Bank Innovation
MAY 26, 2017
A majority of enterprises in financial services are undergoing a full-cycle digital transformation, with AI-led projects in the spotlight. That’s according to a study by Infosys released this week. More than 75% of banking and insurance companies are undergoing full-cycle transformation, while 20% are transforming partially, according to the report.
Chris Skinner
MAY 22, 2017
Last Friday, I presented a new theme around the Semantic Bank to the The Next Web audience. You can see my presentation here (2h49m into the conference). I also wrote a bit about it the other day here. I thought I would expand a little more on the background to the Semantic Bank by talking in more depth about artificial intelligence, machine learning and deep learning, which are the building blocks of the Semantic Bank.
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Payments Dive
MAY 23, 2017
Loyalty and order-ahead-and-pay are becoming the standard in the industry.
PYMNTS
MAY 23, 2017
Innovation is happening at the speed of payments — which, as it turns out, can be pretty fast these days. In this edition of the PYMNTS’ Commander in Chief Series , Western Union President Odilon Almeida shares a day in the life as leader of one of the largest global person-to-person money transfer networks, what smartphones have done for the payments space and why security and compliance are always key in a game where the rules are changing every day.
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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
MAY 26, 2017
The next big thing in financial services won’t make it very far off the ground if FIs don’t innovate with an eye towards compliance. And blockchain innovation is no exception, Arshi Singh, head of North America product at international payments processor CurrencyCloud, told Bank Innovation: Regulatory landscape and compliance concerns are the main barriers to […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MAY 25, 2017
Amazon, Facebook and Google are driving what consumers expect in a digital environment.
PYMNTS
MAY 22, 2017
Menlo Ventures , the Silicon Valley venture capital firm, closed a new $450 million venture capital fund aimed at investing in early stage companies focused in the consumer, enterprise and so-called frontier technologies markets. According to a report in TechCrunch , with the new fund, the VC has a total capital of greater than $5 billion under management.
Bank Innovation
MAY 25, 2017
When virtual reality shopping finally becomes the norm, WorldPay wants to make sure consumers will have a way to pay for those virtual pants. The payments processor developed a way to bring payments into VR, utilizing the technology to create the same experience of tapping a card on an EMV terminal—except, the card is virtual, […].
Chris Skinner
MAY 24, 2017
I often think we need a reality check when it comes to digital finance. Many of the pundit analysts and influencers out there believe no one needs a branch visit and that everything can be done remotely on devices. I don’t. I’ve mentioned this many times and, psychologically, customers need the reassurance that they can go and see where the money is.
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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
Payments Dive
MAY 24, 2017
Jayson Tipp, Nikki Baird among the keynote speakers for the fourth annual executive event.
PYMNTS
MAY 26, 2017
Going forward, BoA has announced it will be working with financial data aggregators to give their customers a greater ability to connect their banking information with third-party financial management applications. According to spokesperson Michelle Moore, the move comes as part of the bank’s API strategy that will see banking data utilizing a unique token that takes things like usernames out of circulation.
Bank Innovation
MAY 25, 2017
Focus on products in the fintech industry is over the top, and, as a result, the majority of consumers struggle to find financial products that address their immediate needs. This was the overarching sentiment from panelists during the MorningStar Fintech Forum yesterday. “There is so much room to innovate in financial services, but nobody is […].
Chris Skinner
MAY 23, 2017
I recently had exposure to two industry reports that are worth bringing to your attention. The first is the Innovate Finance research into Industry Sandboxes. Commissioned by the Financial Conduct Authority (FCA), the UK regulator, the aim was to identify how Industry Sandboxes, rather than Regulatory Sandboxes, can help to create new services in finance.
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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.
Celent Banking
MAY 23, 2017
Banks continue to be pla gued by extremely high false positives. (They report anywhere between 75% and 90% false positive rates across their fraud and AML transaction monitoring systems.) False positives trigger alerts that then have to be resolved by fraud investigators. It is long standing and frustrating problem. Treating false positives, which in essence are low level alerts, require daily repetitive work by highly specialized employees.
PYMNTS
MAY 23, 2017
Phillips Edison & Company , a fully integrated real estate firm with a national platform of grocery-anchored shopping centers, released its industry insights on trending themes for retail shopping centers this week at ICSC’s RECon event in Las Vegas. According to a press release , shopping centers are becoming a social arena where shoppers can eat, drink, socialize and shop.
Bank Innovation
MAY 23, 2017
Blockchain is a technology that can cause a lot of frustration, but can also create a lot of joy. That’s according to Abigail Johnson, CEO of financial services giant Fidelity Investments. Fidelity is making strides in pioneering the adoption of blockchain technology and digital currencies; aside from a number of partnerships in the space (including […].
Chris Skinner
MAY 24, 2017
Things we’re reading today include … Moody’s downgrades China for first time since 1989 as it warns financial strength will erode as debt mounts Google plans to track credit card spending Funding Circle wins approval from regulator in peer-to-peer boost Potential settlement in RBS £12bn rights issue trial hit by further delays as lawyers can’t locate claimants Not just Bitcoin… China tech emerges as the global hotspot for VC capital OnDeck under pressure to make bi
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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.
Celent Banking
MAY 22, 2017
Last week in the Google I/O developer conference, Google made a number of interesting payments-related announcements. I would encourage anyone interested in this to look at the full video online , but here are some highlights and my takeaways. Google has discussed: Google Payment API , which enables merchants to let their customers check out via any cards stored with Google.
PYMNTS
MAY 24, 2017
With people’s extremely busy lives and the tech industry’s push to satisfy consumer demand for instant gratification, it’s no wonder the food delivery market has proven to be successful. Just before the summer officially hits, there are talks of European-based food delivery startup company, Delivery Hero , going public with a listing valued at $4.5 billion (4 billion euros).
Bank Innovation
MAY 23, 2017
Remember when blockchain was going to kill financial services? It seems to be building them up instead. Take companies like Deloitte: with several new partnerships, projects, innovation labs, and consortium memberships, financial services giant Deloitte might have a better grasp on blockchain’s potential than a couple shiny new fintechs. The company– which has been on […].
Chris Skinner
MAY 25, 2017
Things we’re reading today include … Central bankers unveil code to crack down on currency market rigging Lloyds chairman: Brexit will not lead to ‘Jenga tower’ collapse of UK finserve sector New payday loan regulations come into force Initial coin offerings risk damaging your financial health This week’s Economist: One bitcoin is worth twice as much as an ounce of gold Machine-learning promises to shake up large swathes of finance A new code aims to clean up the foreign-exchan
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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.
Celent Banking
MAY 24, 2017
Once a year I take a break from industry conferences and vendor analyst days by going to the Boulder Summer Conference on Consumer Financial Decision Making , hosted by the Center for Research on Consumer Financial Decision Making at the Leeds Business School at the University of Colorado Boulder. Academics, regulators, central bankers, and a handful of private sector people (like me) gather to discuss the latest research in the field.
PYMNTS
MAY 26, 2017
In the face of Brexit, the Second Payment Services Directive (PSD2) and a number of major elections that could spell significant changes across the continent (with ramifications well beyond FinTech and the banking sector), many of us are left to wonder: what lies in store for the burgeoning gig economy in Europe? Though details of the United Kingdom’s withdrawal from the European Union have yet to be sussed out (passporting, worker relocation, among countless other details), one fact remains dis
Bank Innovation
MAY 24, 2017
Sure, artificial intelligence is great for data—but the majority of executives also think the technology could be used to create an innovative atmosphere within their enterprises. More than half (57%) of executives cited “building an innovation culture” as one of their top three digital transformation goals—the other two being becoming a more agile, customer-centric business […].
Chris Skinner
MAY 23, 2017
Things we’re reading today include … Transferwise’s Borderless bank account lets you save money in different currencies Morgan Stanley to curb veteran adviser recruiting Barclays facing £1.6bn High Court lawsuit RBS on verge of avoiding embarrassing High Court battle as investors poised to agree to £200m settlement Bank of England Governor tricked by email prankster who conned Barclays boss Jes Staley Azerbaijan’s biggest bank launches debt restructuring CivilisedBank the late
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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