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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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.

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

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.

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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

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.

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.

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.

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.

Retail 283

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.

Maine 250

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

The future CIO is not a CIO

Chris Skinner

As mentioned last week, the CIO’s role is changing from running an empire of maintenance engineers to organising a distributed development organisation.

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.

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

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.

The Dawn Of The Connected Baby?

PYMNTS

Internet of Things technology has been credited with saving people time and money in recent years, but potentially helping parents save their baby’s life?

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Identifying What’s Next In Digital Identity

PYMNTS

If you’re playing the slots in Vegas this week, there’s a good chance they’re coming up: Biometrics; EMV chip cards; Mobile security. Again.

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 227

Visa Takes Inspiration From Bitcoin For Cross-Border Payments

PYMNTS

Visa has its eyes set on an international prize, and it’s planning to take some cues from a new type of currency in order to win it. According to The Wall Street Journal , the company recently rolled out a new technology aimed at taking on a new market by offering international B2B payments.

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

The Banking Bazaar and the Bizarre Banker

Chris Skinner

I’ve spent a lot of this week talking about marketplaces. We have a growing number of financial marketplaces appearing. Lending marketplaces, credit marketplaces, payments marketplaces and more. A marketplace is the bazaar.

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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Will The Blockchain Revolutionize Faster Payments?

PYMNTS

Blockchain technology has allowed businesses to eliminate unnecessary, not to mention costly, intermediaries and significantly reduce international cross-border payment processing time from weeks to a day.

Are Shopping Carts And Wishlists Keys To Omnichannel Success?

PYMNTS

According to research in Q3’s PYMNTS.com OmniReadi Index , wishlists, purchase histories and other similar features are some of the most important ingredients in retailers’ omnicommerce strategies.

Retail 272

Is Gigging The New American Workforce?

PYMNTS

According to the latest research in the inaugural PYMNTS.com Gig Economy Index™, younger employees are slated to change jobs four different times during their first 10 years after graduating from college, compared to their parents’ generation, which changed jobs just twice in the same span.

Is UX The Key To Mobile Wallet Breakout?

PYMNTS

Given the shift from traditional payment methods to alternative payments, such as digital wallets, not to mention the growing number of customers paying for goods and services using their mobile devices, there is clearly room for steadier, sizable growth in mobile wallet adoption.

UX 269

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.

Seven Things To Know About The Gig Economy

PYMNTS

Mobile devices, apps, new technologies have given birth to new platforms that match supply and demand easier than ever before. And the ability to embed payments into those platforms is what has ignited those marketplaces. But how many people participate in the gig economy? How big is it?

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.