Bank Innovation
MARCH 29, 2017
Acquisition costs are (arguably) the main challenge fintech companies face when trying to scale their business. Selling products directly to consumers is costly and antiquated, especially for early-stage startups. Which is why many of the newer entrants now choose to partner up with corporations, according to Schwark Satyavolu, general partner at Trinity Ventures.
Chris Skinner
MARCH 27, 2017
I wrote a piece recently about the challenges of being a challenger bank. It coincided with the news that my friends at solarisBank had just achieved a Series A funding round of €26 million. Neatly, co-founder of solarisBank Marko Wenthin spotted my post and decided to send a reply. Here is his thoughts on being a challenger bank. Neobanks don’t need to be “real banks” to compete in banking As Chris wrote in his “57 banks” post, the neobank market is overcrowded, and many won’t survive.
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Payments Dive
MARCH 30, 2017
Although mobile payments are convenient for both employees and customers, transitioning to a cashless operation also presents a new set of challenges.
PYMNTS
MARCH 27, 2017
The rise of APIs in banking and FinTech can unlock greater usability of innovative solutions but also presents some difficult questions for the space. As banks, FinTechs and a variety of software development firms explore the waters of payments and information exchange and collaboration, NACHA says there is a new idea to consider: API standardization. .
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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
MARCH 27, 2017
What if, instead of cards, consumers just had to put in a code—and then another code—to get access to their money at the ATM? Wells Fargo announced today that its customers now have full access to about 13,000 card-free ATMs, installed across the United States. Rather than inserting a card at these ATMs, Wells customers […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MARCH 28, 2017
Beacon technology has not been adopted by merchants as quickly as expected, yet changes to devices and strategy will spur 4.5 million active beacons in the U.S. by 2018.
PYMNTS
MARCH 31, 2017
This past week proved once again that it’s tough to be a bitcoin fan. In another blow to bitcoin legitimacy, the U.S. Securities and Exchange Commission (SEC) has denied the second bitcoin-based ETF bid up for consideration in the month of March — the Intercontinental Exchange, Inc.’s NYSE Arca exchange’s request to list and trade the SolidX Bitcoin Trust.
Bank Innovation
MARCH 28, 2017
Now that banks and fintechs have learned to coexist, we see new players emerge (or older ones re-emerge), most with a new focus on partnering with FIs for the better. Keeping track of emerging players is the best way to stay up to date on the current market trends, and Bank Innovation is here to help. Here […].
Chris Skinner
MARCH 30, 2017
I’ve just returned from the United Arab Emirates (UAE) where there were a number of events. Just a few weeks ago, I was in Bahrain, talking at a conference about FinTech as usual. What struck me is the interest and excitement about FinTech in both countries. There’s also a lot of competition between different cities in the region to be a recognised Financial Centre.
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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
MARCH 31, 2017
McDonald’s and its recently unveiled plans to implement mobile ordering and curbside pickup is proof that even the mightiest brands now know mobile ordering is the order of the future. But, chains must lay the groundwork for this major transition by preparing a foundation that helps them clear the potential hurdles and move on to future success.
PYMNTS
MARCH 28, 2017
Amazon has run up against a roadblock in its play to revolutionize brick-and-mortar grocery shopping. The online retail giant has reportedly delayed the public opening of Amazon Go due to technical difficulties with its “Just Walk Out” system. During employee beta testing that began in December of last year, Amazon’s system for monitoring and tracking customer item selection reportedly ran into trouble keeping tabs on items once they had been moved from their shelf when more than 20 people were
Bank Innovation
MARCH 28, 2017
Check payments have survived another year. Maybe introducing “virtual cards” to small businesses will help change that. B2B invoicing and payments company Viewpost has partnered with Visa to enable digital payments for small and medium businesses. Viewpost will process the payments, now using Visa’s rails for electronic bill payments, as opposed to costly and slow checks.
Chris Skinner
MARCH 28, 2017
We talk a lot about bank branch closures and, to be sure, there are a lot bank branch closures. The UK has seen 1 in 10 bank branches disappear over the last two years whilst the USA is seeing a similar trend, albeit at a slower pace. That may be scary for some as we see bank branches disappearing off the high street to be replaced by our mobile apps, but it’s a clear trend that is unstoppable.
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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.
Bobsguide
MARCH 27, 2017
The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for.
PYMNTS
MARCH 31, 2017
Any parent of small children who has recently eaten at Olive Garden or Chili’s would probably fully support nominating Viren Balar for the Nobel Peace Prize. Even though they might not know his name. Balar is one of the co-founders and the chief technical officer of Ziosk — the tableside tablet that allows diners to place and augment orders, play games, read news and, at the end, settle up the check and be on their way.
Bank Innovation
MARCH 29, 2017
It’s clear that fintech startups are not going away — there are more of them all the time. (And here are five more.) What’s not clear is how they are getting along with banks. The number of publicly announced substantial partnerships is vanishingly small. Startups are getting fed up with banks’ hurdles and long sales cycles, […].
Chris Skinner
MARCH 29, 2017
You have an idea. Let’s say that it’s to make nice wooden caricatures of famous politicians. Something that historically would have been a niche trade for the odd craft fare. It still is, but when you go to a craft fare, the usual practice is cash only. Not any more. Just in a few short years, we’ve seen most stall holders move from only dealing in cash to being able to take debit, credit, EMV and magnetic card payments thanks to PayPal, Square, iZettle and more.
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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.
Let's Talk Payments
MARCH 25, 2017
InsurTech is a relatively new industry. However, it’s developing quite fast and becoming one of the most booming verticals in the FinTech space. First of all, don’t pay too much.
PYMNTS
MARCH 29, 2017
The revelations from WikiLeaks about the U.S. government’s hacking tools are reported to have sent Cisco reeling earlier this month, Reuters reported. WikiLeaks documents revealed that the CIA uses a myriad of devices and products, including televisions, smartphones and anti-virus software, to take surveillance on owners, including devices from tech company Cisco.
Bank Innovation
MARCH 30, 2017
Users will access their mobile and online banking accounts more frequently, even twice as often, if they don’t actually have to complete the login process. According to the most recent Monkey Insights report, released today by Malauzai Software, “quick balance” end users—meaning those utilizing a mode which allows them to see their balances without having […].
Chris Skinner
MARCH 31, 2017
I took part in a webinar the other day, focused upon the developments in digital banking in the Middle East. Having visited Abu Dhabi, Bahrain, Dubai and Qatar recently, I can claim to know a little. Equally, having been to the region regularly since 2002, I’ve seen how it is developing and changing. This is illustrated well by these two charts, which illustrate the demographics of the GCC (Gulf Cooperation Council, like the EU for the Middle East) countries in 2016: Source: EY World Islamic
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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.
Let's Talk Payments
MARCH 30, 2017
At the eighth Annual State of Entrepreneurship Address, the Kauffman Foundation launched the “Zero Barriers to Startup” initiative and urged entrepreneurs and policymakers to help break down barriers to new.
PYMNTS
MARCH 28, 2017
Mom and Pop stores once ruled the retail world in America. Consumers could walk into their local butcher shop and be served their favorite piece of steak for their weekly family dinner. Over the past few decades, we’ve seen retail shift to big box stores that provided a one-stop shop for running errands. While seemingly convenient, these big retailers lack in providing what today’s consumer is reverting back to desiring — a personalized experience from someone who understands preferences from pa
Bank Innovation
MARCH 30, 2017
The real disruption in financial services won’t be about software or data itself; it will be about data analytics and intelligence. That’s the upshot from Anil Arora, CEO of Envestnet Yodlee. “It’s about what you are doing with your data, not what kind of data or software you have,” he said at the DataDisrupt conference […].
Chris Skinner
MARCH 28, 2017
Things we’re reading today include … Mobile banking is saving us ‘billions’ in charges UK banks asked to draw up plans to show they are prepared for Brexit The high cost of our vanishing bank branches Square shapes up for growth push in Europe Brexit Britain New York’s Fearless Girl statue to stay on till March 2018 Wells Fargo to pay $110 million to settle lawsuit over account abuses Chill winds blow across Asia private banking.
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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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