Chris Skinner
AUGUST 11, 2019
I received a long and lengthy article last week from Taylor Ryan, CMO at Valuer.ai (tryan@valuer.ai). The link provides a comprehensive article on European FinTech developments. It’s so good that I am happy to share it with y’all. Enjoy. THE BEST FINTECH STARTUPS IN EUROPE Government support for the financial … The post The best FinTech startups in Europe appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 2, 2019
While data shows that credit card fraud has decreased from the standpoint of payment volume, there remains a concern in the industry that cybercriminals are using sophisticated methods of changing tactics to avoid detection and put consumer payment information at risk.
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Bank Innovation
AUGUST 2, 2019
When it comes to bank-fintech collaborations, banks are finding more failure than success. That’s according to a study by Bank Innovation and INV Fintech, a startup accelerator, released today.
South State Correspondent
AUGUST 21, 2019
CRITICAL THINKING In Part I, we highlighted how having too much information about a decision often increases the confidence about the decision but usually doesn’t change the accuracy of the decision. In addition, gathering information takes time and effort, so the result is a more expensive and time-consuming decision that gives you a false sense of comfort.
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Abrigo
AUGUST 6, 2019
The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. Financial criminals are working hard, using technology and innovation to their advantage, to stay one step ahead of FinCEN and financial institutions. At the recent NYU Law Program on Corporate Compliance and Enforcement , FinCEN Director Kenneth A.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
AUGUST 8, 2019
There’s a regular itch that I feel in the back of my neck. I scratch it, but it won’t go away. The itch is an alarm call really, and it’s asking whether all this FinTech investment is worth it. Last year, $111.8 billion was invested in over 12,000 start-up FinTech … The post Are these FinTech unicorns worth it? appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 6, 2019
AI and machine learning for banking are getting a huge amount of attention these days, but the question remains: can these technologies truly replace human interaction and in-depth analysis of data?
Bank Innovation
AUGUST 8, 2019
It might have $55 billion in assets and 10.5 million customers in 10 countries, but OTP Bank, one of the largest financial institutions in Central and Eastern Europe, might be one of the most unorthodox banks on the Continent. The Budapest-based bank is pursuing not just startup-driven innovation, but through a mix of internal and […].
South State Correspondent
AUGUST 28, 2019
MANAGING BANK CULTURE AND PROFITABILITY Given that strategic planning season is upon us, one key affirmation is to verify if you are targeting not the customers that you have now but the customers that you want. Chances are, at least at some level, you are attracting the wrong customers that are not profitable, not engaged, not being a raving fan, causing some level of pain, or all four.
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Abrigo
AUGUST 21, 2019
Shopping for a bank secrecy act/anti-money laundering (BSA/AML) monitoring software can feel overwhelming. There are so many options, features, and benefits to each system that it can be tough to figure out where to start. We’ve spent the last 20 years working with industry experts regarding regulatory compliance and our customer base regarding program efficiencies to build BAM+ into the ultimate BSA/AML regulatory and compliance solution.
PYMNTS
AUGUST 2, 2019
Western Union ’s stock price was down in after hours trading, after missing on earnings but lodging a narrow beat on revenue. Adjusted earnings per share (EPS) came in at $0.45 per share, missing analyst consensus estimates of $0.48 per share. This compares to earnings of $0.46 per share a year ago. Net income of $614.8 million, or $1.42 a share, in the second quarter, compared with $217.6 million, or 47 cents a share, a year earlier.
Chris Skinner
AUGUST 13, 2019
I recently attended a FinTech conference where Henry Ma, Vice President & Chief Information Officer of WeBank, presented an update of how the bank is faring in China. For those unaware, WeBank is the offshoot of WeChat Pay, WeChat and Tencent, and focsuses upon financial inclusion in China. This may … The post A bank that runs accounts for just 50 cents a year appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 29, 2019
Prepaid cards and eGifts can help increase engagement and boost loyalty among retail customers.
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Bank Innovation
AUGUST 23, 2019
Confirming a customer’s identity is an ongoing pain point for banks and financial institutions around the world. It’s an even bigger challenge for countries that have high underbanked populations like Sierra Leone. According a recent estimate from the Sierra Leone government, just 20% of its citizens have a bank account, which perpetuates a chicken-and-egg problem […].
South State Correspondent
AUGUST 5, 2019
Put a rat in a maze, and they will speed up as they get near the end as can smell the reward. Forget rats, human sprinters also run the last 15% of a race faster than the previous 30%. Forget athletes, citizens make more donations to a charity as that charity gets closer to its fundraising goal. Forget citizens, bank customers also complete more new account applications, hit savings goals, and complete conversions if they can view a goal that is close.
Accenture: Banking
AUGUST 26, 2019
What is ISO 20022? The payments industry is continually evolving, with change driven by various evolutionary business initiatives such as Open Banking, Real-Time Gross Settlement (RTGS) system renewal and Instant Payments. In addition, a number of revolutionary ideas have recently hit the financial services industry, including digital and cryptocurrencies, as well as distributed ledger technology and blockchain.
PYMNTS
AUGUST 6, 2019
It’s now official. The Fed plans to build its own instant clearing and settlement rails. Introduced on Monday by Federal Reserve Board Governor Lael Brainard, the Fed’s instant payment scheme FedNow is designed to offer an option for consumers and business to transfer money instantly or nearly instantly in a “ubiquitous, safe and efficient” manner from one bank account to another.
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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.
Chris Skinner
AUGUST 21, 2019
The term The Internet of Things (IoT) was first used twenty years ago. Twenty years later, IoT is emerging rapidly. We have our cars and homes networked but, more than this, we have gadgets like Google Home, Siri and Alexa. Amazon has taken this even further with services like Key … The post The key to IoT is identity appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 13, 2019
Fintechs and traditional banks are targeting Gen Z consumers, millions of whom have limited access to banking or credit, with targeted mobile apps and financial education.
Bank Innovation
AUGUST 2, 2019
To TD Ameritrade, checking up on a portfolio is a task customers should be able to do on the go. Therefore, the brokerage firm has enabled in-car “experiences” to make that happen. “Leveraging technologies like AI and machine learning, voice and audio, our customers can engage in a way that makes this experience more intuitive […].
South State Correspondent
AUGUST 28, 2019
BANK TECHNOLOGY INVESTMENT Back in the 1980s, there were more banks, smaller banks, and little technology. We were still driving checks around, there was no online banking, and networked ATMs was the latest in bank technology. At the time, the rule of thumb for bankers was that each bank employee produced about $20,000 of operating profit per year. Since each bank had about 100 employees, operating profit was about $2mm per community bank.
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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.
Payments Source
AUGUST 8, 2019
Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.
PYMNTS
AUGUST 5, 2019
There are many ways to introduce an idea to the world. There is something to be said for going big — fireworks, a parade and a vast array of headlines. This, in short, seems to be the route Facebook decided to take with Libra — big announcement, big white paper, big partners and, most importantly — big, big plans. In short, Facebook hopes to create a new set of payments rails with the Libra cryptocurrency — with the aiding and backing of a veritable who’s who of payments and luminaries —
Chris Skinner
AUGUST 18, 2019
I just picked up a Financial Times article talking about how Artificial Intelligence (AI) will change the way you deal with money. It’s actually more about the Chinese internet giant Ping An, and how they’re changing finance using AI. If you are a customer of Chinese financial services group Ping An, … The post AI is not a technology change but a cultural one appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 16, 2019
As the payments industry works to get through an 18-month delay in implementing Strong Customer Authentication, retailers and consumers remain vulnerable as criminal fraudsters will likely seek to take advantage of the lull.
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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
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