Chris Skinner
SEPTEMBER 30, 2019
I’ve heard many ex-bankers who joined a FinTech start-up, challenger bank or similar, say that they’ve achieved more in the past year than in the past decade. They claim to have achieved more with £1 million than they would have achieved before with £100 million in a bank. They’ve developed … The post A start-up’s month is a banker’s decade appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 1, 2019
The changing nature of consumers in recent years is raising major questions regarding privacy, loyalty and perceived value in the banking industry, according to a panel of experts at the 2019 Bank Customer Experience Summit.
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Bank Innovation
OCTOBER 2, 2019
To Varo, a digital-only banking startup which has more than 750,000 users, an inclusive user experience is its passport to growth. Varo is looking to other digital-only financial players along with big-tech platforms like Google and Amazon for inspiration. The company’s chief design officer, August de los Reyes, was pulled from that ecosystem, with prior […].
South State Correspondent
SEPTEMBER 30, 2019
BANK PERFORMANCE For her sheer authenticity and clarity in thinking, Kat Cole remains one of our favorite corporate leaders in America. We met her at the ICBA a couple of years ago and just saw here last week at the ABA Marketing Conference. She did not disappoint. She gave us three questions to ponder as well as a methodology for a roadmap of things you need to fix at the Bank.
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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 3, 2019
In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech. It’s an hour long, so set aside some … The post How UK FinTech took over the world 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 4, 2019
Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].
PYMNTS
OCTOBER 1, 2019
In the next 10 years, as robots and other tech bring about the “greatest transfer from labour to capital” the industry has witnessed, per a report by Wells Fargo analysts, U.S. banks will slash over 200,000 jobs. Veteran Wall Street Analyst Mike Mayo noted that cuts of such magnitude would comprise over 10 percent of total bank jobs, and pave the way for a “golden age of banking efficiency,” the Financial Times reported.
Chris Skinner
OCTOBER 1, 2019
I don’t get The Financial Times editorials these days. Last month, they published a ridiculous article about challenger banks eating the banker’s lunch – which I covered here as being the crumbs off the table of the banker’s lunch – and this month, they publish a totally contrary view that the … The post Are challenger banks winning or losing?
Payments Dive
OCTOBER 3, 2019
Legacy banks are struggling to transform their brick-and-mortar ecosystems to fit into an increasingly digital world. How do they do it? And more importantly, how do they do it without alienating customers who are used to one-on-one interactions?
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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.
Bank Innovation
OCTOBER 4, 2019
Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].
PYMNTS
OCTOBER 2, 2019
To get a sense of where faster payments are headed, look to the consumer. There are dozens of faster payment schemes rooted or taking shape around the world — 54 at last count. Some of them have been mandated by governments, readying for anticipated demand. That’s a staggering leap from the 14 live faster payment schemes that existed worldwide in 2014, when FIS first released Flavors of Fast.
Chris Skinner
SEPTEMBER 29, 2019
Being conference season, there were many announcements in the past week about headlines companies wanted to gain with their innovations. One of the main headline grabbers for me came from R3. These included: Mastercard partners R3 … R3 and Infosys complete blockchain trade finance trial Wells Fargo’s Stablecoin ‘Faster, Cheaper’ Than SWIFT … The post Blockchain: a solution looking for a problem?
Payments Dive
OCTOBER 1, 2019
This paper describes the innovation and best practices the financial sector has deployed across technologies, processes, and people in their contact centers.
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Amid market uncertainty, banks and credit unions are faced with critical decisions about the future of their commercial lending. With fluctuating interest rates and rising competition from non-bank lenders, it's critical to allocate your 2025 budget strategically to optimize lending operations. Our Budget Playbook for Commercial Lenders delivers key strategies to help you navigate these challenges, ensuring your institution is well-positioned for the coming year.
Bank Innovation
SEPTEMBER 30, 2019
Digit, a personal finance app that helps users save automatically, raised $27.5 million in Series C funding on Monday. The new financing will help Digit grow its user base; hire new talent in San Francisco; and grow its core product, a spokesperson for the company said. To date, Digit has raised over $63.8 million in […].
PYMNTS
OCTOBER 4, 2019
With the recent launch of the Apple Card , Apple has sent a signal that they seek to offer a better user experience than banks. In fact, their slogan for the card is “Created by Apple, Not a Bank?.” The fact that Apple is entering the space should serve as a wake-up call to banks, according to Rachna Ahlawat , co-founder and executive vice president of Ondot Systems.
Chris Skinner
OCTOBER 2, 2019
I walked into a grocer’s store the other day. The store was resplendent with fruits of all colours and continents. There were red, yellow and green peppers; carrots, courgettes and cauliflowers; oranges, apples and bananas of both large and small; watermelons, honey melons and mangoes; green grapes, red grapes and … The post Banks are product not customer focused appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 1, 2019
This whitepaper highlights 5 myths frequently encountered in the context of self-service strategies and implementation.
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Have you ever felt the pain and loss of a client suddenly going silent, leaving you questioning everything? Ghosting can cause heartbreak; in business, it drains resources, and emotionally, it shatters your confidence. A modern credit card program can give you the tools to deliver the digital-first experiences your customer’s demand. Our eBook, “5 Signs Your Credit Card Offering Needs an Upgrade,” will help you identify key indicators that your current card platform may be holding you back and w
Bank Innovation
OCTOBER 3, 2019
Digital-only lenders tout the speed and efficiency of their user experiences. However, for Bank of America, a “human-digital” approach is the cornerstone of its small business banking approach. It’s a strategy that’s yielding results for the bank. As of this year, Bank of America said it surpassed Wells Fargo as the nation’s top small business […].
PYMNTS
OCTOBER 4, 2019
Vista Equity Partners is reportedly thinking about selling a stake in London-based FinTech Finastra. Bloomberg is reporting that the sale could value Finastra at $10 billion with debt included. Vista is collaborating with Goldman Sachs to look for companies that might be interested in buying. Vista could be looking to sell as much as 50 percent of the company.
Chris Skinner
SEPTEMBER 28, 2019
The main blog headlines are … The purpose-driven series: Greed is good … or is it? 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 … The post The Finanser’s Week: 23rd September – 29th September 2019 appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 1, 2019
Virtual assistants are a white-hot topic nowadays. Vendor marketing drumbeat is loud, and they promise nothing short of eradicating world hunger with their chatbots! However, if you look beyond the hype, success stories are few and far between.
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Treasury teams at community banks face an ongoing challenge of delivering frictionless customer experiences as they support treasury products – especially RDC. This infographic focuses on the efficiencies community banks gain when partnering with a proven managed services provider. You’ll see the advantages you can gain when a managed services partner leverages online tools, skilled customer and technical support personnel, and fulfillment and logistics capabilities to streamline RDC fulfillment
Bank Innovation
OCTOBER 1, 2019
Gulf Capital Bank, Houston’s first new bank to launch since 2009, will open its doors by early next year. It confirmed on Monday that it received conditional approval from the Texas Department of Banking and the Federal Deposit Insurance Corporation. Ed Jones, chairman and CEO, told Bank Innovation that the new institution will focus on […].
PYMNTS
OCTOBER 3, 2019
Many FIs and merchants that have fallen victim to fraud traditionally respond by assessing the damage, pinpointing how the attack succeeded and implementing new measures to prevent similar schemes from happening again. Some businesses are looking for solutions that will help them stop fraud from happening in the first place as criminals become increasingly creative and aggressive in their efforts to steal data and funds.
Chris Skinner
OCTOBER 3, 2019
Things we’re reading today include … Small banks must step up if they want to keep their small-business customers PayPal on the verge of quitting Facebook’s Libra project It has been a torrid week for Indian banks Wealth taxes have moved up the political agenda ‘I was scammed by a … The post Things worth reading: 4th October 2019 appeared first on Chris Skinner's blog.
Accenture
SEPTEMBER 30, 2019
Guest blogger David McGinty explores what banks can do to deliver on constantly increasing customer expectations and thrive in the future. . It’s no secret that the big tech companies—especially the ‘GAFA’ of Google, Amazon, Facebook and Apple—are using data to personalise and target offers to customers, and getting better returns as a result. But it’s not just big tech who are doing this.
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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.
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