Chris Skinner
NOVEMBER 3, 2019
I’ve blogged for a while now about the different approaches to Big Tech in China and America. In China, Big Tech is pretty much working hand-in-hand with government to solve society’s issues and police them. People in the West may not like it or understand it, but Big Brotherly Love … The post Big Banks versus Big Tech … it’s all about the money appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 7, 2019
Mastercard last month challenged the industry on adoping a set of new standards on data privacy and security. Computop's founding director Ralf Gladis says the industry should take up the challenge and collectively move in a similar direction.
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Bank Innovation
NOVEMBER 4, 2019
Personal finance, banking and investment platform MoneyLion is moving its monthly subscription fee to a rate similar to Netflix and Spotify starting next year. The company currently offers a free checking account and a $19.99 per month “Plus” membership, which includes access to 5.99% APR credit-builder loans, cash advances and loyalty perks.
PYMNTS
NOVEMBER 6, 2019
Amazon is planning to build a $40 million state-of-the-art robotics innovation hub near Boston that will result in the creation of 200 tech and manufacturing jobs, Amazon announced in a press release Wednesday (Nov. 6). Tye Brady, chief technologist at Amazon Robotics, said the new hub will speed-up innovation and will be a “world-class facility, where our teams can design, build, program, and ship our robots, all under the same roof.”.
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Chris Skinner
NOVEMBER 5, 2019
I attended the New Stateman’s FinTech Summit yesterday. I gave the opening speech and was followed by the indomitable Anne Boden, CEO and Founder of Starling Bank, who talked about the path to profitability. She asserts the bank will deliver profitability next year, but her presentation focused upon a number … The post Seven Fin and Tech truisms we wish were myths (with thanks to Anne Boden) 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.
Bank Innovation
NOVEMBER 6, 2019
Last week’s Money 20/20 in Las Vegas showcased numerous innovations in financial services, ranging from the launch of Uber Money to Facebook’s continued push for Libra, and the growth of Amazon Pay. But perhaps more interesting was what the conference lacked: fresh ideas and product propositions from incumbents. Financial institutions’ long-held fears of increasing competition […].
Accenture
NOVEMBER 8, 2019
Guest blogger Tripp Gavin and Frank Martien examine the role technology investment has played in helping smaller banks grow faster than their larger counterparts. In the past 12months, U.S. regional credit card issuers have grown receivables by nearly nine percent, with the largest growth within this group being double digit. Over the same period, large….
Chris Skinner
NOVEMBER 4, 2019
We hear a lot about how crypto and bitcoin encourages illegal activity, drugs, money laundering and such like. The reality is that such activity today is tiny when compared with the amount of illegal activity, drugs and money laundering goes through the banking system. As of 2019, $829 million in … The post Criminals in the financial system appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 4, 2019
A House of Commons subcommittee is reviewing whether PayPal can be used to make small, online contributions to political parties that would make it difficult to trace the origins of the payments. PayPal allows users to make secure, online payments using a mobile number or email.
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Bank Innovation
NOVEMBER 8, 2019
Beyond technical debt, talent is the biggest obstacle to bank modernization, executives said at Bank Innovation Build. On a panel about designing the bank of the future, participants discussed how banks can keep up with consumer-facing tech companies like Amazon and Shopify. Jamie Warder, head of digital at KeyBank, said the competencies needed at big banks […].
PYMNTS
NOVEMBER 5, 2019
A relentless focus on customer experience and simplifying complexity are the defining characteristics of the most valuable companies in the world today. It’s a concept Rob Orgel, now the new president and chief operating officer at Flywire , told Karen Webster was foundational to his decade-long career at Apple — where he was part of the leadership team that developed, rolled out and grew the Apple Pay business.
Chris Skinner
NOVEMBER 7, 2019
I got a tweet the other day pointing me to a report from the Financial Stability Board about the use of decentralised technologies for financial services. Excellent report from the Financial Stability Board @fsb about the impact of decentralized #fintech#finserv #DeFi #DLT #payments #lending ??[link] pic.twitter.com/LUfGxn9akl — Sebastien Meunier (@sbmeunier) November … The post What do banks think about decentralised finance appeared first on Chris Skinner's blog.
Payments Dive
NOVEMBER 5, 2019
Leslie Martinez-Moreno, senior manager of user experience and design at CIBC, sat down with Tim Tang of Hughes, to discuss the role of design and user experience in the transformation to digital banking.
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Bank Innovation
NOVEMBER 8, 2019
GoCardless is continuing its international push through new partnerships. This week, the company confirmed tie-ups with subscription billing platform Recurly and cross-border payments company TransferWise in an effort to take market share away from banks. With TransferWise, GoCardless is allowing merchants to accept international payments on its direct debit payment platform.
PYMNTS
NOVEMBER 3, 2019
U.S. homeowners’ decision to stay in their homes longer is keeping much-needed inventory off the real estate market, causing a slip in home sales. New analysis by Redfin found that homeowners around the country are typically staying in their homes for 13 years, five years longer than they did in 2010. “If people aren’t moving on, there just are fewer and fewer homes available for new home buyers,” said Daryl Fairweather, Redfin’s chief economist.
Chris Skinner
NOVEMBER 6, 2019
I got an email the other day from TransferWise, a service I use frequently. Why do I use it? Because I moved to Poland. Poland’s currency is the Zloty and paying everything on my card in British Pounds with conversion rates seemed stupid. It really struck home when I was … The post FX transfers that are wise appeared first on Chris Skinner's blog.
Accenture
NOVEMBER 8, 2019
The personal experiences of corporate banking clients—hyper-relevant, simple, instant and more—are shaping their expectations for their business-to-business (B2B) experiences. In payments, for example, corporate customers want immediate transactions akin to a retail purchase done over a mobile app. Payments leaders are taking notice and action. B2B payments leaders are prioritizing client experience for growth B2B….
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Bank Innovation
NOVEMBER 5, 2019
TD Bank is testing new AI-based personalization capabilities within its mobile app, thanks to technology from Layer 6, an AI company it acquired in 2018. According to Imran Khan, TD’s vice president of digital customer experience, a new tool called MyTD is using “subtle AI” to comb through customers’ transaction history and offer personalized recommendations […].
Abrigo
NOVEMBER 8, 2019
Stress Testing | 7 minute read Key Takeaways Stress testing is an important component of sound risk management. Top down and bottom up analysis can inform capital assessments. Stress testing can put a burden on smaller financial institutions, but today's technology "levels the playing field.". Some financial institutions may view stress testing as a “check the box” practice to satisfy regulators, but others are making the most out of the process.
Chris Skinner
NOVEMBER 4, 2019
Things we’re reading today include … Goldman Sachs offers would-be parents on staff $20,000 to buy eggs OneCoin lawyer on trial for role in ‘crypto-scam’ Regulators press Deutsche boss to drop dual roles Santander buys majority stake in fintech Ebury for £350m Edmond de Rothschild chief warns private banks face … The post Things worth reading: 5th November 2019 appeared first on Chris Skinner's blog.
Accenture
NOVEMBER 7, 2019
Guest bloggers Alex, Devon, Eliza and Reagan – from Accenture’s Emerging Leaders Program – dive into how regional retail banks combat the challenge of keeping up with the tech acquisition capabilities of larger banks through banking consortium models. A regional retail bank’s ability to effectively future-proof its business depends on how well it can adopt technology….
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Bank Innovation
NOVEMBER 8, 2019
Welcome to the latest episode of our weekly wrap video series, for the week ending Friday, November 8, 2019. In this episode, Suman Bhattacharyya, deputy editor, interviews Bob Meara, senior analyst at Celent, on some of the key conclusions from Bank Innovation Build. His reflections focused on the following themes: The gap between idea conception […].
Abrigo
NOVEMBER 7, 2019
CECL | 7 minute read Key Takeaways Balancing the scales: the FASB's cost-benefit an alysis of CECL. Strategies to lessen the impact of CECL on smaller community banks. How to work better with field examiners and auditors. . The transition to the current expected credit loss (CECL) standard is just around the corner for larger SEC filing institutions, but for many institutions, there are still many questions surrounding the new standard.
Chris Skinner
NOVEMBER 3, 2019
The main blog headlines are … McKinsey reckon banks are in a ‘do-or-die’ moment … really? A few talking points last week, but two hit me in particular. The first is a McKinsey report that reckons half of the world’s banks are not viable. Their cost of equity is higher … The post The Finanser’s Week: 28th October – 3rd November 2019 appeared first on Chris Skinner's blog.
South State Correspondent
NOVEMBER 6, 2019
Last week’s Money 20/20 conference in Las Vegas proved that it remains one of the best conferences for banks that are serious about innovation, particularly as it revolves around payments. The conference is big, the hallways are endless, everybody and their granddaughter is a speaker, the expo hall is ginormous, and the whole conference is almost unwieldy.
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