Chris Skinner
OCTOBER 6, 2019
It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow. … The post Facebook has forced the world’s banks to innovate appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 7, 2019
The point-of-sale loan is evolving to a digital card that feels like a credit card but isn’t nearly as tough on customers’ budgets. On Monday, point-of-sale lender Affirm rolled out a new app that allows customers to shop at “virtually any store” and split their payments over time. The new app avails customers of the […].
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Payments Dive
OCTOBER 8, 2019
As American Express and Discover plan to implement SRC, there are a few issues to consider regarding how this will impact your business.
South State Correspondent
OCTOBER 8, 2019
Strategic Planning and Innovation If you look at the sensitivity in a bank’s budget, $1 of investment in a new line of business usually doesn’t break even for two to three years. $1 invested in finding a new customer usually returns about 9%, while $1 invested in a new product is usually above 20%. This all compares to about a 40%+ return invested in improving processes (loan, branch, cash management, etc.) and about an 80% plus return spent on reducing customer churn, increasing lifetime value
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Chris Skinner
OCTOBER 9, 2019
I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech. I trust it’s useful … Thank you for inviting me here to join you here for the … The post What does “innovation” mean in finance? 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
OCTOBER 10, 2019
Banks are under pressure these days to go digital and create personalized experiences for customers, but many are still trying to figure out what sort of experience to deliver.
PYMNTS
OCTOBER 10, 2019
With real-time payments spreading throughout the world (perhaps more slowly than expected, but still spreading), the characteristics of pull payments mean they are likely to play only a marginal role. That’s the view shared by Trevor LaFleche, director of product management and marketing for Enterprise Payments Solutions at Fiserv , during a recent PYMNTS discussion that centered around the spread of real-time payments, and their global prospects going into 2020.
Chris Skinner
OCTOBER 10, 2019
Bill Gates said in the early 1990s that “we need banking but we don’t need banks anymore”. He was wrong. I hosted a banking seminar in the late 1990s where David Llewellyn, a Professor of Money, stood up and stated that “there will be more change in the next five … The post Innovation? Humbug! appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 11, 2019
A company that operates quietly in the background of popular financial apps and platforms is taking steps to become more visible. While large consumer-facing fintech companies like Square, Klarna, Affirm and others tout speed and efficiency of their user experiences, card issuing and processing startup Marqeta‘s technology supports their payment capabilities, with its APIs allowing […].
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Payments Dive
OCTOBER 11, 2019
Tim Tang, director, enterprise solutions at Hughes, sits down with Gil Strickland, vice president, product management at BBVA USA, to talk about customer expectations for online and mobile banking during the Bank Customer Experience Summit in Chicago.
PYMNTS
OCTOBER 7, 2019
The new 5G mobile network technology has started to make its initial foray into healthcare, and at a time when issues of cost, efficiency and accessibility are gaining even more focus than was the case before. As all that happens, potential use cases for 5G in the healthcare space are taking at least rough shape. Various deployments might take years to play out, given the bureaucracy and legacy inertia common in the massive healthcare industry.
Chris Skinner
OCTOBER 7, 2019
I had a few people haul me up over my critique of Nicholas Megaw’s article in the FT last week, including Nicholas himself. I realised post the post that the issue is definitions. In general, the term challenger banks has become accepted to be used in FinTech circles as banks … The post What does the term ‘challenger’ really mean? appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 11, 2019
Banks and digital lenders may be throwing their weight behind point-of-sale loans instead of credit cards, but personal loan company Upgrade is launching a product that straddles both product categories. The Upgrade card, launched Thursday, functions like a credit card at checkout, but purchases are turned into payment plans that can last one, two, three […].
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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.
South State Correspondent
OCTOBER 9, 2019
Today LIBOR is linked to over $250 Trillion (that is with a “T”) in financial instruments and has been used as a reference rate for more than 30 years. However, regulators, for various reasons, are driving a shift to an alternative reference rate. In 2017, ARRC (Alternative Reference Rate Committee) identified the alternative reference rate in the US as SOFR (Secured Overnight Financing Rate).
PYMNTS
OCTOBER 10, 2019
Bank of America (BoA) may have hired a treasury product manager to work with Ripple. According to Cointelegraph , the bank recently took down a job listing about the position on LinkedIn. “This role leads the product management team for the Ripple Project, a decentralized ledger technology-based solution to cross-border payments marketed to [global transaction services (GTS)] clients,” the job listing read.
Chris Skinner
OCTOBER 6, 2019
The main blog headlines are … Banks are product not customer focused I walked into a grocer’s store the other day. The store was resplendent with fruits of all colours and continents. There were red, yellow and green peppers; carrots, courgettes and cauliflowers; oranges, apples and bananas of both large … The post The Finanser’s Week: 30th September – 6th October 2019 appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 10, 2019
Against the rising tide of digital-only banks, Minneapolis-based personal finance platform Branch has taken the plunge. The four-year-old company offers a suite of personal finance tools, including payday advance, to hourly workers through integrations with employer payroll platforms, which currently include Pizza Hut and Taco Bell. Its fee-free checking account is offered in partnership with […].
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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.
Abrigo
OCTOBER 9, 2019
Professionals across the nation encouraged to celebrate National Financial Crime Fighter Day. Part of our commitment here at Abrigo is to continue to spread the word about BSA/AML and continue to advocate on behalf of you -- BSA/AML professionals. We started that effort in full-force in 2017, with an idea to create a nationally recognized holiday – BSA/AML Professional Day – to be observed on October 26 th each year.
PYMNTS
OCTOBER 9, 2019
Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments. Users will be hosted on Ripple’s cloud solution and will be able to use On-Demand Liquidity, which will allow for the leveraging of XRP for cross-border payments. “This partnership will enable Ripple to expand the reach and solution
Chris Skinner
OCTOBER 6, 2019
Things we’re reading today include … ‘I’m being jailed for four emails from 12 years ago’ HSBC to cut up to 10,000 jobs in drive to slash costs: FT Ex-Barclays executives face fraud trial over Qatar rescue Online wealth manager Nutmeg reveals widening losses Libra: PayPal first to drop out … The post Things worth reading: 7th October 2019 appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 8, 2019
As big banks focus on attracting more small business clients, they should be leaning more on digital than human, according to a recent Forrester Research study. Peter Wannemacher, principal analyst at Forrester and an author of the study, said banks should be investing more in digital services that make onboarding processes simpler for their small […].
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Abrigo
OCTOBER 9, 2019
Stress Testing | 6 minute read Key Takeaways Stress testing is a useful tool to help guide CECL decisions. Top-down testing uses pool orientation and segmentation to make decisions. Bottom-up testing is transactional and best for smaller institutions (under $25B). According to economists, a recession is looming. In a recent survey by the National Association for Business Economics, 74% of economists who responded expect a recession by the end of 2021.
PYMNTS
OCTOBER 9, 2019
Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Ripple said it will provide for more affordable, faster and more reliable payments. Users will be hosted on Ripple’s cloud solution and will be able to use On-Demand Liquidity, which will allow for the leveraging of XRP for cross-border payments. “This partnership will enable Ripple to expand the reach and solution
Chris Skinner
OCTOBER 10, 2019
Things we’re reading today include … Data on modern finance reveals uncomfortable truths Indian banks’ share prices are being hammered Hong Kong’s pursuit of the London Stock Exchange ends in tears A group of fintech firms are changing the way consumers borrow The issuer of a star cryptocurrency is being … The post Things worth reading: 11th October 2019 appeared first on Chris Skinner's blog.
Bank Innovation
OCTOBER 11, 2019
Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, October 11, 2019. In this episode, Suman Bhattacharyya, deputy editor, discusses the following news developments: Why a trio of financial startups have decided to expand into savings and/or checking accounts; and How point of sale lenders like Affirm are […].
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