Bank Innovation
MARCH 21, 2017
A quick, seamless API for wealth management customer authentication and data aggregation may not fix all of SoFi’s problems, but it certainly helps. The alternative lender demoed its new Authentication API, built in partnership with Quovo, a financial data aggregator for wealth management, at the FinDEVr conference today. “What’s important to call out is the combo […].
Chris Skinner
MARCH 22, 2017
I blogged a year ago about TechFin, the incumbents’ view of applying technology to existing banking services, versus FinTech which seeks to transform the financial system. That has become one of the top search terms to find my blog, as it turns out, mainly because my blog entries are the first to be returned when searching for techfin. Interestingly that third one claims that Jack Ma, some guy from China, coined the term first, ten months after my blog entry.
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Payments Dive
MARCH 17, 2017
If 2015 was a defining moment for mobile use in retail, then 2016 showed the industry what is possible as merchants continued to fine-tune their app experiences for consumers. And they will continue along that path well into 2017 and beyond.
Abrigo
MARCH 9, 2017
Guest Post By Paige Chapel, President & CEO, Aeris Most banks recognize that their enterprises can only thrive if their customers also do. And to thrive, those customers need economically diverse and healthy communities in which to live and work. Partnering with local organizations to promote the health of those communities is often a top priority for banks.
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It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.
PYMNTS
MARCH 17, 2017
Financial software firm Misys had a bit of a roller coaster year in a market constantly in flux. The U.K. company canceled its IPO last October, citing “ current market conditions” as its reason behind deciding not to pursue an estimated $7 billion float on the London Stock Exchange. Those market conditions present interesting obstacles and opportunities for everyone in the banking FinTech space.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MARCH 17, 2017
Banks are entering what could well be a Golden Age — deregulation, rising interest rates, and a bevy of fintech startups eager to hop into bed with them. Will they take advantage of this fintech opportunity? “Banks now have the capital to put to work and invest in growth after a long period of cost-cutting,” […].
Chris Skinner
MARCH 7, 2017
I’ve just been alerted by friend Gijs Boudewijn to the release of a fascinating white paper by BIS, the Bank for International Settlements (the guys who do Basel stuff and are big cohonez in banking circles). Their Committee on Payments and Market Infrastructures released Distributed ledger technology in payment, clearing and settlement: an analytical framework last week, and I just read it.
Payments Dive
MARCH 16, 2017
Does the consumer-controlled checkout Amazon Go offers hold revolutionary potential, or is it a blip on the radar before a newer, hotter trend dominates the popular narrative? In reality, it's a bit of both.
Abrigo
MARCH 31, 2017
Commercial real estate lending continues to receive regulatory scrutiny and reminders for financial institutions to practice solid risk management. FDIC officials in March outlined several types of weaknesses in loan underwriting, administration and oversight practices that are emerging at some banks with CRE portfolios. In its latest “Supervisory Insights” publication, the FDIC reiterated the importance of sound credit risk management practices in light of rapid growth in CRE portfolios at some
Advertiser: ZoomInfo
Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.
PYMNTS
MARCH 21, 2017
A new report from financial services company Nordea says corporates are waiting for their banks and other FinServ providers to standardize payment processes. According to Nordea research, a quarter of corporates say their largest payments challenge is a lack of standardization across formats between banks — and 60 percent said this is one of their top three challenges.
Accenture
MARCH 24, 2017
With the introduction of PSD2, a new era of secure payments has begun in the European Union. The new regulation is aimed at enhanced customer protection against fraud, with stringent liability and accountability requirements and strong customer authentication features. Read the report. PSD2 requires European banks and other payment service providers to allow customers’ accounts to be accessed via. application programming interfaces (APIs).
Bank Innovation
MARCH 10, 2017
SAN JOSE, Calif. — Chatbots and IoT could reach the fullest impact on the banking world by working within the existing financial infrastructure, instead of trying to disrupt it, according to an expert panel at Bank Innovation 2017. These technologies should be thought of as additional channels connecting consumers, clients, and issuers to the financial […].
Chris Skinner
MARCH 14, 2017
I was asked this question at a recent conference and yes, banks do believe that the mass poor are just that: poor. How do you make a profit out of the poor? Well, truth be told, the poorest are the most profitable. They’re the ones who need loans and go overdrawn, and therefore pay all the fees for the rest of us – the mass affluent – to get our banking for free.
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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
MARCH 30, 2017
Although mobile payments are convenient for both employees and customers, transitioning to a cashless operation also presents a new set of challenges.
Abrigo
MARCH 22, 2017
The 2017 Risk Management Summit presented by Sageworks is set for September 25-27th in Denver, CO. The Summit is the industry’s leading life-of-loan conference, spanning business development through portfolio risk management in a CECL - current expected credit loss - world. In September 2016, more than 240 bankers and industry experts from both community banks and credit unions attended the Risk Management Summit in Austin, Texas.
PYMNTS
MARCH 13, 2017
The paper check has a nasty reputation in B2B payments as a cumbersome, manual and risky payment rail. Yet data from the 2016 Association of Financial Professionals’ Electronic Payments Survey released last September actually found a 1 percent increase in corporates’ use of paper checks compared to two years ago. For Jim Ballagh, VP of business development at corporate payments firm Ensenta , that’s not too surprising.
Bobsguide
MARCH 16, 2017
It’s clear that artificial intelligence (AI) is already one of the defining trends in fintech in 2017 and an increasingly popular buzz word in the industry. Businesses are gradually understanding the importance and benefits of machine-learning technology. Self-made billionaire Mark Cuban.
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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
MARCH 14, 2017
Mobile apps for bank employees are just as valuable as those for customers. At least that’s the idea behind IBM’s MobileFirst for iOS app suite — apps, designed specifically for bank employees in different sectors, including corporate, private and retail, SME, and others. To create the suite – intended for various industries in addition to banking – IBM first […].
Chris Skinner
MARCH 21, 2017
I blogged recently that there is around $1.6 trillion of money laundering globally and less than 2% is caught by the financial system. That’s a stunning amount and makes you wonder why our system is so awful. Much of it is down to the fact that account openings depend upon physical documentation and human checks. If we could digitalise the whole process, it could be tightened up immensely.
Payments Dive
MARCH 7, 2017
Fraud remains a risk that mobile payments providers, as well as consumers, need to be aware of and take measures against.
Accenture
MARCH 20, 2017
Read the full report. In the new world of digital payments, many technology developments are driven by customer experiences. Banks are investing heavily in technological innovations and Fintech relationships to provide better payments experiences to their customers. Even so, there is a stark contrast between the payments experiences of retail customers and corporate customers.
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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
MARCH 4, 2017
The B2B payments industry is finally beginning to hustle when it comes to technological innovation. And as traditional financial institutions (FI) begin to recognize the value of collaborating with FinTechs, these banks can similarly shake their reputation for being innovation laggards and promote B2B payments progress while they’re at it. . This industry is on the cusp of some major innovation, too, as FinTechs roll out services that banks can offer to their own customer clients via APIs.
Abrigo
MARCH 30, 2017
Sageworks User Groups provide an increasingly rare opportunity to be in a room full of peers, industry experts and staff from a critical vendor. The intersection of these groups allows for three distinct and valuable learning experiences. The quality of these face-to-face interactions at User Groups is impossible to replicate with a video or phone conference; specifically, these interactions consist of interactive industry discussions, learning from peer experiences and gaining actionable.
Bank Innovation
MARCH 24, 2017
Major banks are getting increasingly comfortable with the idea of open banking. For Citi, the open banking initiative was marked by the launch of its global developer hub in November of last year. The hub was initially supported in three countries – the U.S., Singapore, and Australia – but has quickly spread to five more […].
Chris Skinner
MARCH 15, 2017
Building on my challenger bank discussions, there’s some interesting points coming out of a new report by Price Waterhouse Coopers (or Playing the Wrong Cards as they’re now called, after the Oscars) on challenger banking. It’s well worth a read, especially as they found that having branches is more important than mobile apps. The survey showed that 68% of consumers thought a bank branch was essential when opening a new current account, compared with 25% who favoured a mobile app.
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.
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