January, 2020

Survey: Banks just aren’t ready for digital

Chris Skinner

I’ve just been reading Jim Marous’s Digital Banking Report which ties in nicely with my new book Doing Digital, as the themes are similar.

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BMO’s Ben Schack on what’s next for bank-fintech collaborations

Bank Innovation

BMO Harris partners with fintech startups through the BMO Harris Bank 1871 Innnovation Program. The bank usually works with five to seven firms each year and announced its third cohort of startups last October.

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How blockchain will impact the supply chain

Mobile Payments Today

Blockchain technology can provide excellent tools for supply chain management. Former Coca-Cola executive Kraig Adams talks about how he got involved with blockchain technology and how it will transform supply chain management

Top BSA/AML Blog Posts: Cannabis, SARs Topped the List in 2019

Abrigo

Key Takeaways The most popular BSA/AML and fraud blog posts in 2019 related to staying on top of regulatory changes. BSA and compliance officers wanted to read about SARs, risks tied to cannabis-related businesses, and preparing for CAMS exams. Regulatory change in focus.

Legislators Work On Proposal For Japan To Create Its Own Crypto

PYMNTS

In a move that signals Tokyo’s concern regarding China’s effort to make a digital yuan, as well as Facebook’s Libra, a collection of ruling party legislators is crafting a proposal for Japan to create its own cryptocurrency.

Your Bank Probably Has Loan Size and Risk Wrong

Banker to Banker

MANAGING CREDIT RISK If you are like most banks you have your credit approval and risk process based around loan size. The assumption is that the larger the loan the more risk the bank is taking on so a greater level of risk review is needed. But, suppose the data didn’t bear that assumption out?

It’s a start-up world

Chris Skinner

Although most businesses fail in their first year, it is quite incredible just how many start-ups there are around the world doing something interesting with technology. According to Embroker: In 2016, 69% of U.S. entrepreneurs started their business at home.

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More Trending

Cash, payments and the future of ATMs — your 2020 spoiler alert

Mobile Payments Today

According to some economists, we've been experiencing an extended period of slow growth since the 1970s. What does this mean for the future of cash and ATMs? ATM historian Bernardo Batiz-Lazo explores the topic in his latest blog post

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Cannabis Banking: Mitigating Reputation Risk to Financial Institutions

Abrigo

Key Takeaways The number of institutions banking cannabis grew significantly in 2019. Despite Federal ambiguity, State Regulators are beginning to clearly define their stances on cannabis banking.

MoneyGram Teams With LuLu Money To Power Asia-Pacific Transactions

PYMNTS

Cross-border peer-to-peer (P2P) payments firm MoneyGram has teamed up with foreign exchange and global money transfer company LuLu Money , MoneyGram announced on Tuesday (Jan.

Why shell companies are so risky (and hard to spot)

Insights on Business

Shell companies and the hidden threat of entity risk. While not inherently illegal, shell companies have been getting a lot attention recently for the role they play in illegal activity.

Things worth reading: 24th January 2020

Chris Skinner

Things we’re reading today include … Executive at Portuguese bank co-owned by Isabel dos Santos is found dead JPMorgan board raises CEO Dimon’s pay to $31.5

Visa, Mastercard, AmEx win easier access to China market

Bank Innovation

The 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.,

Deutsche Bank report sees mobile payments surge, but cash remains critical

Mobile Payments Today

A new report from Deutsche Bank says that mobile payment adoption will surge in the next five years, but cash will remain a critical part of many economies.

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Fine-Tuning ALM Strategies for 2020

Abrigo

Key Takeaways If you don't feel like your modeling results are relevant, then it might be time to ask different questions. Shift your ALM model from a static to a dynamic approach to find more value in your results. Strapped for time to implement these strategies?

Payments Providers Combat The Conflict Between Security, User Experience

PYMNTS

In financial services, demand for ease of use and security are sky-high, even for business customers. But for many service providers, achieving one can often mean compromising the other.

Why Your Bank Needs A Digital Lead Gen Strategy

Banker to Banker

GENERATING DIGITAL LEADS Unfortunately, in 2020, most bank websites are nothing more than brochure-ware. That is a problem as not only can a bank’s website be its most efficient source leads, but it should also be the best source of conversions (leads that turn into new accounts and loans).

What is the purpose of a bank?

Chris Skinner

It’s a simple question: what is the purpose of a bank? However, the answers I get are often missing the mark, imho.

Financial app Qapital hacks the psychology of spending

Bank Innovation

At first glance, New York-based Qapital, a digital banking, investing and budgeting platform, might look like a challenger bank. But CEO and co-founder George Friedman says Qapital’s offerings are more than just a collection of financial products. To Qapital, which launched in the U.S.

Social media payments: An ally or adversary of banks

Mobile Payments Today

Many banks have increased overall focus on user experience within their digital ecosystems and have added new functionality like peer to peer payments into their mobile apps to avoid disintermediation.

Artificial Intelligence in BSA

Abrigo

Key Takeaways The most popular BSA/AML and fraud blog posts in 2019 related to staying on top of regulatory changes. BSA and compliance officers wanted to read about SARs, risks tied to cannabis-related businesses, and preparing for CAMS exams. Artificial Intelligence in BSA/AML.

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Italian Postal Service Targets SMBs With QR Code Payments

PYMNTS

Italian postal service Poste Italiane is introducing a new payments technology in an effort to attract more domestic small businesses, according to a report by Reuters. Marco Siracusano, the head of digital payment company PostePay, shared the news on Friday (Jan.

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Pragmatists: Go on, convince me

Accenture

Accenture’s ground-breaking 2019 Global Financial Services Consumer Study has seen four mindsets emerge from the data: Pioneers, Sceptics, Traditionalists and Pragmatists. In this series of blog posts, we’ll look at each type in the Australian context.¹

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The global new banking brew

Chris Skinner

Another useful person in my online network is Steve McLaughlin of @FTPartners, who I spotted sent a tweet last week saying they had produced a challenger bank report.

Mastercard turns to AR to visualize loyalty benefits

Bank Innovation

Payments giant Mastercard launched a new augmented reality (AR) app this month that lets cardholders get a bird’s-eye view of their benefits. It’s a move that the company hopes will drive engagement and loyalty, and add value to the offerings of its partner financial institutions. “At

Visa rolls out cash access incentives for UK merchants in underbanked communities

Mobile Payments Today

Visa is launching a program to expand access to cash for rural and low income communities in the U.K. amid reduced access to branch banking and ATM coverage. The program gives incentives to retailers to provide cash back to customers

5 Trends Bankers Need To Know From The Fed’s New Payment Study

Banker to Banker

RETHINKING PAYMENTS Last month, the Federal Reserve released its 7 th , tri-annual U.S. payments study, and, as usual, it had some eye-opening trends that all banks need to consider for their long-term strategic planning.

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Can Amazon Make Waving The Future Of Payments?

PYMNTS

The rumors about hand-based payments out of Amazon have been building for the last few months.

Learning to live with PSD2: reducing customer journey friction

Accenture

Guest bloggers Philip Cooney and Gaurav Bansal explore the pain points around PSD2 and how banks are trying to reduce friction for their customers. A few weeks ago, I (Phil) submitted my weekly grocery order and set off to meet a friend for dinner. I expected to hear no more about it until my order….

Welcome to 2020: What’s new?

Chris Skinner

Welcome to 2020. It’s a new day. It’s a new year. It’s a new decade. And yes, I’m feeling good. This is a year all of us futurists have looked forward to for over two decades as, back in 2000, it became popular to talk about a 2020 vision. … The post Welcome to 2020: What’s new?

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AI-supported asset manager Pagaya crosses $1.2b in AUM

Bank Innovation

Pagaya, a fintech firm which uses artificial intelligence to manage institutional money, has topped $1.2 billion in assets under management, on the heels of the close of $200 million in asset-backed securities in December.

Maintaining a competitive advantage in the banking space

Mobile Payments Today

Bátiz-Lazo, departmental chair in Business History and bank management at Bangor University, in Wales, discussed the importance of creating a competitive advantage

Case Study: How To Win More Loan Business

Banker to Banker

We work on thousands of lending transactions every year with hundreds of community banks across the country.

$500M Rescue Plan Considered For Debt-Burdened Taxi Drivers

PYMNTS

A New York City-appointed panel is seeking a $500 million bailout to help taxi drivers trapped in unscrupulous medallion loans, The New York Times reported on Wednesday (Jan.

Traditionalists: Not technophobes, just keen on human contact

Accenture

Accenture’s ground-breaking 2019 Global Financial Services Consumer Study has seen four mindsets emerge from the data: Pioneers, Sceptics, Traditionalists and Pragmatists. In this series of blog posts, we’ll look at each type in the Australian context.¹

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Bye-bye FinTech

Chris Skinner

I just spent time with a bank talking about Doing Digital. The host had read a preview copy of my new book and was asking a few questions about it. What had surprised me the most in my talks with five banks?

Thailand strives to catch up to Asian markets on digital banking

Bank Innovation

Thailand is laying the foundations for standalone digital banks as it strives to catch up with other Asian markets that are allowing such changes, according to its central bank governor. “At