Payments Dive
OCTOBER 22, 2019
Chime Bank is recovering from its third system outage since July, and this most recent incident is serving as a wake-up call for many in the industry about the vulnerabilities of managing critical financial services in a digital-only environment.
Bank Innovation
OCTOBER 24, 2019
Over the past 10 years, the landscape of the financial services industry has dramatically evolved. Technology and the rise of fintechs have called into question almost every traditional banking model, requiring banks to either adapt or be left behind. In today’s digital age, some banks have been slow to innovate or to create a more […].
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Abrigo
OCTOBER 21, 2019
A farmer, a university student, and a business owner walk into a bank. It sounds like the beginning of a joke, but for many community financial institutions, a spectrum of different customers and banking needs is something that they see every day. However, they’re probably seeing fewer of these customers walking into a physical branch. Today, 73% of all consumer interactions with financial institutions are done digitally , according to the 2019 FIS Performance Against Customer Expectations (PACE
Chris Skinner
OCTOBER 22, 2019
Sometimes you debate stuff and a realisation comes. I had one of these today. When futurists talk about the future, they generally based their opinions on forces of change, known colloquially as PEST. Political, Economic, Social and Technological change. So I was having this debate with a friend about the … The post Why decentralised currencies are a PEST!
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Payments Dive
OCTOBER 25, 2019
While fintechs have introduced new innovations to a staid industry, traditional FIs possess great assets that could allow them to surpass the success of fintechs.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
South State Correspondent
OCTOBER 21, 2019
BANK MARKETING Few bankers doubt the power of great storytelling. Instead of advertising, many banks have evolved into showcasing a customer, employee, or creative narrative that walks the reader to some point of conflict and then tells of a resolution. A story gets the reader or listener emotionally connected to the bank in ways that traditional, single message advertising can’t.
Chris Skinner
OCTOBER 20, 2019
I’ve been noticing that there are more and more issues arising with the big internet giants. Unlike in China, where the companies are working with governments, the big Western giants work outside government control. That creates issues, particularly in Europe where government does not like to be out of control. … The post Google versus Government appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 24, 2019
Facebook chairman and CEO Mark Zuckerberg endured withering and often painful questioning as he tried to convince House members that the effort to develop Libra into a global digital currency could provide significant benefits to millions of underbanked consumers.
Bank Innovation
OCTOBER 21, 2019
Santander Bank has rolled out Santander Cash Nexus, a payments tool solution for the bank’s commercial, corporate and investment banking clients in North America. The new platform offers Santander clients a suite of international connectivity and provides local payment initiation and information reporting services in several markets around the world via a single point of entry. […].
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Abrigo
OCTOBER 23, 2019
The following article was first published in ABA Banking Journal on October 17, 2019. In a marketplace where data is shared and distributed at record speeds, third-party or vendor risk management is a challenge for most businesses. The banking industry is no stranger to this. The spotlight from federal and state regulators continues to shine on the use of third parties, and the pressure for those vendors to meet regulatory guidelines has greatly increased.
Chris Skinner
OCTOBER 24, 2019
Following on from the discussion of payments in the cloud, I was recently asked by Volante Technologies to consider what being a digital bank means for a commercial bank’s payments and treasury services and identified three areas of focus: moving payments to the cloud; fast-tracking real-time / instant payments adoption; … The post The Digital Corporate Bank, Part Two: Real-time Payments appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 25, 2019
ATMIA CEO Mike Lee sits down at ATMIA Europe in Rome for a conversation about the war on cash and the future of mobile banking, bitcoin and ATMs.
Bank Innovation
OCTOBER 25, 2019
American Express is using credit reporting startup Nova Credit‘s technology to underwrite newcomers to the U.S., the companies announced Friday. With no financial history in the U.S., newcomers face difficulties accessing credit. American Express claims to be the first U.S. payments company to offer immigrants the opportunity to acquire U.S. credit scores, based an analysis […].
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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.
Abrigo
OCTOBER 22, 2019
Dark Web | 5 minute read Key Takeaways Cybercriminals are now targeting e-commerce merchants with malware attacks. Merchants of all sizes are being targeted. Financial institutions should be proactive with their fraud prevention on the dark web. . The New Frontier on the Dark Web. In recent years, cybercriminals implanted malicious skimming code directly on e-commerce shops and online content management and payment platforms as a way of stealing payment card data at scale.
Chris Skinner
OCTOBER 23, 2019
I’ve avoided any commentary on Brexit in recent times, as it seemed to be going nowhere. Finally, just ten days before deadline, the House of Commons voted that a deal could be done … just not in the deadline given. So, it now looks like 31st January, 2020. Maybe. The … The post What’s the latest on #Brexit in banking then? appeared first on Chris Skinner's blog.
South State Correspondent
OCTOBER 21, 2019
IMPROVING NIM For the majority of bankers, maintaining or increasing net interest margin (NIM) is the single most significant focus today. The shape of the yield curve and lower rates have caused NIM compression across the board and have hurt bank equity performance. While we are not big fans of managing bank performance using NIM as it doesn’t take into account risk and cost, it is one of the most common performance metrics used in banking.
Bank Innovation
OCTOBER 22, 2019
Across the U.S., banks and credit unions continue to face digital disruption. As mobile banking usage surges, branch visits continue to decline. A BI Intelligence study found that mobile banking is nearing ubiquity, with usage topping in at 83 percent. As banks and credit unions improve their online experience and make banking features more readily […].
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Abrigo
OCTOBER 21, 2019
The following article was first published in ABA Banking Journal on October 17, 2019. Cybersecurity | 4 minute read Key Takeaways Third-party/vendor risk management is becoming increasingly challenging with more cloud-based providers. 6 key areas of due diligence to consider before signing a contract. On top of initial vendor due diligence, there are ongoing, systematic approaches to managing third-party relationships. .
Chris Skinner
OCTOBER 21, 2019
Banks are control freaks. I’ve blogged about that often. I’ve also blogged often about how they need to move to be open and partnering. That’s not easy. It’s obviously easier to launch a brand new bank, fresh with no legacy and open to everything, isn’t it? Not necessarily so. The … The post For Whom The Tweet Chimes: the problems of being cloud native and open appeared first on Chris Skinner's blog.
PYMNTS
OCTOBER 21, 2019
There is no shortage of products designed to appeal to conscientious consumers, or marketing terms aiming to draw them in. Green, sustainable, locally sourced, fair trade, clean, socially conscious, cruelty-free – buzzwords that two decades ago were rarely seen on store shelves have become increasingly commonplace, particularly among direct-to-consumer (DTC) brands looking to capture the spend of the eco-minded shopper.
Bank Innovation
OCTOBER 25, 2019
Jane Fraser ascended to the No. 2 job at Citigroup, putting her in position to succeed chief executive officer Michael Corbat and become the first woman to lead a major U.S. bank. The behemoth lender on Thursday named Fraser as president and handed her responsibility for consumer banking, one of its thorniest turnaround efforts in […].
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Insights on Business
OCTOBER 23, 2019
This is a great moment for IBM. IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We are incredibly proud of our customers continued input into our offering, especially in our most current release of OpenPages with Watson v8.1 as discussed in my previous blog. Their contribution in our “innovating in the open” approach is part of the reason we received this honor.
Chris Skinner
OCTOBER 19, 2019
The main blog headlines are … Talking ’bout my generation I was reflecting on things again. Dangerous. My reflection was on when I grew up. My mum and dad went through the second world war. They feared for their lives and for our future. There was no Europe, just a … The post The Finanser’s Week: 14th October – 20th October 2019 appeared first on Chris Skinner's blog.
PYMNTS
OCTOBER 23, 2019
There is only so much time in a day to watch programming and only so much monthly budget to devote to food delivery services. Has the subscription commerce market reached saturation? The real question may be which of the many current and planned subscription services will come out on top. Last week, Netflix released earnings that were fairly positive.
Bank Innovation
OCTOBER 22, 2019
Peer-to-peer payments network Zelle is growing transaction volume, according to numbers released Tuesday by its bank-owned network operator, Early Warning Services. According to Early Warning data, Zelle users sent $49 billion through the network during the third quarter of 2019, a 58% year-over-year increase. Meanwhile, users made 196 million transactions during the quarter, representing 73% […].
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