2019

The end of FinTech

Chris Skinner

I’ve been involved in finance and technology for a long, long time. Originally, I was a technologist; then a financial technologist; and now a FinTech guy. However, I see the FinTech piece as being irrelevant. Whether it’s FinTech or TechFin, it’s all still just finance and technology.

Cashless payment capability boosts both cash and card sales in vending

Mobile Payments Today

Research confirms that cashless readers do not undermine cash sales in a vending machine. In fact, the cashless technology serves to improve both cashless and cash activity, particularly for machines doing lower volume sales

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A new era of technology enabled financial risk management (Part 1)

Insights on Business

In this series of blogs, we will focus on four transformative technologies with emerging risk applications that can help banks and financial institutions grow profitability and protect the enterprise.

Lawmakers Push To Fast-Track Crypto Regulation

PYMNTS

Are new bitcoin rules coming? According to The Wall Street Journal , “the Internal Revenue Service is expected to update its 2014 guidance on cryptocurrencies in coming weeks, following an April request from a bipartisan group of 20 lawmakers.

Japanese payment app PayPay targets rural areas where cash is king

Bank Innovation

Japanese mobile payment app PayPay is embedding itself in rural areas to gain market share in a country where cash is still dominant. Indeed, cashless payments reportedly account for just 20% of transactions, compared to 50% in the U.S.

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Rebeca Romero Rainey: You are the backbone of our nation’s financing

Independent Banker

“When our customers’ needs take center stage, we identify creative solutions to help them achieve their dreams.”.

Apple Reinvents (Improves?) the Credit Card

Credit Union Geek

Today, Apple held their seasonal keynote event, to highlight new services in a range of categories. You may get a kick out of their Apple TV+ lineup. Maybe you’re stoked about reading all your magazines on your iPhone with Apple News+. But you’re here for Apple Pay improvements.

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More Trending

The logic of digital change

Chris Skinner

I just went through a conversation about my presentation for a forthcoming conference. They didn’t want to provide a prescriptive approach, and just asked what I talked about in general. That’s a challenge, as I once turned up at a conference and they said to me “you have seven hours”.

Customers don’t want digital banking

Chris Skinner

So my snarky little friend Ron Shevlin wrote a piece on Forbes claiming that Americans don’t want a digital bank. As the guy who wrote the book Digital Bank you might think I would take offence to such a statement, but no.

Five phases of FinTech (2005-2027)

Chris Skinner

Three years ago, I blogged about three phases of FinTech. Three years later, I can expand on that theme and talk about five phases of FinTech.

If Facebook launch a cryptocurrency, will US government shut it down?

Chris Skinner

I’m writing more and more about Facebook launching its own cryptocurrency lately: Will Facebook become the world’s central bank? March 2019) Will a global platform connect all of our money?

Latin American payments market becomes an emerging target for development

Mobile Payments Today

Latin America has become an increasing focus of development in the emerging digital payments market, as the region transitions from a heavily cash-based system to increase automation, speed and transparency

AI and the rise of digital humans in financial services

Insights on Business

“AI is not going to replace managers, but managers who use AI will replace the managers who do not,” Rob Thomas, IBM General Manager of Data and AI predicted at IBM Think 2019. [1]

Cannabis Law Reform Gains Momentum In Congress

PYMNTS

In a first-ever congressional hearing on marijuana law reform, the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security convened July 10 to debate altering federal law around cannabis, CNBC reports.

Guaranty Bank uses account-switching tool to promote new branches

Bank Innovation

Guaranty Bank and Trust is using new technology to make it easier for potential new customers to switch bank accounts as it expands its branch network. The Mount Pleasant, Texas-based bank has added eight new locations over the past year in locations like Fort Worth and Dallas.

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Rebeca Romero Rainey: See you at ICBA LIVE

Independent Banker

. “Tim Zimmerman embodies what it means to be a community banker.”. I’m looking forward to seeing you at ICBA LIVE 2019! We’ve been working hard to ensure this year’s convention is the best yet.

Platform, marketplace, ecosystem … buzzword bingo!

Chris Skinner

I encounter lots of banter about platforms, marketplaces and ecosystems, and do wonder in the flippant way people use them interchangeably whether they really understand what they are talking about.

Blockchain is dead

Chris Skinner

I used to blog about blockchain and distributed ledger technology (DLT) almost once a week … four years ago. Today, I hardly blog about it at all.

Alipay and Visa announce global QR code venture

Chris Skinner

We all got hugely excited about Apple launching a credit card with Goldman Sachs and Mastercard last week. Whoopy-doo! This was a major lift for Mastercard in particular.

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Partnering in the ecosystem is not easy

Chris Skinner

Talking of partnering, many years ago, I was assigned the role of negotiating a contract with a partner for a large technology firm. The partner specialised in the insurance markets, my focus at that time, and we got into the game of contract wording.

Challenger banks don’t matter as they’re not a primary account

Chris Skinner

During Money 2020 Europe, I bumped into a chap from Monzo. No names mentioned, but he was buzzing and no wonder. The start-up has just boomed through two million users and is growing at over 60,000 account openings a week or 10,000 per day.

When will the FinTech bubble burst?

Chris Skinner

Reading about FinTech unicorns and pizzas worth $80 million, you would think that the world was bubbling over with wealth. FinTech investments last year peaked at over $110 billion, more than double the year before, and IPOs for firms like Uber and WeWorks are seeing valuations in the stratosphere.

How to choose the right payment processor for your business

Mobile Payments Today

Choosing the right payment processor for your business, whether it be a retail shop, restaurant or service provider, is a critical decision that requires several major considerations, including security, PCI compliance, convenience and ease of use

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Stop money laundering with a proactive AML approach

Insights on Business

The recently revealed $8.8 billion Troika Laundromat offshore money laundering scandal was a vast and complex deception.

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The 4 Key Clues To Understanding The Future Of Facebook’s Libra

PYMNTS

It’s been a little over two weeks since we all got our first look at Libra and Calibra. No doubt there will be countless news stories to come, and opinions on why it will or will not fly.

How SAFE Credit Union is using location-based alerts to engage customers

Bank Innovation

SAFE Credit Union, through a partnership with NCR Digital Banking, is using geofencing technology as a trigger for push alerts to its customers.

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How can you be AI with DD?

Chris Skinner

No, I don’t mean Attention Deficit Disorder, which would be ADD, but I mean Artificially Intelligent with Dumb Data.

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When will Amazon launch its bank?

Chris Skinner

Name the company that strikes fear into everyone’s hearts in business? In the 1980s, it was IBM. You never get fired if you buy IBM, even though It’s a Bloody Mess. In the 1990s, it was Microsoft.

Why Chinese TechFin is the exception and not the rule

Chris Skinner

I picked up an interesting article from Reuters, about how Asian technology firms are moving into banking in a different way to Europe or America.

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The true meaning of Open Banking

Chris Skinner

A year ago I blogged about invisible banking and that I have some issues with it, namely that the bank brand disappears and the customer finds it too easy to spend without thinking.

The true meaning of Open Banking

Chris Skinner

A year ago I blogged about invisible banking and that I have some issues with it, namely that the bank brand disappears and the customer finds it too easy to spend without thinking.

Banking with a human touch (guest speech transcript)

Chris Skinner

Some bankers took exception to my calling them some of them morally bankrupt and socially useless. I’m not surprised, as I used those phrases intentionally to be provocative. Equally, I wasn’t saying that all bankers are corrupt and useless, just some. Some big names, but not all.

Banking in the Cloud

Chris Skinner

One of the surprises I have had in my discussions with banks that are doing digital well, is how all of them seem profoundly committed to cloud-computing.

Fintech startups use unique approaches to payments to raise funding

Mobile Payments Today

As venture capital continues to look for new opportunties, startup firms in the fintech space are taking unique approaches to payments and financing to raise new funding to accelerate their growth

Beware of data “science projects” turned fraud prevention solutions

Insights on Business

As e-commerce has revolutionized the way we buy and sell online, we are no longer bounded by borders or time zones. Goods can be purchased from anywhere around the world at any time of day. Because of this, traditional rules-based fraud detection systems have become outdated and no longer work.

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Why Blockchain Holds Promise For Cross-Border Payments

PYMNTS

The rise of the global economy and the demand for swift and secure cross-border payments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech.

Fintech CEOs bullish on blockchain tech, give thumbs down on applications

Bank Innovation

Fintech executives sounded off on blockchain at CB Insights’ Future of Fintech conference this week. According to Henrique Dubugras, CEO and co-founder of Brex, blockchain is overhyped but cryptocurrencies are underrated.