Chris Skinner
MAY 31, 2018
I’ve got caught in a few discussions recently with people who tell me Ant Financial are Chinese. They’re not. Neither is Alibaba and, if you think they’re just Chinese, you’re going to miss a huge change in the next decade. Ant Financial is an open marketplace of apps, APIs and … The post So you think Alipay is just for the Chinese? appeared first on Chris Skinner's blog.
Bank Innovation
MAY 31, 2018
New entrants in the lending field are using alternative means -- cryptocurrency-backed loans to "social credit," a measure of the strength of your social connections -- to offer credit to the underbanked. Cryptocurrency HODLers and miners will soon be able to use their assets as collateral for fiat currency loans with Cereal, a Moscow-based lending platform […].
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Payments Dive
JUNE 1, 2018
New technology and innovation is changing the way consumers want to pay, but the increasingly rapid pace of change also creates challenges and vulnerabilities for self-service equipment providers.
PYMNTS
MAY 28, 2018
Apple is reportedly gearing up to allow third-party developers to get full access to the Near-Field Communications (NFC) chip in the iPhone with iOS 12. Citing The Information, 9to5Mac reported that Apple is aiming for the iPhone to be used for more digital payments and other interactions, such as opening hotel room doors or as a virtual transit card for easier access to transportation.
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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.
Chris Skinner
MAY 29, 2018
I was invited to address a commercial bank this week, and they wanted me to make it specific to their strategy. In reading their strategy, I saw something that jumped off the page: new branches. Why, in the digital age, would any bank be opening more branches? I asked them … The post When an app replaces 1200 bank branches … appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
MAY 29, 2018
New foodservice technologies — including self-order kiosks, mobile ordering and EMV-enabled payment systems — are being introduced at a rapid pace. Operators with existing POS investments need to be able to integrate new capabilities into their existing systems.
PYMNTS
MAY 29, 2018
U.S. software company Verint Systems, Inc. is looking to buy NSO Group, an Israeli company that sells military-grade technology, for around $1 billion. The Wall Street Journal reported that Verint has offered to pay NSO’s controlling shareholder, San Francisco-based private-equity firm Francisco Partners , with its own stock and assumed debt. If the deal is completed, Francisco Partners would become the largest Verint shareholder.
Chris Skinner
MAY 30, 2018
For those who know me they know that I travel a lot and, in those travels, it is fairly obvious that the world is not homogenous. Whilst the Chinese leapfrog the West and move to mobile banking, Europeans are seeing a surge of new banks trying to challenge the old, … The post Digital isn’t built in a day appeared first on Chris Skinner's blog.
Bank Innovation
MAY 29, 2018
General data protection regulations (GDPR), an EU privacy and data protection law, went live last week. The regulation seeks to give citizens control over their own data and unify laws within Europe, although provisions also apply to how personal data is exported outside of Europe. These new laws will impact how banks interact with consumers […].
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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.
Payments Dive
MAY 31, 2018
Blogger Bryan Pearson got the scoop on Kohl's new loyalty initiative that trades points for cash and combines elements of its credit card, sales events and Yes2You Rewards.
PYMNTS
MAY 30, 2018
It’s not easy being a bank these days, and it’s often easy to overlook how many challenges traditional banking players face, on many fronts. “Banks are burdened with a lot of challenges that are not of their own making or design,” Gerhard Oosthuizen, CTO at Entersekt , said in a recent conversation. Banks, he noted, have to be compliant with a host of extremely stringent regulations, and often across multiple jurisdictions – all with different rules.
Chris Skinner
MAY 27, 2018
I’ve used a statement for a while now about the competitive landscape of finance in the future. It goes something like: Banks have millions of customers, billions of capital and centuries of history, but are hampered by heritage; Start-ups have no customers, little capital and no history, but are driven … The post The long-term banking future: who are the winners?
Bank Innovation
MAY 30, 2018
Citigroup has a digital-heavy, branch-light business approach that extends beyond its National Digital Bank platform (announced in March and currently in testing phase), according to Stephen Bird, CEO of Citi’s Global Consumer Banking. For starters, Citigroup doesn’t have many physical branches, and it has no plans of changing that, according to Bird, who spoke yesterday […].
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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.
Bobsguide
JUNE 1, 2018
Earlier this month, France and Germany teamed up to demand an EU-wide initiative designed to fund innovation and research in tech start-up projects to compete against China and the US fintech markets. But Spiros Margaris, venture capitalist and senior advisor at Arbidex, suggests it is too.
PYMNTS
JUNE 1, 2018
To help retain drivers on its platform, Uber is raising its fares in cities such as Washington, D.C., San Francisco and Los Angeles. The increases have come to both “time and distance” rates as well as “booking fees,” Financial Times reported. “We have to make [being an Uber driver] more attractive because the alternatives are becoming more attractive,” Uber CEO Dara Khosrowshahi told FT.
Chris Skinner
MAY 29, 2018
A month ago, I blogged about the problems at TSB when implementing the change-over of their core systems. Yes, core systems replacements are challenging, but they’re not risky when done right. Unfortunately, TSB’s change-over shows all the marks of how to get it wrong. Not only has it been highly … The post What cost a system outage? appeared first on Chris Skinner's blog.
Bank Innovation
MAY 29, 2018
A lot happened in the digital banking world this month, from major events in the payments worlds like PayPal acquiring iZettle for $2.2 billion only days before its IPO to major regulations such as GDPR going live last week. Here are some of the important trends that Bank Innovation pulled out of the fintech chatter […].
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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
MAY 31, 2018
Virtual reality is seeing significant leaps in technology, with immediate applications to gaming and entertainment that foreshadow richer applications for VR in commerce.
PYMNTS
MAY 29, 2018
In the early 1950s, an engineer named William Fair encountered a mathematician Earl Isaac who together decided to work out an automated credit scoring system for banks. In 1954, they came-up with the first version of the Fair Isaac credit score — or the FICO. It was a huge flop. Banks didn’t trust that an automated system could do nearly as good a job as personal bankers when it came to evaluating customers and their likelihood to repay.
Chris Skinner
MAY 27, 2018
Things we’re reading today include … Chinese bank chief found dead inside his office Bank of England open to idea of central bank issued digital currency Busking goes cashless with ‘a world first’ for London RBS told to scrap branch closures to help vulnerable customers RBS’s profits offer the boss … The post Things worth reading: 28th May 2018 appeared first on Chris Skinner's blog.
Bank Innovation
JUNE 1, 2018
Innovation for the sake of problem-solving (rather than for its own sake) is the way U.S. Bank’s Dominic Venturo approaches his role of chief innovation officer. The bank has a comprehensive outlook on investing and researching emerging technology trends through its innovation team, Venturo said. The bank approaches its innovation plan by looking for "interesting […].
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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.
Bobsguide
MAY 30, 2018
It's no secret that new technologies have thoroughly changed the music business over the past few decades. The emergence of the open internet blindsided the traditional gatekeepers of the industry—record labels, entertainment retailers, radio stations—and unlocked access for.
PYMNTS
MAY 28, 2018
It was a long time coming, but it’s here. As the world knows by now, the European Union’s General Data Protection Regulation (GDPR) took effect on May 25. The mechanics of what firms have to do when it comes to collecting, managing and processing data has been well-publicized. Equally well-publicized has been the readiness — or lack of readiness — of firms to bring data under the control of the consumer.
Chris Skinner
MAY 28, 2018
Things we’re reading today include … Canadian Banks: Cyber Thieves Claim They Have Stolen 40,000 Clients’ Data China $10 Trillion Shadow Bank Crackdown Has Long Way to Go Blockchain Will Be Adopted by Every Bank More of UK stake in RBS could be sold off this week Graduate applications flood … The post Things worth reading: 29th May 2018 appeared first on Chris Skinner's blog.
Bank Innovation
MAY 31, 2018
INV Fintech, this site’s sister accelerator, announced today the three associate members of its fifth cohort of startups. INV associates undergo a more lightweight program than full class members. They do not have regularly scheduled meetings with the INV team and Fiserv, the accelerator’s technology partner. They do have access to INV’s mentor network and […].
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