Bank Innovation
APRIL 19, 2017
The 100,000 chatbot-strong platform Facebook Messenger gained a few new friends yesterday, during the social media giant’s F8 Developer conference. The Messenger platform has become the prime landing space for all kinds of bots, from restaurants to fintech. The platform currently has about 1.2 billion users, making it an ideal place to test out new methods […].
Chris Skinner
APRIL 18, 2017
A banker and I were talking about the function of a bank. He gave me the classic view: “A bank is there to take people’s money and lend it out at a profit, whilst ensuring the risk of non-payment is minimised” No it isn’t, I said. I pushed the view that the bank is there as a trusted store of value. The lending part is now no longer important, as that can be done through alternative media such as peer-to-peer lenders.
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Payments Dive
APRIL 20, 2017
Major financial institutions such as JP Morgan are finishing up blockchain technology pilot tests and other businesses are starting to jump on board, as well. But is blockchain tech worth the hype?
Accenture
APRIL 21, 2017
European banks are in the midst of a ‘perfect storm’ of negative interest rates, regulatory pressures and market disruption, and are in search of new sources of value. A recent Accenture roundtable discussion concluded that European banks have the opportunity to develop innovative transaction banking offerings using virtual accounts, such as virtual cash management, to address changing market needs and create new business models.
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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
Bank Innovation
APRIL 17, 2017
Imagine waking up to an email from your bank saying that all your accounts will be shut down in a month, through no fault of your own. Seems unlikely, doesn’t it? How about getting that same email from a digital-only startup bank? Somehow — despite the increased popularity of fintechs — this seems more likely (or […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
APRIL 18, 2017
When JP Morgan Chase acquired the Merchant Customer Exchange payments technology last month, a 5-year saga came to a bitter end. The payments industry, which has proven difficult to navigate and succeed in over the past decade, claimed another victim.
Accenture
APRIL 17, 2017
David Bowie’s guitarist Carlos Alomar recently described the challenge of playing with a genius who was a musical chameleon throughout his long career. “David Bowie’s music is a moving target. Just when you think you’ve got the bullseye, it shifts.”. Read the report. Many banks could say the same about striking the right balance between delighting customers with frictionless digital experiences and keeping their data safe.
Bank Innovation
APRIL 19, 2017
Chinese consumers sent about $3 trillion in payments through Alibaba and Tencent payment services in 2016. According to a new report released by the UN-based Better Than Cash Alliance, users sent $1.7 trillion in total payments through Alibaba’s Alipay service last year, compared to only $70 billion in 2012; Tencent’s WeChat users sent about $1.2 trillion in […].
Chris Skinner
APRIL 16, 2017
This week’s main blog headlines are … Three rules for banking bots Writing more and more about chatbots, robots and AI, I can see a day coming in the not too distant future where we won’t be able to tell the difference between the human and the machine. That’s not scary science fiction, as it’s now almost … Digital is in our DNA When you have your basic needs covered – food and shelter – what do you need then?
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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
PYMNTS
APRIL 20, 2017
Facebook’s annual developer conference F8 is seeing its fair share of chatbot integration announcements. Now the fashion world is taking center stage as both Rue21 and mode.ai announce their plans for a virtual stylist offering through Facebook’s Messenger app. While Rue21 is working with artificial intelligence–driven shopping bot provider mode.ai to take advantage of Facebook’s newly launched Chat Extensions feature, mode.ai also announced its plans for its own integration.
Bobsguide
APRIL 18, 2017
The Second Payment Services Directive (PSD2) is a fundamental piece of payments legislation in Europe, which entered into force in January 2016. The regulation is set to drastically impact the infrastructure for banks, fintechs and businesses using payments data by opening up access to third party.
Bank Innovation
APRIL 18, 2017
Bank of America’s mobile customers are fast embracing P2P. “We remain a leader in digital banking and continue to see strong digital growth,” said Paul Donofrio, Bank of America’s chief financial officer, during the company’s earnings call this morning. “Given the rollout of Zelle this quarter, users can split, send, and receive money faster than […].
Chris Skinner
APRIL 20, 2017
Things we’re reading today include … What’s wrong with Lloyds Banking Group plc? Fed fines Deutsche Bank $156.6 million for forex violations America’s big banks have an encouraging first quarter Mark Carney begs politicians not to rip up new financial rulebook Digitisation shakes up corporate-bond markets BoE loses another female executive as ex-Carney adviser quits Wells Fargo expands settlement to include more customer accounts Bank of America boosts digital banking segment.
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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.
PYMNTS
APRIL 21, 2017
For Samsung, the big day is here in the U.S. — the new flagship phone, the Galaxy S8, will hit U.S. shores today. After the very public fail of the S7 — and the costly product recall that followed — the launch is being watched with great interest segment-wide. So of course, the complaints are rolling in — though the good news is that this time they are far less serious than spontaneous combustion.
Payments Source
APRIL 21, 2017
As marijuana legalization spreads throughout the U.S. and the world, companies in the cannabis market must navigate a delicate tangle of new and old regulations. And many payment providers are unwilling to risk working with dispensaries, leading to some inventive workarounds.
Bank Innovation
APRIL 19, 2017
Among the endless rows of tech startups from all imaginable industries– from rideshare, to edtech, and beauty– seven fintechs rose to show off their latest during the TechDay event in New York yesterday. Blockchain, robos, lending, investment and more — checkout the roundup of the fintech startups from TechDay NYC below. Qplum The startup, launched […].
Chris Skinner
APRIL 19, 2017
Things we’re reading today include … Bank of America boosts digital banking segment IMF encourages banks to sack staff amid weakness due to ‘legacy of bad debt’ Can you stop your bank branch closing? HSBC refuses to open bank account for Chinese dissident Ai Weiwei Five areas of fintech that are attracting investment U.S. House banking chairman unveils Dodd-Frank replacement Credit card with a fingerprint sensor revealed by Mastercard These are the 14 countries with the s
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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.
PYMNTS
APRIL 19, 2017
From phone support and mobile apps to ATMs and chatbots — when it comes to customer service, banking automation has come a long way. However, the one missing piece that these automated banking features lack is a real human being to interact with during a transaction. That’s something that Soul Machines, a New Zealand-based startup, is hoping to change.
Bobsguide
APRIL 18, 2017
The last decade has brought with it sweeping changes to the financial industry that has made it increasingly difficult and costly for banks, money services businesses (MSBs) and other financial institutions to fulfill their anti-money laundering (AML) compliance requirements. Under pressure from.
Bank Innovation
APRIL 20, 2017
Attackers are able to breach a financial institution’s network in 33% of attacks, despite growing confidence among financial professionals regarding the cybersecurity of these institutions. 78% of senior banking executives expressed a supportive opinion regarding the cybersecurity efforts of their companies, according to the Building Confidence: Solving Banking’s Cybersecurity Conundrum report released by Accenture.
Payments Source
APRIL 20, 2017
American Express responded to the stresses from the decline in cobrand business with record ad spending and a focus on digital delivery to lure new customers and expand relationships with existing accounts.
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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.
PYMNTS
APRIL 21, 2017
Cybercriminals certainly had a habit of churning out headline-worthy attacks in 2016 — from the Mirai botnet’s infamous distributed-denial-of-service attacks on domain directory Dyn and the DNC hack to hackers targeting the SWIFT interbank system. With these and other high-profile cases, the world became acutely aware of vulnerabilities in the digital realm.
Bobsguide
APRIL 21, 2017
Social engineering attacks remain one of the most sophisticated threats facing the financial services sector. The use of emails, attachments, social media, telephone calls or any other communication to deceive and manipulate individuals into handing over confidential details is common, and the.
Bank Innovation
APRIL 21, 2017
Cards may be fumbling at the innovation game, but they’re still the center of the payments world, while mobile payments remain a geeky sideshow. Another all-in-one card ran out of cash this week — the long-expected Plastc, announced back in 2014, didn’t ship a product, and closed its doors suddenly, leaving its backers and investors — it had […].
Payments Source
APRIL 19, 2017
Attacks on ATMs and point-of-sale machines are getting more sophisticated and frequent. Crooks are trying to get as much use as they can out of their skimming devices before the migration to chip cards is complete.
Advertiser: Data Robot
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.
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