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.

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.

Innovative compliance technology is empowering end-to-end GRC

Insights on Business

IBM RegTech Innovations. Regulatory change is growing in size and IBM’s innovative end-to-end GRC solution , powered by Watson, is enabling the financial services industry to meet this challenge.

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?

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.

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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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.

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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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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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

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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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.

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.

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.

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.

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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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.

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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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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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.

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.

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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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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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

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: 20th August 2018

Chris Skinner

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Nvidia Crypto Mining Exit A Sign Of Things To Come?  

PYMNTS

When the chips are down … you find out who your friends are. When the chips are really down … you find out that chip makers really don’t have the stomach to put up with rapidly disappearing margins. And so, at least in crypto, it seems the chips are down and some friends of the space are leaving the table, having cashed in their chips – in some cases, quite literally. We’ll stop with the gambling analogies for now.

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.

How Banks Are Teaming Up To Bring Blockchain To Trade Finance

CB Insights

As trade wars intensify, banks are looking to blockchain as a way to streamline international trade transactions. Historically inundated with paper trails and inefficiencies, banks and regulators worldwide are teaming up to digitize the trade financing process.

Things worth reading: 24th August 2018

Chris Skinner

Blockchain To Get Its Motor Runnin’?

PYMNTS

Blockchain, blockchain everywhere – and maybe this is where the road gets racy. The use cases have been multiplying across any number of private and public use cases. And in the latest edition of the blockchain tracker, the auto industry gets some mileage. Research shows that the transparency and immutability that have become hallmarks of the distributed ledger system have lent themselves well to this vertical.

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

Don’t Hit Snooze On Sleep Tech: How Companies Are Reshaping The Sleep Economy

CB Insights

The CDC has hailed insufficient sleep a public health epidemic. More than one third of American adults don’t get enough sleep, and 50-70 million US adults have a sleep disorder, according to the American Sleep Association.

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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GM, Shell And P97 Launch In-Dash Fuel Payments

PYMNTS

Let’s just come out and say it: When it comes to the wide range of commerce activities, unless you’re a teenager with a new driver’s license, putting gas into your vehicle is never fun. The pumps are often grimy, card readers might not work, the air might be frigid or hot, and there may be an odor associated with rubber, petroleum or refuse. All you want to do is get the transaction over with, maybe grab some milk, chips or beer and get on with your day. Fuel station executives surely know that.