Chris Skinner
SEPTEMBER 15, 2019
For all the talk about how well FinTech start-ups are doing, I hear two regular laments from bank CEOs. First, why aren’t we valued like FinTechs? and second, why aren’t FinTechs regulated like us. On the first point, it’s quite clear that FinTech start-ups are being valued on potential and … The post The two big issues bank CEOs have with FinTech appeared first on Chris Skinner's blog.
Payments Dive
SEPTEMBER 17, 2019
While Strong Customer Authentication does not apply directly to U.S. merchants, there are significant implications for retailers that have operations in Europe and gaining a SCA delegation can provide significant benefits.
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PYMNTS
SEPTEMBER 19, 2019
At its annual summit in New York , the ID2020 Alliance announced the roll out of a digital identity program with the Government of Bangladesh ; Gavi, the Vaccine Alliance; and new partners in academia, government and humanitarian relief. “Digital ID is being defined and implemented today, and we recognize the importance of swift action to close the identity gap,” said Dakota Gruener, executive director of ID2020, in an announcement.
Bank Innovation
SEPTEMBER 18, 2019
China’s UnionPay, the world’s largest card issuer with 57.6% of the world’s payment cards in circulation, has global ambitions. Its latest move is a memorandum of understanding with digital payments giant Wirecard, a partnership which will help it expand to new markets and craft new payment solutions for foreign visitors to China. Wirecard, which has […].
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Chris Skinner
SEPTEMBER 16, 2019
I was recently asked by Volante Technologies to consider what being a digital bank means, specifically for a commercial bank and, even more specifically, the bank’s payments and treasury services. After all most of the focus on digital banking and digital payments has been in the retail sector, where consumers … The post Corporate cloud-based payments: what’s that all about?
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
SEPTEMBER 16, 2019
Sheep are not natural-born leaders. If they were, they wouldn’t need border collies or sheepherders to make sure that they didn’t follow wolves blindly into harm’s way and that they ended up where they needed to be at the end of the day. Recognizing this, in the late 13 th century, sheepherders decided to make their lives (and that of their border collies) a little easier.
Bank Innovation
SEPTEMBER 20, 2019
Cross River Bank, the partner bank for large fintech startups like Stripe and Affirm, is using The Clearing House’s real-time payments (RTP) network to enhance service to clients and boost its value proposition to future ones. According to Cross River Bank CEO Gilles Gade, real-time payments will prove attractive to financial startups in third-party payments, cryptocurrencies […].
Chris Skinner
SEPTEMBER 19, 2019
I was a bit agog and aghast at the recent announcement from 192 US CEOs, who said that stakeholders are now more important than shareholders. This focus upon stakeholders has been an emerging trend for over the past quarter century and here’s what these great US leaders said: Statement on … The post Greed is good … and my bonus is better appeared first on Chris Skinner's blog.
Payments Dive
SEPTEMBER 19, 2019
Blockchain began as a tool for Bitcoin to deliver a decentralized future for the financial industry. Since then, Bitcoin has largely turned into a speculative investment and blockchain is increasingly being adopted by large financial institutions looking to boost efficiency. Some companies are still aiming to keep its decentralized message alive.
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PYMNTS
SEPTEMBER 17, 2019
The most common association with the term “social credit score” is with China. Since roughly 2014, the Chinese government has been working on the system, which is designed to be a “method to perfect the socialist market economy system, accelerating and innovating social governance,” according to a State Council notice from 2014. “China’s social credit system is an ambitious, technology-driven initiative through which the state seeks to create a central repository of data on natural
Bank Innovation
SEPTEMBER 16, 2019
Canadians may accept that AI is a part of their lives, but many express concerns about the potential risks that the application of the technology presents, including biases. That’s according to a recent TD Bank survey of 1,200 Canadian adults carried out by Environics Research. According to Matt Fowler, vice president of enterprise machine learning […].
Chris Skinner
SEPTEMBER 17, 2019
I saw a list on Facebook the other day about being old. It was a note that said: “How to tell when you’re an adult: you gain 30lbs overnight you’d rather sleep in than go out everything hurts comfort comes before style everything feels like a chore you’re always annoyed” … The post When digitalisation stops and humans step in, it all falls to pieces (American Express) appeared first on Chris Skinner's blog.
South State Correspondent
SEPTEMBER 18, 2019
“What do I need to open a checking account?” and “What is the best savings account?” are two trending bank-related searches that are becoming popular. In years past, potential bank customers used to put in a utilitarian “checking account” to search banks offering checking accounts. Now, given changing search engine algorithms, better content, and more comfort using conversational searches people are using complete sentences in their search query.
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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
SEPTEMBER 17, 2019
You want fries with that crypto? Might have to wait a bit, especially on the international stage. For some, bitcoin and cryptos — beyond a means of speculation — are a solution in search of a problem. However, among the more enthusiastic refrains from supporters: Cryptos will become ubiquitous as they scale into everyday retail environments. It’s been a slow start.
Bank Innovation
SEPTEMBER 17, 2019
Greenlight Financial, which just raised $54 million in Series B funding, is acquiring customers by pitching itself as a personal finance and banking hub for kids. Greenlight is a digital-only banking startup that is designed to teach kids how to manage their finances as they grow into adulthood. The Greenlight platform, which operates on a […].
Chris Skinner
SEPTEMBER 18, 2019
There’s a comment that has stayed with me for a long time. It goes along the lines of if you’re earning $10 million a year then spending $10,000 is only the same as someone who earns $100,000 a year spending $100. It’s just relative. This often strikes me as I … The post Greed is good … or is it? appeared first on Chris Skinner's blog.
South State Correspondent
SEPTEMBER 17, 2019
Those Somali pirates are a wily bunch. While pirate attacks off the coast of East Africa are down, the average ransom is up. Most of the increase can be attributed to going after more modern ships and with better negotiating tactics. The Economics of Security research initiative looked at 179 hijackings and interviewed professional pirate negotiators to see what can be gleaned.
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PYMNTS
SEPTEMBER 15, 2019
A massive data breach has compromised the records of 198 million car buyers. Jeremiah Fowler, a senior security researcher at Security Discovery , discovered the breach after coming across the same 413GB dataset multiple times. “It was clear that this was a compilation of potential car buyers wanting more information,” Fowler said, telling Forbes that the data included “loan and finance inquiries, vehicles that were for sale, log data with IP addresses of visitors, and more.”.
Bank Innovation
SEPTEMBER 19, 2019
SellersFunding, a Ridgewood, N.J.-based SME lender, has acquired AmzLenders to broaden its reach among e-commerce sellers. Terms of the deal, which closed on Wednesday, were not disclosed, but SellersFunding CEO Ricardo Pero told Bank Innovation that the objective is to reach a wider group of clients. With AmzLenders, a two-year-old company focused on Amazon sellers, […].
Chris Skinner
SEPTEMBER 19, 2019
Things we’re reading today include … Changing weather could put insurance firms out of business Brexit/City jobs: iffy on the Liffey U.S. stock exchange competition to heat up in 2020 with new entrants FCA attacked by research houses over Mifid II reforms Two British bankers are on trial in Germany’s … The post Things worth reading: 20th September 2019 appeared first on Chris Skinner's blog.
Abrigo
SEPTEMBER 19, 2019
Optimism hit a five-year high in 2017 among c-level executives at financial institutions, but this year, optimism took a sharp dip amidst concerns over decelerated loan growth, an uncertain economy, and higher interest rates, according to survey results by Cornerstone Advisors. Competition for deposits is high, but financial institutions are becoming savvier in finding ways to break through these banking slumps.
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PYMNTS
SEPTEMBER 17, 2019
FinTech firms are keeping a pulse on the latest regulations and helping their clients comply with them. The European Union’s General Data Protection Regulation (GDPR), for instance, went into effect last May, and penalties are just starting to be enforced. The regulation is top of mind, especially for European Union companies, and FinTechs are stepping up to the plate to help their customers comply with its components from a product perspective.
Bank Innovation
SEPTEMBER 17, 2019
On the heels of the fifth anniversary of Citizens Bank‘s IPO next week, the bank has launched a product and brand approach based on customer journeys called Made Ready. The strategy won’t result in any immediate changes in customer experience. Rather, it’s an indication of how the bank sees the evolution of its product roadmap, […].
Chris Skinner
SEPTEMBER 16, 2019
Things we’re reading today include … How long will Jamie Dimon’s magic touch last? Deutsche Bank is first to settle bond-rigging lawsuit, amid federal probe Hong Kong’s bourse seeks to snap up the London Stock Exchange Steven Mnuchin begins reforming America’s giant mortgage-guarantee firms Google to pay €1bn to end … The post Things worth reading: 17th September 2019 appeared first on Chris Skinner's blog.
Abrigo
SEPTEMBER 16, 2019
Community bankers are largely positive about the future, based on the first results of a new index gauging business sentiment among the financial professionals who serve a critical role in local economies. More than two-thirds of community banks surveyed for the Conference of State Bank Supervisors (CSBS) Community Bank Sentiment Index indicated they expect business conditions will be the same or better in the next 12 months.
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