Bank Innovation
OCTOBER 11, 2017
EXCLUSIVE— It’s no secret that banks don’t move all that fast when it comes to new innovations, but most are starting to match fintechs at the customer experience level, according to Verizon, which provides software and internet connectivity to much of the industry. But the internal systems of traditional financial institutions are a different story. […].
Chris Skinner
OCTOBER 19, 2017
I was at a large bank’s wealth management conference recently, where the CEO was being quizzed about various areas including a lot about technology and FinTech. He made several statements that I noted with interest: “Roboadvisory services improves our speed-to-market and human productivity, but does not replace humans. In particular, … The post Why bankers only see horses and technologists are creating cars appeared first on Chris Skinner's blog.
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Payments Dive
OCTOBER 6, 2017
While there are pros and cons to a bank forging its own way with mobile payments outside the Pays, industry executives on a panel last month at the Bank Customer Experience in Chicago agreed financial institutions should be aware of, and explore, all developments in the industry.
Abrigo
OCTOBER 10, 2017
By John Brown, Founder of Business Enterprise Institute, Inc. Setting goals is critically important when you approach the inevitable exit from your business. Without goals, even the strongest systems fail, as they have no purpose to work toward. Your goals are what guide your process toward a successful exit, and without them, you will find wheels spinning in the mud of indecision.
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PYMNTS
OCTOBER 17, 2017
Can big banks be nimble of foot when it comes to FinTech? One giant — JPMorgan Chase & Co. — is taking some definitive steps on that stage. JPMorgan announced today (Oct. 17) it is acquiring payments platform WePay. The combination will create an ecosystem of platform developers and small businesses, powered by WePay’s ability to integrate payments functionality into software and fueled by Chase’s global reach, small business product portfolio and network of 4 million small businesses.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
OCTOBER 3, 2017
Technology provider Oracle is moving forward with its “open banking initiative,” a project that includes an open API framework to better allow banks and fintechs to work together on innovation. The company announced the platform yesterday during its “Oracle Open World” conference. The platform is a “platform as a service” initiative aimed at creating greater […].
Chris Skinner
OCTOBER 20, 2017
Continuing yesterday’s discussions about a big bank’s conference, I was intrigued at how often the subject of cryptocurrencies and bitcoin came up. But there again, it’s a topical thing at the moment with the price of bitcoins surging past the $4,000 mark and Goldman Sachs going against JP Morgan, and saying that … The post A global currency is coming, whether you like it or not appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 19, 2017
The QR code – which has had a wild ride – is going to both speed up the e-commerce payment experience and make it more secure.
Insights on Business
OCTOBER 18, 2017
If 2016 was the year artificial intelligence (AI) became a buzzword for the financial services industry (among many others), then 2017 has been more a year of introspection. There’s a growing awareness on the state and application of AI within the industry. AI is not yet a magic switch, particularly for financial institutions (FIs) where data access and security play a critical role.
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PYMNTS
OCTOBER 20, 2017
On Friday (Oct. 20), Mastercard announced news that it will be opening up access to its blockchain technology through its developer’s API. Initially, the technology will be made available for B2B transactions, specifically to address the demands of cross-border payments. Mastercard is not the only firm delving into blockchain. The company joins Google, Overstock, Citi and Goldman Sachs in embracing the distributed ledger technology.
Accenture
OCTOBER 9, 2017
In part one of my blog on atomizing payments, I explained how payments volumes are likely to expand 25 times or more in the future, resulting in trillions of new payments. In part two, I explain a precedent for this atomization and its implications, and how the payments industry needs to prepare. Precedent and Implications. Atomization of communication is a precedent.
Bank Innovation
OCTOBER 26, 2017
EXCLUSIVE—If banks want to remain a large, foundational part of the future financial system, they’re going to have to start working a bit harder on the open banking ecosystem, Marten Nelson, co-founder and VP of marketing for Token, told Bank Innovation. “Banks have to play on both sides as well, they do need to develop […].
Chris Skinner
OCTOBER 2, 2017
I’ve said continually that firms like Google and Amazon will never open a bank. I still believe that this will be the case – Facebook and Apple also fall into this view – and mainly hold this view because these companies would find full service banking a difficult and unprofitable … The post Do you really think that Google or Amazon want to be a bank?
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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.
Payments Dive
OCTOBER 23, 2017
The payments industry needs a better barometer for how it measures success with mobile payments in the U.S. as the calendar approaches a new year.
Abrigo
OCTOBER 11, 2017
Policies are “the cornerstones for sound lending and loan administration,” and risk rating policies are a key component. Regulatory agencies lay out elements that loan policies should cover, such as what types of loans an institution will make and what information will be required from borrowers, but they rarely dictate the details. An institution must develop appropriate policies and procedures based on its size and the complexity of its portfolio.
PYMNTS
OCTOBER 16, 2017
From an acronym known mostly by programmers in the early 2000s to something thousands of innovators have embraced to ignite numerous innovative solutions, it’s been an electric journey for the application program interface (API). According to David Koch, chief commercial officer at financial services provider FI.SPAN — a company that build an API-based platform to connect FinTechs and corporate customers to financial institutions (FIs) — APIs have unleashed an incredible number of opportunities
Accenture
OCTOBER 3, 2017
Open banking—where banks expose their data, functions and services to an ecosystem of customers, employees, third-party developers and vendors—has been hotly anticipated in Europe. We know almost US$1 billion was invested in PSD2-enabled services in 2016, up 200 percent from the year before¹. Of course, some of this investment came from banks. But much of it originated from the group of voracious digital competitors circling banks’ traditional territory.
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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.
Bank Innovation
OCTOBER 20, 2017
EXCLUSIVE— Is Zelle in trouble? PayPal’s third quarter earnings, specifically the quarterly results of its popular P2P app Venmo, seem to suggest that the answer is yes. The banks’ Venmo challenger is growing quite well, reporting just over $30 billion in transactions for the first half of 2017, but the app in question had a […].
Chris Skinner
OCTOBER 23, 2017
Today, I received a guest post from David Demar, cryptocurrency disciple, author and a writer for NoStop.net. I really liked what he sent through and thought it worth a share as it complements quite a bit of what I’ve covered in the last week. Enjoy! Preparing for the Coming Crypto Revolution … The post Preparing for the Coming Crypto Revolution appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 26, 2017
Contextual commerce is an emerging trend in the payments and retail industries that executives are still trying to figure out due to some confusion over the concept.
Abrigo
OCTOBER 6, 2017
During a Sageworks webinar on HVCRE risk management Rob Ashbaugh, senior risk management consultant at Sageworks, explained that clarifications on some of the murkier aspects of the HVCRE (high volatility commercial real estate) rule were anticipated by the industry. On September 27, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency released a Community Bank Summary entitled Proposed Simplification to
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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
PYMNTS
OCTOBER 23, 2017
On Monday (Oct. 23), Mastercard announced news of the launch of Mastercard Consumer Control, which allows consumers to view where their credit card information is stored online. The program is an API that displays where payment details are kept, allowing cardholders to understand how that information is being used. “As digital payments continue to evolve, cardholders have more and more options to enable new types of devices for payment and to pay in new ways online and in-app,” said Jessica Tur
Chris Skinner
OCTOBER 18, 2017
It’s been an interesting few weeks, watching bitcoin’s rollercoaster ride as it rises to valuations over $4,000 and then dives to almost $2,000 before rising again to near $6,000. This is for an asset that just a year ago you could have purchased for a few hundred dollars. The rise … The post The truth about bitcoin appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 11, 2017
Insurtech Lemonade has opened its platform “to the world,” as stated by company co-founder Shai Wininger. The company, which provides quick and easy home insurance via mobile, will now allow developers to access their platform through the Lemonade API. This will allow developers to add Lemonade Insurance alongside their main products, according to the company. […].
Chris Skinner
OCTOBER 4, 2017
I get lots of input from many sources, and one of the ones I like is the innovation survey of banking produced annually by EFMA with Accenture. It also usually proves to be one of the most read items on my blog – here’s the 2015 and 2016 reports – so, as … The post The top trends in retail banking innovation appeared first on Chris Skinner's blog.
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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.
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