Sat.Nov 03, 2018 - Fri.Nov 09, 2018

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Teach children the things that machines cannot learn

Chris Skinner

I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see if they can remember. It’s … The post Teach children the things that machines cannot learn appeared first on Chris Skinner's blog.

System 416
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Banks team with technology firms: panel cites challenges

Payments Dive

A session at the recent Money20/20 conference in Las Vegas attempted to clarify the roles that technology companies are playing in financial services and how traditional financial institutions are working with them.

Las Vegas 352
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More Banking CFOs Take Lead Role in Innovation, Accenture Says

Bank Innovation

A recent survey by Accenture found chief financial officers are taking on expanded roles in helping banks become data-centric and better equipped, in terms of technology, for what will likely be a volatile future. In its report on the survey, The CFO Reimagined: Banking, Accenture said three in four banking CFOs are “confident” their teams can […].

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Deliverr Vying To Become ‘Uber’ Of Ground Shipping In eCommerce

PYMNTS

Before Michael Krakaris co-founded an online fulfillment platform for eCommerce merchants, he learned firsthand how companies could reinvent messy spaces with software. One of his first jobs was working for a company that created an application programming interface (API) to help businesses send text messages to their customers. That business solved a major pain point, he says, as companies used to have to make deals with the wireless carriers themselves to have that capability.

Software 224
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Run the bank or change the bank

Chris Skinner

I was surprised to see that JPMorgan Chase is now hiring people as bankers and, as a mandatory part of their induction programme, they are taught to code. “Coding is not for just tech people, it is for anyone who wants to run a competitive company in the 21st century,” said Mary Callahan … The post Run the bank or change the bank appeared first on Chris Skinner's blog.

Company 362

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OTP Bank Launches New International Startup Program

Bank Innovation

OTP Bank will launch its second international accelerator program in the first months of next year and is accepting applications from growth-stage startups and scaleups until the end of November. The companies participating in the three-month program will have the chance to refine their solutions through partnerships with a bank, supported by OTP Bank executives, senior […].

Company 199
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SWIFT Disconnects From Iran’s Banks

PYMNTS

Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all. This week SWIFT, the financial messaging service based in Belgium (and where the acronym stands for the Society for Worldwide Interbank Financial Communications) said that it would suspend access for at least some Iranian banks.

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How online gaming created a challenger bank

Chris Skinner

I was chairing a panel with a number of different players, one of which was Monzo. Simon Vans-Colina, Monzo’s lead engineer for Open APIs, was talking about their approach to partnering with others in an API ecosystem, including TransferWise and Investec Bank. What was not surprising is that the lion’s … The post How online gaming created a challenger bank appeared first on Chris Skinner's blog.

Online 305
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Credit card issuers see progress in mobile transaction protocols amid challenges

Payments Dive

A panel at the Money20/20 show cited progress in transaction protocols for mobile payments.

Mobile 253
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The State of Automation in Financial Services 2024 Report

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

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With Jeff Sessions out, will pot payments thrive?

Payments Source

During his time as U.S. attorney general, Jeff Sessions was an outspoken opponent of the legalization of cannabis sales. Now that Sessions has resigned, legal marijuana is poised to become a growth industry.

Payments 148
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How Clandestina (Literally) Snuck Into The US Market

PYMNTS

Starting a new business is never easy, and new apparel lines are particularly challenging. There are many, many retailers and brands trying to outfit the world, and standing out in the crowd is difficult. But even on the already pitched startup terrain, apparel startup Clandestina, based in Havana, Cuba, had some unique troubles all its own. The brand became the first to launch a website for U.S. sales last month — and it is spinning up to take on its first-ever Christmas season.

Marketing 198
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Becoming a Digital Bank: the how and why

Chris Skinner

I recently had a chat with Monica Murthy of Empire Startups. Here’s the low-down. Starting From Scratch – The Path for Western FinTech It would be incorrect to call Chris Skinner an industry old hat, since despite his 10+ years in the FinTech industry, he’s known for being on the … The post Becoming a Digital Bank: the how and why appeared first on Chris Skinner's blog.

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Where is the Financial Services Industry in the digital transformation journey?

Insights on Business

At last month’s Money20/20 conference, the event brought over 10,000 people together and hosted speakers from start-up disruptors to incumbent financial institutions, and everything in between. IBM was there in full force. And I had the pleasure of hosting a panel of CEOs three mornings in a row. I thought one panel participant explained eloquently where the financial services industry is in the digital transformation journey when he put it in terms of the incumbent bank’s relationship with fint

Industry 143
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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Retail and investment banks leveraging technology to stay ahead

Bobsguide

Technology, competition, and regulation have put pressure on banks to evolve from lumbering giants to nimble financial ninjas. The transformation of investment and retail banks from their bloated pre-financial crisis operations has been fraught with stringent regulation of their activities and.

Retail 128
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PayPal Working Capital Steps Into Germany

PYMNTS

PayPal is broadening its small business financing offering into the German market, a press release announced on Wednesday (Nov. 7). PayPal Working Capital will launch in Germany as PayPal Businesskredit, offering small and medium-sized businesses access to working capital financing that is deposited directly into their PayPal accounts. The rollout of its SMB lending offering comes nearly 15 years after PayPal first launched operations in the market, and adds Germany to the list of markets in whi

Capital 194
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In China, buy the wrong things and go to jail

Chris Skinner

As I travel around, I find different cultures fascinating Some are open, some are closed; some are welcoming, some are distrusting; some feel comfortable, some feel weird; some feel nice, some feel strict; and so on. A lot of the feeling you have about a country is a mixture of … The post In China, buy the wrong things and go to jail appeared first on Chris Skinner's blog.

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Politics vs. innovation: How the midterms changed fintech

Payments Source

The payments and financial services industry has enjoyed an unprecedented wave of invention, but the fruits of that labor are threatened by an ideologically driven political climate that complicates the evolution of global interoperable mobile-driven commerce.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.

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Can blockchain revolutionise accountancy?

Bobsguide

Many industries have begun experimenting with blockchain—independent of Bitcoin. In fact, the World Intellectual Property Organization handed out 406 blockchain patents in the last year alone. And while the fate of cryptocurrency is uncertain, the tech underlying it seems to have some.

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BitPay Lands Ex-PayPal Talent For Business Solutions Unit

PYMNTS

B2B cryptocurrency payments company BitPay announced this week that Rolf Haag is joining the company to lead its business solutions unit. In a press release , BitPay said Haag will spearhead the company’s B2B and mass payments operations. He comes to BitPay after working for both Western Union as its former director of global mass payments, and PayPal as its former head of mass payment global disbursements.

Bitcoin 193
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Things worth reading: 8th November 2018

Chris Skinner

Things we’re reading today include … Bank by bank, here’s where the hiring and firing will happen next Would you bank with Google, Amazon, Facebook or Apple? TransferWise partners with Dutch challenger bank Bunq Hidden camera reveals how bank employees mislead and upsell on pricey credit card insurance Westpac bets … The post Things worth reading: 8th November 2018 appeared first on Chris Skinner's blog.

Apple 186
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Barclays casts global net to find its fintech investments

Payments Source

Barclays is leveraging its global network of offices and its business expertise to sponsor fintechs through its Accelerator programs in London, New York and Tel Aviv.

Fintech 126
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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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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UK banking payments report: The race to become Open Banking ecosystem orchestrator

Bobsguide

“Payments is now a new battleground,” says John Hutton, director of payments at Nationwide, “particularly with Open Banking and the adoption of Third Party Providers (TPPs) and Payment Initiation Service Providers (PISPs). Through that ecosystem a TPP can start to manage on behalf.

Payments 104
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Bitcoin Daily: Hublot Unveils Bitcoin Watches; Swiss Regulator Throttles Bank Crypto Trading

PYMNTS

Blockchain , the crypto wallet provider, plans to have an airdrop worth $125 million, Fortune reported. Through the cryptocurrency giveaway, each recipient would receive around the equivalent of around $25 in Stellar. The company said in a statement, “Accessible to anyone with a Blockchain Wallet, the first batch of recipients will receive their lumens, Stellar’s native digital currency, this week — for free.

Bitcoin 192
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A Path to Victory in the Payments Game

Gonzobanker

A Battle Plan for Onboarding. All financial institutions have some skin in the Payments Game, but who’s holding the winning hand? No matter the size or scope, make no mistake—everyone is a player in this game. Why? Because people buy a lot of stuff, and they want their payments to be a no-brainer: convenient, secure and reliable. What’s more, everyone—from merchants to financial institutions to fintech and big tech—wants in on the game.

Payments 103
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Real-time payments data fills credit gaps for banks

Payments Source

Data that exists as static facts and figures on a spreadsheet often has little in-the-moment value. But when it's real-time and expressed as a dynamic visualization, it becomes instantly digestible and increasingly actionable, according to Michael J. Alfonsi, senior vice president of digital solutions and strategy at Exela Technologies.

Data 117
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Addressing Top Enterprise Challenges in Generative AI with DataRobot

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.