Chris Skinner
JULY 28, 2019
I wrote a couple of recent blogs about the issue with finding good developers and attracting them to banks. The first, about the war for talent, made the statement: the main motivation of developers joining a firm is to solve interesting problems. The second, titled When code is art, how do … The post Banks need a purpose other than making money appeared first on Chris Skinner's blog.
Payments Dive
JULY 30, 2019
Despite years of hype and expectations that failed to materialize, mobile payment adoption in the U.S. may be close to a breakthrough as issuers transition to contactless cards and retailers make significant upgrades in POS systems.
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Bank Innovation
AUGUST 2, 2019
When it comes to bank-fintech collaborations, banks are finding more failure than success. That’s according to a study by Bank Innovation and INV Fintech, a startup accelerator, released today.
South State Correspondent
JULY 30, 2019
BANK CULTURE When it comes to corporate culture, many banks know that building a genuine and sustainable culture is like baptizing cats. It’s tough work fraught with many scratches and a lot of moving around. However, when it comes to corporate culture, Netflix is in the pantheon and can give banks insight. In 2011, their CEO, Reed Hastings, their Chief Talent Officer, and others produced a “Culture Doc” (below) that spread like wildfire among the Silicon Valley’s elite.
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Chris Skinner
JULY 29, 2019
I have this debate often: Why governments will fail to block the emergence of cryptocurrencies such as Bitcoin Can you have decentralised exchange without centralised control? Is the world being democratised through technology? How do governments regulate a networked world? A world without money A world without government? … and … The post Who governs the internet?
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Bank Innovation
AUGUST 2, 2019
To TD Ameritrade, checking up on a portfolio is a task customers should be able to do on the go. Therefore, the brokerage firm has enabled in-car “experiences” to make that happen. “Leveraging technologies like AI and machine learning, voice and audio, our customers can engage in a way that makes this experience more intuitive […].
PYMNTS
AUGUST 2, 2019
Western Union ’s stock price was down in after hours trading, after missing on earnings but lodging a narrow beat on revenue. Adjusted earnings per share (EPS) came in at $0.45 per share, missing analyst consensus estimates of $0.48 per share. This compares to earnings of $0.46 per share a year ago. Net income of $614.8 million, or $1.42 a share, in the second quarter, compared with $217.6 million, or 47 cents a share, a year earlier.
Chris Skinner
JULY 30, 2019
As banks embrace digital transformation, there is a high level of discomfort amongst bank staff around the change. First, they hear almost every day that artificial intelligence and machine learning will automate their jobs. They fear the future. They fear losing their job. How can you reassure them that they … The post Change is the only constant appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 2, 2019
As consumers embrace mobile devices and IoT technology in growing numbers, organizations are finding themselves under pressure to address data security concerns related to these devices. Download this infographic from TNS which looks at the challenges that security professionals are facing.
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Bank Innovation
JULY 30, 2019
Glint Pay launched its gold trading and payment platform in the U.S. this week, part of the startup’s international expansion plans rolling out this year. Glint, based in London, offers users two separate bank accounts, one for fiat currency and one for gold. Users can transfer money between their two accounts in the app and […].
PYMNTS
JULY 27, 2019
This week, the world was presented with a truly unusual retail mystery: The Case of the Inexplicable In-N-Out Burger. The story starts at 6:30 a.m. EST on July 20 in Jamaica, Queens, when Lincoln Boehm and his wife were heading to McDonald’s. By all accounts, it was a very normal trip, which included one extremely unusual feature: a single In-N-Out burger, wrapped and in photo-ready condition, lying in the middle of Sutphin Boulevard.
Chris Skinner
JULY 31, 2019
There are always questions about the future. It’s the only thing we don’t know. We don’t know what will happen in the future, so we ask lots of questions. What will happen when Amazon opens a bank? Will regulators create new rules about data sharing? How will quantum computing change … The post There are always questions about the future appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 1, 2019
The breach at Capital One, which resulted in 106 million U.S. and Canadian consumers losing access to critical personal data, should be a wakeup call to financial industry officials.
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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.
Bank Innovation
JULY 29, 2019
Amplify Credit Union is letting customers check in on their financial health by looking at their wrists. The Austin-based credit union, which has $950 million in assets, rolled out mobile banking via the Apple Watch earlier this month. Members check their accounts directly before making purchases and can link car loans, mortgages, investments and other […].
PYMNTS
JULY 30, 2019
Global payments revenues are at an all-time high, and experts predict that they could even climb to be a $2 trillion industry by 2020. Cross-border payment revenues currently account for approximately $200 billion, a significant slice of the payments pie. Currently, there are 0.7 international transactions per capita every year, up from 0.5 in 2014.
Chris Skinner
AUGUST 1, 2019
I was asked the other day about my worst prediction ever made. My answer may surprise some, but ti was the view that intermediaries would disappear as technology takes over. I made that prediction about independent financial advisors back in the 1990s as call centres appeared. It didn’t come true. … The post My worst prediction ever appeared first on Chris Skinner's blog.
South State Correspondent
JULY 29, 2019
LENDER COMPENSATION A CEO of a community bank recently asked us an important question: “why should I pay my lenders any incentive to do their jobs, they already make a good salary?” We hear this question often from different management teams. We believe that part of every lender’s compensation should be variable and that incentive pay should be based on strategic priorities for that specific bank.
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Bank Innovation
JULY 29, 2019
On the heels of digital banking startup Varo Money applying for a banking license with the Federal Deposit Insurance Corporation (FDIC) earlier this month, another fintech firm with its toes in charter waters seems poised to jump in. Small business lender OnDeck is “actively pursuing” a bank charter to provide a wider range of products […].
PYMNTS
AUGUST 2, 2019
To combat fraud — especially phishing — united we stand? The advent of mobile and app-based channels to lure victims to send money to fraudsters has been on the rise, with email and text-based communications the weapons of choice. As noted in the latest Digital Fraud Tracker , phishing attacks are up 76 percent this year compared to last year. Verizon has estimated that 30 percent of phishing messages are opened by their intended targets.
Chris Skinner
JULY 27, 2019
The main blog headlines are … How to make a small island a big centre for FinTech One of the discussions at the UN meetings was around SIDS, the Small Island Developing States. I didn’t know much about SIDS but, when investigating further, discovered I did. They range from islands … The post The Finanser’s Week: 22nd July – 28th July 2019 appeared first on Chris Skinner's blog.
Ron Shevelin
JULY 29, 2019
The're one reason why fintech startups fail: They don't make enough money. The reason they don't make enough money usually comes down to choice of business model.
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Bank Innovation
JULY 30, 2019
Capital One Financial said data from about 100 million people in the U.S. was illegally accessed after prosecutors accused a Seattle woman identified by Amazon as one of its former cloud service employees of breaking into the bank’s server. While the complaint doesn’t identify the cloud provider that stored the allegedly stolen data, the charging […].
PYMNTS
JULY 28, 2019
Jack Ma ’s MYbank is aiming to change the way China lends to small businesses. The 4-year-old bank uses real-time payments data and a risk-management system that analyzes more than 3,000 variables to allow borrowers to apply for a loan on a smartphone and receive cash almost instantly if approved. The whole process takes three minutes. So far MYbank has lent 2 trillion yuan ($290 billion) to nearly 16 million small companies, with a default rate of only about 1 percent.
Payments Dive
AUGUST 2, 2019
Strengthening protection against data breaches is an ongoing requirement as criminals evolve and respond to industry measures. Download this infographic from TNS which looks at the sources of recent breach incidents and where the threats are perceived to lie.
South State Correspondent
JULY 31, 2019
In the last few months, more than a dozen bankers have reached out to us about the merits of a fixed-rate loan program. Up until a few months ago, we didn’t know that the industry had started coining the term “fixed-rate loan program.” We always assumed that banks made loans that borrowers needed, whether fixed-rate, adjustable-rate, or some form of hybrid.
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