Chris Skinner
FEBRUARY 12, 2020
Just spent a day chairing a payments stream at a conference. We talked about AI, biometrics, central bank digital currencies or CBDCs as everyone calls them, infrastructure, pipes, plumbing … you name it … but the bit that intrigued me was the views of Kristian Luoma from OP Bank, a … The post The true meaning of BaaS appeared first on Chris Skinner's blog.
PYMNTS
FEBRUARY 14, 2020
Supply chain management has always presented a challenge for global corporates, with digitization and automation technology aiming to reduce friction and enhance visibility. A surge in supply chain technology available — from freight management portals to IoT sensors — also expands a value-add opportunity for corporate end users: All this digitization generates a flood of potentially valuable data that organizations can use to optimize their supply chains, as well as better meet the needs and ex
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Abrigo
FEBRUARY 13, 2020
Key Takeaways To better serve their community, as well as stay competitive in this fast-moving environment, savvy CFIs are carefully blending digital innovations with their hallmark relationship banking practices. CRMs help institutions scale processes, relationships, and communication, without sacrificing the personal relationships the bank or credit union has formed.
PYMNTS
FEBRUARY 14, 2020
Today (Feb. 14) is Valentine’s Day, the official day we collectively celebrate love in all its glories. Couples will go out, and dedicated singles will stay in, while the not-in-love-but-looking-hard will likely head to the web and the wonderful world of digital dating — well, as long as they aren’t too good-looking, apparently. According to the New York Post , Instagram model Holly Valentine claimed that she was bounced from Tinder , despite paying for membership, because she was “too hot,” su
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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
FEBRUARY 12, 2020
Nova Credit, a startup whose technology helps banks underwrite immigrants, is growing its auto finance and mortgage offerings. The San Francisco-based company, which partners with such large institutions like American Express, allows institutions to pull foreign credit data to develop U.S.-equivalent scores for consumers. “[Consumers] can access their credit history from their home country, and […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
FEBRUARY 11, 2020
What we know is that PSD2 has profound implications for the e-commerce landscape across Europe. However, the implications may reach across the Atlantic, as U.S. merchant with cross-border ambitions need to take notice.
Accenture
FEBRUARY 10, 2020
Unless you are Nostradamus, being a prognosticator is tough business. Consultants are often accused of over-hyping the short term and underestimating the long term. With this blog, I have attempted to strike the balance between long-term trends and short-term, actionable insights. With the start of the new year, I thought it would be a good time to….
Bank Innovation
FEBRUARY 13, 2020
Bank of America is enhancing the capabilities of its digital cash management tool for small businesses, Business Advantage 360, by integrating with third-party platforms, including QuickBooks, Run Powered by ADP, G Suite by Google Cloud and Google Analytics. “Businesses go out of business many times because they don’t manage their cash flow properly,” said Sharon […].
Chris Skinner
FEBRUARY 9, 2020
One report you may have missed was this one: CyberRisk and the U.S. Financial System: A Pre-Mortem Analysis from The New York Fed and released in January. The paper focuses upon a co-ordinated cyberattack on the wholesale payment systems of America and can be summarised as: We (the Federal Reserve … The post Massive cyberattack on the US wholesale payments system (simulation but real?
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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
Payments Dive
FEBRUARY 14, 2020
Cash recycling and interactive teller machines are allowing banks and credit unions to create significant efficiencies at the branch level, with reduced staffing costs, increased productivity and reduced cash exposure, according to experts speaking at a panel on branch transformation at ATMIA's annual U.S. conference in Houston.
PYMNTS
FEBRUARY 13, 2020
Farming has been around for thousands of years – tens of thousands of years, perhaps, according to some estimates. And it is a labor-intensive, resource-intensive and time-consuming endeavor. Consider the fact that, as measured by the Water Footprint Network, it takes about 26 gallons to make one pound of tomatoes, and 67 gallons of water to produce one pound of oranges.
Bank Innovation
FEBRUARY 9, 2020
Bank of America obtained more patents last year than any other year in the history of the company. In 2019, company obtained 418 patents, a 31% increase over the prior year. According to the bank, patents protect the bank’s tech investments. “Patents are not always about excluding others from using [the technology]; oftentimes, patents are […].
Chris Skinner
FEBRUARY 11, 2020
Anyone who’s read this blog since 2007 or my books since 2014 will know that I have a regular rallying call: replace core systems; refresh the bank’s technology stack to an open architecture; embrace APIs, apps and analytics; deep dive on data; transform to be digital and not industrial; rethink … The post Q: Do investors believe bank digital transformations are succeeding?
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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.
Payments Dive
FEBRUARY 13, 2020
Mike Rittler, general manager of retail card services and personal lending at TD Bank, shares his insight on trends, transformative innovation and how the 'traditional check out' experience is on its way out.
Accenture
FEBRUARY 10, 2020
US commercial card spend grew an estimated 13 percent in 2019 and strong growth is expected to continue through 2024. Long-standing and emerging commercial card providers are developing innovative strategies to move more spend to card-based products, and broader B2B payment trends are anticipated to both blur the lines and buoy growth. U.S. Commercial Card….
Bank Innovation
FEBRUARY 11, 2020
Mastercard Inc. won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening. The announcement by the People’s Bank of China on Tuesday signals the country is moving ahead with the speedier opening of its financial system that was agreed on […].
Chris Skinner
FEBRUARY 10, 2020
I recently spotted a great write-up on Open Banking by Alex Johnson, who has kindly agreed I can republish it. So, here we go … The Stories We Tell Ourselves About Open Banking Distinguishing between what’s true and what we want to be true. Alex Johnson Source: FicoFinTech The trouble … The post The Stories We Tell Ourselves About Open Banking appeared first on Chris Skinner's blog.
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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
South State Correspondent
FEBRUARY 12, 2020
CONTROLLING YOUR TECH FUTURE The build or buy decision should be a constant question in most bank’s decision making, and unfortunately, most banks default to the “buy.” In some cases, this is appropriate, but in many, it is not. In this article, we look at the two major overriding reasons of why your bank may want to hire and build out a development team in order to deliver a more customized banking experience to your customers.
PYMNTS
FEBRUARY 12, 2020
According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5 billion. As for the scams themselves, those varied widely both in terms of tactics and targets.
Bank Innovation
FEBRUARY 9, 2020
Core providers are rolling out digital bank toolkits that can launch a new offering within 90 days, and Jack Henry is the latest contender to join that race with BankAnywhere, a cloud-based system for community banks. Jack Henry is not the first core provider to roll out a “digital bank in a box” product for […].
Chris Skinner
FEBRUARY 9, 2020
Things we’re reading today include … Santander fintech guru trades punk rock for asset management Cryptocurrency specialist to push for UK banking licence Bank of England gold: Rare look inside the vaults How far will Alison Rose go to take RBS into the 21st century? A new rural bank branch … The post Things worth reading: 10th February 2020 appeared first on Chris Skinner's blog.
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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.
Payments Dive
FEBRUARY 11, 2020
A survey of U.S. consumers indicated that 86% of bank account holders expect a seamless experience across channels and devices when conducting banking activities.
PYMNTS
FEBRUARY 9, 2020
Uber co-founder Travis Kalanick is joining other investors in funding the expansion of the 3D-printed hotel concept Habitas , the Financial Times reported on Sunday (Feb. 9). An idea hatched at the Burning Man desert arts festival, the experience-focused hospitality group Habitas was founded in 2014 by Oliver Ripley, Kfir Levy and Eduardo Castillo. .
Bank Innovation
FEBRUARY 10, 2020
Capital One is determined to turn its digital assistant Eno into an affable, personal finance watchdog to build loyalty between the brand and customers. Three years after Eno’s launch, the bank is adding capabilities that go beyond simple balance inquiries to proactive insights on customers’ spending behaviors. Eno, “One” spelled backwards, began as an SMS […].
Chris Skinner
FEBRUARY 10, 2020
Things we’re reading today include … Australia plans new bank stress tests to assess climate change impact 2 in 5 would consider digital banks but only once they are ‘popular and successful’ Starling Bank raises £60m from existing investors Deutsche Bank’s revamp plans win support Ex-Virgin Money chief joins cultural … The post Things worth reading: 11th February 2020 appeared first on Chris Skinner's blog.
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Community banks seek ways to leverage their technology infrastructure to drive productivity and growth. However, the sheer volume of technology devices, capital constraints, and lack of skilled resources stand in the way. This Strategy Brief explores how a managed device services partner can help bridge this resource gap. Managed device services partners empower community banks to take charge of mission-critical device management activities with: Logistics and installation services to support se
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