Bank Innovation
OCTOBER 29, 2019
Digital banking brand Varo has 1 million customers, and is pushing ahead with plans to become a nationally-chartered bank early next year, CEO Colin Walsh told Bank Innovation Tuesday. The four-year-old company received conditional approval for a national bank charter from the Office of the Comptroller of the Currency in August, a process it initiated in […].
Payments Dive
NOVEMBER 1, 2019
The need for high availability in banking systems is clear, and has become even more of a priority in a more digitally focused environment where a 24/7 service and instant payments are a minimum requirement rather than an added bonus.
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Chris Skinner
OCTOBER 27, 2019
A few talking points last week, but two hit me in particular. The first is a McKinsey report that reckons half of the world’s bank are not viable. Their cost of equity is higher than their return on equity. Should another downturn hit … well, they’re gone. “Every bank is … The post McKinsey reckon banks are in a ‘do-or-die’ moment … really?
South State Correspondent
OCTOBER 28, 2019
GAINING STRATEGIC VISION Strategic planning means a lot of things to a lot of different people. One problem that exists in banking is that the act of strategic planning is undefined and so management teams feel that if they can just get to an offsite, sit around a table, work on some budget plans and have an investment banker speak, then they have done their strategic planning.
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Bank Innovation
OCTOBER 27, 2019
Amazon Pay is partnering with payment network Paymentus to allow U.S. consumers to query Alexa devices about their bills, the companies announced Sunday at the Money2020 conference in Las Vegas. The move stops short of enabling bill payments through Alexa, though Amazon said it would add this capability in the future. Through voice, the companies […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
OCTOBER 30, 2019
I’ve a number of great friends in the industry, and enjoy their company and contribution. One of those friends is Gijs Boudewijn, Chair of the Payment Systems Committee at the European Banking Federation who kindly quoted me in his recent presentation on Open Banking. He has also kindly allowed me to … The post PSD2, Open Banking and Beyond appeared first on Chris Skinner's blog.
South State Correspondent
OCTOBER 28, 2019
BETTER LOAN CLOSINGS There is a correlation between the speed of commercial loan closing and bank profitability, and there are many reasons why banks that close loans faster can generate more profits. While banks should be focusing on closing loans faster, there are other techniques that banks can deploy to enhance customer experience while keeping loan closing speeds unchanged.
Bank Innovation
NOVEMBER 1, 2019
A payments platform created by India’s largest retail banks surpassed a billion transactions in October, a milestone that affirms the tremendous growth of services offered by U.S. giants from Walmart Inc. to Amazon.com Inc. and Google. Indian digital payments took off when the government pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in […].
Payments Dive
NOVEMBER 1, 2019
Digital bank executives from Chime, Varo and Grasshopper told attendees at this year's annual Money 20/20 conference that they see continued growth in the space as they are providing more responsive and lower fee services to consumers who are leaving legacy bank rivals that are burdened with aging technology and higher fixed costs.
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Chris Skinner
OCTOBER 29, 2019
I’m acutely aware that so many people write and talk about how big banks are dumb and stupid and don’t get digital, that I try to avoid that mantra personally. People do accuse me of being a bank basher, but I’d rather say that I’m a bank challenger (not a … The post Some banks get IT appeared first on Chris Skinner's blog.
PYMNTS
OCTOBER 28, 2019
It’s what WeChat and Alipay already are in China, and what LINE is in Japan. Rappi follows suit in Latin America. It’s what Grab and Gojek are investing hundreds of millions of dollars to become in South Asia. It’s Facebook’s global ambition, with or without Libra and Calibra. It’s the path that Amazon, Google and Apple are blazing for its users, too.
Bank Innovation
OCTOBER 30, 2019
Ally Bank just closed out a personal finance experiment using storied board game Monopoly as a launch pad for financial literacy. Earlier this month, Ally Bank launched the Ally + Monopoly game, which allowed customers and potential clients to engage with the brand through a digital version of the popular board game. The move aligns […].
Payments Dive
OCTOBER 29, 2019
Uber unveiled Uber Money, a series of credit and debit producs that will provide additional benefits to drivers and incentives to encourage customer loyalty and financial wellness among employees and upping the market share game against rival Lyft.
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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.
Chris Skinner
OCTOBER 29, 2019
Things we’re reading today include … Lloyds Bank creates inheritance mess for hundreds of bereaved families after wills storage blunder The next Bank of England governor will face another recession – and Brexit won’t help with that PPI hit could tip Lloyds Bank into red Barclays profits plunge as … The post Things worth reading: 30th October 2019 appeared first on Chris Skinner's blog.
PYMNTS
OCTOBER 28, 2019
With jewelry as one of the fastest-growing businesses in the luxury sector, Tiffany & Co. has received an offer from LVMH Moët Hennessy Louis Vuitton. The French firm sent the company’s officials a letter that reportedly outlined an all-cash, $120-per-share takeover bid that would value the firm at nearly $14.5 billion, The Wall Street Journal reported.
Bank Innovation
OCTOBER 29, 2019
Bunq, a digital-only banking brand based in the Netherlands, is on a path to grow its customer base through travel rewards and an underwriting formula for its credit card based on how much money a customer has in their account. The seven-year old company launched in the U.K. this month. Founder and CEO Ali Niknam […].
Payments Dive
OCTOBER 29, 2019
Find out how with the first year of their platform launch, Valyou saw 66% growth in their customer base, and now entering its third year of operation, has never had a moment of downtime.
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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.
Chris Skinner
OCTOBER 30, 2019
Things we’re reading today include … Rise of machine trading forces data providers to pivot Federal Reserve cuts rates again amid trade and growth fears Brexit deal means ‘£70bn hit to UK by 2029′ Citi to withdraw from two-thirds of FX platforms NatWest to offer help to gambling addicts in … The post Things worth reading: 31st October 2019 appeared first on Chris Skinner's blog.
Accenture
OCTOBER 31, 2019
In recent years, we’ve seen competition intensify across virtually all areas of the UK and Ireland banking industry. But—in my view—wealth management is one of the areas in which these competitive pressures are really reshaping the industry. This trend partly reflects the rising number of players in the market. Incumbent financial institutions are seeking out….
Bank Innovation
OCTOBER 29, 2019
The Financial Brand’s Jim Marous made some strong points in an earlier post titled, Becoming a ‘Digital Bank’ More Than Lipstick on a Legacy Pig. However, more emphasis should be placed on the urgency of the situation. Any banker who read his article and thought, “He’s right, I need to make some changes,” may already […].
Payments Dive
OCTOBER 29, 2019
Blockchain has made major waves in a variety of industries ranging from restaurants to retailers. However, the biggest area of focus for blockchain for many is still on the payments side, because it has the potential to truly transform the payments industry.
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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.
Chris Skinner
OCTOBER 28, 2019
Last week I blogged about Chime’s issues with their third party partner Galileo going down, blocking payments and cards for their five million users for a short time. I made the comment: I would still claim that using cloud native third party partners in a technology ecosystem is far better … The post Legacy systems … isn’t ‘legacy’ what you leave behind AFTER you’re dead?
Accenture
OCTOBER 30, 2019
The old adage in carpentry is to measure twice and cut once. Scale your project to the size of a skyscraper and 90-degree corners and true horizontal planes are critical to enduring structural integrity. Perfectly plumb steel beams, for example, are what ensure maximum load-bearing capacity and even a slight misalignment can eventually weaken a…. The post Plumb, level and square: Check that you’re a digital bank appeared first on Accenture Banking Blog.
Bank Innovation
OCTOBER 28, 2019
Mastercard has unveiled a series of principles that underline its approach to data security and privacy. In a report about global data responsibility, the payments company outlined six guiding principles that companies can abide by when protecting their customers’ data. Mastercard’s principles include security and privacy, transparency and control, accountability, integrity, innovation, and social impact. […].
Payments Dive
OCTOBER 29, 2019
Augmented reality (AR), virtual reality (VR), and 3D product visualizations can help e-commerce retailers enhance the customer experience, increase sales and decrease returns.
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