Sat.Jul 13, 2019 - Fri.Jul 19, 2019

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FinTech is on fire and London is burning …

Chris Skinner

A regular question that comes up is: When will the Fintech bubble burst? My claim is that it won’t under my watch, as this is as big a restructuring of banking and finance as the internet has been for commerce and trade. The latter change is still underway after a … The post FinTech is on fire and London is burning … appeared first on Chris Skinner's blog.

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Fintech Unfiltered: Huddl’s Corliss on his move from big finance to startup

Bank Innovation

At first glance, Stephen Corliss, whose resume includes senior roles at Blackrock and UBS, seems an unlikely candidate to lead a startup. But Corliss, 50, wants to use his experience from the world of big finance to help solve problems for customers of more modest means. Corliss’ first foray into the startup arena took shape […].

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Visa invests in Indonesian payment, ride hailing app Go-Jek

Payments Dive

Go-Jek has evolved into a super app of sorts. It began as a ride-sharing, but now allows its customers to make online payments for food, groceries and a plethora of other services.

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Five Ways to Build a Solid Foundation With Your Examiners

Abrigo

One of the most important business relationships you will have is the one you maintain between your institution and your examination staff. This is not a relationship that only needs attention during the exam process. Instead, this relationship should be nurtured by both sides on an ongoing basis. In order to establish and maintain a strong, communicative relationship with your examiners, these five tips should be followed: Utilizing examiners as subject matter experts : Many compliance profess

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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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The UN’s SDG’s, FinTech and Banking

Chris Skinner

Due to various connections, I was asked to deliver the opening keynote speech at the United Nations High Level Political Forum last week (some coverage here). It was one of those rare occasions where I got nervous, looking out at the faces of dignitaries from nations all over the world. … The post The UN’s SDG’s, FinTech and Banking appeared first on Chris Skinner's blog.

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European fintechs, challenger banks poised to invade US market

Payments Dive

A new wave of European fintechs are planning to invade the U.S. banking market with alternative models of savings, payment and new customer relationships that could shake up the dynamics of the incumbent American banking industry.

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Does Loan Amortization Matter? [Plus Free Calculator]

South State Correspondent

HOW LOAN STRUCTURE IMPACTS CREDIT Sometimes how we choose to measure something can lead to incorrect conclusions. While mathematically 30 is 50% more than 20, a 30-year amortizing loan is not 50% riskier, or 50% longer than a 20-year amortizing loan.

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Digital finance includes everyone (speech transcript)

Chris Skinner

I thought I would share my speech at last week’s UN meeting and the short version is summarised nicely by the UN’s press page: Chris Skinner, an author and commentator from the United Kingdom, discussed the promise of “fintech” — which integrates finance and technology — to extend financial services … The post Digital finance includes everyone (speech transcript) appeared first on Chris Skinner's blog.

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Varo files FDIC application, announces $100m Series C funding

Bank Innovation

Varo Money, the 4-year-old digital banking startup with 750,000 users and $600 million in deposits, has applied for a banking license with the Federal Deposit Insurance Corporation (FDIC) this week. The company confirmed this development as part of a $100 million Series C fundraising round announced on Tuesday. This is Varo’s second application for an […].

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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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LG faces uphill climb to make a splash in US mobile wallet space

Payments Dive

LG officially entered the U.S. market with its own LG Pay mobile wallet app, but faces a historically slow market for adoption and stiff competition from rival apps by Apple, Google and Samsung.

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PayPal On Its Xoom Into The Continent And The UK

PYMNTS

Call it remittance on a global scale, or P2P without borders. PayPal said on Monday (July 15) that it is launching Xoom, its international digital money transfer service, in the United Kingdom and 31 markets spanning Europe. The company said “the service will benefit millions,” including more than nine million people living in the U.K., and will pay out remittances to other individuals living in Nigeria, India, China, the Philippines and beyond, across 130 countries.

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Financing is critical to our future world

Chris Skinner

A key part of UN’s agenda for sustainability is the taskforce for digital finance. Officially launched in November 2018, around the same time as the UN’s Principles for Responsible Banking, the taskforce is specifically tasked by the Economic and Security Council (ECOSEC) to look at how the financial system and … The post Financing is critical to our future world appeared first on Chris Skinner's blog.

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Capital One: Pressure from non-banks is hurting commercial lending

Bank Innovation

Capital One‘s commercial lending business is facing price pressure from a saturated market of lenders, including non-banks, that are pushing interest rates down. “Increasing competition from non-banks continues to drive less favorable terms in the commercial lending marketplace,” CEO Richard Fairbank told investors on Thursday. Capital One isn’t alone in facing this pressure in the […].

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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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Africa's untapped potential as an ecommerce market

Payments Dive

The African market is a growing and largely untapped ecommerce market, that has embraced mobile as a preferred means of banking, communication and payment.

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How Bitbuy Is Keeping Crime Out Of Crypto

PYMNTS

More than $1.2 billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Canadian exchange QuadrigaCX ’s former CEO, Gerald Cotten, allegedly embezzled approximately $195 million of clients’ money, for example, and his recent death left the company without the passwords required to access most of its customers’ holdings.

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Why is financial inclusion a good thing?

Chris Skinner

Whilst at the United Nations they had me doing various activities, one of which was a panel for UNTV. The panel comprised Elliot Harris, UN Chief Economist; Matthew Blake, Head of Future of Financial and Monetary Systems, World Economic Forum; and was moderated by Gillian Tett, Editor-at-large, Financial Times. You … The post Why is financial inclusion a good thing?

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JPMorgan Chase’s Dimon: Finn app was not a failure

Bank Innovation

JPMorgan Chase‘s now-defunct millennial-focused banking app, Finn, was not a failure, CEO Jamie Dimon said Tuesday during the bank’s second-quarter earnings call. The bank had pulled the plug on the digital-only offering in June, just a year after its launch, and rolled some of Finn’s most popular features into Chase’s main mobile banking app.

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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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Digital Platforms Are Eating Banking

Ron Shevelin

A platform business model isn't a new concept. But it's taking over the financial services landscape and at the heart of the changes in the competitive dynamics of banking.

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Visa Acquires Germany-Based Payworks

PYMNTS

Visa said early Wednesday (July 17) that it has acquired Payworks , a payment gateway based in Germany focused on the point of sale (POS). The company said in a release that Payworks will be integrated into CyberSource ’s portfolio of services offered to clients. In its release, the company said that Payworks’ cloud-based solution for in-store payments processing will be brought together with the CyberSource digital payment management platform, which will create, in Visa’s words, “a fully integ

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The Finanser’s Week: 8th July – 14th July 2019?

Chris Skinner

The main blog headlines are … Two weeks to pay someone? Luxury! Being raised on Monty Python, an old sketch popped into my head (The Four Yorkshire Men) and led to a thought. A grandfather and grandson are at the dinner table … Grandfather: Ah, when I was a lad, life … The post The Finanser’s Week: 8th July – 14th July 2019? appeared first on Chris Skinner's blog.

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Weekly Wrap: Big banks address Libra as challengers seek to lure customers

Bank Innovation

Welcome to the first episode of our new weekly wrap video series, for the week ending July 19, 2019. In this episode, Suman Bhattacharyya, deputy editor of Bank Innovation, discusses the following news developments: How bank executives, including JPMorgan Chase and Citibank, are beginning to address Facebook’s planned digital currency Libra in their earnings calls […].

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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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UPI will push India over the digital payments finish line

Payments Source

The system has made it easier for mobile wallets and other technology providers to enter India's payments market, and will push the next steps toward real-time payments and cash reduction, says Somya Patnaik, senior product manager at ACI Worldwide.

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Samsung, Tech And Banking Cos Team To Use Blockchain For Mobile Identity

PYMNTS

A group of companies in South Korea are collaborating on a blockchain network to be used for mobile authentication services, according to reports. . Samsung Electronics; banks KEB Hana Bank and Woori Bank ; telecom companies SK Telecom , LG Uplus and KT ; and Koscom , an IT service subsidiary from the Korea Exchange, are all part of the group. The companies want to let users protect their own data with the service, which will also allow people to save information from institutions as well as oth

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Things worth reading: 16th July 2019

Chris Skinner

Things we’re reading today include … Christine Lagarde will have to confront Berlin if she’s to save the euro | Yanis Varoufakis Facebook’s Libra could be misused, says treasury chief Mnuchin New £50 note design sees Alan Turing become first LGBT person on a UK banknote Digital upstarts need to … The post Things worth reading: 16th July 2019 appeared first on Chris Skinner's blog.

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Goldman invests $28m in German savings and investments firm Raisin

Bank Innovation

Berlin-based savings and investment startup Raisin landed a $28 million investment from Goldman Sachs on Tuesday to fuel its expansion plans, product roadmap and acquisitions strategy. The funding is part of Raisin’s Series D round, bringing its total amount raised to $220 million. Frank Freund, the company’s chief financial officer, said the investment will help […].

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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.