Bank Innovation
MAY 18, 2017
Consumers can now use their Google credentials to make online and mobile payments via a stored credit card. The tech giant unveiled the tool yesterday, during its annual I/O developer conference in Mountain View, Calif. The service will act very muchlike a regular mobile wallet–of which there are an abundance– with users to soon start noticing […].
Chris Skinner
MAY 17, 2017
I was chairing a conference with various speakers, when Gartner Group stood up and talked about their annual bank survey. They found that of the senior bankers surveyed, 76% don’t believe that digitalisation will affect their business model. Gartner found 76% of banks don’t believe their business model has to change because of digitalisation #MEFTECH <- shocker — Chris Skinner (@Chris_Skinner) March 13, 2017 I can tell you that 76% of banking respondents are wrong.
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Payments Dive
MAY 18, 2017
Consumer are looking for tools that make moving and managing money convenient and enable them to take control of their financial lives. Mobile can can accomplish these things.
PYMNTS
MAY 16, 2017
Just in time for the summer travel season, Mastercard has announced a series of partnerships in over 80 cities worldwide, which will enable card carriers to tap to pay for public transit. “With a Mastercard in their wallet, more and more people have a go-to transit pass for the city they’re in,” said Ian Slater, senior vice president, enterprise partnerships at Mastercard.
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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
Bank Innovation
MAY 19, 2017
Despite all the shiny fintechs out there, consumers still expect innovation in financial services to come directly from banks. Almost half of the consumers –49% of women, and 45% of men– said they are most excited to see new financial product launches at banks, according to a study released yesterday by EY. All other alternatives […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MAY 19, 2017
The company earlier this month officially launched a mobile app for Android and iOS that enables users to open, view and close a bar tab right from their smartphone.
Abrigo
MAY 17, 2017
The importance of a sound risk rating process continues and possibly grows in the coming years as financial institutions grapple with the increased emphasis on estimating credit losses. With Basel III focusing more attention on credit risk management, and the more granular review of loans required by the FASB’s current expected credit loss (CECL) model, financial institutions can likely expect to see an increased emphasis by examiners on the importance and effectiveness of risk rating systems.
Bank Innovation
MAY 19, 2017
Decentralizing banking processes won’t actually kill financial service companies — at least according to those financial service companies. In fact, decentralization may be beneficial for banks, depending on “what do you mean by decentralization,” said Jared Harwayne-Gidansky, North American lead of the emerging business and technology group for BNY Mellon.
Chris Skinner
MAY 16, 2017
I recently met a start-up bank. They were depressed. Having submitted their third proposal for the bank, the regulator was still pushing back. This felt familiar. Having seen so many new start-up banks in Britain, I was familiar with the start-up process. It involves hellishly detailed documentation showing effective plans, governance and funding.
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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
Payments Dive
MAY 15, 2017
The global gaming market is set to be worth over $118bn globally by 2019 and SLA Digital’s infographic details the key gaming growth markets and how Carrier Billing can be used by gaming companies to convert gamers into buyers.
Celent Banking
MAY 19, 2017
There is little doubt that Internet of Things (IoT) is transforming many industries, from manufacturing to insurance. Celent's Insurance practice has been at the forefront of IoT research since 2014 and has published many insightful reports. At first glance, IoT’s impact on banking is less obvious. And yet, in a new research report published this week, Payments and the Internet of Things: Opportunities and Challenges , we assert our belief that IoT also matters for banking, and especi
Bank Innovation
MAY 18, 2017
Medean–a P2P financial planner– wants to use the power of social to change consumer behavior—but instead of stacking user financials up against their friends, it’s only tackling demographic factors. The startup, which showed off its technology in Startup Alley at the Techcrunch Disrupt conference yesterday, works by feeding user data into an algorithm from five […].
Chris Skinner
MAY 18, 2017
Three people are chatting in a bar. The first says: “It’s great working for a FinTech start-up as I get to travel the world. As a result, I can easily call my partner and tell them I’m on a business trip to stay with my other love.” The second says: “Well, you should work for my tech firm. I get to travel a lot too and have loves in over ten cities.
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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.
PYMNTS
MAY 19, 2017
Surprise, surprise: a cybersecurity startup saw the largest funding round of the week by far. WannaCry’s explosive impact on the industry has enterprise security on everyone’s mind, and this startup is now a unicorn because of that attention, closing $100 million in Series D financing. Find out which startup landed the cash, along with the other B2B startups that saw their share of investments this week, below.
Insights on Business
MAY 19, 2017
What issues are the most important to your financial institution? There are likely to be as many different answers to that question as there are institutions in the industry. In the area of regulatory compliance, however, simply keeping up with the volume and variety of new and changing regulations is high on the priority list of virtually all organizations.
Bank Innovation
MAY 16, 2017
Last year, regulators in New York decided to take cybersecurity matters for financial institutions into their own hands, releasing a set of rules (which went into effect in March), requiring banks and other FIs to establish a stricter cybersecurity program. This includes reporting all kinds of data breaches, ransomware, or phishing attacks, which could potentially harm […].
Chris Skinner
MAY 15, 2017
I grew up in an era of Ska music with the Specials, Madness and The Selector being regulars on the University circuit. One song that brought back memories of this era played on the radio the other day: Ghost Town. The main line repeated throughout the song is This town … is coming like a ghost town. It’s a song that really stood out at the time and I can recommend you read the end of this blog for more background.
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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.
PYMNTS
MAY 15, 2017
Until very recently, the tenor of the relationship between financial services startups and mainstream banking was contentious at best and adversarial at worst. The primary narrative about the future of financial services contributed to a majority of that — the banks were the old way of doing things and up-starts with streamlined business models were threatening to disrupt them right out of the water.
Bobsguide
MAY 19, 2017
Undoubtedly the financial services industry is significantly affected by the fintech evolution. Alternative finance firms, digital and challenger banks, P2P lending platforms, as well as traditional banks, adopt new technologies in order to better serve their clients. In a number of research.
Bank Innovation
MAY 17, 2017
In a mood for some fintech inspiration? Take a walk down the startup alley. At the TechCrunch Disrupt 2017 event, currently taking place in New York, Bank Innovation came across a gauntlet of bright, shiny new fintechs. Here are five of our favorites: Spendwallet While major banks are busy building NFC-enabled digital wallets, this fintech […].
Chris Skinner
MAY 15, 2017
Things we’re reading today include … Banks ‘must show action’ in fraud cases Cyber attack could spark lawsuits but not against Microsoft Noel Edmonds accuses Lloyds of ‘foot dragging’ over HBOS payouts JP Morgan buys Dublin office with room for 1,000 staff Ant Financial stalls IPO plan as buying spree continues Ten top American fraudsters Mashreq CEO foresees branchless future for UAE bank.
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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.
PYMNTS
MAY 18, 2017
For corporate payments — that is, money changing hands between firms — collecting on receivables can be a challenge. Perhaps a rule of thumb can be: the longer the supply chain, the longer the wait for payments. In an interview with PYMNTS’ Karen Webster, Jeff Althaus, executive vice president and general manager at Flywire stated that “if you look at the payables side of the equation, it is much, much easier to send money” than to collect it.
Bobsguide
MAY 18, 2017
Many banks I talk to see regtech purely as a way to beat their competitors. This is the opportunity sold to them by management consultants; advisors who trot out the line that regtech can “transform compliance into a competitive advantage” In other words, regtech can help banks, and.
Bank Innovation
MAY 17, 2017
Relationship-banking is top-of-mind for financial institutions, but in many cases, that does not translate into real actions. That’s according to Mike Cagney, CEO of SoFi. “We don’t think of ourselves as a finance company, we are a relationship company,” Cagney said during TechCrunch Disrupt yesterday. “[Traditional] FIs have been resistant to this model, but in […].
Chris Skinner
MAY 14, 2017
This week’s main blog headlines are … The legacy clock is ticking Further to my recent trip to Pakistan Business Recorder (their version of The Financial Times) interviewed me in depth about what is happening in FinTech. Here’s what they published: ‘The clock is ticking for Pakistan’s legacy banks,’ Chris Skinner, global fintech expert An independent commentator on financial markets and … Bitcoin isn’t a currency; it’s a religion I’ve regularly got into confrontations with digital currency peop
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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.
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