Chris Skinner
APRIL 17, 2020
I remember some years ago that Nikolas Sarkozy wanted to bring in a law that would force call centre operators to tell French citizens where they were located, due to the backlash over offshore call centres. I wonder what he would make of today’s world, where most French and European … The post Looking through the banking clouds appeared first on Chris Skinner's blog.
Payments Dive
APRIL 17, 2020
As COVID-19 forced most of the nation's major banks to restrict lobby access, the reduced access along with the economic downturn have placed enormous pressure on bank call centers. Telephone banking reps are doing everything from helping customers apply for stimulus payments to working with consumers who need to extend their payments.
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Bank Innovation
APRIL 16, 2020
In the race for wealth assets, current bank wealth group behavior suggests that large accounts matter, while small accounts aren’t worth the effort to cultivate. On the surface, this makes sense. By definition, big accounts have large balances, which in turn yield rich fees. That math is simple and compelling. But fintechs have a different […].
PYMNTS
APRIL 16, 2020
While most of the world has gone into some version enforced social distancing and quarantine mode with the rise of COVID-19 — closing schools, banning public gatherings, shutting down all non-essential businesses like restaurants and shops and requiring that anyone who can work from home do so — Sweden has been an outlier. Shops in Sweden remain open, as do bars, restaurants, schools and offices.
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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
Chris Skinner
APRIL 12, 2020
I’ve been writing a lot about purpose-driven banking, a theme that resonates around the idea that business focus should be more than just making money. It should also focus upon doing good for society and the planet. So, I was particularly struck by this quote from Satya Nadella, CEO of … The post Will you avoid companies that put profit before people?
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
APRIL 13, 2020
The Small Business Administration launched its Paycheck Protection Program loans more than a week ago and banks have been racing to keep up with the volume ever since. Rapidly deployed automation technologies are helping community and regional banks keep up with the deluge of applications. “This has been a complete scramble for banks,” said Victoria […].
PYMNTS
APRIL 12, 2020
JPMorgan Chase is attempting to stave off the oncoming economic downturn by raising the standards on who can borrow from them for the time being, according to a Reuters report. The new standards will make it so customers applying for a new mortgage will need a credit score of 700 or higher and will have to make a down payment of 20 percent of the home’s values.
Chris Skinner
APRIL 15, 2020
There’s a great write-up by one of my guest contributors Alex Johnson, about the bad sales culture of most banks. Admittedly, he says it’s partly inspired by my blog of last year about challenger banks, but his write-up takes it further and has a swipe at the whole bank culture … The post Should retail banks be retailers? appeared first on Chris Skinner's blog.
Accenture
APRIL 17, 2020
In the first post in this series, we looked at some of the developments driving change in payments right now: new competition, new customer expectations and new technologies. Banks, in response, are looking for new ways to increase the value they deliver to customers. For many banks, this has involved moving away from traditional value-added…. The post Value-added services are coming to payments appeared first on Accenture Banking Blog.
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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
Bank Innovation
APRIL 13, 2020
Lenders participating in the SBA’s Paycheck Protection Program are trying to find a balance between speed and diligence. On the one hand, the banks are working under tight timelines to disburse the relief funds to small businesses ravaged by the COVID-19 outbreak — in some cases bank employees worked through the night and weekend to […].
PYMNTS
APRIL 13, 2020
Three months seems a lifetime ago, pre- coronavirus pandemic, pre-recession, pre-lockdown, pre-bailouts. The stark changes in all facets of daily life for the U.S. (and international) consumer and the businesses that serve them will be center stage as earnings season gets underway, starting, as always, with a slew of big banks. This week, Wells Fargo , JPMorgan Chase , Citigroup , Bank of America and Goldman Sachs will report results for the March quarter and are likely to show volatility, to pu
Chris Skinner
APRIL 14, 2020
I have a few favourite FinTech firms: Ripple, Prosper, Lending Club, SoFi, Zopa, Monzo, N26, TransferWise, Klarna, Stripe, Alipay, WeBank and more. A lot of it is because I knew these firms as fledglings and have enjoyed watching them grow up. One firm in this crew is Wirecard, the German … The post Building the financial ecosystem one deal at a time appeared first on Chris Skinner's blog.
Payments Source
APRIL 13, 2020
Central banks are releasing trillions of dollars to bolster economies through the coronavirus pandemic, giving rise to a pair of trends that could push merchants and consumers to embrace digital currencies as a mainstream payment alternative.
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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.
Bank Innovation
APRIL 13, 2020
One week after the Small Business Administration launched its Paycheck Protection Program, banks and fintechs alike are still navigating best practices to get funding into the hands of small business clients. As COVID-19 continues to rattle the economy, startups are launching new products and features to engage customers. Last week’s news wasn’t confined to coronavirus-related […].
PYMNTS
APRIL 12, 2020
Italian bank Monte dei Paschi was the victim of a hacking attempt, according to a notice seen by reporters recently, Reuters reported. The state-owned bank did not comment but told clients in an email that the attack was on some of the employees’ mailboxes. Some voicemail messages had been sent as attachments because of the attack. The notice did not say there had been any breach of company data, and it didn’t say if customers had lost anything or what the fraudulent emails had been
Chris Skinner
APRIL 12, 2020
The main blog headlines are … How JPMorgan Chase, BBVA, ING, DBS and CMB are doing digital Today is the day that Doing Digital, my newest book, is finally live on Amazon and all good book stores. It’s the result of two years primary and secondary research and, to pay … The post The Finanser’s Week: 6th April 2020 – 12th April 2020 appeared first on Chris Skinner's blog.
Payments Source
APRIL 14, 2020
Though NFC adoption is still somewhat patchwork in the U.S., new data suggests contactless payment transaction volume is rising during the coronavirus outbreak, giving an advantage to banks and merchants that enabled it early.
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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.
Bank Innovation
APRIL 14, 2020
Last week saw banks and fintechs scrambling to stand up platforms to process Paycheck Protection Program loans, and now the struggle is to keep the platforms running while weeding out potentially fraudulent applications. Fraud is a common trend with government relief programs. In fact, fraud estimates for previous stimulus programs indicate that the Small Business […].
PYMNTS
APRIL 14, 2020
The global pandemic has thrown businesses into an entirely new playing field and left many scrambling to act. Retail demand has risen sharply for items like home cleaning supplies and groceries, while dropping off in other product categories, leaving companies to adjust to these shifting purchasing patterns. Businesses reliant on global supply chains and manufacturers in greatly impacted countries face new hurdles and must seek ways to acquire the items they need.
Chris Skinner
APRIL 12, 2020
Things we’re reading today include … US banks to report earnings under shadow of coronavirus What to Keep an Eye On in Q1 Bank Earnings Reports Just 1.4% of firms enquiring about UK coronavirus business loans successful Loans scheme must work faster, government admits Banks should not be shamed into … The post Things worth reading: 13th April 2020 appeared first on Chris Skinner's blog.
Payments Source
APRIL 16, 2020
Credit card chargebacks were rising in certain categories prior to the coronavirus outbreak, but the pandemic is causing a spike in all types of payment card disputes.
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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.
Bank Innovation
APRIL 15, 2020
Banks scrambling to process Paycheck Protection Program loans will soon have to parse borrowers’ spending data to determine whether those loans will become grants. This is a stipulation for small businesses using the funds for approved purposes, such as payroll and rent. “We don’t have guidance from the [Small Business Administration] at this time on […].
PYMNTS
APRIL 14, 2020
Food delivery apps GrubHub, DoorDash, Postmates and Uber Eats were named in a class-action lawsuit filed in Manhattan federal court that alleges price gouging during the coronavirus pandemic as well as before. Additional service fees charged to restaurants will result in higher menu prices that will trickle down to hurt consumers, according to a Reuters report on Monday (April 13). .
Chris Skinner
APRIL 13, 2020
We are all stuck indoors, and I wonder what you are doing? In my case, I’m learning a new language. What are you doing? One of they key things to do, and my other hobby, is keep up with ideas as, during this lockdown, there is still a lot of … The post What are you doing during the #lockdown? appeared first on Chris Skinner's blog.
Payments Source
APRIL 12, 2020
The $2 trillion coronavirus rescue package and other government moves are designed to provide a lifeline for small businesses, but it also creates complications as businesses must quickly accumulate payment records and other information to apply for the loans.
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