Bank Innovation
MARCH 26, 2020
The Coronavirus pandemic is posing significant challenges to the banking sector, forcing financial services providers into contingency mode and already driving cost-cutting initiatives and branch closures. What damage will the coronavirus crisis create in banking? Margins will be squeezed, credit losses will increase and, for banks in an unfavorable position, it could take years to […].
Payments Dive
MARCH 26, 2020
As relief and funding packages are being debated in Washington, the National ATM Council looks to how these new laws will affect business.
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American Banker
MARCH 26, 2020
An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the duration of the pandemic.
Chris Skinner
MARCH 26, 2020
In the next few weeks Doing Digital, my newest book, will be finally live on Amazon and all good book stores. It’s the result of two years primary and secondary research and, to pay it its due, has been featured in many interviews with me recently. I’ll share many of … The post Doing digital with big banks appeared first on Chris Skinner's blog.
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PYMNTS
MARCH 23, 2020
The way we live — the very ways in which we work, and learn, and spend leisure time, and of course, shop — have shifted markedly over the last several weeks. In the maelstrom of daily life grappling with COVID-19, the rollout of 5G , the fifth-generation network that features downloading speeds reportedly 100 times faster than that of 4G, may accelerate even as economic headwinds gather.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
MARCH 23, 2020
As customers practice social distancing and financial institutions close branches, banks and credit unions are increasingly helping consumers via video chats. “We can do anything over video that a branch can do except handle cash and coin,” said Tracey Miller, senior vice president of operations at Pioneer Federal Credit Union. The Mountain Home, Idaho-based credit […].
Chris Skinner
MARCH 25, 2020
I don’t do many interviews on The Finanser, but had been planning a massive book launch over the next month, touring the world and spending $1000s on media engagement. Ah well. That’s all on hold until this coronavirus thing ends … Meantime, one of the major sponsors of the book launch is … The post An interview with Mike Heffner, Appian appeared first on Chris Skinner's blog.
PYMNTS
MARCH 26, 2020
Cross-currency money transfer firm Western Union has announced the launch of Digital Location, a new tool that enables people to send money from home. A pilot of the new channel is being introduced in Austria, Belgium, Italy, Portugal and Oman. Users can choose phone calls or video in multiple languages to connect to a money transfer personal service assistant.
Accenture
MARCH 23, 2020
The growth of India’s digital payments sector in recent years has been phenomenal, and shows few signs of slowing: By 2023, digital payments will total US$1 trillion, a five-fold rise in five years.¹ In part, this growth is due to government efforts to drive financial inclusion and promote a cashless society, as well as regulatory…. The post How to succeed in India’s volatile digital payments landscape appeared first on Accenture Banking Blog.
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Bank Innovation
MARCH 27, 2020
Robinhood Financial Inc., facing lawsuits over crashes on its trading platform amid violent stock market swings, is now being accused of offering a “$75 goodwill credit” to dupe customers into waiving their legal rights. Attorneys for users who are suing the beleaguered online brokerage company asked a federal judge in Florida to order Robinhood to […].
Chris Skinner
MARCH 25, 2020
I got into an online argument as I said that the coronavirus was God’s way of letting Extinction Rebellion and climate activists win. Seeing his creation of humanity destroying his creation of everything, it took divine intervention to force us to stop flying, stop manufacturing and stop messing up our … The post Extinction Rebellion wins? Coronavirus and Climate Change appeared first on Chris Skinner's blog.
PYMNTS
MARCH 23, 2020
A hacking organization tried to breach the World Health Organization (WHO) recently, according to a report by Reuters. WHO Chief Information Security Officer Flavio Aggio said the identity of the hacking group isn’t known, and cyberattacks against the organization have increased exponentially during the coronavirus crisis. The hack was discovered by Alexander Urbelis, a cybersecurity expert and lawyer who looks for suspicious internet activity.
Payments Dive
MARCH 24, 2020
Trade organizations and government officials are burning the midnight oil to help ATM operators and small businesses impacted by COVID-19, but owners are concerned that time needed for saving their businesses could run out before help arrives.
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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.
Bank Innovation
MARCH 25, 2020
As the novel coronavirus forces social distancing and shelter-in-place mandates, many small businesses are being bled dry as they close their doors. Digital-only banking startups that serve small business clients, meanwhile, are figuring out what actions they can take to help their struggling customers. “Many of our customers are seeing a huge, immediate drop in […].
Chris Skinner
MARCH 22, 2020
The travel bans across Europe hit last week, we were told to stay at home, we are advised to self-isolate, our children’s schooling is cancelled, the supermarkets are working with face masks and social distancing … the world has changed. As a result of so many people losing short-term income … The post A bank making a mark in mad bad times appeared first on Chris Skinner's blog.
PYMNTS
MARCH 27, 2020
Cleanliness is on everyone’s minds these days, particularly as so many of us are working from home, learning from home, or quarantined at home as COVID-19, the disease caused by the coronavirus , continues to wend its way through the U.S. In an interview with Karen Webster, Ron Holt, founder of Two Maids and a Mop , a house cleaning franchise service operating nationwide, said the short-term headwinds of economic and healthcare crises are considerable, but the long-term picture is bright.
Abrigo
MARCH 27, 2020
Key Takeaways Three out of four bankers expect a recession will last at least two quarters Economic uncertainty has shifted questions regarding estimating the allowance for credit losses under CECL Managing troubled loans and liquidity top bankers' list of concerns. Although it’s still early, bankers have started to make their own assumptions about the impact the coronavirus pandemic will have on the economy and their institutions.
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Bank Innovation
MARCH 26, 2020
Despite market strains caused by the novel coronavirus, providing funds for communities shouldn’t be a major issue for banks, according to Mike McCrary, first vice president of LSBX, Lincoln Savings Bank’s innovation lab.? “The access to funds should largely be there,” McCrary said during a Zoom event today for Bank Innovation subscribers. “The strength of […].
Chris Skinner
MARCH 22, 2020
The main blog headlines are … #Coronavirus, cash and the breakup of the Eurozone I’m sitting staring at the wall. It’s been a long time now since being in a face-to-face meeting, conference or catching a flight. I’m staring at the wall. Thinking. Thinking. Thinking … what’s the meaning of … The post The Finanser’s Week: 16th March 2020 – 22nd March 2020 appeared first on Chris Skinner's blog.
PYMNTS
MARCH 23, 2020
To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. With passing of the draft legislation, legal adults would receive $2,000 and $1,000 would be provided for each child, Yahoo! Finance reported. . The bills are called the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act” and the “Take Responsibil
Abrigo
MARCH 26, 2020
Key Takeaways The Fed will temporarily suspend exams for banks with less than $100 billion in assets. Banks over $100 billion in assets will have some exam activity deferred. The Fed extended time for existing remediation responses by 90 days. The Federal Reserve (Fed) announced on March 24 that they will temporarily suspend examinations for banks with less than $100 billion in assets so all can concentrate on the coronavirus pandemic, to “help financial institutions of all sizes understand the
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Bank Innovation
MARCH 27, 2020
While financial services companies large and small scramble to cope with the economic fallout of the coronavirus pandemic, there may be a silver lining to the gloom, according to Delos Advisors. The company, which provides guidance to senior management of financial institutions in the Americas, shed light on potential solutions to some of the business implications stemming from the COVID-19 outbreak in a white paper shared […].
Chris Skinner
MARCH 22, 2020
Things we’re reading today include … UK lenders banned from repossessing homes amid coronavirus crisis EU states ‘dragging their feet’ over financial transparency, report finds Advancing bank tech ‘broadens hack attack surface’ Economists told us what a pandemic could do. Who listened? | Torsten Bell Global economy will suffer for … The post Things worth reading: 23rd March 2020 appeared first on Chris Skinner's blog.
PYMNTS
MARCH 27, 2020
Walmart is enacting no-touch procedures so that customers can shop more safely during the coronavirus outbreak, according to a report by USA Today. Shoppers who buy items through Walmart Pay won’t have to touch the screen anymore, and instead will be able to scan a QR code and pay from an app on their phone. For pickup, customers can simply open their trunks and an employee will load the groceries in, and they won’t ask for a signature.
Abrigo
MARCH 25, 2020
Key Takeaways Financial institutions have an opportunity to participate in a huge expansion of SBA lending programs under a stimulus package expected to be voted on by the Senate. The new loan program would lift certain requirements for borrowers, such as those related to personal guarantees and collateral. Maximum amounts for SBA Express Loans would increase to $1 million.
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