Sat.Jun 23, 2018 - Fri.Jun 29, 2018

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Alibaba versus Tencent: who will win?

Chris Skinner

I bet you were wondering why I hadn’t written an Ant update recently. Well, I thought it was getting too much … but then I just arrived in Hong Kong and the hotel has kindly given me a copy of Fortune magazine with the headline cover page talking about the … The post Alibaba versus Tencent: who will win? appeared first on Chris Skinner's blog.

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How can real-time payments be secured?

Payments Dive

With account-based fraud on the rise, the move from standard to real-time transactions is causing significant security challenges for central banks and clearing houses.

Security 308
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Blockchain Is Perfectly Suited for Banking, But Banking Is Not Ready for Blockchain, McKinsey Says

Bank Innovation

Blockchain‘s future in banking is bright, but right now, the industry is not prepared to take advantage of what the technology offers, according to a new McKinsey report on blockchain’s viability across various industries. The report, released last week, describes blockchain’s suitability for financial services in this way: Financial services’ core functions of verifying and transferring […].

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Santander, Ripple Use Blockchain To Settle Global Payments

PYMNTS

Beyond the vagaries of cryptocurrencies, the price swings and headlines, and the investigations and speculation, use cases emerge. If entranced by bitcoin’s ebbs and flows, one would be forgiven for being caught off guard (if they are, in fact, off guard) to find that a major bank is coming to market with a service backed by blockchain, which now is live and available — and can help make sure that funds cross borders with speed and surety.

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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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Banks are losing the data war

Chris Skinner

For some time now, I’ve been reflecting on a conversation about Monzo. It relates to my write-up the other day on new bank thinking, and that Monzo are clever with data. Using Google Map APIs and other services, they enrich my transaction statement so I know when, where and what … The post Banks are losing the data war appeared first on Chris Skinner's blog.

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Will the ‘Branch of the Future’ Mean No Branch at All?

Bank Innovation

Banks will say that their customers still visit bank branches for many transactions. Whether it’s Bank of America or HSBC or Fifth Third, almost all banks believe branches will have a role to play for the foreseeable future. But FIs across the country are shutting down branches at a steady clip, and people that once […].

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Crowe: Risk Management With RegTech As Strategy

PYMNTS

Marry tech and talent, then risk management can pay dividends, notes an upcoming PYMNTS webinar. However, for many financial services firms, RegTech’s (Regulatory Technology) potential is limited by any number of causes. The technical capabilities can be dizzying and dazzling, of course, spanning the gamut from machine learning to artificial intelligence (AI), to predictive modeling.

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What does the future bank look like?

Chris Skinner

I keep asking dumb questions like: if the tech giants give away payments, lending and credit for free, how will banks make money? As I’ve regularly blogged, the tech giants don’t want to get into banking per se, but they do want to encourage more traction through their platform by … The post What does the future bank look like? appeared first on Chris Skinner's blog.

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Contactless payments are in your future.

Payments Dive

For the last several years the United States has been lagging behind most of the rest of the world when it comes to contactless payments technology, but all of that is starting to change.

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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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PayPal Introduces Personalized Smart Checkout Button [VIDEO]

Bank Innovation

PREMIUM - PayPal has rolled out a new feature that will help its retail clients increase conversions, making it easier for shoppers to become buyers. The payments giant built this solution to address pain points of cluttered online checkouts for both the consumer and retailer. The feature is called smart checkout button. Shoppers are presented with […].

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Bank Of America Accused Of Aiding $102M Ponzi Scheme

PYMNTS

Bank of America has been accused in a lawsuit of providing more than 100 accounts, used to carry out a $102 million Ponzi scheme. According to Bloomberg , the class-action suit, Heinert v. Bank of America, N.A., was filed in U.S. District Court, Middle District of Florida (Ocala) on behalf of people who lost money in the scheme. The suit follows a recent complaint by the U.S.

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Announcing a major expansion of the Financial Services Club

Chris Skinner

ANNOUNCEMENT – LONDON, UK: JUNE 25 2018 Back in 2003, Andy Coppell and I conceived the idea for The Financial Services Club, with the objectives of: Promoting discussion among senior people working in Financial Services, who were interested in better understanding the likely future direction of the Market; Enabling networking … The post Announcing a major expansion of the Financial Services Club appeared first on Chris Skinner's blog.

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With use surging, what comes next for mobile banking?

Payments Dive

What areas of innovation could shape the channel, and how can financial institutions keep users engaged and satisfied?

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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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Fifth Third’s Fintech Efforts Seen Generating $100 Million of Annual Revenue

Bank Innovation

PREMIUM - The digital and innovation strategy behind Fifth Third, one the largest regional banks in the country, is simple: build, buy, partner. That strategy has worked well for the bank.The company told Bank Innovation that it has invested $100 million in fintech over the past 22 months and that it expects to make about […].

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In The Blockchain Race, FIs Hustle Not To Come In Last

PYMNTS

The Bank of England caught the financial services world’s attention when its Governor, Mark Carney, spoke about the central bank’s latest initiative to revamp and rebuild its real-time gross settlement (RTGS) system. “RTGS is being rebuilt so that new private payment systems, including those using distributed ledger, can simply plug into our system,” he stated last week.

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When the bank knows you’ve been hacked (before everyone else)

Chris Skinner

You may have seen that Ticketmaster just announced that thousands of customers worldwide may have been affected by a hack. If you didn’t here’s the low-down (via ABC News) The company said its British business, Ticketmaster UK, identified malicious software on a customer support product which was hosted by a … The post When the bank knows you’ve been hacked (before everyone else) appeared first on Chris Skinner's blog.

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Educating finance: cultivating fintech knowledge becoming critical

Bobsguide

The future of finance sits at a precarious juncture. Over the past few years, banks, trading houses and financial services providers – small and large – have become completely reliant on financial technology. The result has been more competitive, safer, and most transparent markets.

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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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Know How to Make Better Use Of Crowdfunding For Small Businesses

Bank Innovation

If you have the business idea and you want to grow it, there are several ways that you can adopt. Maybe your friends and family are able to lend support financially or you can go for some other option as well. Surely a bank cannot help you because your loan is a small amount. There […].

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Are Retailers Ready For Amazon?s Prime Time?

PYMNTS

My plan on Friday evening was to write a hard-hitting piece on a services segment with incredible marketplace friction. Then I went to Whole Foods on the North Shore of Boston Saturday morning to do some grocery shopping. There, right inside the front door, was a nice, young Whole Foods team member, who let me know that the store would soon be offering special discounts to Amazon Prime members who shopped there.

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Things worth reading: 27th June 2018

Chris Skinner

Things we’re reading today include … Everything You Need To Know About What Amazon Is Doing In Financial Services The Biggest Digital Heist in History Isn’t Over Yet Bank of England’s inaccurate forward guidance risks credibility, says outgoing policymaker MPs seek report into HBOS Reading probe by Lloyds Bank of … The post Things worth reading: 27th June 2018 appeared first on Chris Skinner's blog.

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How Open Banking will blow core systems out of the water

Insights on Business

Banks operating on legacy architecture will find it increasingly difficult to compete in an API-driven business environment, says Hans Tesselaar, executive director at BIAN. There are three key acronyms that have topped the agenda in banking technology discussions in recent years – APIs, PSD2 (Payment Services Directive II) and DLT (Distributed Ledger Technology).

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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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Venmo’s Card Is Out of Beta & Ready to Use

Bank Innovation

PREMIUM- P2P payments app, Venmo, has launched its debit card, Venmo Card, and it is powered by Mastercard. When Venmo first launched its card in beta last September, it was backed by Visa. After 10 months of trial, the PayPal-owned Venmo notified its users that they can get a Venmo debit card through a link on […].

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Banks Test KYC App Based On R3’s Blockchain Platform

PYMNTS

Through a four-day test of a know-your-customer (KYC) compliance system, a group of 39 participants were able to make 300 transactions in 19 countries with an app from Synechron built on R3’s Corda blockchain platform. The experiment’s participants included banks such as BNP Paribas and Deutsche Bank — as well as regulators, Coindesk reported.

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The Finanser?s Week: 18th June 2018 ? 24th June 2018

Chris Skinner

The main blog headlines this week are … The Amazonisation of Banking Last week, our good friend Dave Birch posted a great blog about the Amazonisation of Banking, most of which I agreed with. So I asked Dave if I could repost it here and he said “yes, of course”. Thanks … The post The Finanser’s Week: 18th June 2018 – 24th June 2018 appeared first on Chris Skinner's blog.

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Mind the gap: skills for working in the bank branch of the future

Bobsguide

Despite regular news about closures, the death of the bank branch is rather exaggerated. Even with cuts, major high street banks expect to retain nationwide branch networks, and many are investing in new branches. Challengers like Metro Bank are even opening more branches. Branches have been.

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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.