Bank Innovation
JUNE 8, 2017
When talking about machine learning algorithms, Amazon definitely comes to mind. The e-commerce giant has (arguably) the most sophisticated ML toolset around that is uses for drone deliveries, online tailors, or its AWS offering. Turns out, Amazon’s lesser known operation – small business lending – is also powered by machine learning, Bank Innovation has learned. […].
Chris Skinner
JUNE 8, 2017
I sit on the judging panel for the FinTech 50, now in its fifth year, and the final list was revealed yesterday. Here they are: FinTech50 2017 list unveiled, including 24 new businesses Women leaders feature, with almost 20 percent of The FinTech50 having a female founder or CEO UK companies continue to dominate / German, Swiss and Irish FinTechs make strongest ever showing Other trends include the rise of AI, partnerships between FinTechs, and M&A as banks acquire market-leading challenger
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Payments Dive
JUNE 9, 2017
As loyalty programs have expanded to include more emotional benefits, they have seen the value associated with meeting a consumer's needs. Now companies are competing for customer relationships rather than customer memberships.
PYMNTS
JUNE 9, 2017
IBM Japan announced Thursday (June 8) the launch of API banking for Mizuho Bank, that provides the bank with the ability to tailor services to its customers. In a press release IBM announced the bank will use IBM Japan’s FinTech API solution, as well as IBM API Connect on the IBM Cloud and IBM DataPower Gateway. “API banking becomes a crucial step that helps drive open innovations by new technologies for customers, business partners, and Mizuho Bank,” said Masahiko Kato, senior technical
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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
JUNE 7, 2017
Stop with the fees already. P2P services continue to grow in popularity—no surprises there. But, there remains a segment of the population that’s refraining from downloading such services, and, one of the top reasons is a stalwart consumer unwillingness to pay fees, according to the recent Fiserv Consumer Expectations and Experiences survey. The most common […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JUNE 8, 2017
Amazon has been a source of stiff competition for online retailers around the world of many years. And, with the launch of its Amazon Go concept store in Seattle last year, the online giant brought itself out of the cloud and into direct competition with brick and mortar stores.
PYMNTS
JUNE 9, 2017
Artificial intelligence (AI)–assisted technologies have been on the rise over the past few years. From virtual personal assistants to video games, smart cars, online customer support, and music or movie recommendations, AI has infiltrated nearly every aspect of consumers’ everyday lives. Yes, we can all thank AI for our Netflix addiction. While AI certainly makes consumers’ lives easier, it’s also working in nearly every industry to help streamline operations.
Bank Innovation
JUNE 5, 2017
The popularity of mobile is on an upswing—so much so, in fact, that many banking clients now choose to do the entirety of their banking through their mobile device. An average of 25% of banking customers are “mobile-only,” according to the June Monkey Insights report released by Malauzai Software last week. “Best in class” financial […].
Chris Skinner
JUNE 5, 2017
I was really interested in a presentation by Benny Boye Johansen, Head of OpenAPI at Saxo Bank, at our recent Nordic Finance Innovation meetings. In particular, he put up some slides that were both illuminating, amusing and strange. They were Google Trends charts looking at Payments API, PSD2 and Open Banking. Google trends tracks the search interest over time and the charts below show searches over the last five years and when it peaks and wanes. 100 = of most interest and 0 = of least.
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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
JUNE 8, 2017
Through Friday, June 16, Networld Media Group be accepting entries from innovative, consumer-focused financial institutions and fintech providers whose unique strategies and technologies are heightening the consumer experience.
PYMNTS
JUNE 5, 2017
Blue Apron on Thursday filed to go public , but that doesn’t mean the meal-kit pioneer has won the start-up game. From 2014 to 2016, the company grew revenue from less than $80 million to almost $800 million. But it also saw its losses grow, from $31 million to $55 million. That’s because new growth has been fueled by new customers, and those customers are easier to acquire in a nascent market.
Bank Innovation
JUNE 6, 2017
Welcome to the year of Ethereum. The top rival of “digital gold,” i.e. bitcoin, had a banner first quarter in 2017, with a $3.6 billion increase in market cap (just under a 500% increase, compared to bitcoin’s 11% increase for the quarter), according to data from Coindesk’s State of Blockchain report for 1Q17. The cryptocurrency-slash-enterprise […].
Chris Skinner
JUNE 7, 2017
Someone made an interesting comment about Google this week: banks can attack Google’s soft underbelly. What? Google? Soft underbelly? And banks can attack it? You must be joking. The presenter (Conor McAleavey, Chief Innovatoin Officer with Leveris) went on to outline what he meant and, as he talked about it, I thought there may be something in this.
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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.
Insights on Business
JUNE 7, 2017
The average consumer interacts with customer service 65 times in a year. That adds up to more than 270 billion service calls made on an annual basis. Multiply that by an average cost of about $1.00 a call, and you’ve got very big problem for global businesses. Further, 33% of Millennials are only willing to wait 1 – 3 minutes to get a desired response, 52% have hung up on a customer service call, and 56% of Millennials have switched from one company to another because of underwhelming customer s
PYMNTS
JUNE 9, 2017
Blockchain could have an impact on the economy — is Russia leading the way with its current investments? With eCommerce transactions moving at the speed of light, the ability to have transparency between parties is likely crucial to preventing security breaches. When executives in the finance industry think of blockchain technology, its perception has shifted in the past few years in terms of how it could shape financial services — and therefore the economy — as a residual impact.
Bank Innovation
JUNE 6, 2017
Among the many innovative products announced during Apple’s WWDC 2017 yesterday (like this iMac Pro, or these cool smart speakers), the tech giant’s new P2P payments service got the FI spotlight. Quickly dubbed “the Venmo competitor,” the new service will allow iOS 11 users transfer money via iMessage starting this fall. The product comes with […].
Chris Skinner
JUNE 5, 2017
For many years, I’ve been using Michael Treacy’s The Discipline of Market Leaders to talk about the business model of banking. The book claims that all companies are comprised of three major components: a manufacturer, a processor and a retailer. The book claims that most companies are only good at one of these things, and few can be good at two let alone three.
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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.
Celent Banking
JUNE 6, 2017
The Association for Financial Professionals (AFP) recently published its 2017 AFP Strategic Role of Treasury Survey supported by Marsh & McLennan Companies’ Global Risk Center. The survey confirms that treasurers’ roles in most organizations are expanding, with their departments increasingly called on to support the execution of corporate strategy.
PYMNTS
JUNE 6, 2017
From some guy’s garage in San Francisco, a group of math nerds has grown into one of the world’s finest-tuned machine learning operations. SigOpt now helps optimize fraud detection and investments like beer brewing and even the manufacturing of synthetic rhino horns. SigOpt cofounder and CEO Scott Clark said that’s because his 14 employees, like the machines they create, never stop learning.
Bank Innovation
JUNE 9, 2017
As if the life wasn’t hard enough for fintech startups. The Office of the Comptroller of the Currency published an FAQ section on its website this week, in order to clarify several points from its “Third-Party Relationships: Risk Management Guidance” issued in 2013. As expected, the questions also addressed bank-fintech partnerships. Most notably, the OCC […].
Chris Skinner
JUNE 8, 2017
I recently hosted Nick Ogden, the founder of WorldPay and serial entrepreneur, at our Nordic Finance Innovation meetings in Stockholm and Oslo. Nick is now launching the first new UK clearing bank for over 250 years called ClearBank. I’d heard a few rumblings about ClearBank, but hadn’t really go the message until I saw him present the overview at our Nordic meetings.
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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
JUNE 5, 2017
Security is one of the biggest reasons why banks exist. According to recent research from Capgemini, 83 per cent of consumers trust banks and insurers when it comes to handling their data. However, this trust can be lost instantly if an incident takes place. So while banks and financial services.
PYMNTS
JUNE 8, 2017
The more connected devices consumers have, the more concerned they are about the security of their financial information. That’s according to the new “How We Will Pay” study PYMNTS recently conducted with Visa, which showed that the average consumer owns four connected devices, with 75 percent owning a device other than a smartphone or laptop – and the more they own, the more they shop.
Bank Innovation
JUNE 9, 2017
The future of payments is here, it’s just not evenly distributed, small and medium businesses would say. Mastercard wants to even out the field. The company announced the Mastercard B2B Hub this week to provide SMBs with a platform to manage every step of commercial payments, from invoice processing to digital payments to suppliers, as opposed […].
Chris Skinner
JUNE 4, 2017
Things we’re reading today include … Peer-to-peer lender Zopa moves towards bank launch after raising £32m Would you take financial advice from a robot at your bank? Bank of England faces strike as workers vote on ‘contemptuous’ 1pc pay offer The 12 UK banks with the best public reputation Savings would last about a month on average, report says Blockchain-related job adverts surge Biometric data and fingerprint scans could help India get its records straight CEO who fled
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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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