Beyond Open Banking Compliance: The Opportunity for Commercial Banks

Accenture

Following our article on 5 actions to enable Open Banking for business finance, we now consider how commercial banks can innovate their entire business model by using Open Banking frameworks to build a powerful ecosystem.

Innovation? Humbug!

Chris Skinner

I hosted a banking seminar in the late 1990s where David Llewellyn, a Professor of Money, stood up and stated that “there will be more change in the next five … The post Innovation? Grid Innovation UncategorizedBill Gates said in the early 1990s that “we need banking but we don’t need banks anymore”. He was wrong.

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Pay-by-Nose, a new innovation

Chris Skinner

My … The post Pay-by-Nose, a new innovation appeared first on Chris Skinner's blog. Case Studies Fintech Future Grid Innovation TechnologyI blog regularly about what a fanboy I am of Chinese technology giants Alibaba and Tencent.

From innovation theatre to real innovation

Chris Skinner

I was listening to a great discussion about innovation (again) amongst a group of innovative bankers. In particular, how the conversation about innovation has changed over the past decade. Just before the financial crisis hit, innovation was big … The post From innovation theatre to real innovation appeared first on Chris Skinner's blog. Digital Bank Grid Innovation

Three significant innovations leading banking accessibility

Accenture

In my previous post, I highlighted a few of the incredible innovations we saw during the Efma-Accenture Banking Innovation Awards in 2019. The post Three significant innovations leading banking accessibility appeared first on Accenture Banking Blog.

CBDC and Technology: Enabling Blockchain to Drive Change

Accenture

The key innovation is the adoption of a value-based, or token-based, approach to money. Central bank digital currency (CBDC) represents a potential digital sea change in the daily function of finance.

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 Figure

Tango Card: Innovations Through Uncertainty

PYMNTS

In " A Look Forward: What Executives Wish for America and the World in 2021 ," Nat Salvione, chief commercial officer of Tango Card , discusses the innovations that have emerged since the pandemic: specifically, the use of pay-ahead apps and remote team engagement.

What does “innovation” mean in finance?

Chris Skinner

I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech. I trust it’s useful … Thank you for inviting me here to join you here for the … The post What does “innovation” mean in finance? Grid Innovation

Three innovative solutions shaping the future of the banking industry

Accenture

The Efma-Accenture Banking Innovation Awards are always a highlight of the year for me—and 2021 promises to be one of the most exciting competitions yet. The post Three innovative solutions shaping the future of the banking industry appeared first on Accenture Banking Blog.

Innovative Approaches To Retail And Global Commerce

PYMNTS

Today In Data Commerce Innovation News payments Retail Today in DataWalmart is adding the popular Justice brand of children’s apparel and accessories to some stores and its website. In retail rewards, David’s Bridal has seen a sizable number of shoppers enroll in its loyalty program.

NEW DATA: Credit Unions’ Innovation Priorities Reflect FinTech Competitive Pressures

PYMNTS

The bar on credit union (CU) innovation is higher than ever. The result is an unprecedented need for innovative, easy-to-use digital banking options that match members’ new online banking habits as physical branches’ importance wanes.

Fintechs, Beware of ‘Innovation Tourists’

Bank Innovation

Now that the industry is (mostly) clear on the fintech “friend or foe” issue, startups are busy pitching their products to the eager incumbents and their innovation teams. Startups, beware of “innovation tourists.” Exclusive Innovations Operations Startups Technology Wealth Management fintech startups GoldBean innovation Jane Barratt

Payments innovation in the Latin American market

Mobile Payments Today

There are a number of important innovations underway that are changing the industry Latin America is becoming an increasingly important market in the global payments business.

Benchmarking Innovation: What Do Indices Foretell?

Daily Fintech

In a recent analysis of innovation assessment scores, a new addition to its carrier credit rating framework, AM Best found scores a tad below those from a year ago. The post Benchmarking Innovation: What Do Indices Foretell?

Balancing payment innovation and trust

Mobile Payments Today

Rapid innovation in the global payments space has created new opportunties for bad actors to expoit these new ecosystems and requires ways of thinking on how to approach the subject

New Challenges Emerge From Payment Rail Innovation

PYMNTS

While new payment rails are designed to tackle some of the biggest legacy pain points of the financial services industry, innovative infrastructure is also opening the door to new challenges. B2B Payments B2B FinTech fraud Innovation News payment rails real time payments

What Innovators Can Learn From Netflix

PYMNTS

But the one thing that might work is taking a page from the innovation playbook that Netflix seems to have written and followed over the last 22 years. Using innovation to move consumers more into the “want to” camp comes with a unique set of challenges, some easier to overcome than others.

Setting the stage for the best banking innovations of 2021

Accenture

The Efma-Accenture Banking Innovation Awards have been a catalyst for innovation in banking since their inception in 2013. Since then, I look forward to them every year as the industry rewards and celebrates innovation.

Facebook has forced the world’s banks to innovate

Chris Skinner

… The post Facebook has forced the world’s banks to innovate appeared first on Chris Skinner's blog. Blockchain Future Grid InnovationIt’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow.

A disruptive innovation appears

Chris Skinner

I was listening to a financier talking about FinTech the other day, and claiming that they are all sustaining innovations and not disruptive. They were referring to Clayton Christensen’s innovator’s dilemma discussions, where Professor Christensen points to different markets that were destroyed by disruptors. Meantime, we need to really understand the difference between sustainable innovation and disruptive innovation, in order to see if there any disruptive change in banking.

Brex’s Arthur Levy to speak at Bank Innovation Ignite

Bank Innovation

Arthur Levy, vice president of business development at Brex, is attending Bank Innovation Ignite in Seattle, which takes place from March 2-3. He is speaking on a panel titled “How to make SME banking innovation work,” which will focus on small business products, payments and underwriting.

Upward Trends In Retail And Digital Innovation 

PYMNTS

Today In Data Commerce digital Innovation News payments Retail Today in DataeCommerce platform Shopify registered better-than-expected financial results amid growth in its subscription revenue and gross merchandise volume (GMV).

Trends 254

Look East for innovation

Chris Skinner

After all, it’s easy to call out banks for doing banking as usual but, if I … The post Look East for innovation appeared first on Chris Skinner's blog. Digital Bank Fintech Future Grid Innovation OpinionI often talk about faster horses and how banks think digital is doing banking cheaper and faster. It’s all about efficiency and effectiveness. So, I was asked the other day: where is the car?

Leading Innovation With A Diversified Payments Ecosystem

PYMNTS

Payments Innovation Connected Economy digital shift ebook executives Innovation News payments SpreedlyJustin Benson, CEO of Spreedly , believes that payments can be the springboard to a strong digital economy.

Why organisations resist innovation

Chris Skinner

I love this thesis, as it really shows why it’s incredibly hard to innovate internally. The internal innovator is like some strange virus infecting the organisation. The internal innovator may be encouraged to challenge and question the way the company works, but anyone dealing with such a creature finds them objectionable. It is the reason why innovators have their dilemma. You cannot innovate in an organisation that will do its utmost to resist change.

Citi Innovation Labs developing virtual tours for clients amid pandemic

Bank Innovation

Citi Innovation Labs employees are finding new ways to connect with bank clients, developing self-guided virtual lab tours to show clients the innovation teams’ latest projects. “We

Bank Innovation Ignite to focus on digital customer journey

Bank Innovation

Bank Innovation Ignite, which will take place on March 2-3 at the Grand Hyatt in Seattle, is an invitation-only practitioners’ retreat that will explore the evolution […]. Bank Innovation Ignite Carousel Innovation Strategy Retail Banking Startups Bank Innovation Ignite 2020

FinTech Cloud Technology Fuels Banking Innovation

PYMNTS

As cloud technologies emerge to help financial institutions (FIs) drive digital innovation, Finastra has introduced its Fusion Payments To Go offering for small and medium-sized banks. B2B Payments B2B banking Digital Banking FinTech Innovation News

10 Most Innovative CEOs in Banking 2017

Bank Innovation

Exclusive Features Innovations Mobile Online Payments 10 Most Innovative CEOs artificial intelligence Citi Fintech clinc Mobile banking online banking Starling Bank UK fintechFintechs are partnering with banks, banks are using blockchain technology, artificial intelligence, and cryptocurrency and financial regulation is still undergoing massive changes.

Real-Time Innovators Bring Data To Corporates

PYMNTS

Visa Talks Payment Rail Innovation. In a PYMNTS interview this month, Visa Global Head of New Payment Flows at Visa Business Solutions Alan Koenigsberg discussed the need for existing payment rails to innovate and adapt to new use cases.

12 reasons why banks don’t innovate

Chris Skinner

The post 12 reasons why banks don’t innovate appeared first on Chris Skinner's blog. Digital Bank Fintech Grid Innovation Opinion TechnologyI just got back from the ICEEfest in Bucharest, Romania. It’s a fantastic expo organised by Dragos Stanca and his team, and was very enjoyable even with the master of ceremonies, Jeff Leach, taking the mickey out of me. Jeff is an actor and comedian, and spent the whole conference f-bombing the speakers and the audience. Different!

Innovation with compliance is difficult

Chris Skinner

You may find it gratifying that most of … The post Innovation with compliance is difficult appeared first on Chris Skinner's blog. Grid Innovation Regulation UncategorizedI’ve been at a few conferences this week, and was amused by an audience poll at one event. The moderator first of all asked: Do you believe that the regulators are in the incumbent’s pockets and protect the industry from new competition?

FirstView CEO Says Healthcare Innovation Starts With Elimination of Patient Billing Surprises

PYMNTS

Bringing more clarity and upfront transparency to the process will spur further innovation and disruption that will in turn reform the broader healthcare industry itself, Raffo said. Healthcare AmerisourceBergen Featured News FirstView Innovation News Technology

SMBs Need FinTech Innovation To Boost Access To Credit, Capital

PYMNTS

But thankfully, he said, the emergence of the FinTech era is helping to break that cycle, enabling innovation in financial services to help SMBs flourish. There's not a huge incentive for change or innovation when you're operating well on strong margins because of interchange.”.