Inside The Royal Bank of Scotland’s Innovation Strategy

Bank Innovation

Cards Commerce Corporate Exclusive Innovations Insurance Lending Mobile Payments Uncategorized Facebook facebook workplace innovation lending Mobile banking P2P Lending quantum computing Royal Bank ScotlandEXCLUSIVE – Traditional banks cannot afford to ignore fintechs. What started out as a nascent subsect of the broader financial space is now at the forefront of how people bank.

Too many innovation strategies place speed over discipline

Payments Source

In the era of digital transformation, it can be easy to mistake activity for achievement. A disciplined approach is needed, writes Tim VanTassel, a vice president at FICO. ISO and agent Payments Banking Fintech Retailers

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Fintech Unfiltered: Inside HSBC Bank USA’s Lofty Innovation Strategy for 2018 [Podcast]

Bank Innovation

As a part of its retail transformation strategy, HSBC Bank USA spent over $130 million on innovation projects in one year on its U.S. operations. These projects range from less visible, but equally important, system upgrades on the back-end and more visible ones like installing Softbank’s robot Pepper in its New York flagship. The bank […].

Why Automation is Key to Chesapeake Bank’s Innovation Strategy for 2019

Bank Innovation

Automation is the theme that best describes Chesapeake Bank’s innovation roadmap for 2019, Kevin Wood, managing director of the state-chartered community bank’s business lending division, Cash Flow, told Bank Innovation. “One Commerce Corporate Exclusive Innovations Lending Online Open Fintech Premium Risk Automation Chesapeake Bank Community Bank Jack Henry ProfitStars

Commerzbank’s Digital Innovation Strategy in Germany’s Cash-Heavy Economy

Bank Innovation

billion ($513 billion) in assets, and boasting a 50-person innovation lab, implementing fintech for a fiat-focused market has its challenges. Capital Corporate Daily Post 3 Exclusive Innovations Operations PFM Premium Risk Trading cash Commerzbank European Central Bank innovation labIn some markets, banks and fintechs are a long way from overcoming the dependence on cash. This challenge is felt at Germany’s Commerzbank. As one of the country’s top five banks, with €452.5

N26 banking on ‘pure-play’ approach to US market with checking account, debit card

Bank Innovation

Carousel Innovation Strategy Premium Retail Banking Startups

For startups to bridge banks’ fintech gap, innovation execution needs a reality check

Bank Innovation

This is the second article in a two-part series on bank-fintech collaborations based on the 2019 State of Banking Innovation Survey, a study conducted by Bank Innovation and INV Fintech. Carousel Innovation Strategy INV Fintech Startups APIs collaboration innovation strategy

How Fifth Third Bank reshaped its digital roadmap

Bank Innovation

Instead, the bank is focusing its digital strategy on meeting human needs, said Melissa Stevens, chief digital officer of Fifth Third Bank, in the fireside chat at Bank Innovation Ignite in Seattle on Monday. “We’re Bank Innovation Ignite Carousel Customer Experience Innovation Strategy Premium digital strategy Dobot Fifth Third Bank innovation strategy

US Bank’s White: Digital banking is now more than DIY

Bank Innovation

Carousel Innovation Strategy Product Design Retail Banking Sales & Marketing BNY Mellon innovation strategy Mobile banking US BankAs digital banking goes mainstream, banks are recognizing that a mobile app that lets customers carry out day-to-day tasks isn’t enough. It’s a reality for which U.S. Bank has been preparing, especially as it reports that 72% of its customers are considered “digital-active” and 50% are using mobile channels.

US 215

How BNY Mellon is using a design approach to reshape client experiences

Bank Innovation

Carousel Customer Experience Daily Post 2 Innovation Strategy BNY Mellon customer experience innovation strategy product developmentDespite the hurdles involved in rethinking how a large, storied financial institution views customer experience, 235-year-old BNY Mellon is tackling the challenge head on. The bank and financial services holding company, which has $1.8

For startups to bridge banks’ fintech gap, innovation execution needs a reality check

Bank Innovation

This is the second article in a two-part series on bank-fintech collaborations based on the 2019 State of Banking Innovation Survey, a study conducted by Bank Innovation and INV Fintech. Carousel Innovation Strategy INV Fintech Startups Uncategorized APIs collaboration innovation strategy

New Competitors Forcing Banks to Reevaluate Innovation Strategies

The Financial Brand

Banking providers are investing in innovation, changing business models and partnering with fintech firms to respond to digital consumer expectations. Innovation Strategies analytics big data digital banking fintech

Banks push for more fintech startup collaborations, despite failures

Bank Innovation

That’s according to a study by Bank Innovation and INV Fintech, a startup accelerator, released today. Carousel Innovation Strategy INV Fintech StartupsWhen it comes to bank-fintech collaborations, banks are finding more failure than success.

How BNY Mellon is using a design approach to reshape client experiences

Bank Innovation

Carousel Customer Experience Innovation Strategy BNY Mellon customer experience innovation strategy product developmentDespite the hurdles involved in rethinking how a large, storied financial institution views customer experience, 235-year-old BNY Mellon is tackling the challenge head on. The bank and financial services holding company, which has $1.8

Digital-only financial institutions avoid leveraging pandemic fears 

Bank Innovation

Carousel Corporate Banking Customer Experience Innovation Strategy Premium Retail Banking Wealth Management Coronavirus First Internet Bank Greenlight FinancialThe novel coronavirus may be closing bank branches nationwide, but some digital-only financial institutions are trying not to exploit consumer fears. Being a branchless bank is part of who we are, but we don’t want to resort to scare tactics,” said Nicole Lorch, chief operating officer at First Internet Bank.

Digital banks, payments startups face first major test in virus

Bank Innovation

Carousel Innovation Strategy Investing Lending Payments Product Design Retail Banking Security & Risk Chime MoneyLion Robinhood SoFi Square StripeFintech startups looking to upend how Americans do their banking are facing their first major test as interest rates fall and fearful consumers seek safety at traditional banks. Square Inc. and Stripe Inc., mobile payments companies founded after the 2008 financial crisis, and digital banks including Chime Inc.

Figure VP Tony Morosini to speak at Bank Innovation Ignite

Bank Innovation

Tony Morosini, vice president of banking and payments at Figure, will attend and speak at Bank Innovation Ignite on March 2-3 in Seattle. Bank Innovation Ignite Carousel Innovation Strategy Payments AI Bank Innovation Ignite 2020 FigureMorosini will share insights and perspectives on lessons banks can learn from big tech companies like Google, Amazon and Facebook during the fourth session on Monday, March 2. Prior to his role […].

Bank of America gained 418 technology patents in 2019

Bank Innovation

Artificial Intelligence Automation Blockchain Carousel Daily Post 2 Innovation Strategy Payments Product Design Retail Banking Bank of America patentsBank of America obtained more patents last year than any other year in the history of the company. In 2019, company obtained 418 patents, a 31% increase over the prior year. According to the bank, patents protect the bank’s tech investments.

Can banks emerge stronger from the pandemic?

Bank Innovation

Carousel Innovation Strategy INV Fintech Retail Banking CoronavirusThe Coronavirus pandemic is posing significant challenges to the banking sector, forcing financial services providers into contingency mode and already driving cost-cutting initiatives and branch closures. What damage will the coronavirus crisis create in banking? Margins will be squeezed, credit losses will increase and, for banks in an unfavorable position, it could take years to […].

University of Toronto launches fintech bootcamp to meet local labor demand

Bank Innovation

Carousel Innovation Strategy Payments Retail Banking Wealth Management fintech University of TorontoWith nearly 200 startups, five major banks, 19 venture capital firms and representation from large tech companies like Google, Facebook, PayPal, Toronto is quickly becoming a center for fintech entrepreneurship.

How digital-only First Internet Bank strives to keep Indiana talent

Bank Innovation

Carousel Innovation Strategy Retail Banking Video Chime First Internet Bank KeyBank VaroAs banks and startups on both coasts compete for new graduates, Fishers, Ind.-based based First Internet Bank is using an internship program to keep talent in the Midwest. The program, which lasts a few months, sources talent from local universities. Participants are expected to take a hands-on approach and effect change at the institution. When […].

Banking ‘brain’ developer Kasisto raises $22M to expand

Bank Innovation

Automation Capital & Funding Carousel Corporate Banking Innovation Strategy Product Design Retail Banking Startups Wealth Management chatbots conversational AI digital assistants KasistoWhile the hype around chatbots and digital assistants may have reached a crescendo years ago, banks and the technology companies serving them are now investing in the “brains” behind digital conversational assistants, which can be applied across many use cases, including chat and voice.

Mastercard wins approval to join China’s $27T market

Bank Innovation

Bloomberg Carousel Innovation Strategy Payments China Mastercard paymentsMastercard Inc. won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening. The announcement by the People’s Bank of China on Tuesday signals the country is moving ahead with the speedier opening of its financial system that was agreed on […].

OnDeck’s Noah Breslow on building a community business bank

Bank Innovation

In this episode of Fintech Unfiltered, which is sponsored by Blend, Bank Innovation sat down with OnDeck CEO […]. Carousel Corporate Banking Customer Experience Fintech Unfiltered Innovation Strategy Lending OnDeck small businessSmall business lending company OnDeck is expanding its ecosystem of products. Through its application for a bank charter, the company wants to become a full-service digital bank for small businesses it says are overlooked by traditional banks.

California’s fintech startups are invading New York

Bank Innovation

Bloomberg Carousel Innovation Strategy Open Banking Payments New York Plaid San Francisco Stripe UberWhen two Irish brothers started Stripe Inc. together in 2010, there was little question about where they should put their headquarters. It had to be California. Now, though, Stripe is leaving the tech mecca of San Francisco, awash in tech talent and investor cash, and is in the process of moving its main office about 10 […].

Visa, Mastercard, AmEx win easier access to China market

Bank Innovation

Bloomberg Carousel Innovation Strategy Lending Payments Retail Banking China Mastercard VisaThe biggest U.S. card companies just moved a step closer to gaining access to China’s $27 trillion payments market. China said it won’t take longer than 90 days to consider applications from providers of electronic-payments services such as Mastercard, Visa and American Express Co., according the text of a landmark trade agreement with the U.S. […].

A Missouri bank is using tech to secure large deposits from public entities

Bank Innovation

Carousel Corporate Banking Customer Experience Innovation Strategy Bank of Franklin County Reich and TangBank of Franklin County, a Washington, Mo.-based based bank with $273 million in assets, is using ‘cash sweep’ technology to gain large deposits from public funds without having to put up its own assets as collateral. While accepting large deposits is not a pain point for most financial institutions, accepting public funds requires additional steps. If […].

Compound data: the key to digitized lending

Bank Innovation

Aside from operations and strategy, one of the biggest reasons is limited funding or lack of timely cash flow. Innovation Strategy INV Fintech Lending Sponsored Startups Boss Insights sponsoredA staggering 90% of small- to medium-sized enterprises fail. This is no surprise given that 72% of SME loans are rejected; it takes three months for SME borrowers to get their cash; and still 52% of […].

Varo crosses 1 million customers, with plans to become a bank by 2020

Bank Innovation

Digital banking brand Varo has 1 million customers, and is pushing ahead with plans to become a nationally-chartered bank early next year, CEO Colin Walsh told Bank Innovation Tuesday. Carousel Compliance & Regulation Innovation Strategy Product Design Retail Banking Sales & Marketing Startups challenger banks Varo Money

Fraud risk could run to billions in PPP loans

Bank Innovation

Carousel Corporate Banking Innovation Strategy Lending Premium 44 Business Capital Berkshire Bank BizChecks Farm Bureau Bank fraud Happy State Bank paycheck protection program PPP SBA PPP stimulus packageLast week saw banks and fintechs scrambling to stand up platforms to process Paycheck Protection Program loans, and now the struggle is to keep the platforms running while weeding out potentially fraudulent applications. Fraud is a common trend with government relief programs.

Fraud 221

Capital One’s Eno evolves to give proactive advice 

Bank Innovation

Automation Carousel Daily Post 1 Innovation Strategy Payments Product Design Retail Banking Capital One chatbot conversational AI EnoCapital One is determined to turn its digital assistant Eno into an affable, personal finance watchdog to build loyalty between the brand and customers. Three years after Eno’s launch, the bank is adding capabilities that go beyond simple balance inquiries to proactive insights on customers’ spending behaviors.

Bank of America customers sent $27 billion through Zelle in Q1  

Bank Innovation

Carousel Customer Experience Innovation Strategy Lending Payments Premium Retail Banking Bank of America Coronavirus PPP SBA ZelleBank of America customers are shifting toward digital tools. According to data released by the bank, supplementing its earnings call today, customers made more than 102 million transactions through Zelle, its peer-to-peer payments tool, during the first quarter of 2020.

Marqeta to focus on growing product suite in 2020

Bank Innovation

Carousel Customer Experience Innovation Strategy Lending Payments Retail Banking Doordash Kabbage Marqeta N26 Robinhood SquareIf 2019 was the year of the challenger bank, 2020 will be the year payments companies move closer to bank territory. Marqeta, the card issuing and processing startup supporting the capabilities of large companies like Kabbage and Square, sees 2020 as a big year for payments companies branching out into banking. Marqeta sees major opportunities […].

The future of banking is about data-driven experiences and not products: HSBC

Bank Innovation

Carousel Innovation Strategy Payments Premium Product Design Retail Banking Sales & Marketing behavioral data customer data e-commerce HSBCThe bank of the future will cease to be about specific products and services. Instead, it will offer embedded “experiences” based on data the institution has on its customers, according to a report released by HSBC this month.

Data 232

Better.com profits from low interest rates and recent layoffs

Bank Innovation

Carousel Innovation Strategy Lending Premium Better.com CoronavirusLaid-off hospitality workers can start new careers as loan officers with Better.com. The digital mortgage lender plans to hire 1,000 new employees this year and is targeting hospitality workers who have lost their jobs due to the COVID-19 crisis.? To Better.com, hospitality workers will make good loan officers because they are calm under pressure and […].