Chris Skinner
JUNE 25, 2019
I encounter lots of banter about platforms, marketplaces and ecosystems, and do wonder in the flippant way people use them interchangeably whether they really understand what they are talking about. I’m sure many do but I’m also sure some people throw them into the conversation like a buzzword bingo game. … The post Platform, marketplace, ecosystem … buzzword bingo!
Payments Dive
JUNE 25, 2019
Mobile identity is becoming a more complex undertaking as fraudsters use evolving tactics to compromise smartphone security.
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South State Correspondent
JUNE 24, 2019
When your bank places advertising, partners, produces content or conducts events, it is helpful to statistically know which subject matter is most, and least conducive to banking. For example, by our marketing data, if you are interested in banking, and getting the most out of your banking relationship, you have a 31.4% probability of also being interested (to the point of engaging with content) in travel.
Bank Innovation
JUNE 24, 2019
Fort Lee, N.J.-based Cross River Bank, a partner of large fintech companies like Affirm, Coinbase, Stripe and Transferwise, today acquired Seed, a startup that offers banking solutions for small businesses and sells its technology to banks. Terms of the deal were not disclosed. For Cross River Bank, the acquisition grows its product and service offerings […].
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Chris Skinner
JUNE 26, 2019
Talking of partnering, many years ago, I was assigned the role of negotiating a contract with a partner for a large technology firm. The partner specialised in the insurance markets, my focus at that time, and we got into the game of contract wording. For quite a while, it was … The post Partnering in the ecosystem is not easy 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.
PYMNTS
JUNE 26, 2019
A decade is a nice, round number — a convenient marker for what has come and what is coming. We as humans tend to measure our lives in decades, referring to ourselves as children of the ’60s, perhaps, or pining wistfully for the synthesized pop sounds of the ’80s. In payments, 10 years is a long time — where everything can change, and where once fanciful notions can become ubiquitous new ways of transacting.
Bank Innovation
JUNE 24, 2019
While Facebook‘s cryptocurrency Libra faces regulatory challenges, its potential to upend some legacy payment providers merits consideration, according to a recent report from Morningstar. “The most at-risk company in our payments coverage might be Western Union, as Libra could prove to be an effective vehicle for international money transfers,” Morningstar analysts Eric Compton and Brett […].
Chris Skinner
JUNE 23, 2019
Following on from Facebook’s announcement of its own digital currency Libra, the key regulatory body of banking – the Bank for International Settlements (BIS) – which sets standards like the Basel capital reserve requirements, has stepped into the debate and produced a report on their view of the threat and … The post Is Big Tech good or bad for banking … the regulator’s view appeared first on Chris Skinner's blog.
Payments Dive
JUNE 27, 2019
Are cashierless stores the future of retail? Exactly how pervasive the concept will become remains uncertain, as demonstrated during a recent panel discussion at the Interactive Customer Experience Summit in Dallas.
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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.
PYMNTS
JUNE 25, 2019
In digital commerce, promise and peril co-exist. Payments fraud is continuously moving from offline settings into the online realm. To that end, Visa said this morning (June 25) that it has inked a deal to buy the token services and ticketing business of chipmaker Rambus. The assets acquired were formerly known as Bell ID and Ecebs Ltd. Financial terms were not disclosed.
Bank Innovation
JUNE 28, 2019
David Solomon may take a leaf out of Jamie Dimon’s book by exploring a digital coin for payments. Goldman Sachs Group Inc.’s chief executive officer told France’s Les Echos newspaper that he’s “absolutely’’ looking at digital currencies and said Goldman is conducting “extensive research’’ on tokenization, the process for transforming currencies or assets into tradeable digital contracts […].
Chris Skinner
JUNE 24, 2019
Over ten years ago, I started blogging about cloud computing and financial services. Many banks dismissed the idea back then as “the regulator wouldn’t allow it”. Then the regulator did allow it in some countries, but banks were confused about the regulatory position. For example, if they use cloud services … The post What is banking in the cloud?
Payments Dive
JUNE 28, 2019
Through Voice Commerce banks can solidify customer relationships and deepen engagement. Learn how you can capitalize on the new wave.
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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.
PYMNTS
JUNE 28, 2019
In the aftermath of Facebook ’s unveiling of Libra and its Calibra wallet, among the many questions raised was how it managed to get so many of the “who’s who” in payments at the table. That was the question Karen Webster had for PayPal Chief Operating Officer Bill Ready when she learned that PayPal was one of those players. The vision, she agreed, is undeniably big, bold and targeted at a worthy goal: the inclusion of the 1.7 million people worldwide who are unbanked, and exist on the financial
Bank Innovation
JUNE 26, 2019
Money-transfer startup TransferWise is expanding the reach of its multi-currency debit card and, in doing so, wading into bank territory. The company's borderless account initially was made available to European customers in early 2018. Now, U.S. customers can take advantage of the multi-currency account compatible with more than 40 currencies through a Mastercard debit card […].
Chris Skinner
JUNE 27, 2019
I was having an interesting conversation with a guy who had joined a big bank having previously worked in Big Tech. The guy was headhunted by the bank to be a gamechanger (GC), and had been gifted the ability to do almost whatever he wanted when it came to innovation, … The post When code is art, how do you attract great artists? appeared first on Chris Skinner's blog.
Abrigo
JUNE 26, 2019
We are closing in on six months until the SEC filers’ CECL effective date. While credit unions have some additional runway after the November 2018 CECL delay, there is likely less time than expected. CECL is still happening, and in order to be ready to transition in time and with confidence, then it’s time to prepare now. “If you’ve kind of been dragging your feet on this, now is the time,” said Brandon Quinones, Manager of Credit Consulting.
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PYMNTS
JUNE 25, 2019
Facebook is still legally on the hook for a September data breach that affected 30 million of their customers. Hackers were reportedly able to exploit several software failings in order to obtain login access to consumer accounts. Facebook had moved to have the case dismissed — but a federal appeals judge has shot down that argument, saying the case against Facebook for negligence and for failing to secure users’ data will proceed.
Bank Innovation
JUNE 26, 2019
For customers who lose their debit cards, a visit to a nearby branch is often the quickest way to resolve the situation. The challenge is banks are less likely to do this anymore (JPMorgan Chase, for example, stopped issuing debit cards in branches two years ago, citing a fraud risk), and customers often have to […].
Chris Skinner
JUNE 25, 2019
Things we’re reading today include … Monzo now valued at more than £2 billion The new left economics: how a network of thinkers is transforming capitalism The FCA – a watchdog too nice and chummy to bark or bite Facebook’s Libra cryptocurrency faces questions from international regulators Flawed rules contributed … The post Things worth reading: 26th June 2019 appeared first on Chris Skinner's blog.
South State Correspondent
JUNE 24, 2019
COMMERCIAL LENDING IDEAS Many community bankers are now considering how to position their asset and liability portfolios for declining interest rates. On the one hand, interest rates should be falling more, and on the other hand interest rates are being talked down against a backdrop of still strong economic data.
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PYMNTS
JUNE 24, 2019
In B2B payments, corporates’ continued use of paper checks confounds FinTech firms working to give businesses more affordable, faster and more efficient payment options. Yet, for many business payers, the reason for using checks can be quite straightforward: It’s simply the way payments have always been made. However, new small businesses (SMBs) being launched by a new generation of entrepreneurs aren’t bogged down by decades-old processes and systems that limit flexibility and
Bank Innovation
JUNE 28, 2019
As checkout loan startups like Affirm, Klarna and Bread garner funding and grow relationships with retailers, banks are putting up a formidable line of defense. Their pitch to retailers is their resources, data and brand recognition. Over the past two years, Providence, R.I.-based Citizens Bank has built up its presence in the point-of-sale loan arena. […].
Chris Skinner
JUNE 22, 2019
The main blog headlines are … Monzo and Marcus: American challengers or just noise? My mate Ron Shevlin is on good form these days. He’s written quite a few columns on Forbes that are clickbait: Customers don’t want digital banking The FinTech fast follower fallacy (which I spotted just after … The post The Finanser’s Week: 17th June – 23rd June 2019 appeared first on Chris Skinner's blog.
Payments Dive
JUNE 24, 2019
This infographic from TNS shares the results of an independent survey which looks at alternative payments adoption among consumers in the U.S. Download your copy to discover who is leading the way in the adoption of contactless payment transactions, usage of smartphone payment apps, smartwatches and other wearables.
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