Chris Skinner
MAY 24, 2019
Reading about FinTech unicorns and pizzas worth $80 million, you would think that the world was bubbling over with wealth. FinTech investments last year peaked at over $110 billion, more than double the year before, and IPOs for firms like Uber and WeWorks are seeing valuations in the stratosphere. Everything … The post When will the FinTech bubble burst?
Payments Dive
MAY 23, 2019
Choosing the right payment processor for your business, whether it be a retail shop, restaurant or service provider, is a critical decision that requires several major considerations, including security, PCI compliance, convenience and ease of use.
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South State Correspondent
MAY 22, 2019
MANAGING CREDIT RISK Most risk managers are intimately familiar with the expected loss for credit and interest rate risk. However, fewer risk managers are familiar with the concept of unexpected loss. For commercial banks, it is the unexpected loss that is more important for lending decisions and long-term profitability. We will outline how unexpected loss manifests itself in lending decisions and what commercial lenders must know to safeguard against unexpected loss for credit and interest ra
Bank Innovation
MAY 22, 2019
With hefty injections of cash and ballooning customer numbers, challenger banks are gunning for a greater share of incumbent banks' customers. They're promoting customer growth as an indicator of ongoing success, but questions loom about whether these customers are using their challenger bank accounts as their primary account and whether customer acquisition gains are being […].
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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
Chris Skinner
MAY 19, 2019
I’m writing more and more about Facebook launching its own cryptocurrency lately: Will Facebook become the world’s central bank? (March 2019) Will a global platform connect all of our money? (April 2019) This is because they are getting serious about payments and blockchain, after a variety of reports that they … The post If Facebook launch a cryptocurrency, will US government shut it down?
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
South State Correspondent
MAY 20, 2019
BANK EMAIL BENCHMARKS Send a bank marketing email out, and chances are 15% never reach the prospect’s inbox. That is not bad considering that it used to be above 25% just a couple of years ago. Bankers have been working hard at collecting email addresses and managing the distribution list. The work is starting to pay off. Email is one of the most effective forms of marketing we do, and the plan is to do more of it in the next year.
Bank Innovation
MAY 21, 2019
Card issuing platform Marqeta confirmed a $260 million Series E funding round to expand to new geographies, build more features and support new customer acquisition. Hedge fund Coatue Management led the round, with participation from Vitruvian Partners, Spark Capital, Lone Pine and Geodesic. Existing investors include Visa, ICONIQ, Goldman Sachs, 83North, Granite Ventures, Commerz Ventures […].
Chris Skinner
MAY 21, 2019
Some bankers took exception to my calling them some of them morally bankrupt and socially useless. I’m not surprised, as I used those phrases intentionally to be provocative. Equally, I wasn’t saying that all bankers are corrupt and useless, just some. Some big names, but not all. Equally, I have … The post Banking with a human touch (guest speech transcript) appeared first on Chris Skinner's blog.
PYMNTS
MAY 20, 2019
Mobile commerce might just be the key to saving brick-and-mortar stores. Consumers use their smartphones to shop for everything, everywhere – including using them to help them shop in-store. What’s more, consumers who use their smartphones while shopping in-store visit them more often than consumers who don’t. As much as 81.5 percent of consumers who do say they visit brick-and-mortar shops every day or every week.
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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
South State Correspondent
MAY 20, 2019
More Accurate CRE Underwriting Whenever your bank is looking at underwriting commercial real estate (CRE), you are probably looking at a variety of macro factors such as rent and occupancy trends, absorption, and capitalization rates. However, since we see hundreds of underwriting packages a month from a variety of banks across the country, it is rare that we see banks, and even borrowers, adjust rents for new construction.
Bank Innovation
MAY 24, 2019
As big banks try to win over customers with digital upgrades that resemble slick user interfaces from fintech startups, community banks are looking at new ways to keep pace with customer expectations. Many are seeing partnerships as the path to growth. Radius Bank, a one-branch Boston-based community bank with $1.2 billion in assets, is using […].
Chris Skinner
MAY 20, 2019
Another few articles I’ve picked up this week have focused upon the new generation of consumer: Gen Z. I would call them the iGen but that’s too branded, so marketers call them Gen Z. Who are the Z Gen? As of 2019, the breakdown by age looks like this: Baby … The post Are you focused on the right customer? appeared first on Chris Skinner's blog.
PYMNTS
MAY 23, 2019
Kaspersky Lab, a cybersecurity and anti-virus company, has reported a rise in a specific malware intended to steal money and credentials from people’s bank accounts. The company found 29,841 files of the malware in Q1 of 2019, which is up from 18,501 in Q4. Attacks on upwards of 300,000 users were detected. Kaspersky Lab released its IT threat evolution in its Q1 2019 report.
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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.
South State Correspondent
MAY 22, 2019
2019 BANK MANAGEMENT CONFERENCE If you have not already, you should make plans to attend our 2019 Bank Management Conference which is coming up quickly on July 11 – 13, 2019. Hosted at the Ritz Carlton in Amelia Island, Florida, this is our flagship conference that gives banks the opportunity to meet our team, hear new ideas and to exchange thoughts with some of the best bankers in our industry.
Bank Innovation
MAY 23, 2019
A new study from Juniper Research expects fintech revenue will grow 59 percent over the next five years. The digital technology research and consulting firm predicted fintech revenue to increase from $263 billion this year to $638 billion in 2024. “Every industry is going through a digital transformation, including financial services,” said Niall Cameron, global […].
Chris Skinner
MAY 20, 2019
Things we’re reading today include … Bank Stress Tests Are Getting Less Stressful ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform London is still the UK’s golden goose – and that needs to change | Jack Brown Wirecard document points to reliance on 3 partners … The post Things worth reading: 21st May 2019 appeared first on Chris Skinner's blog.
PYMNTS
MAY 22, 2019
Mastercard and Interac, the global and domestic payment networks, announced Wednesday (May 22) they are collaborating to offer customers in Canada a fast and easy way to send money internationally. In a press release , the companies said Interac is using Mastercard Send, a push-payments service to send money cross-border, on the Interac eTransfer platform.
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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.
Payments Source
MAY 20, 2019
While the European Union positions itself as one common, homogeneous market, the reality is that the European e-commerce market is very diverse with both leaders and laggards.
Bank Innovation
MAY 24, 2019
The Royal Bank of Canada, Canada's largest bank, is seeing results from its $3.2 billion investment in digital transformation. In a second-quarter earnings call on Thursday, the bank reported that year-over-year digital adoption (desktop and mobile) increased 52 percent and 90-day active mobile users increased 17% from one year ago to 4.1 million, resulting in […].
Chris Skinner
MAY 18, 2019
The main blog headlines are … Five phases of FinTech (2005-2027) Three years ago, I blogged about three phases of FinTech. Three years later, I can expand on that theme and talk about five phases of FinTech. The five phases of FinTech are (dates are rough guide): Disruption (2005-2014) Discussion … The post The Finanser’s Week: 13th May – 19th May 2019 appeared first on Chris Skinner's blog.
PYMNTS
MAY 23, 2019
The B2B space is ripe for transformation, where outdated payment processes mark accounts payable (AP), and where technology can make all the difference as corporates choose their banking partners to satisfy their payment needs. To that end, Jessica Moran, general manager of Paymode-X Business Solutions at Bottomline Technologies , noted the continued (and accelerating) collaboration between banks and FinTech firms.
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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.
Bobsguide
MAY 22, 2019
Major banks are increasingly interested in commercial cloud platforms, but networks of interconnected legacy systems and concerns over data security will continue to see a layered hybrid approach, say market participants. “When we started engaging with customers, we imagined from the.
Bank Innovation
MAY 24, 2019
Attention readers! Today, May 24, is the final day to make your voice heard and help shape the content of Bank Innovation. As valued stakeholders, we welcome your feedback on how we represent the financial services industry and its efforts to innovate and transform. As a bonus, if you complete our reader survey by the […].
Chris Skinner
MAY 22, 2019
After my recent blogs about Earth Day, Banking for Humanity, the FinTech Parent-Child relationship and Gen Y and Z: Doing good for society and the planet (an Earth Day FinTech update) Doing bad for society and the planet (an Earth Day banking update) Banking for Humanity? FinTech and the Parent-Child … The post Will children save planet earth?
PYMNTS
MAY 21, 2019
Payment company Allied Wallet and its owner, Ahmad Khawaja, as well as two officers, Mohammad Diab and Amy Rountree, have settled with the Federal Trade Commission (FTC) over allegations of knowingly processing fraudulent transactions related to scams, the FTC reported on Tuesday (May 21). Allied Wallet was accused of processing payments for firms that were known by law enforcement agencies as fraudulent, such as Stark Law, a debt collection scheme; TelexFree, a pyramid scheme; and MOBE and Digi
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