2016

Banks are not technology companies (yet)

Chris Skinner

I’ve been illustrating my frustration with incumbent banks for some time, saying that they lack technology leadership. Almost a third of my new book talks about the biggest challenge for banks to respond to Fintech, Big Data, Cloud, Blockchain and all those other issues is to have leadership.

The complex impact of fintech and legacy systems on banking

Insights on Business

A recent article in The Globe and Mail , The biggest threat to banks? Legacy systems, not fintech (November 2016), by Mike Gardner seemed to go viral on my Twitter stream.

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10 Ways Banking Will Be Different in 2020

Bank Innovation

An obvious statement: The banking world is changing. However, it does give rise to less obvious questions: Just how fast is it changing, and in what ways? For instance, what will the banking world look like in five years? Will there be chatbots in every smartphone and every app? Will Read More.

Survey 285

Think “bank relationship hub,” not contact center

Accenture

“We cannot direct the wind, but we can adjust the sails.” This proverb sums up the challenges facing traditional banks in the digital economy. As digitally native customers change their expectations of what their bank should provide, banks need to. Read more.

ORACLE: Swinging the Bat in Cloud Services

Celent Banking

It's hard to believe that an entire month has gone by since Oracle OpenWorld in San Francisco — but baseball fans will have noticed that things have been a bit hectic here in Chicago of late.

5 mobile-payment trends to watch in 2017

Mobile Payments Today

Scott Blum, the vice president of Total Merchant Services, gives his take on what he expects from mobile payments in the new year

Trends 219

A Matter of Responsibility

Finer Points

A hallmark of community banking is accountability. Community bankers are held accountable to their customers because they live and work in the same neighborhoods. As locally based institutions with a stake in the prosperity of their communities, community bankers simply can’t afford to take advantage of their customers. So Wells Fargo’s failure to take responsibility […]. Advocacy Community Banks Leadership Regulation Regulatory Relief Too Big to Fail Washington

More Trending

Mastercard’s Call To Digital Payments Action

PYMNTS

Digital commerce has been a reality for more than two decades. The launch of the iPhone in 2007 and the App Store in 2008 opened everyone’s eyes to the impact that mobile would have on payments and commerce.

Should Your Bank Go To Cuba?

Banker to Banker

Ahh, the gentle breeze of Havana – the music, the people, the cigars, the mojitos and the embargo. Given the thawing relations and the new rules announced by the Obama administration, banking and financial transactions are now loosening….somewhat. somewhat.

A Cautionary Tale: CEOs Want Substance not Sports Talk

MZ Bierly Consulting, Inc.

Andy is the CEO of a fast-growing service business in the Southeast. A serial entrepreneur, he is active in the business community, teaches in a major university’s business school program, and has published a book on building successful businesses. I asked him about his current banking relationship.

What is a bank?

Chris Skinner

I was at a conference the other day when the presenter showed this quote from the Wall Street Journal: The question is so simple it seems silly: What is a bank? Of course you know the answer. A bank pools savings and then allocates that capital. Simple, right? But that’s just the start.

Banks Employ Cognitive Automation and Gamification to Personalize Services

Insights on Business

How much money should I save and how should I invest my savings in order to retire comfortably? Financial advisors and wealth managers hear this question regularly. Yet, answering this common and seemingly simple question isn’t easy.

More Banks Working on APIs in 2016, But Bureaucracy Remains a Problem

Bank Innovation

APIs (application programming interfaces) are fast becoming integral to the banking world, but corporate culture has not yet caught up with the technology, according to data from a survey conducted by the Open Bank Project together with Bank Innovation.

Survey 285

Sibos 2016: My five main takeaways for banks

Accenture

Once again, Sibos was the place to be to discover, discuss and understand how disruptive innovations are transforming the financial services landscape. Looking at the opportunities amidst the disruption, this year’s conference also further explored the evolving relationship and collaboration.

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A Millennial’s Home-Buying (and Mortgage) Journey

Celent Banking

At Celent we take a very customer-centric view of the banking experience. My husband and I recently relocated and bought a new house. As first-time home buyers, we were nervous about the biggest purchase of our lives. Where do we start? How much will it cost?

5 trends shaping mobile payments worldwide in 2016

Mobile Payments Today

Michelle Evans, the digital consumer manager for Euromonitor International, shares some findings from the company's latest global research

Trends 219

Picking Up Pennies For Marketing?

Credit Union Geek

When was the last time you came up with a truly unique marketing effort? Let’s back up a bit. Your credit union is always looking for new creatives to promote various services. Really, how many ways can you suggest opening a checking account?

2016 IB Social Media Leaders

Independent Banker

Congratulations to the Top 2016 IB Social Media Leaders. Independent Banker ® magazine recognizes three community banks who have conducted creative, engaging and impactful social media campaigns.

New Tracker: Business Banking’s Mobile Momentum Mounts

PYMNTS

American consumers have fallen for mobile banking apps, but up to now, most businesses were not seemingly showing apps the same love. With the number of mobile banking customers now outnumbering those who bank at branches for the first time, consumers have warmly embraced banking via mobile apps.

Mobile 285

10 Trends in Bank Marketing for 2017 (Part I)

Banker to Banker

In 2016, bank marketing changed. Out was the reliance on in-branch brochures, print ads and a couple of events per year. In 2016, as an industry, banks started to embrace the power of social media which has now morphed into a trend of focusing on mobile.

Trends 191

#SIBOS Geneva 10 Takeaways

Bank Innovation

Coming down from a 4-day conference with 8,000 attendees and wrapping it all up in a blog post is hard, because one has to focus on the signal despite all the noise being so interesting. Last year in Singapore, I had 6 takeaways, having not been to SIBOS for a Read More.

Bankers should not be retailers [Wells Fargo]

Chris Skinner

5,300 Wells Fargo employees have been caught faking customer account openings in order to hit their sales targets. That sounds pretty disgusting doesn’t it, but it’s nothing new. In fact, we here in old America or, as some call it, Britain, have been living with this for half a decade.

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We Need Consensus on the Best Approach to Consensus

Insights on Business

As has been noted elsewhere, the Hyperledger project is experiencing spectacular adoption and growth as the combined benefits of a permission blockchain fabric grounded in open source and open governance is even more widely recognized.

Maine 226

Lantern Credit Partners with Plaid for Realtime Credit Monitoring

Bank Innovation

There are quite a few startups that market themselves as companies increasing financial literacy and safeguarding customers’ financial health, but there aren’t many of them that keep watch on a user’s credit score in realtime.

Connected commerce: The next big thing in digital payments starts at home

Accenture

In 2001: A Space Odyssey, “Hal” the on-board computer says, “I’m sorry, Dave. I’m afraid I can’t do that,” and refuses to let Dave back into the main spacecraft. This is a nightmare scenario around artificial intelligence that has been. Read more.

Maine 232

Stop Throwing Money at Cybersecurity

Celent Banking

Most cyberattacks succeed because of weaknesses in people, processes, controls and operations. This is the definition of operational risk. Therefore, it makes sense to tackle cyber risk with the same tools you use to manage operational risk.

Why mobile social media money transfers are going to be huge

Mobile Payments Today

FIs and payment processors have a major opportunity to collaborate with FinTech pioneers such as Moneymailme to serve the growing market for mobile social media money transfers

Top 10 Blockchain Headlines of 2016

Bank Innovation

Blockchain—possibly the buzziest of buzzwords in 2016.

15 Minutes With … Jimmy Rasmussen

Independent Banker

In addition to spending time with family, Jimmy Rasmussen enjoys sporting activities, including fishing and deer hunting. Photo by Robert Seale. President and CEO for the $543 Million-Asset HomeTown Bank, N.A., in Galveston, Texas.

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Rent Payments With Benefits?

PYMNTS

Checks are a dying payment method, according to the Federal Reserve, except when it comes to rent payments. That may be about to change, however, thanks to full-service payment solutions that can accept credit card, debit card and mobile wallet rent, while rewarding tenants for paying rent on time.

How The OCC Will Help Bank Innovation

Banker to Banker

Given that our latest TV obsession is Westworld and that we are focused on innovation, it was with great interest last week that we learned that the OCC is prepping to open a “Responsible Innovation Office.”

USAA Rules Latest Net Promoter Score Survey

Bank Innovation

A study from Temkin Group released today puts San Antonio-Texas-based USAA head and shoulders above every other corporation in America in terms of Net Promoter Score. Net promoter Score is a slightly controversial metric that measures customer loyalty.

Survey 274

InsurTech: changing the world of risk

Chris Skinner

I haven’t blogged about InsurTech much, as this is a banking blog, but having started life in the insurance industry I guess it’s time to shine a light on this corner of the financial world.

Accelerating Blockchain Transformation

Insights on Business

In March of 2016, I testified on the revolutionary nature of blockchains before the U.S. House of Representatives’ Energy and Commerce Subcommittee on Commerce, Manufacturing & Trade. Since that time, blockchains have continued garnering interest across multiple industries from banking to health care, and have been explored for quite a few additional use cases.

Is Stupid Money Chasing Blockchain?

Bank Innovation

There seems to be a profound conundrum facing blockchain and its implications for financial services. While it is true that blockchain seems to have the potential to “transform” financial services, it also faces steep challenges.

Reshaping customer experience: A necessary step towards credit innovation in digital lending

Accenture

Have you ever sat in front of clients annoyed by the long process they had to go through in order to obtain a loan or mortgage? Probably. Making the procedure faster, simpler and more customer-centric is increasingly perceived as critical. Read more.

The growth and impact of Money 20/20

Celent Banking

It’s remarkable that in just five years Money 20/20 has gone from a standing start to having about 11,000 [sic – you read that right] registrants.