Chris Skinner
JULY 1, 2019
I’ve been involved in finance and technology for a long, long time. Originally, I was a technologist; then a financial technologist; and now a FinTech guy. However, I see the FinTech piece as being irrelevant. Whether it’s FinTech or TechFin, it’s all still just finance and technology. The difference is … The post The end of FinTech appeared first on Chris Skinner's blog.
Payments Dive
JULY 2, 2019
The chaos surrounding the looming Brexit deadline is causing some fintechs and digital banks to take precautionary steps.
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Bank Innovation
JULY 5, 2019
A new breed of banking startups wants to lock in customers while they’re in high school and college. As the ecosystem of millennial-focused challenger banks gets crowded, a growing number of startups are focusing on Gen Z customers, or those who were born in the mid-1990s onwards. The objective is to become the customer’s primary […].
South State Correspondent
JULY 1, 2019
BANK TECHNOLOGY DECISIONS The largest problem with bank innovation is that we see or hear about a sexy piece of technology at a conference or at another bank and then acquire it. The new piece of technology ends up solving a known problem but in the process actually creates more problems, and risk, than it solves. It’s called the “Shiny Object Syndrome” (SOS), and it could be sowing the seeds of destruction for many banks.
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Chris Skinner
JULY 4, 2019
No, I don’t mean Attention Deficit Disorder, which would be ADD, but I mean Artificially Intelligent with Dumb Data. Now, I know I moan on and on about fragmented legacy systems, but I honestly have no idea how a bank could ever be able to compete with an Apple or … The post How can you be AI with DD? 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
JULY 3, 2019
Coinsquare, a Canadian cryptocurrency exchange, has partnered up with Just Cash to allow consumers to buy bitcoin via regular, non-bank operated ATMs in the U.S.
Bank Innovation
JULY 1, 2019
For the financial services industry, Facebook’s new cryptocurrency, Libra, is yet another warning that digital technology is chipping away at the foundation of traditional business models. If bankers were reading the wires on June 18, they might have choked on the Libra news. Among them, the old-school capitalists, still tarnished by the financial crisis, would […].
Chris Skinner
JULY 3, 2019
Building on yesterday’s blog about reports that are useful, I just found another one from UK Finance (formerly the British Bankers Association) on how they see AI in banking, released last week. The report is in two parts that address what they see as the two key issues banks face … The post AI in banking: the pitfalls and opportunities (research paper) appeared first on Chris Skinner's blog.
PYMNTS
JULY 5, 2019
It’s been a little over two weeks since we all got our first look at Libra and Calibra. No doubt there will be countless news stories to come, and opinions on why it will or will not fly. Here are the things I will be watching for over the coming months, things that I think provide a useful framework for understanding how Libra and Calibra’s future takes shape: How many of the 28 Founding Association Members will pony up $10 million to remain members.
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South State Correspondent
JULY 1, 2019
TECHNOLOGY TRENDS Starting in 1995, star-analyst Mary Meeker, “The Queen of the Internet,” co-founder at ReCode, and partner at the investment firm Bond Capital delivers a 30-minute presentation on the state of the digital landscape. The presentation is always the talk of the digital town as it has been the definitive source of major trends backed by quantitative evidence.
Bank Innovation
JULY 2, 2019
Digital lender Kabbage, which offers small businesses lines of credit up to $250,000, has secured a four-year revolving credit facility to fuel further growth. The funding, provided by an undisclosed “leading life insurance company,” is the longest period of committed debt capital for the 10-year-old company and a major boost for its business model as […].
Chris Skinner
JULY 1, 2019
I was talking to a Securitisation conference the other day. Securitisation? What’s that? Well, I could explain but if you don’t know google it and you’ll find it’s one of those areas of financial markets that destroyed economies a decade ago and left us all with a huge debt. Well, … The post Fintech foundations lie with both financial and technology people appeared first on Chris Skinner's blog.
PYMNTS
JULY 2, 2019
Payment bottlenecks cause problems for all types of consumers and companies, not the least of which are small and medium-sized businesses (SMBs). But a new offering from PayPal and Visa could help ease those frustrations and hassles. The two payments firms announced on Tuesday (July 2) the launch of PayPal’s Instant Transfer in Canada for SMBs and individual consumers.
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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
JULY 1, 2019
Download this infographic from TNS which looks at the results of a series of recent industry studies which highlight the latest data breach trends. It uncovers the top 5 types of breach incidents, which assets and data criminals are targeting and the number of organizations who have been affected.
Bank Innovation
JULY 5, 2019
The Bank of Montreal has launched a mobile loan application tool for its Canadian customers. Brett Pitts, BMO's chief digital officer, told Bank Innovation the product rollout was a response to customer demand. “Customers were looking for a solution that would simplify the process and provide them with a real-time decision,” he said. BMO, like […].
Chris Skinner
JULY 2, 2019
An interesting report came out this week saying that UK consumers would access mobile banking apps more often than branches in the next two years. It got covered on the BBC, Sky News and lots of other media, but I was thinking in the next two years? It just shows … The post Mobile first is a no brainer, but what is digital first? appeared first on Chris Skinner's blog.
PYMNTS
JULY 1, 2019
Passwords are increasingly vulnerable in today’s day and age. Hacks and data breaches have become all too common, with fraudsters turning to “brute force” attacks and plugging in commonly used passcodes to gain access to users’ accounts. There is a growing need for stronger authentication methods as the number of attacks continues to climb. Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave.
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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
JULY 3, 2019
The lending landscape is growing increasingly competitive, and the loan process can be frustrating and time-consuming. A loan origination system (LOS) can provide clarity to the intertwined data web that the loan lifecycle weaves , but not every LOS is built the same. Here are four critical criteria to consider when assessing a modern-day LOS for your financial institution: Implementation and integration – You don’t want to spend time and/or money on software you don’t use.
Bank Innovation
JULY 5, 2019
The growth of capital in play in the private market is changing how private companies, particularly tech startups, find liquidity in the race to go public. Exits of firms like Uber, Lyft and Slack have made 2019 something of a banner year for initial public offerings. It's notable Slack chose the direct listing route, in […].
Chris Skinner
JULY 4, 2019
Things we’re reading today include … In Brexit Britain, battling home lenders chase risk and pensioners Nearly half of global wages received by top 10%, survey finds Osborne thinks he could run the IMF. Maybe gaslighting a country is a useful skill | Faiza Shaheen European financial services leads charge … The post Things worth reading: 5th July 2019 appeared first on Chris Skinner's blog.
PYMNTS
JULY 1, 2019
Younger consumers — millennials, Generation Z — seem to get all the focus when it comes to eCommerce and digital payments these days. But older citizens are still out there, shopping, buying and paying, and they are getting attention from businesses, too — and that consumer segment, in its own way, is pretty important to the future of retail and payments.
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Abrigo
JULY 2, 2019
The following article is based on the whitepaper, The Ag Lender’s Survival Guide by Rob Newberry, SVP of Credit Risk Services at Abrigo. To download the whitepaper, click here. Today, most of farmers’ cash reserves that were built up in 2012-2014 are at, or nearing, depletion. If that trend continues, operating costs will begin outpacing revenue for many farms, and demand for ag financing will grow for community financial institutions.
Bank Innovation
JULY 4, 2019
Charlie Delingpole, founder and CEO of regtech startup ComplyAdvantage, said big tech firms like Google, Apple, Facebook and Amazon face no shortage of regulatory headaches by venturing into financial services. Facebook, with it's Libra cryptocurrency, is in for an exceptionally bumpy ride, he predicted. ComplyAdvantage, a New York City-based firm that uses machine learning to […].
Chris Skinner
JULY 2, 2019
Things we’re reading today include … The rise of the CEO as social justice warrior | Jill Priluck Wall Street looks to earnings after strongest June in decades Breakdown of global trading system is looming, Australian economist warns Japan payment systems: paper qualifications Why Facebook’s Libra currency gets the thumbs … The post Things worth reading: 3rd July 2019 appeared first on Chris Skinner's blog.
PYMNTS
JULY 3, 2019
Ireland’s Data Protection Commissioner (DPC) announced that it has launched a third privacy investigation into Apple. The tech giant’s main regulator in the European Union (EU) said it is looking into whether Apple has complied with the EU’s General Data Protection Regulation (GDPR) privacy law regarding an access request from a customer. Under GDPR, regulators can hit companies that do not comply with the regulations with fines of up to 4 percent of a company’s global revenue or €20 milli
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