Chris Skinner
MARCH 16, 2020
I’m sitting staring at the wall. It’s been a long time now since being in a face-to-face meeting, conference or catching a flight. I’m staring at the wall. Thinking. Thinking. Thinking … what’s the meaning of all this? What’s the meaning of life? What’s the meaning of money? Money is … The post #Coronavirus, cash and the breakup of the Eurozone appeared first on Chris Skinner's blog.
Payments Dive
MARCH 20, 2020
Banks across the U.S. are limiting lobby hours and encouraging mobile banking in response to the COVID-19 outbreak. Many banks continue to offer fee waivers and penalty reductions for customers that need to access funds early.
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American Banker
MARCH 16, 2020
Lenders are rallying around a bill from Sen. Rubio that would give them access to another $50 billion under the 7(a) program. It could face obstacles in the House, where a bill favors direct lending by the Small Business Administration.
Bank Innovation
MARCH 20, 2020
The novel coronavirus may be closing bank branches nationwide, but some digital-only financial institutions are trying not to exploit consumer fears. “Being a branchless bank is part of who we are, but we don’t want to resort to scare tactics,” said Nicole Lorch, chief operating officer at First Internet Bank. The Fishers, Ind.-based bank, which […].
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Chris Skinner
MARCH 15, 2020
I was a little distraught over the weekend. With absolutely no warning, the Polish government closed the country’s borders. All flights and train travel banned. No inbound access at all, unless you are Polish or could provide Polish residency. No outbound access and, if you do leave and return, immediate … The post The politics of pandemics 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
MARCH 20, 2020
A police department in California is going to use drones equipped with loudspeakers to help enforce the state lockdown orders imposed due to the coronavirus, according to a report by the Financial Times. The Chula Vista PD has purchased two drones worth $11,000 each. They’re made by DJI, a Chinese company, and the department plans to also add night vision cameras to the flying vehicles.
Bank Innovation
MARCH 16, 2020
As the novel coronavirus continues to keep consumers inside their homes, startups that offer digital-only products are experiencing a wave of new customers and engagement. “The social distancing that’s taking place lends itself perfectly to our business model,” said Kerim Derhalli, CEO of the stock trading app Invstr. “It creates a massive opportunity for any […].
Chris Skinner
MARCH 18, 2020
It’s very strange times. I’ve taken travel for granted. For years, I’ve been used to open borders, easy connectivity and access to airports. The internet then fuelled that ease of movement and connectivity. Suddenly, via social media, my friends are in Tokyo, Kuala Lumpur, Sydney, Mumbai, Lagos, Paris, Milan, New … The post Did you take the world for granted?
Payments Dive
MARCH 17, 2020
The banking industry is providing increased flexibility to retail and small business customers as the coronavirus puts enormous financial pressure on communities.
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PYMNTS
MARCH 19, 2020
The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). Square Financial Services will originate commercial loans to the retailers that use Square for payments. The headquarters will be in Salt Lake City, Utah.
Bank Innovation
MARCH 19, 2020
How will banking and fintech business models be impacted by this unprecedented coronavirus pandemic? What is the role of innovation in response to these rapidly unfolding events? How will banks and startups work together? For insights into these questions, Bank Innovation and INV Fintech, its sister banking innovation services platform, will present a special Zoom meeting on […].
Chris Skinner
MARCH 17, 2020
I’m getting a lot of people asking questions about what I think the coronavirus will mean long-term in the financial markets, so I’ve tried to jump forward to look back. Obviously, the big thing about a pandemic is that people are being told to stop meeting each other. Conferences, events, … The post The rush to digitalisation post-pandemic appeared first on Chris Skinner's blog.
Payments Dive
MARCH 16, 2020
To streamline the enrollment process, while reducing the potential for fraud, GIACT released a new white paper, Mitigating Mobile Network Fraud with Secure Subscriber Enrollment , detailing the best practices in secure digital enrollment.
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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
MARCH 20, 2020
Banking technology FinTech Finastra was hit with a security breach on Friday (March 20), and was forced to shutter key systems and send employees home, according to a report by KrebsonSecurity. Although the company’s statement doesn’t mention the type of attack specifically, Krebs believes it is likely a ransomware attack based on the reaction. Two sources forwarded internal notices about the outage.
Bank Innovation
MARCH 19, 2020
The push for digital products from banks amid growing social distancing measures may persist long after the COVID-19 pandemic ends, according to early survey results from INV Fintech, Bank Innovation’s sister banking innovation services platform. Based on interim results of the survey released this week, 49% of respondents strongly agree that the coronavirus pandemic will […].
Chris Skinner
MARCH 19, 2020
For a while, I presented the idea that our world is a fiction. It is a fiction based upon beliefs. We have shared beliefs. We believe the world is the way the world is. But the world isn’t this way. Borders. Borders don’t exist. We – humans – created borders. … The post Our world is just a fiction appeared first on Chris Skinner's blog.
Payments Dive
MARCH 19, 2020
As restaurants across the United States shutter dine-in locations and switch to carry-out and delivery-only options, many fast casuals are discounting or totally waiving delivery fees in an effort to not only help keep their businesses alive but to do also make it easier for Americans to access food.
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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.
PYMNTS
MARCH 20, 2020
To honor staffers who are maintaining stocks of supplies on shelves as shoppers visit locations in droves, Walmart said it would pay almost $550 million in bonuses to hourly workers. The retailer has experienced an increase in sales as consumers stock up on toilet paper, food, hand sanitizer and other products as they get ready to remain in their residents with increasing COVID-19 cases, CNBC reported.
Bank Innovation
MARCH 18, 2020
JPMorgan Chase told its employees today it will be closing about 20% of its branches starting tomorrow. A Chase spokesperson told Bank Innovation the move would “help us protect our employees as we provide essential services to our customers and the communities we serve.” The closures come at a time when banks are increasingly promoting […].
Chris Skinner
MARCH 15, 2020
The main blog headlines are … “Are you willing to take the risk of investing in b t?” “Are you willing to take the risk of investing in b t?” Interesting headline. It’s not mine btw. It’s a question from a leading banker. The question, in this case, related to investing in data … The post The Finanser’s Week: 9th March 2020 – 15th March 2020 appeared first on Chris Skinner's blog.
Payments Source
MARCH 19, 2020
The payments industry bridges many markets — including technology and finance — that haven't always demonstrated diversity at their highest ranks. Things are changing, and this year's Most Influential Women in Payments honorees demonstrate the importance of women to all aspects of the payments industry and all corners of the globe.
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PYMNTS
MARCH 18, 2020
Every consumer has gone through at least one iteration in their commercial life of the clunky, junky product search. It starts with a basic idea of what one is looking for — but nothing as specific as say a SKU — entered into a search bar. From there, it is picking through returns for the right option, or at least as close to right option as possible, and then clicking around until one finds a transaction point on a checkout page with a buy button.
Bank Innovation
MARCH 17, 2020
As social distancing becomes the new normal and quarantine measures spike during the coronavirus pandemic, banks of all sizes are promoting their digital channels to customers. “We are in crisis management mode,” said Mark Cromer, senior vice president and chief operations technology officer at the Sparks, Nev.-based Farm Bureau Bank. “We are trying to minimize […].
Chris Skinner
MARCH 17, 2020
Things we’re reading today include … HSBC appoints insider Quinn as CEO amid growth headwinds UK banks set out details of Covid-19 mortgage holidays Coronavirus: Stocks rocked by record volatility Metro Bank hit with fresh lawsuit by Iranian customers Study: global banks ‘failing miserably’ on climate crisis by funneling trillions … The post Things worth reading: 18th March 2020 appeared first on Chris Skinner's blog.
South State Correspondent
MARCH 16, 2020
The Fed did more than cut rates on Sunday; they pumped a massive amount of liquidity in the system, sending a signal to banks to level up. Far behind the health of employees and customers in the COVID-19 pandemic, comes the economic impact. Unlike the recession of 2008, where the economic impact came over many months, this pandemic impacted businesses in weeks providing much less time to prepare and adjust.
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