Sat.Dec 07, 2019 - Fri.Dec 13, 2019

Do users care about their data?

Chris Skinner

A further discussion about data and the key issue of who should have access. During a recent lunch, we talked about how Chinese citizens allow the government to see all of their digital footprint via Tencent and Alibaba, but they do this for a number of reasons.

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Centana Growth Partners closes $375m fintech fund

Bank Innovation

Centana Growth Partners, a New York and Palo Alto, Calif.-based based growth equity firm, closed its second fintech valued at $375 million this week. The firm, which closed a $250 million fund in 2015, primarily invests in business-to-business technology companies.

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Bitcoin transactions at 'Lightning' speed

Mobile Payments Today

A bitcoin aficionado who goes by the name "21isenough" has created a prototype for a Lightning ATM. The contraption allows you to send tiny amounts of bitcoin over the Internet via the Lightning Network, a second-layer protocol that works on top of bitcoin

Will your next ride share be in an electric, self-driving car?

Accenture

My latest trip to Phoenix gave me a preview of what’s to come in auto financing, the for-hire vehicle industry and autonomous fleet management. And, that was just on my ride back to the airport. With my travel schedule, hailing a ride to the airport using a ride sharing app is all in a day’s….

Things worth reading: 10th December 2019

Chris Skinner

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Small business mobile banking adoption higher than retail

Bank Innovation

While U.S. consumers may be hesitant to adopt mobile payments, small businesses are more open to it. A recent J.D. Power study reports that mobile banking adoption for small business owners has surpassed adoption for retail banking customers. The findings from the research firm’s 2019 U.S.

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Here is the Data on Bank Customer Problem Resolution

Banker to Banker

Assume for a second that your bank screws up and causes a problem. The customer comes in or calls to complain - Do you apologize? Of course, you do – but then what? For the most part, community banks are fantastic and solving problems and making customers happy.

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Things worth reading: 9th December 2019

Chris Skinner

Things we’re reading today include … Global financial watchdogs take aim at Big Tech’s data dominance U.S.

Branches still pay off for Canada’s banks even in the app era

Bank Innovation

In a world reliant on smartphone apps, bank branches may no longer be Main Street mainstays, with red velvet ropes between brass stanchions herding customers to tellers behind wickets.

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How Your Customers Want to Communicate With Your Bank

Banker to Banker

Since your bank's primary value proposition is service and you are likely striving for a superior customer experience, then it would make sense that the first stop you should make is to improve your ability to communicate with the customer.

Prevention is the Key to Stopping Elder Financial Exploitation & Fraud

Abrigo

Key Takeaways Elder financial abuse/exploitation (EFE) is under-reported although it remains on the rise. ABA study shows banks are reporting more cases of EFE. The Senior Safe Act provides a safe harbor for financial institutions reporting suspected EFE. . The under-reported and growing crime. Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States.

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How is 2020’s banking different to 1990’s banking?

Chris Skinner

Building on my blog post last week, showing the views of 1997, it was clear years ago that banking was under siege. However, that siege never happened. Tesco thought that most banks were “a bunch of clowns”, but never cracked the market and still have not.

Bank Innovation Ignite to focus on digital customer journey

Bank Innovation

The business of banking is reaching a critical inflection point as ‘challengers’ take market share and incumbents implement strategies to accelerate their digital transformation efforts to enhance customer journeys.

How Order To Cash Eases Cash Flow Woes

PYMNTS

Paper — it’s like the nightmare we can’t wake up from. In 2019, 42 percent of B2B invoices were paid by paper check. Add to that image, this one: PYMNTS research finds that nearly 44 percent of invoices are still sent by fax machine and over 72 percent arrive via USPS. In America’s $2.4

Finding high-value-adding pathways for merchant acquirers

Accenture

How merchants enable and streamline payment acceptance is now at the forefront of the shopping experience. Acquiring—once a stable and steady background business helping retailers accept and process debit and credit cards at point-of-service and remotely (such as via telephone and mail)—is now a key differentiator for businesses. The more shopping behaviors change—from in-store to…. The post Finding high-value-adding pathways for merchant acquirers appeared first on Accenture Banking Blog.

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The Finanser’s Week: 2nd December – 8th December 2019

Chris Skinner

The main blog headlines are … Treating Customers Unfairly (#HSBC) I’ve blogged many times that so called free banking is a fallacy.

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Trust in UK startup banks growing among all age categories, data shows

Bank Innovation

The notion that customers don’t trust non-legacy banking brands is starting to fade, at least in the U.K. A study from consultancy A.T. Kearney released this month entitled “How Convenience, Innovation, and Trust Will Shape Tomorrow’s Banking,” noted that while U.K.

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Western Union Enables In-App Donations For US Customers

PYMNTS

customers can now make a donation to the Western Union Foundation when transferring money using the Western Union app, the company said in a press release on Tuesday (Dec.

Cashless is not for all consumers

ATM Marketplace

As cashierless shopping becomes more popular, a stark disparity is coming to light — the underbanked are getting left behind. In this blog post, Plain Green's Guy Dilger talks about the move away from cash and how some cities are fighting back

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How to size up the value of treasury management

ForwardBanker

Critical questions treasury leaders need to ask themselves and their teams. With a variety of challenges squeezing profits and increasing competition for commercial customers, financial institutions (FIs) are re-evaluating the role of treasury management.

Banks facing data crisis may need political help, Denmark warns

Bank Innovation

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the “real game changer.”

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Canadian Credit Unions Introduce Interac Debit On Google Pay

PYMNTS

Seven Canadian credit unions (CUs) have become the first in Canada to launch Interac Debit on Google Pay, Canadian Credit Union Association (CCUA) announced in a recent press release. . Customers can make payments using Android smartphones.

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My Vipassana experience: Ten days in noble silence

Lars Markull

A few weeks ago I got back to Berlin from a nearly six week trip to India. I stayed most of the time with my family-in-law in Mumbai but at the very beginning of my trip, I went for a ten days Vipassana (kind of meditation retreat) in Mumbai.

What Fintech Bubble? How To Find The Good Fintech Investments

Ron Shevelin

Is there a fintech bubble? There are good arguments for both sides of the coin. Ultimately, one side wins out

With podcasts and billboard ads, Brex focuses on brand building

Bank Innovation

Corporate card and financial product startup Brex is best known as an enabling platform for businesses, with a focus on startups. The three-year-old company, which is reportedly valued at $2.6 billion, initially spread the word about its offerings through word-of-mouth referrals.

Personal Data Protection Bill Makes Headway In India

PYMNTS

In India, the Personal Data Protection Bill is making headway. The legislation, which seeks to protect sensitive data, has gotten approval from the union cabinet that is helmed by Prime Minister Narendra Modi.

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State Establishes Framework for Hemp Related Products

New York's State of Mind

Late yesterday evening, we received word that the Governor had signed important legislation which creates a state-level framework for the expanded production of hemp and authorizes products derived from hemp to be legally sold on the state level. The bill takes effect on March 8, 2020. For credit unions, the bill provides a further comfort […]. Compliance Legal Watch New York State Regulatory bill A7680A FDA hemp summit USDA

Effective Loan Pricing – Why It’s Imperative Now More than Ever

Banking Exchange

Today’s environment is especially challenging Risk Management Risk Adjusted Rate Risk Credit Risk Operational Risk Feature3 Feature. 1Risk Management

How innovative can Goldman Sachs be with its planned robo-advisor?

Daily Fintech

Maybe Goldman Sachs leads the way so that Digital Advice reaches the $1.26 trillion projected by 2023. A mid-year look at Digital investing [link] via @DailyFintech #WealthManagement #fintech #roboadvisor pic.twitter.com/rdHxb1Lgty. — Efi Pylarinou (@efipm) July 16, 2019.

Insurance And Other Services Get Smarter Via Connected Vehicles

PYMNTS

It’s not just cars and trucks that are undergoing historic changes thanks to digital and mobile technology, and the drive toward the connected vehicle and autonomous driving ecosystems. The whole automotive culture — and that includes payments — is transforming. Proof of that comes from the U.K.

Fintech Disruption Leads to Consolidation in the Wealth Management Space

CCG Insights

For years the industry has seen a trend of fintech startups moving from competition to cooperation with legacy financial institutions, from disruption to partnership. It may be closest to the.

Adobe Executive Predicts People Will Not Ditch Bank Branches for Online Banking

Banking Exchange

Banks are still making crucial decisions when it comes to branch closings: It will still be a hot topic in 2020 Retail Banking Customers People Community Banking Branch Technology/ATMs Core Systems Feature3 Feature. 1Community Banking

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Developing and Retaining Top Talent for Long-Term Success

ABA Community Banking

It's fairly obvious why banks are so focused on attracting and retaining high caliber employers. Just as in sports, when you have a talented team and a good game plan, you get great results. The post Developing and Retaining Top Talent for Long-Term Success appeared first on ABA Banking Journal.

Old Navy Offers Free Same-Day Holiday Delivery Via Postmates

PYMNTS

Apparel and accessories retailer Old Navy , which is owned by parent company Gap, has teamed up with Postmates on same-day delivery during the holidays, according to a report by CNBC. The option will be free for customers from Dec. 21 to Dec.

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What are the obstacles blocking the mass-adoption of cryptocurrencies?

Daily Fintech

It’s been more than ten years since Satoshi Nakamoto published Bitcoin’s white paper. The market capitalization for cryptocurrencies is over $200 billion, but cryptocurrencies haven’t had much success in going mainstream.

State Street: From Block Chain to Digital Assets

Banking Exchange

Almost all of their clients say they hold digital assets already Financial Trends Technology Lines of Business Blockchain Fintech Feature Feature3. 1Technology

Credit Unions to Get More Relief From Remittance Transfer Rule

New York's State of Mind

Good morning, folks. Busy day today but I am in a particularly good mood because I got to watch the Patriots lose again. Do you realize this entire generation of New England football fans has never had to watch bad football? Anyway, I wanted to give you a quick heads up on two issues involving […]. Compliance Regulatory technology CFPB Electronic Fund Transfer Act NCUA section 919 Senator Elizabeth Warren Senator Sherrod Brown threshold