Chris Skinner
OCTOBER 14, 2019
We are regularly being bombarded with unicorn news. Some rise and some fail. We hear about toxic corporate cultures and ousted CEOs on some occasions, with WeWork being the latest to get caught in the pre-IPO crossfire. In case you’re not aware, their CEO and founder has gone and now … The post Is Revolut leading a FinTech revolution … or destroying it?
Payments Dive
OCTOBER 18, 2019
Traditional banks in the U.S. and Europe are picking up the transition to digital banking as they face heightened competition from fintech startups and consumers become more and more comfortable with mobile apps and online sites for routine functions.
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Bank Innovation
OCTOBER 17, 2019
A recent Forbes article claims the fad is over for bank-fintech partnerships. The fad might be over, but the imperative for banks to partner with fintechs is anything but. To be sure, there are valid points highlighting the over-inflated hype versus the reality in making these partnerships fruitful. Nevertheless, in our experience at INV Fintech, […].
PYMNTS
OCTOBER 12, 2019
The fact that our connected devices are getting to know us pretty well is, by now, well-known. A phone that can unlock a hotel room door. A smartwatch that can call an Uber. A connected car that can not only help the driver find the closest burger joint, but can also order ahead. A voice assistant that can add stuff to a shopping list and then order and arrange for its delivery.
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Chris Skinner
OCTOBER 13, 2019
Now that’s a contentious title for a blog, but purposefully so. Old banks can compete in the new world if they’re smart … it’s just that so many of them are dumb. Dumb with data, as I’ve blogged before. To illustrate this, I have three examples. The first is that … The post Why dumb old banks can’t compete 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
OCTOBER 16, 2019
Banking technology provider Finastra, which works with more than 9,000 clients, is partnering with payment network Ripple to facilitate real time, blockchain-supported payments for its customers. For Finastra, the tie-up enhances the suite of services it offers its bank clients, while for Ripple, it extends its reach to more institutions. Ripple currently works with more […].
PYMNTS
OCTOBER 14, 2019
Payroll and human resource management solution provider Paychex has unveiled a range of new solutions and services at the 2019 HR Technology Conference & Exposition event late last month. In a press release , Paychex announced support for wearable technology through the planned debut of a smartwatch app that enables employees to automatically track time worked.
Chris Skinner
OCTOBER 16, 2019
You’ve got to love all these challenger banks (née neobanks née digital banks née mobile banks née whatever banks) appearing. There’s lots of chat about the British ones led by Monzo and closely followed by Starling, Atom and Tandem, but there are many more. In the UK there’s Revolut, Zopa, … The post Some challengers really are challenging … but not where you’re looking appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 18, 2019
With mobile apps poised to become the de facto digital shopping channel, retailers can no longer treat them as an afterthought or merely an extension of the website experience.
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Bank Innovation
OCTOBER 15, 2019
Google Play is banning digital lenders whose products have APRs of 36% or higher, per a Wall Street Journal report Sunday. While the move may be seen as pro-consumer, it’s a sign lenders have more than just regulatory compliance to consider in the evolution of their product strategies. According to the report, the ban affects […].
PYMNTS
OCTOBER 16, 2019
There will be 41.6 billion Internet of Things (IoT)-connected devices around the world by 2025. Consumers and businesses have increasingly employed the technology in a variety of use cases as it becomes more sophisticated, from smart cars to sensors that can be utilized for smart cities. The rise of 5G networks will also enable these devices to communicate more data across longer ranges, which is one of the reasons why investment in IoT is picking up.
Chris Skinner
OCTOBER 15, 2019
Like quite a few big banks, the Royal Bank of Scotland (RBS) has been messing about with doing digital by launching a number of new initiatives. The two of most note are Bó, a new retail bank, and Mettle, a service for small to medium enterprises (SMEs).* What fascinates me … The post Mister Bó Jangles: the story of yet another new UK challenger bank appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 15, 2019
As banks strive to offer customers good online experiences, they often partner with a variety of fintechs. But how do they ensure that their apps are secure?
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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
OCTOBER 18, 2019
Santander InnoVentures, Santander Group’s fintech venture fund, is leading a Series B investment of 35 million euros ($39 million) in CrossLend, a pan-European digital debt marketplace. Oliver Schimek, CrossLend’s CEO, told Bank Innovation the funding, which was confirmed this week, will support CrossLend’s expansion efforts, building on the 10 markets in which it currently operates. […].
PYMNTS
OCTOBER 14, 2019
As the digital economy grows, you can bet that crowdsourcing will become an even bigger part of innovation and disruption, along with hiring and investment — all of which will serve to help build only new companies but vital digital infrastructure. One big recent example in favor of such points comes from Goldman Sachs. A Goldman Sachs program called GS Accelerate enables Goldman employers to pitch their bosses on potential new companies, according to CNBC.
Chris Skinner
OCTOBER 13, 2019
The main blog headlines are … What does “innovation” mean in finance? I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech. I trust it’s useful … … The post The Finanser’s Week: 7th October – 13th October 2019 appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 15, 2019
As digital channel growth shows no sign of slowing down, it represents a significant revenue opportunity for brands, retailers and other consumer-facing businesses. But what does an effective strategy look like and how can businesses successfully create and execute against it?
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Bank Innovation
OCTOBER 14, 2019
Franklin Templeton is taking a hands-on approach to cultivating startup talent. The San Mateo, Calif.-based investment company launched a startup incubator on Monday, a program through which companies will be matched with Franklin Templeton mentors and work on business ideas relevant to the objectives of Franklin Templeton and its partners. According to Joe Boerio, Franklin […].
PYMNTS
OCTOBER 14, 2019
Renault has started a public trial of its on-demand car service on the Paris-Saclay urban campus, according to a press release on Monday (Oct. 14). A panel of around 100 people will use the service — provided by two electric, autonomous and shared Renault Zoe Cab prototypes — on the campus from Oct. 14 through Nov. 8. . Two cars with different features will be tested, with passengers able to hail them using the mobile app, Marcel Saclay, which was designed specifically for the ZOE Cab experiment
Chris Skinner
OCTOBER 15, 2019
Things we’re reading today include … The Fed has lightened the load on America’s banks A Nobel economics prize goes to pioneers in understanding poverty Third of biggest banks fail to sign up to climate initiative Bank of England boss says global finance is funding 4C temperature rise JPMorgan earnings … The post Things worth reading: 16th October 2019 appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 17, 2019
The cross-border payments market is increasingly complex and creates a series of challenges for ecommerce companies who need to be able to allow customers to pay in the methods they prefer.
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Bank Innovation
OCTOBER 14, 2019
Indian fintech giant Paytm is close to scoring $2 billion of new financing from investors including Jack Ma’s Ant Financial and Japan’s SoftBank Group Corp. to fend off an influx of new rivals, a person familiar with the matter said. The funding will be split evenly between equity and debt and values the country’s top […].
PYMNTS
OCTOBER 14, 2019
Drivers can’t make ends meet. Given the median income of roughly $25,000 a year and the number of hours required behind the wheel to earn that, drivers’ wages fall well below the federal hourly minimum wage. As independent contractors, drivers also have no benefits. After taking into account expenses like gas and insurance, there’s barely enough left over to meet their daily living expenses.
Chris Skinner
OCTOBER 14, 2019
Things we’re reading today include … Deutsche Bank in strategy shift to address tech woes How Deutsche Bank Hired Its Way to the Top in China Bank/Fintech Partnerships: The Fad Is Over How open banking and bank APIs are boosting fintech growth Britain among most generous nations in the world … The post Things worth reading: 15th October 2019 appeared first on Chris Skinner's blog.
Accenture
OCTOBER 18, 2019
The approach banks have taken to revenue growth in the past has largely been focused on becoming the single banking provider of all products for their customers. More recently however, with the introduction of schemes such as the Current Account Switch Service, the rise of challenger banks and the acceleration of Open Banking, this traditional approach is becoming increasingly unworkable.
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