Sat.Aug 18, 2018 - Fri.Aug 24, 2018

How AI will change banking

Chris Skinner

The World Economic Forum has been conducting research over the last year around how AI (Artificial Intelligence) will change banking that was published last week. Here’s the lowdown: Artificial intelligence is fundamentally changing the physics of financial services.

Standard Chartered Plans to Create a Series of Challenger Banks in Emerging Markets

Bank Innovation

Standard Chartered, headquartered in London, is expanding its global digital footprint from Hong Kong to the west coast of Africa. The bank, which has $663.5

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NEW DATA: 58 Percent Of Gig Workers Don’t Hold Full-Time Jobs — And Don’t Want To

PYMNTS

The gig economy was once seen as a temporary holdover — an opportunity to earn supplemental income by taking on ad hoc work designing websites, doing yardwork or driving for a rideshare service as time allowed. However, based on recent data trends, that appears to be changing.

The right mobile messaging is critical to a brand's marketing efforts

Mobile Payments Today

Executives from Caesars Entertainment, Guess?, McDonald's and Skogen's Festival Foods discussed mobile messaging at the recent CONNECT: The Mobile CX Summit in Chicago

The future financial world is here

Chris Skinner

I’ve been thinking for a while now about building a new financial system from the ground up using AI, blockchain, the Internet of Everything and other technologies. What would it look like? What would we build?

Banks Are Just Beginning to Understand the Power (and Limitations) of Artificial Intelligence

Bank Innovation

Citi Ventures‘s recent investment in Anaconda, an Austin, Texas-based AI and machine learning (ML) software company, shows the industry’s commitment to staying at the forefront of this growing and developing field.

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Global GDPR Compliance Rates Remain Low

PYMNTS

Compliance of General Data Protection Regulation (GDPR) rules remain low across the globe, according to the latest research from Dimensional Research. Reports from the Business Information Industry Association (BIIA) on Tuesday (Aug. 21) said Dimensional Research’s latest findings suggest most companies are still not fully GDPR-compliant, with only 20 percent reporting they are fully adhering to the new data security rules.

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When national currencies fail (cryptocurrencies rise)

Chris Skinner

Venezuela is the latest country to spin into hyperinflation, showing the same signs as the meltdown in Zimbabwe that created the 100 trillion dollar note. Hyperinflation, as defined by economist Philip Cagan in the 1950s, is when a country sees inflation rates rise by more than 50% per month.

Consumers Have High Expectations from Their Digital Banking Apps

Bank Innovation

Consumers want banks to do more than just hold their money, they want their banks to help them meet their financial goals. In fact, a new consumer report by CSI shows that 83% of American consumers agree with that statement.

TRENDING: Fixing The Last Mile Of The Global Payments Supply Chain

PYMNTS

A chain is only as strong as its weakest link, and the global supply chain is no exception.

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Podcast Episode 7: Mobile ordering challenges, Kroger's battle against Visa fees, and Costco's odd contactless payment plan

Mobile Payments Today

Kroger's battle against Visa interchange fees, and Costco's contactless payment plan that's been years in the making, are the topics Will discusses with Jordan McKee. Jordan is an analyst for 451 Research. Will also breaks down his experience at CONNECT: The Mobile CX Summit

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The secret to success with customer data

Chris Skinner

It shows the nature of money and finance in our lives, in the way that the media reports about it. Quite often you get a scary headline like the big banks are watching you or banks will sell your data and it makes us mad.

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Unity Bank Chooses Finastra for New Digital Loan Product

Bank Innovation

Today Finastra announced a partnership with Wis.-based based Unity Bank for a digital loan solution. Unity Bank, with $450 million in assets, has begun to leverage loan technology to streamline its commercial lending and consumer lending processes.

In The Park. At A Kiosk. Using Digital Payments. Buying $1.6K Designer Jewelry.

PYMNTS

Consumers are using less cash than ever, with the average consumer carrying just $21. In response, unattended retail operators are finding new ways to embrace alternative payment methods, ranging from mobile wallets to cryptocurrencies.

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European payments outages show long-term change needed

Mobile Payments Today

Financial systems outages stop customers from accessing and spending money as they normally would. The growing incidence of outages — particularly in the U.K. and Europe — suggests that the payments industry is, at best, fragile and that things need to change. People are getting fed up

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The Finanser’s Week: 13th August 2018 – 19th August 2018

Chris Skinner

The main blog headlines this week are … Do we need a blockchain? I haven’t written about blockchain for a while. I guess it’s because I got bored of it. I’m not bored of the promise of blockchain and distributed ledger technologies.

Chase Leverages Sapphire Brand for New(ish) Checking Account

Bank Innovation

JPMorgan Chase announced that it was rolling over customers with a Chase Premier Platinum checking account to its better-known consumer brand, Chase Sapphire.

New Data Shows 1.5 Companies Fall Victim To Ransomware Each Minute

PYMNTS

A new report has found that 1.5 organizations fall victim to ransomware attacks every minute — and more than $1 million is lost each minute due to cybercrime. RiskIQ ’s 2018 “ The Evil Internet Minute ” investigated the cyber threats that organizations and internet users face every minute.

Payments as easy as Tap, Touch or Blink

Mobile Payments Today

FSS UPI is 2.0 ready. Banks/PSPs can take advantage of UPI 2.0 to launch a range of revenue-generating overlay services and create market differentiation

Things worth reading: 23rd August 2018

Chris Skinner

Things we’re reading today include … Ryanair apologises after compensation cheques bounce Credit Suisse freezes $5 billion of Russian money due to U.S.

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Samsung Pay Crosses 1.3 Billion Transactions, But Falls Short of Apple Pay

Bank Innovation

As it makes its way to South Africa and continues to amass impressive partnerships with the likes of Alipay and PayPal, Samsung Pay might have completed three years in the mobile payments market, but its numbers still lag its main rival, Apple Pay. Samsung revealed yesterday that it had completed 1.3

Why Cash Was King For The Queen Of Soul

PYMNTS

“Oooh, your kisses, sweeter than honey/ But guess what? So’s my money.”. Writing about Aretha in a 2016 profile for The New Yorker , writer David Remnick noted that as she sat readying herself for a performance, she was surrounded by small stacks of hundred-dollar bills. The money, he explained, was her fee for singing that night in Ontario, because Aretha only sang once she had been paid upfront.

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How JPMorgan Is Preparing For The Next Generation Of Consumer Banking

CB Insights

With $2.6 trillion in total assets, JPMorgan Chase is the largest bank in the US. Its retail bank, Chase, spans 61 million American households. Led by Chairman and CEO Jamie Dimon, the bank is undergoing a transformation, moving away from offline legacy systems and into the digital age.

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Things worth reading: 22nd August 2018

Chris Skinner

Things we’re reading today include … Bank of England’s chief economist warns A.I. could threaten ‘large’ amount of jobs Bank Branches Are Closing At A Record Pace.

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U.K. Consumers Want Higher Transaction Cap for Contactless Payment

Bank Innovation

In the U.S., a market where checks are still a crucial form of payment and plastic cards are prevalent as ever, it is hard to imagine using contactless payments for transactions like buying groceries or train tickets.

TRENDING: Why US Customs Wants To Change The Face Of Air Travel

PYMNTS

Bad actors aren’t just stealing sensitive information; they are hoping to wreak havoc on airport security in the U.S. Fortunately, security players are working to roll out solutions to help stem the tide of bad actors, both online and in the real world.

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It’s About The Members, Remember? (Payday Lending)

Credit Union Geek

Update 8/31/18: A reader graciously made me aware of an NCUA program empowering credit unions to provide payday lending alternatives. It is used by a bit over 500 credit unions and discussion is invited from institutions on how to evolve it in the future. See more direct from NCUA. Looks like a great opportunity to […]. The post It’s About The Members, Remember? Payday Lending) appeared first on Credit Union Geek. Articles "Dory I'm a little fella.

Things worth reading: 20th August 2018

Chris Skinner

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Realtime Push Payments Can Increase a Bank’s Revenue, Mastercard Says

Bank Innovation

As gig workers and small businesses continue to grab a larger market share of the economy, more banks and FIs might want to consider card-based push payments as a way to grow their debit business. This suggestion comes courtesy of Mastercard. And by growing their debit business, realtime push-payments can help banks generate more revenues,” […]. Cards Commerce Exclusive Mobile Online Open Fintech Operations Payments Premium Google Pay Mastercard realtime payments Uber

TRENDING: How ‘The New York Times’ Built A Winning Subscription Formula

PYMNTS

The subscription market has grown more competitive in recent years, with multiple players aggressively working to attract subscribers. The growing market is forcing many players to get creative to stand apart in a crowded field of subscription services.

FSS Launches UPI 2.0 to help Banks Monetize UPI Payment Rails

Mobile Payments Today

FSS UP1 2.0 creates wider collaboration opportunities between banks and the payments ecosystem, driving transaction volume and velocity

Things worth reading: 24th August 2018

Chris Skinner

How Comerica Maps Its Innovation Plans

Bank Innovation

“Is it customer-centric? Is it an efficient way? Are we creating value?” These are the three questions Comerica Inc’s EVP and CIO Sangy Vatsa asks himself before every major innovation project. Vatsa joined the Dallas-based Comerica as chief information officer a little over two years ago, in 2016. Since then the bank’s innovation team has consistently […]. Compliance Exclusive Innovations Mobile Online Open Fintech Operations Payments PFM Premium Retail Comerica realtime payments Zelle

Marketplace Merchants Sing The Blues

PYMNTS

There’s a lot of sizzle in marketplaces. In fact, they have made tiny businesses into big ones, as even the tiniest one-man operation can gain the chance to jump from a hyper-local stage to a global one — with access to professional supply chain management and logistics skills, payments simplified to one click and, most importantly, the chance to increase their world audience.

7 Companies Using Blockchain To Power AI Applications

CB Insights

The use of AI is becoming more and more prevalent across the tech ecosystem. Companies are increasingly looking to incorporate AI into their products and services in order to stay competitive. To develop AI applications, companies often need access to massive datasets.

Things worth reading: 21st August 2018

Chris Skinner

Things we’re reading today include … The end of signing on the dotted line? E-signatures are as valid as paper ones, Law Commission says High street banks could go way of department stores, says hedge fund tycoon Crispin Odey FINRA fines Interactive Brokers $5.5

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$57.9B deployed into fintech so far this year, Canada one to watch

Daily Fintech

The KPMG Annual Pulse of Fintech report shows fintech investment continues to build. 57.9B has so far been deployed in the first half of 2018, with investments across VC, PE and M&A already in excess of last year’s annual total. Europe outstripped the US, at $14.2B and $26B respectively.