Chris Skinner
JULY 30, 2018
A few years ago Jamie Dimon was renowned for saying that bitcoin developers “are going to try and eat our lunch” and that silicon valley was coming to get the banks. Three years later, it’s not quite the case. The big banks are getting bigger, and the FinTech community is nibbling … The post Big banks are not feeling the FinTech heat (yet) appeared first on Chris Skinner's blog.
Payments Dive
JULY 31, 2018
Some retail outlets are experimenting with moving to digital payment-only operations. As non-cash payments become the norm, some retailers, particularly in hospitality, no longer accept cash. While there are downsides to managing cash, what are the pitfalls of refusing to deal with it?
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Bank Innovation
JULY 30, 2018
The reality for many financial services organizations is that modernizing information systems is a project that is often desperately needed but never at the top of the priority list. If the upgrade of a legacy system or even a full migration to an alternative solution was easy, then it would have been done already. In […].
PYMNTS
JULY 28, 2018
Everyone loves a bargain, and there is something uniquely satisfying about not only getting whatever product one is after, but also getting it for a really, really low price. This is why so many of us have, usually in defending a purchase that someone questioned, uttered the following phrase at least once in our lives: “It’s not what I spent, it’s what I saved.”.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Chris Skinner
AUGUST 1, 2018
I’m off to Chile next week and thought, in preparation, I’d look at the state of FinTech in Latin America. So far, I’ve spent fair time in Colombia, Brazil and Argentina, and see these as the three major centres of activity along with Mexico. Equally, I meet a lot of the … The post The State of FinTech in Latin America appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
JULY 31, 2018
It might seem like blockchain has been all the rage among banks and fintech companies, but a recent Bank Innovation poll found that many of these companies don’t have any blockchain projects in the current pipeline of their innovation initiatives. When asked to describe their company’s involvement with blockchain technology, 30% of the poll-takers said […].
PYMNTS
JULY 31, 2018
Across the U.S., financial players are still exploring the best practices to offer faster payments to corporate clients. A recent survey of 20 of the nation’s top-60 banks found that there’s a lack of consensus among banks when it comes to managing and charging businesses for real-time payments. However, efforts are underway to make adoption and use less friction-filled.
Chris Skinner
JULY 31, 2018
KPMG’s Pulse of FinTech report came out this week. It makes for interesting reading, especially as investment in FinTech has raced ahead to levels unseen before. Globally, $57.9 billion was invested in FinTech firms in the first half of the year. These figures were slightly inflated by the $14 billion … The post Over $100 billion invested in FinTech in 2018?
Payments Dive
AUGUST 3, 2018
Host, Will Hernandez, discusses mobile fraud, how to combat it, and the recent trends to look out for, with Kount's VP of Marketing, Don Bush. Will also chats with Bradley Cooper, editor of Digital Signage Today and Blockchain Tech News, about the future of blockchain.
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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
AUGUST 1, 2018
Apple Pay crossed one billion transactions in the quarter ending on June 30, CEO Tim Cook said on the Cupertino-based company’s earnings call yesterday. That number, Cook said, represents three times the transaction number in the same quarter last year. Cook expects that volume to keep rising as the P2P feature is set to launch […].
PYMNTS
AUGUST 2, 2018
As Americans increasingly turn to their mobile devices to instantly pay through peer-to-peer (P2P) services like Venmo and Zelle, the act of writing a check or heading to the ATM for quick cash is becoming a thing of the past. This technology is also changing how consumers lend and borrow money, according to Travis Holoway, founder of short-term lending exchange platform SoLo Funds , particularly when it comes to low-dollar or short-term loans.
Chris Skinner
JULY 31, 2018
After my recent blog about challenger banks, I received an interesting email from David Parker challenging the idea that a start-up is actually a challenger. Chris I continually argue that Revolut is not a challenger bank – it does not today have a banking licence. If you want to say any prepaid … The post Why we need to define: ‘challenger’ bank appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 3, 2018
Digital banking is the new normal. Digitally-empowered consumers, shaped by their experiences with new age companies want it all. They are looking for relevant, convenient, and frictionless experiences - combining the latest in digital banking with human interaction.
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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
JULY 31, 2018
It’s good news for fintechs in lending and payments that want a federal banking license, the Office of Comptroller of the Currency (OCC) has started accepting applications starting today. The fintech charter does not require deposit insurance from the FDIC, per a recommendation from the Treasury Department. The Treasury Department, which today endorsed the idea […].
PYMNTS
JULY 31, 2018
Kroger might expand on a ban on Visa credit cards imposed by its unit in California — proof that retailers are ready to fight back against the $90 billion they pay in swipe fees every year. This week, Foods Co., a subsidiary of grocery giant Kroger , has announced that 21 of its grocery stores and five of its gas stations in Central and Northern California are officially through with Visa branded credit cards as a form of payment, effective August 14, 2018.
Chris Skinner
AUGUST 2, 2018
The USA is a little bit confusing. On the one hand, they have some of the fittest people in the world; on the other, they have some of the fattest. On the one hand, they’ve championed the banning of cigarettes far more than any other nation and were the first … The post Banks can now be born in the USA appeared first on Chris Skinner's blog.
Payments Dive
JULY 31, 2018
Biometric payments are poised for significant growth, but substantial consumer security concerns could put its future at risk, according to a new report from TNS. Discover that 15% of adults have made a biometric payment in the last year, including a quarter of 18-24 year olds, and many other vital insights by downloading your copy.
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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
AUGUST 2, 2018
Fintech M&A deals have sustained volume and value this quarter. During 2Q 18, fintech deals totaled $12.7 billion, up from $7 billion in 2Q17. This boost in transaction volume is mainly due to the consolidation of sectors, according to KPMG’s biannual “Pulse of Fintech” report. Major deals such as PayPal’s $2.2 billion acquisition of iZettle, […].
PYMNTS
AUGUST 3, 2018
Barclays is the next traditional financial institution to strike a partnership with an alternative lender, announcing Thursday (Aug. 2) that it has invested in small business lending platform MarketInvoice. An announcement on the MarketInvoice blog said Barclays’ investment makes the bank the first High Street FI to partner with the FinTech. In addition to acquiring a minority stake in the alternative lender, MarketInvoice will integrate its invoice financing solution into Barclays’ offering.
Chris Skinner
JULY 29, 2018
Things we’re reading today include … Jack Ma’s Giant Financial Startup Is Shaking the Chinese Banking System Sainsbury’s Bank customers facing long call centre waits following credit card statement delays TSB: three months on, the bank is still failing customers South Africa’s Biggest Bank Heist Leaves Trail of Destruction British … The post Things worth reading: 30th July 2018 appeared first on Chris Skinner's blog.
Insights on Business
AUGUST 1, 2018
Many banks and financial services are starting or continuing their transition to a customer-centric model of doing business. To do this, companies are rigorously evaluating the right systems and processes needed to support their transformation. These new systems need to handle very large and variable workloads, with strong security and cost-efficiency.
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.
Bank Innovation
AUGUST 3, 2018
Many large banks describe themselves as equal parts technology firms as they are financial services companies, but then shouldn’t they have relevant patents backing that notion? Well, they don’t. In fact, a new report showed that technology company IBM has five times more fintech patents than the world’s 15 largest banks combined. The report, released […].
PYMNTS
JULY 30, 2018
A phishing scam making the rounds and targeting businesses is using the Square name to fool its targets. Reports in the Victoria Advocate said scammers are sending emails that appear to be from payment service provider Square. While there are several versions of the email, they all include the Square logo, according to reports. There are also links in the email to request a payment or view payment or refund details, as if a payment had already been made.
Chris Skinner
AUGUST 1, 2018
Things we’re reading today include … India’s Bank Crisis Is Really a Power Crisis SocGen’s second quarter profits lifted by overseas businesses Barclays Bank takes stake in MarketInvoice Top UK banks aren’t using the latest tech to secure transactions Barclays profits hit by £2bn of costs Barclays hails progress despite … The post Things worth reading: 2nd August 2018 appeared first on Chris Skinner's blog.
Insights on Business
JULY 31, 2018
IBM RegTech Innovations. IBM recently announced its acquisition of Armanta , a provider of aggregation and analytics software to financial services firms. Armanta’s technology platform allows financial institutions to aggregate data across multiple systems in near real-time speed. We caught up with Peter Chirlian, CEO of Armanta, an IBM Company, to tell us more about Armanta’s innovative approach to aggregation and risk analytics.
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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.
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