February, 2020

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LendingClub breaks ground with Radius Bank acquisition 

Bank Innovation

LendingClub, the publicly traded digital-lending marketplace, announced Tuesday that it is acquiring Boston-based Radius Bank, which has $1.4 billion in assets and is partnered with several fintech companies. LendingClub will pay $185 million for the acquisition, which the company expects to pay for itself in less than two years. The move offers a stable source […].

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How HR’s Self-Service Shift Drives Payroll To Unlock Data

PYMNTS

As open banking frameworks continue to encourage bank-FinTech collaboration , the financial services market is exploring new ways to unlock data — not only with banks, but with each other. That means financial functions beyond banking are taking advantage of application programming interface (API) data integrations, with productivity gains particularly large for business end-users of these products and services.

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Trending Sources

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Banking is what we do and technology is how we do it

Chris Skinner

A decade ago, we talked about the financial crisis, technology, regulations and compliance. A decade later, we still talk about regulations and compliance, but the discussion has changed thanks to the explosion of thousands of start-up firms around the world, in every constituency, doing things differently with technology that is … The post Banking is what we do and technology is how we do it appeared first on Chris Skinner's blog.

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Corona (Beer) Takes Hit From COVID Naming

PYMNTS

Someday this will be a marketing case study. You’re Constellation Brands. One of your leading brands is Corona beer. Then out of China comes a virus that has your name on it. You’re blowing up on social media for all the wrong reasons. And to top it off, you have a major product extension on the books with millions in media behind it. So far we know two things about this future case study.

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How to Create Sales Email Sequences That Convert

Modern go-to-market teams know it takes more than one email to break through the noise. Multiple touchpoints means more ways to get your pitch right — and, potentially, more ways to be wrong. The good news? Once you know how to write compelling, one-off emails to entice prospective customers, you can easily do the same across a short sequence of emails.

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Weekly Wrap: Banks and aggregators debate ‘screen scraping’

Bank Innovation

Welcome to the latest episode of our Weekly Wrap series, for the week ending Friday, Feb. 28, 2020. In this episode, editors discuss the following news developments: Gulf Capital Bank raised $93 million to expand; Business and financial software company Intuit plans to buy personal finance platform Credit Karma for $7.1 billion; and Bankers and data aggregators’ […].

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More Trending

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HSBC to shed 35,000 jobs globally in major restructuring

Payments Dive

The London-based bank will slash 35,000 jobs worldwide, shift much of its focus to Asia and close a large number of U.S. branches, as part of a major restructuring of its global operations.

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Citizens looks to employees to evolve product roadmap

Bank Innovation

A “Shark Tank”-style pitch competition has been launched at Citizens Bank, allowing employees to compete for internal innovation fund dollars with ideas focused on the next generation of products and services. The bank intends to make 10 to 20 investments per year. RJ Sherman, vice president of innovation at Citizens, did not specify the level […].

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The Coronavirus And The (Uneven) Ripple Effect Across Verticals

PYMNTS

Not all black swan events are created equally, at least when it comes to certain business verticals. Amid the plunging stock markets, and speculation about whether and when central banks might cut rates (or not), the blanket statement that the spreading coronavirus will crimp economic growth covers a few wrinkles. Namely, that some verticals may recover more quickly than others.

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Wells creates new digital innovation group as part of organizational overhaul

Bank Innovation

As part of a comprehensive organizational overall, Wells Fargo & Co. has created a group to focus on strategy, digital platforms and innovation, The Wall Street Journal reported today. According to Wells, the Strategy, Digital Platform and Innovation group will report directly to the bank’s CEO, and will be responsible for all corporate strategy and […].

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Outsource With Confidence for RDC Program Success

Remote Deposit Capture (RDC) clients are more likely to use additional treasury services and maintain larger deposits. However, poor customer experiences—particularly if they delay deposits—can compel RDC clients to take their business elsewhere. This eBook makes the case for outsourcing RDC operations to a proven managed services partner. This approach helps Treasury Departments with limited resources provide excellent client experiences that result in higher retention and productivity rates.

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“I was the first knowledge worker whose job was threatened by a machine”

Chris Skinner

Really interesting interview with Garry Kasparov in Wired magazine about the potential of artificial intelligence (AI) in the future. Garry Kasparov is perhaps the greatest chess player in history. For almost two decades after becoming world champion in 1985, he dominated the game. Then, in 1997, at the height of … The post “I was the first knowledge worker whose job was threatened by a machine” appeared first on Chris Skinner's blog.

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The growth of data in banking is unstoppable

Accenture

Banks occupy a privileged and trusted position. Social media companies may have insight into what is attracting our attention, but banks can see what people are willing to pay for. Accessing this source of Big Data is simply the latest way for banks to deliver on their core promise: to listen to customers, create a…. The post The growth of data in banking is unstoppable appeared first on Accenture Banking Blog.

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Self-service retail and the changing landscape on payments

Payments Dive

Self-service technology allows retailers to meet customer expectations established by the pioneering tech efforts of brand's, like Starbucks. These installations take diverse forms, a CES panel demonstrated.

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The Benefits of Leveraging a CRM to Be More Community-Focused

Abrigo

Key Takeaways To better serve their community, as well as stay competitive in this fast-moving environment, savvy CFIs are carefully blending digital innovations with their hallmark relationship banking practices. CRMs help institutions scale processes, relationships, and communication, without sacrificing the personal relationships the bank or credit union has formed.

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Budget Playbook for Commercial Lenders — Bank and Credit Union Edition

Amid market uncertainty, banks and credit unions are faced with critical decisions about the future of their commercial lending. With fluctuating interest rates and rising competition from non-bank lenders, it's critical to allocate your 2025 budget strategically to optimize lending operations. Our Budget Playbook for Commercial Lenders delivers key strategies to help you navigate these challenges, ensuring your institution is well-positioned for the coming year.

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Largest U.S. Pizza Hut Franchisee Could Choose Bankruptcy

PYMNTS

The largest franchisee of U.S. pizza chain Pizza Hut is reportedly considering options in the wake of financial woes, including bankruptcy. The news, reported by Bloomberg on Wednesday (Feb. 19), said that NPC International, which owns around 1,200 Pizza Huts, is about $1 billion in debt. In lieu of that, the franchisee has begun negotiations with lenders.

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BofA integrates digital SMB tool with third-party platforms 

Bank Innovation

Bank of America is enhancing the capabilities of its digital cash management tool for small businesses, Business Advantage 360, by integrating with third-party platforms, including QuickBooks, Run Powered by ADP, G Suite by Google Cloud and Google Analytics. “Businesses go out of business many times because they don’t manage their cash flow properly,” said Sharon […].

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RegTech versus TechReg

Chris Skinner

I often talk about how banks have five times more regulation than technology firms. That stat comes from Bank of America Merrill Lynch who published this chart a while ago: This is confirmed by similar charts, such as this one from Benedict Evans, a Partner at the firm Andreessen Horowitz, … The post RegTech versus TechReg appeared first on Chris Skinner's blog.

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Hindsight is 2020: The payments past shows the future

Accenture

Unless you are Nostradamus, being a prognosticator is tough business. Consultants are often accused of over-hyping the short term and underestimating the long term. With this blog, I have attempted to strike the balance between long-term trends and short-term, actionable insights. With the start of the new year, I thought it would be a good time to….

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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.

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Payments innovation in the Latin American market

Payments Dive

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

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Using The Content Blender To Expand Your Marketing Budget By 5x

South State Correspondent

THE BANK CONTENT MARKETING HACK Banks that complain about not doing enough in marketing or not having a big enough budget may just not be taking the right approach. We rarely see a bank fully utilize their content. If done right, you can get at least five times the conversions for almost the same expense as you spend now. What bank wouldn’t want five times the loans, deposits, or fees?

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Google Quits Cookies As Data Privacy Regs Show Fangs

PYMNTS

Looks like the digital advertising and marketing sectors are in for a reckoning. How that will affect merchants’ online promotional activity hangs in the balance. That’s the scoop as 2020 opens, with privacy skirmishes turning to full-scale war on browser cookies. As we know, mostly anonymous corporations have been collecting consumer data online for years, usually without explicit permission, selling it or using it for ad retargeting and personalization.

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Bank of America gained 418 technology patents in 2019

Bank Innovation

Bank 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. “Patents are not always about excluding others from using [the technology]; oftentimes, patents are […].

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Is Your Current Card Platform Holding You Back?

Have you ever felt the pain and loss of a client suddenly going silent, leaving you questioning everything? Ghosting can cause heartbreak; in business, it drains resources, and emotionally, it shatters your confidence. A modern credit card program can give you the tools to deliver the digital-first experiences your customer’s demand. Our eBook, “5 Signs Your Credit Card Offering Needs an Upgrade,” will help you identify key indicators that your current card platform may be holding you back and w

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The true meaning of BaaS

Chris Skinner

Just spent a day chairing a payments stream at a conference. We talked about AI, biometrics, central bank digital currencies or CBDCs as everyone calls them, infrastructure, pipes, plumbing … you name it … but the bit that intrigued me was the views of Kristian Luoma from OP Bank, a … The post The true meaning of BaaS appeared first on Chris Skinner's blog.

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Three steps to implementing digital process automation in your bank

Accenture

Guest bloggers Richard Gillespie-Brown, Helen Bayliss and Nicholas Kitson explain how a bank’s centre of excellence can unlock customer and colleague value by overcoming hurdles to automating digital processes. During our frequent conversations with banking clients about automating their digital processes, we’ve found that many of them are struggling to scale up from proofs of….

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How PSD2 may ripple across the sea

Payments Dive

What we know is that PSD2 has profound implications for the e-commerce landscape across Europe. However, the implications may reach across the Atlantic, as U.S. merchant with cross-border ambitions need to take notice.

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Why Banks Need To Develop Their Own Customer-Facing Technology

South State Correspondent

CONTROLLING YOUR TECH FUTURE The build or buy decision should be a constant question in most bank’s decision making, and unfortunately, most banks default to the “buy.” In some cases, this is appropriate, but in many, it is not. In this article, we look at the two major overriding reasons of why your bank may want to hire and build out a development team in order to deliver a more customized banking experience to your customers.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.