Chris Skinner

FEBRUARY 25, 2020

I know a few of you have spotted that I have a regular theme these days about sustainable finance, purpose-driven banking, the climate emergency and more. It’s a reflection of the world at large and how people like Greta Thunberg and Sir David Attenborough are making our views of the … The post Customer and employee activism will change banking even if the banks don’t want to change appeared first on Chris Skinner's blog.

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Abrigo

FEBRUARY 27, 2020

Key Takeaways Financial institutions who want to maintain a healthy share of business lending this year and through potentially tougher economic times ahead want to be in the best position possible before trouble hits. Abrigo's Business Lending Readiness Survey found many processes stymie those efforts. At most banks and credit unions, for example, staff re-enter the same data point between 1 and 5 times.

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PYMNTS

FEBRUARY 27, 2020

A quick glance at the workforce of 2020 doesn’t immediately present itself as all that different from the workforce of the year 2000. The major professions remain the same — doctors, lawyers, bankers, accountants, stock brokers, academics, teachers, consultants, software programmers, etc. The trades are mostly familiar — electrical, carpentry, plumbing, welding, etc.

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Payments Dive

FEBRUARY 25, 2020

Intuit announced its highly anticipated $7.1 billion acquisition of Credit Karma, a move that will create a personal finance powerhouse that can help financial institutions create targeted product offers for users of the platform.

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Groups

Chris Skinner

FEBRUARY 27, 2020

Really interesting interview with Garry Kasparov in Wired magazine about the potential of artificial intelligence (AI) in the future. Garry Kasparov is perhaps the greatest chess player in history. For almost two decades after becoming world champion in 1985, he dominated the game. Then, in 1997, at the height of … The post “I was the first knowledge worker whose job was threatened by a machine” appeared first on Chris Skinner's blog.

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Technology 531

PYMNTS

FEBRUARY 26, 2020

A big change is coming to Mastercard , which will soon be marking the end of an era as its longtime CEO Ajay Banga departs from the role of CEO and moves on to the role of Executive Chairman, a position now held by Richard Haythornthwaite, on Jan. 1, 2021. Haythornthwaite has served as chairman since May 2006 and Banga has served as CEO since 2008 — when he took over the helm shortly after the onset of the financial crisis.

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South State Correspondent

FEBRUARY 24, 2020

THE BANK CONTENT MARKETING HACK Banks that complain about not doing enough in marketing or not having a big enough budget may just not be taking the right approach. We rarely see a bank fully utilize their content. If done right, you can get at least five times the conversions for almost the same expense as you spend now. What bank wouldn’t want five times the loans, deposits, or fees?

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Chris Skinner

FEBRUARY 23, 2020

I was quite relaxed about the coronavirus thinking it would blow over (no pun intended). Yet, as the days and weeks went by, it’s obviously a lot more serious than first thought. I first thought, Oh, it’s Wuhan. It’s not over here. It will sort itself out. Then we had … The post Coronavirus: what it means for trade and finance appeared first on Chris Skinner's blog.

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Bank Innovation

FEBRUARY 24, 2020

Arthur Levy, vice president of business development at Brex, is attending Bank Innovation Ignite in Seattle, which takes place from March 2-3. He is speaking on a panel titled “How to make SME banking innovation work,” which will focus on small business products, payments and underwriting. Levy is in charge of partnerships, channel and rewards […].

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Analysis

Payments Dive

FEBRUARY 28, 2020

California Tortilla and Qdoba have launched mobile app upgrades.

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PYMNTS

FEBRUARY 26, 2020

PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO 20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-border payments: ISO 20022. Cross-border payments are a fragmented space with disparate standards, service levels, and compliance and reporting regulations varying from country to country.

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Chris Skinner

FEBRUARY 24, 2020

I guess my discussions of purpose-driven banking are growing. Maybe I just picked up the vibe or created it, but more and more I’m seeing bank CEO’s talking about purpose. Tom Blomfield, CEO and co-founder of Monzo, in Wired magazine: “Why do companies even exist? What are we here for? … The post Purpose? We need actions, not words! appeared first on Chris Skinner's blog.

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Bank Innovation

FEBRUARY 26, 2020

The parameters around how consumer financial information should be shared with third-party apps and platforms was the subject of debate at an industry forum organized by the Consumer Financial Protection Bureau in Washington, D.C., on Wednesday. While data aggregators and bankers participating in the forum agreed on the principle that consumers should have the right […].

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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.

Lending

Payments Dive

FEBRUARY 25, 2020

Shares of the fast casual chain were down sharply in pre-market trading after the company missed revenue estimates, reported weaker same-store sales and warned that the conversion to exclusive food delivery through Grubhub was being rolled out on a market-by-market basis.

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PYMNTS

FEBRUARY 23, 2020

JPMorgan Chase is taking steps to open a digital bank in the U.K. by the end of the year. The banking firm has been talking with London regulators about the idea, according to The Financial Times on Saturday (Feb. 22). The operation will likely include savings and lending products, and it comes just two years after U.S. bank Goldman Sachs launched a digital bank called Marcus in the U.K.

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Chris Skinner

FEBRUARY 26, 2020

There’s a growing lament amongst the few, who are worried our analogue world is crumbling around them. They see the loss of bank branches, high street shops, use of cash and such like as the end of their world. They hate the idea of electric self-driving cars and mourn the … The post Nostalgia ain’t what it used to be appeared first on Chris Skinner's blog.

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Bank Innovation

FEBRUARY 27, 2020

Afterpay’s efforts to embed itself in the U.S. retail ecosystem are showing results. The point-of-sale lender announced this week it has more U.S. customers than customers in New Zealand and in Australia, where it is headquartered. This is the first time since the company’s 2014 launch that its U.S. customer numbers have outperformed other markets. […].

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Operations

Payments Dive

FEBRUARY 27, 2020

Žoržas Šarafanovi?ius, executive director of Ashburn International, cited the importance of "terminal as a service" following the recent Ingenico Paytech Summit in Barcelona, Spain.

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PYMNTS

FEBRUARY 28, 2020

To explore the positive impacts of blockchain on small businesses, the U.S. House of Representatives Committee on Small Business plans to hold a hearing next week. Witnesses scheduled to appear include PopCom CEO Dawn Dickson and Ownum CEO Shane Bigelow, as well as Jim Harper, a visiting fellow for the American Enterprise Institute, and Marvin Ammori, general counsel for Protocol Labs, Yahoo!

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Chris Skinner

FEBRUARY 22, 2020

The main blog headlines are … Bank Wars, Episode XX: The Rise of FinTech Over the years, a few people have likened me to the Yoda of banking. Yoda is one of the most likable characters in the Star Wars franchise, but I’m not sure if I like the comparison. … The post The Finanser’s Week: 17th February 2020 – 23rd February 2020 appeared first on Chris Skinner's blog.

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Bank Innovation

FEBRUARY 23, 2020

Amidst the rise of nonbank lenders such as Kabbage, OnDeck, BlueVine and others, Fifth Third Bank is partnering with digital lender Fundation to speed up loan-approval processes for small businesses. The partnership will allow the bank to use Fundation’s technology suite to assist small businesses that do not meet Fifth Third’s current loan-eligibility guidelines.

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Analysis

Abrigo

FEBRUARY 28, 2020

Large SEC filers have officially adopted the current expected credit loss standard, or CECL, for recognizing credit losses, and other financial institutions are eager to learn from their implementation efforts. While credit unions have until 2023 until they must comply with CECL, there is likely less time than expected. Experts and 2020 adopters have repeatedly stressed the importance of preparing early.

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PYMNTS

FEBRUARY 28, 2020

Google “used car dealer.” Click on the image tab. Within the top four thumbnails you will see a man wearing a bad jacket, a bad hat and a villainesque mustache. He is the cliché of a profession that has a lot of suede sheen on it, but at least one company is in the market to bring used car sales into the digital future. “We get that a lot,” said Shift Co-CEO Toby Russell of the stereotype.

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Chris Skinner

FEBRUARY 24, 2020

Things we’re reading today include … UBS releases diversity figures for Americas staff US hedge fund calls for Prudential breakup as it takes near-$2bn stake Barclays/Jes Staley: Europe’s last investment banker British fintech Revolut hits $5.5 billion valuation after funding round Mastercard says coronavirus to hit first-quarter revenue JPMorgan Chase … The post Things worth reading: 25th February 2020 appeared first on Chris Skinner's blog.

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Bank Innovation

FEBRUARY 28, 2020

Dobot, the automated savings platform acquired by Fifth Third in 2018, is working to help its users save $425 million since it launched with the bank just over a year ago. The app lets users put away funds toward savings goals of their choice. The tool automatically pulls users’ money into a savings account based […].

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