Sat.Jun 17, 2017 - Fri.Jun 23, 2017

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12 reasons why banks don’t innovate

Chris Skinner

I just got back from the ICEEfest in Bucharest, Romania. It’s a fantastic expo organised by Dragos Stanca and his team, and was very enjoyable even with the master of ceremonies, Jeff Leach, taking the mickey out of me. Jeff is an actor and comedian, and spent the whole conference f-bombing the speakers and the audience. Different! Anyways, one little moment stood out enough for me to blog about, and it was the presentation from Capco’s FinTech lead Jeff Tijssen.

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Fintechs, Beware of ‘Innovation Tourists’

Bank Innovation

Now that the industry is (mostly) clear on the fintech “friend or foe” issue, startups are busy pitching their products to the eager incumbents and their innovation teams. However, a new creature has emerged in this process, which can potentially place more roadblocks on a startup’s development journey. Startups, beware of “innovation tourists.” “One of […].

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Comme ci, comme ça: These millennials not crazy about the mobile-payment experience

Payments Dive

Attendees at the Interactive Customer Experience Summit in Dallas took advantage of a chance to find out first hand during a panel featuring seven millennial shoppers.

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Girl Scouts Will Get The Chance To Earn Badges In Cyber Security

PYMNTS

Girl Scouts will soon get the chance to earn their first ever cyber security badges. The Huffington Post reports that Girl Scouts can earn the first of 18 cyber security Girl Scout badges beginning in September 2018. The program will reach as many as 1.8 million Girl Scouts in kindergarten through sixth grade and is being developed in a partnership between the Girl Scouts and Palo Alto Networks, a security company.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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Build or Buy or Build and Die?

Chris Skinner

I was having a chat with a banking buddy who was expressing his frustration with the fact that their PSD2 developments were not going the way he wanted. He had found a nice little FinTech start-up with a really neat Open API capability which could be used by the bank in days. But the Head Office retentive told him that they didn’t want to work with a third party and would have to develop it themselves instead.

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How to run quarterly roundups and use balance business scorecards at your firm

Abrigo

The great Yankee catcher Yogi Berra once said, “If you don’t know where you’re going, you might not get there.” I am confident that your clients have strategic plans, business plans and budgets. I am also confident they are keenly aware of their gross and net profit margins. However, what do their plans or budgets mean if they are not put into the context of their industry’s trends and economic/regulatory factors?

How To 191
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Adding Digital Value to The In-Store Experience

PYMNTS

To say that the retail industry is going through a minor transformation right now would be an understatement. While several store closings and bankruptcy filings have been reported over the past year, the retail news cycle hasn’t exactly painted an inspiring image for the future of retail. Moving into the digitally driven age, retailers are looking for new and meaningful ways now more than ever to engage, maintain and retain consumer attention.

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90 minutes a year in a branch versus 45 hours on an app

Chris Skinner

We had a great meeting of the Financial Services Club this week with guest keynote Derek White, Global Head of Customer Solutions for BBVA reporting directly to the CEO, Carlos Torres Vila. Derek is responsible for the drive to transform the customer value proposition, including global product and design, customer experience, launching new products and services and leveraging big data and customer analytics.

Big Data 270
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Data, Trust and the Age of Personalization

Bank Innovation

We live in an incredible, and incredibly connected, world with nearly half the population now online – and there is no turning back. The estimated 8.4 billion connected devices through the internet of things combine with advances in artificial intelligence (AI) and other innovation to deliver personalized payments. For the millions of digital natives, practically […].

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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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How to prevent or close deal-breaking valuation gaps

Abrigo

Whether a company is a Main Street florist or Fortune 100, executives and owners struggle with the gap between their perceived value of the business and the market value. In fact, this valuation gap is the top reason private-company transactions fail to close, according to the 2017 Private Capital Markets Report by Pepperdine University. For more than half of the deals that flopped in 2016 due to a gap in pricing, the difference was at least 20 percent.

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How elotes and tamales keep a cashless society at bay

Payments Dive

A Chicago neighborhood is one example of the many anomalies when it comes to the digital discussion and pushing mobile payments forward.

Chicago 199
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Who needs millennials?

Chris Skinner

I have had many, many conversations about reaching the millennial customer. We need to be attractive to millennials? Millennials think differently, how do we reach them? Millennials are rejecting banks, is that right? Blah, blah, blah, blah, blah. The conversation seems to be one amongst older generational people who haven’t realised that the millennials is now their CFO, CEO, CDO and, in some cases, CEO.

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PayPal Affirms Payments Dominance With New Feature

Bank Innovation

PayPal certainly isn’t stalling its innovations for customers. The company is continuing to expand its roster of new features with the launch of instant bank transfers for Visa and Mastercard users, announced today. The service will go live for all users next month, and will cost $0.25 per transaction–cheaper than competitor services, like Square.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Bitcoin Regulations Catch Good Guys Along With The Bad

PYMNTS

With many cybercriminals choosing bitcoin as their currency of choice, the U.S. Department of Justice has naturally done its best to set up regulations that would prevent criminals from using the cryptocurrentcy for nefarious purposes. But those regulations may be doing more harm than good, since they’re also keeping vigilante security consultants from doing business to protect their law-abiding clients from those same cybercriminals.

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Blazing a path for blockchain in banking

Insights on Business

According to a report from Santander, blockchain technology is poised to save banks $20 billion dollars a year in infrastructure costs by 2022. But for many banks and financial services organizations, building and implementing a blockchain solution is slow, given the perceived costs of altering their infrastructure, and the need for a proof of concept to validate the technology.

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How does a financial curator make money?

Chris Skinner

After my blog yesterday, about banks having to move from being control freaks in a proprietary operation building everything to becoming collaborative partners in an open marketplace curating everything, I was asked: “how do you make money out of curation?” It’s a good question, as marketplace curators make money very differently from proprietary product providers.

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Payments Companies Are Most Likely to Attract Funding

Bank Innovation

Does the fintech you’re building have anything to do with payments or remittances (even a little)? That’s something to consider, as payments and remittance companies are receiving the most funding from the top 10 investors in fintech, according to data released last week by Fintech Global. The top venture capitalists and fintech accelerator programs investing […].

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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NACHA Report: Inaugural Meeting Of API Standardization Industry Group

PYMNTS

Created in 2017, the API Standardization Industry Group has begun developing an application program interface (API) standardization “playbook” to help enhance support for payments and the business needs of financial institutions, companies, FinTechs and other industry stakeholders and participants. National Automated Clearing House Association ( NACHA ) — the Electronic Payments Association — and the Payments Innovation Alliance recently released a summary report from the API Standardization

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Why Branch Building (Sometimes) Makes Sense

Celent Banking

The Italian cruise ship Costa Concordia capsized and sank after striking an underwater rock off Tuscany, in January 2012, resulting in 32 deaths. The ship, carrying 4,252 people, was on the first leg of a cruise around the Mediterranean Sea when the disaster struck. Did the captain of the Costa Concordia care about the average depth of the ocean when he ran his ship aground?

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Things worth reading: 20th June 2017

Chris Skinner

Things we’re reading today include: Klarna gets a full banking license, gears up to go beyond financing payments Moody’s Cuts Ratings on Australia’s Banks on Housing Concern Almost 1m UK bank customers will be forced to use new sort codes A Female CEO of a Big Bank? The Odds Are Now Greater Than Zero Economists fear EU talks at risk from UK government collapse Brexit talks: Davis ‘determined optimist’ after day one Co-op Bank in ‘advanced’ talks over fund raising C

Payments 178
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1 in 5 Consumers No Longer Carry Cash

Bank Innovation

Mobile wallets may not be replacing cash as yet, but that doesn’t mean cash is still the consumer go-to. About 20% of consumers (or 1 out of 5) are not presently carrying physical cash in their physical wallets, according to the American Express Digital Payments Survey released this week. Additionally, nearly half of consumers (46%, […].

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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New Delivery Method By Walmart Flirts With The Gig Economy

PYMNTS

Walmart made some news lately when it dipped its toe into the gig economy waters, asking employees to deliver packages ordered by customers who live along their commutes. Employees can opt into the program via a smartphone app to take home up to 10 deliveries a day and earn a little extra cash. The success of this quasi-gig delivery program depends on several key factors.

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Sir Richard Branson joins investors in U.K. bitcoin startup

Payments Source

Bitcoin, and the blockchain system that powers it, is one of several virtual currencies and the value of one bitcoin skyrocketed more than 300 percent in the last year.

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The Finanser’s Week: 12th June – 18th June 2017

Chris Skinner

This week’s main blog headlines are … The crazy world of crypto currencies and ICOs I’m boarding a flight yesterday and murfing (mobile surfing). Flicking between Facebook apps, twitter, bank account, BBC news and more. Suddenly I spot a new ICO – Initial Coin Offering – for a new bank. From Wikipedia: “An initial coin offering (ICO) is a means of crowdfunding the release … A world of smart trading through smart systems using smart data I was invited to talk to some City folks about using dat

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Saving is Becoming a Habit for the American Consumer

Bank Innovation

Those personal finance management apps work after all: An increasing number of consumers are putting their money away for the future. Only about a quarter of consumers can’t cover an emergency expense, according to a survey released yesterday by Bankrate. Meanwhile, 31% of the more than 1,000 consumers polled noted they had what is considered an […].

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.