Chris Skinner

MAY 11, 2017

I’ve regularly got into confrontations with digital currency people, especially those who are believers in bitcoin, by saying things they don’t like to hear. First it was my comment that you can’t have money without government. They believe the currency is beyond control because it exists on a global network. My contention is that money is a control mechanism used by governments to manage their economies, and that money without government is a bit like animals being able to achieve reproducti

Bitcoin 327

Bitcoin Management blockchain Technology 327

Bank Innovation

MAY 10, 2017

Open banking, virtual branches, machine learning, and AI — these are just some components of the alternative banking puzzle. Digital-first upstarts that provide alternative lending solutions have now proved to the banking world that they are as good (if not better) at attracting, underwriting, and servicing customers, when compared to traditional peers.

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Lending Innovation Technology 320

Payments Dive

MAY 9, 2017

Consumers these days want to connect with their preferred brands at a moment's notice. This, in turn, has forced companies to dabble in areas that didn't exist three to five years ago.

Company 225

Company Branding 225

PYMNTS

MAY 10, 2017

When it comes to finding the latest, greatest API solution does it help to invite outsiders into the sandbox? As more companies seek to engage in international trade, API-based solutions are being seen as a way to address some of the frictions that arise with cross-border transactions. The May B2B API Tracker™, a collaboration with FI.SPAN, looks at the challenges companies must address when delving into overseas business and how API-based solutions are helping address these issues.

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Report blockchain US Fraud 180

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Chris Skinner

MAY 9, 2017

I got a very interesting heads-up yesterday to a campaign the European FinTech start-ups have kicked off to try and stop the big, nasty banks screwing them with their version of PSD2. I’ve previously blogged that the banks will implement non-standard APIs to make it difficult to access their services without writing code to work with each bank’s API’s.

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Fintech Innovation Leadership Payments 303

Payments Dive

MAY 11, 2017

The decision on which mobile app to work with is an important decision. Some are sleek. Others are clunky. Some are quick. Others are slow as molasses. There are many items you must choose from, but here is an important something to think about.

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Mobile Retail Marketing Payments 220

PYMNTS

MAY 11, 2017

Xero , the online accounting software company, announced Wednesday (May 10) a partnership with Capital One Financial Corporation to simplify direct bank feeds, credit card data and the bank reconciliation process. In a press release , Xero said the partnership will empower millions of small businesses to make more informed financial decisions. With direct, secure integration through Capital One’s new application programming interface (API), small businesses will be able to connect their Capital

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Chris Skinner

MAY 10, 2017

It shows how important FinTech is when major financial centres vie for focus. London has been leading the charge to be the FinTech capital of the world, but many other cities are nipping at their toes. So I was intrigued to see Hong Kong issue their FinTech strategy today. Here’s the summary: Financial Technology, more commonly referred to as FinTech, looks set to reshape the financial sector in the coming years and present Hong Kong with both challenges and opportunities.

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Strategy Fintech Regional Technology 271

Bank Innovation

MAY 9, 2017

Artificial intelligence and machine learning have found their way into lending. But can we trust robots with loan origination quite yet? Upstart — a five-year-old online lender — bets you can (and you must). In fact, more than 25% of Upstarts current loans are fully automated, Bank Innovation has learned. “We have made this progress […].

Lending 284

Lending Online Innovation Capital 284

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Payments Dive

MAY 12, 2017

Bank of America's latest Trends in Consumer Mobility Report shows that P2P adoption is strong across all generations. While millennials lead the charge, Gen Xers, baby boomers and even seniors use such services to varying degrees.

Mobile 218

Mobile Millennials America Trends 218

PYMNTS

MAY 10, 2017

Mswipe Technologies , India’s largest independent POS merchant acquirer and network provider, announced Tuesday (May 9) it has enabled Samsung Pay at all its terminals across the country. In a press release, Mswipe said the partnership with Samsung Electronics will enable contactless/tap-and-pay-on-the-go facility for Samsung Pay users across all two lac Mswipe terminals in the country.

Samsung 164

Samsung Security Innovation Payments 164

Chris Skinner

MAY 12, 2017

Further to my recent trip to Pakistan Business Recorder (their version of The Financial Times) interviewed me in depth about what is happening in FinTech. Here’s what they published: ‘The clock is ticking for Pakistan’s legacy banks,’ Chris Skinner, global fintech expert An independent commentator on financial markets and fintech through his blog, the Finanser.com, Chris Skinner is one of the biggest names in fintech today.

Regulation 255

Regulation Capital Fintech Innovation 255

Bank Innovation

MAY 11, 2017

Biometrics are fast becoming the norm for identity verification in banking—but criminals are adapting to these authentication methods as quickly as consumers. Biometric forms of authentication, like the various modes of “Selfie Pay,” fingerprint recognition, and voice ID, provide more security than passwords—but that doesn’t mean financial institutions can afford to drop their guard.

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Fraud Security Online Management 281

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In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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Payments Dive

MAY 9, 2017

The Emerging Markets Payment Index is intended to be used by digital media companies, web and game developers for benchmarking their revenue in markets with high smartphone growth and low credit card penetration.

Marketing 170

Marketing Payments Cards Company 170

Celent Banking

MAY 8, 2017

We’ve seen that banks are focusing intensely on the customer experience, and very often they’re using technology to try to make that happen, whether it’s through predictive analytics, bots, or new branches. There’s another tack to take that can complement these laudable efforts: just be more human – and mean it! I travel a lot, and so have been reading recent stories of airline customer service disasters with a mixture of horror and disgust.

Customer Experience 160

Customer Experience Course Analytics Technology 160

Chris Skinner

MAY 8, 2017

I’m very sceptical about competition in banking because I’ve been waiting for it to happen for too long. Back in the 1990s, I visited Australia that had just had sweeping reforms in banking to promote more competition. Zero affect. America’s biggest banks haven’t seen much change to their market share in the last decade, and UK banks have just been getting bigger.

Metro 184

Metro Marketing America Survey 184

Bank Innovation

MAY 11, 2017

Thanks to the likes of Venmo and (soon) Zelle, real-time, person-to-person payments are now an expectation for consumers. In fact, P2P has become the new social ‘norm,’ Bank of America claims. According to the bank’s Trends in Consumer Mobility Report released today, nearly two in five (36%) adults currently use person-to-person payments, with millennials nearly double that […].

Millennials 262

Millennials America Trends Mobile 262

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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

Lending

PYMNTS

MAY 10, 2017

Refugees are among the most unique groups of people for whom to enable mobile payments and other financial services. Clearly an acute need is there, but modern banking is built upon knowing one’s customers; and when all refugees have are the clothes on their back, cash in their pocket and a mobile phone in their hand, knowing one’s customer becomes an extremely high bar to jump.

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blockchain System social media Mobile 155

Insights on Business

MAY 12, 2017

(L to R: Patrick Lane, Banking Editor, The Economist; Nick Bostrom, Founding Director of The Future of Humanity Institute). We’ve been long saying that financial services firms today are undergoing a radical transformation. From pressures around data security, a constantly evolving regulatory environment, and disruptive new players (fintechs)—all amplified by cost pressures and diminishing margins—it’s clear that business models need to quickly adapt.

Customer Experience 154

Customer Experience Fintech Analytics New York 154

Chris Skinner

MAY 10, 2017

Things we’re reading today include … Australia’s big banks hit by $6.2bn levy in budget cash grab $14 billion wiped off big banks as new levy, fines add to pain Germany welcomes Chinese investment in financial firms RBS cuts hundreds of technology jobs Former Lloyds bosses to face October court date over shareholder HBOS lawsuit Barclays boss set for shareholder grilling at AGM Who’s banking whom in cryptoland?

Technology 178

Technology 178

Bank Innovation

MAY 12, 2017

Alexa now has about 12,000 skills on its platform (the 10,000 milestone was in March) since opening it up to developers in 2015, according to Ford Harris, senior business development manager at Amazon Alexa. “When we set out to build Alexa, we were looking to bring this Star Trek experience to customers,” Harris said during the Amex […].

Management 261

Management Capital Online Payments 261

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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PYMNTS

MAY 11, 2017

For financial institutions investing in application program interface (API) solutions to help customers gain access to new services, it pays to open up the sandbox to others. Several major banks, including Citi and Standard Chartered, recently launched their own APIs to help their various clients access each banks’ financial toolsets to address their individual needs.

Innovation 143

Innovation Mobile ATM Tools 143

Bobsguide

MAY 10, 2017

Customer churn can provide great insights into what needs to change in business. In 2016, over a million customers switched their banks in the UK. With Current Account Switch Service in effect in UK, the pace of switching is making Current Accounts look a lot like Gas & Heating suppliers. By.

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Chris Skinner

MAY 8, 2017

Things we’re reading today include … City banks could move at least 9,000 jobs from UK due to Brexit Starling Bank unveils real-time mobile payments Why the future of banking is mobile-only UK finance watchdog criticised for “absurd” spend on new logo virtually identical to old one Trump review of Wall Street rules to be done in stages: sources ICE turns to atomic clock for time-stamping trades U.S. regulators look at Volcker Rule, a sign they hear Wall Street.

Mobile 177

Mobile Regulation Payments 177

Bank Innovation

MAY 8, 2017

Affirm, the lending startup that provides loans at the POS, is looking into launching everyday-use virtual credit cards, Bank Innovation has learned. The company, launched by a PayPal cofounder Max Levchin, provides point-of-sale loans that allow customers, particularly millennials, to finance purchases with participating merchants. Once approved, consumers receive a one-time use virtual card via Affirm’s […].

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Cards Millennials Lending Innovation 255

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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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