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We’ve seen some pretty strong attacks on banks cyberdefences in the past year. Three major incidents in the SWIFT network; 50 at the Federal Reserve; problems at the Bank of England and many other central banks; a major incident at the Danish payment processorNETS; and big banks like HSBC and JPMorgan have all been affected. Admittedly, … The post British bank has a third of its customers’ accounts hacked appeared first on Chris Skinner's blog.
From almost the very beginning, Riskalyze has had the look and feel of a winner. Which can mean only one thing for the financial services startup: The venture capitalists were circling. “We had tons of inbound emails and tons of inbound phone calls. It was constant,” Riskalyze CEO and founder Read More.
“We cannot direct the wind, but we can adjust the sails.” This proverb sums up the challenges facing traditional banks in the digital economy. As digitally native customers change their expectations of what their bank should provide, banks need to. Read more.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
The following is written by Mary Beth Koester , Manager of Business Valuations at Rae & Associates. As you prepare clients for an exit, there are a few key areas and metrics to consider. Keeping in mind that exit planning can, and should, begin years in advance, you will be able to watch as these metrics change over time. You’ll become an important advisor to the business owner, making your role critical to their success.
Given that our latest TV obsession is Westworld and that we are focused on innovation, it was with great interest last week that we learned that the OCC is prepping to open a “Responsible Innovation Office.” This makes sense because not only do we need help with fintech, but someone needs to explain the time/space continuum, why there is a player piano in every episode and about a dozen of other plot points of the hit HBO series.
Given that our latest TV obsession is Westworld and that we are focused on innovation, it was with great interest last week that we learned that the OCC is prepping to open a “Responsible Innovation Office.” This makes sense because not only do we need help with fintech, but someone needs to explain the time/space continuum, why there is a player piano in every episode and about a dozen of other plot points of the hit HBO series.
I guess in concluding this weeks’ thoughts, I’m left reflecting on a similar idea to the one I blogged a couple of weeks ago about a world turned on its head. This time it’s a different take on the same conundrum. We live in the developed economies complaining about legacy; developing economies are just excited … The post Look at financial inclusion for innovation appeared first on Chris Skinner's blog.
If you thought ‘fintech’ was a buzzword, get ready for ‘open’. Open data, open APIs, open access – you name it. Banks are under pressure on multiple fronts to open the doors and let in the tech punters, all of whom are hungry for a slice of customer data. Open Read More.
In 2001: A Space Odyssey, “Hal” the on-board computer says, “I’m sorry, Dave. I’m afraid I can’t do that,” and refuses to let Dave back into the main spacecraft. This is a nightmare scenario around artificial intelligence that has been. Read more.
AI adoption is reshaping sales and marketing. But is it delivering real results? We surveyed 1,000+ GTM professionals to find out. The data is clear: AI users report 47% higher productivity and an average of 12 hours saved per week. But leaders say mainstream AI tools still fall short on accuracy and business impact. Download the full report today to see how AI is being used — and where go-to-market professionals think there are gaps and opportunities.
In a survey of community banks and credit unions at the 2016 Sageworks Risk Management Summit, 42 percent of respondents said Commercial Real Estate, or CRE, lending was their primary focus for loan portfolio growth. This reflects a larger industry trend. As noted in a recent American Banker article , many banks are increasing their investment in CRE loans, with many even exceeding the OCC guidance to limit CRE concentration to 300% of Risk Based Capital.
Contrary to popular belief, risk isn’t something to avoid. Risk is not even an element to minimize. This is counterintuitive as most bankers are taught to avoid and minimize risk. For that matter, most regulators, board members, and investors also reinforce this notion. Take for instance the dozen of credit parameters like maximum loan-to-value (LTV) that are hard and fast rules regardless of the quality or trend of the collateral value and absent of any analysis on pricing.
I consider myself a citizen of the world. I guess that’s because I fly around so much. Everywhere I go, I find the same thing. Warm, fantastic people who welcome me like a brother and complain about the idiot running their country. This is common to every country, just that some idiots are more extreme … The post Are we globalising or localising?
Blockchain is at a bit of a critical point, because it’s running up against the one universal enemy all new technologies have to face eventually: reality. In reality, how will banks use the blockchain? “To do the real thing, it takes time, effort and expertise,” says Alex Wolff, head of Read More.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
In Vritti Edition 6, we provide you with a rich selection of articles covering NFC, IOT, growing mobile wallet market in the Middle East and the role of mobile money in rehabilitating refugees in conflict zones.
Retailers have become more adaptive to respond to digital disruption, engage customers and improve competitiveness. Facing similar forces of change, retail banks must do the same. One way that banks can adapt is to learn from retailers’ transformation of in-store. Read more.
Banks operating in oil and gas intensive areas of the U.S. have experienced a significant increase in nonperforming commercial and industrial loans, but not in other types of loans – at least so far, according to a recent study by Federal Reserve researchers. “Our evidence seems to back up the view that to date, the banking sector has successfully weathered the storm of low energy prices,” said researchers in the Federal Reserve Bank of New York’s Research and Statistics Group.
The holiday season has arrived — meaning sales, snowflakes, good cheer, Christmas carols and fraudsters working day and night to break open your bank account through a variety of creative means. One of this year’s favorites so far, according to reports in The New York Times, has been fake retail and product apps popping up in the Apple App Store of late.
Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.
An interesting week as R3 goes through restructuring. Santander and Goldman Sachs leave and the Monetary Authority of Singapore, a regulator, join. Interesting. Since R3 arrived on the scene in 2014, it has been a train of technology. The consortium started on September 15, 2015 with 9 financial companies: Barclays, BBVA, Commonwealth Bank of Australia, … The post R3 in bumpy waters appeared first on Chris Skinner's blog.
The importance of cybersecurity, particularly to banking, is under a spotlight at the moment, as online and mobile banking users and financial consumers find themselves dealing with hacks, Trojans, and malware bots, all gaining ground in the last two months. Whenever cybersecurity is discussed, the topic of biometric authentication rises Read More.
A lot, actually. Which is why the ATM industry has seen a steady stream of rollouts this year — not only by financial institutions, but also by independent players.
In previous posts we have discussed new Accenture and Fjord research on Money Mindsets and have introduced the four basic financial personalities the research has discovered. In this post we will look more closely at the Balancers mindset. These are. Read more.
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.
The reality is that the last two months of the year are among the worst to market a bank brand or product. People don’t seem to care and with all the retailers running ads for the holiday season, advertising is crowded and expensive. This is why we dramatically reduce marketing for the last two months of the year.
As the digital age marches on, we have all learned that the convenience and benefits of the IoT , cloud storage and mobile devices come with a darker side. Chain Store Age just released its predictions for the near future of cybersecurity. Their predictions for 2016 turned out to be accurate, so it’s best to pay attention. Here are the upcoming trends and threats for 2017 and what businesses can do to keep up.
Bye bye banking job for life Many of the banking folk I meet have been with the bank as man and boy, woman and girl. It’s a job for life. Funnily enough, I’ve never known one of those jobs. I guess it’s because I work in tech, and many of the tech firms I’ve worked … The post Reboot the bank’s boardroom NOW! appeared first on Chris Skinner's blog.
Is an Open API much like an 24/7 Open house? Maybe it is in some ways but it can also be gated. I actually like to think of Open APIs, as Private, Open for Distribution, Open for Business. Pardon my thinking in progress as I watch and monitor the versioning, pivoting, Read More.
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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