-party apps

Bank Innovation

EQ Bank has moved from on-premise servers to the cloud in an effort to save money and easily share banking data with third-party apps. The bank, which completed the migration in late November, said it’s the first institution in Canada to move completely to the cloud.

Why Installment Payments Are Fashionable This Holiday Season

PYMNTS

Consumers — especially millennials and Generation Z — are looking for new commerce experiences during the 2019 holiday season. However, they are also hesitant to pay for those new experiences with credit cards or other traditional financing options.

Things worth reading: 3rd December 2019

Chris Skinner

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Everything You Need To Know About What Amazon Is Doing In Financial Services

CB Insights

In 2017, Andreessen Horowitz general partner Alex Rampell said that of all the tech giants that could make a major move in financial services: “Amazon is the most formidable. If Amazon can get you lower-debt payments or give you a bank account, you’ll buy more stuff on Amazon.”.

Finastra to help clients improve customer data management

Bank Innovation

Banking technology company Finastra is enhancing the rollout of its customer data strategy as clients face new competition. As part of this effort, the London-based company hired Lisa Fiondella as its first-ever chief data officer in November.

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Trucking Payments Tools That Are In It For The Long Haul

PYMNTS

The growing significance of the gig economy is changing how businesses handle their payments. Corporations recognize that paying freelancers for ad hoc projects is a different ball game than issuing regular payroll disbursements to hourly or salaried employees or contracting with large suppliers.

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Things worth reading: 4th December 2019

Chris Skinner

Things we’re reading today include … How robust is the world’s financial plumbing?

Consortium model for fintech investment: The recipe to play

Accenture

Guest bloggers Alex, Devon, Eliza and Reagan – from Accenture’s Emerging Leaders Program – wrap up their two-part series on how a consortium model can help regional retail banks keep up with the tech acquisition capabilities of larger banks.