Chris Skinner
JULY 21, 2019
One of the discussions at the UN meetings was around SIDS, the Small Island Developing States. I didn’t know much about SIDS but, when investigating further, discovered I did. They range from islands like Belize and Puerto Rico to Mauritius and Barbados to Bahrain and Singapore. That’s a pretty diverse … The post How to make a small island a big centre for FinTech appeared first on Chris Skinner's blog.
Payments Dive
JULY 23, 2019
Insurance companies face some of the same challenges as incument players in the finance industry, yet have been slow to adopt to the needs of consumers in an increasingly digital-first environmnent.
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South State Correspondent
JULY 24, 2019
LOAN STRUCTURING HACKS One battle currently waged in the banking industry is amortization terms and interest-only (IO) periods. Borrowers often have legitimate needs to extend the principal repayment on term loans to 30 years. Banks prefer 20-year amortization terms on real estate-secured loans, but most banks are willing to extend to 25-year amortization terms.
Bank Innovation
JULY 25, 2019
PayPal is continuing along its path to monetize Venmo’s 40 million-strong user base. On Wednesday, the company said 15 million Venmo users engaged in monetizable transactions. The company is focusing its efforts to generate revenue from Venmo by taking use cases beyond casually paying friends for beer, rent or other peer-to-peer transactions, which aren’t moneymakers […].
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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.
Chris Skinner
JULY 22, 2019
A big area of debate in banking that has been around since the 1990s is how to make banks more accountable for sustainability. I talk about this a lot these days as 71% of all Green House Gas (GHGs) emissions emitted on planet earth since 1988 came from just 100 … The post BlackRock’s BS … and other stories of sustainable finance 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.
South State Correspondent
JULY 23, 2019
RISK MANAGEMENT You can’t be a quality banker unless you have your head straight about risk. For that matter, if you don’t have a clear view and clean language about risk, you really can’t manage risk accurately. Solid risk management starts with having a common and accurate language about risk and the risk you are willing to take. For example, “risk tolerance,” “risk appetite,” “risk target,” “risk capacity” and “risk limit” are often used interchangeably, but they mean different things.
Bank Innovation
JULY 26, 2019
Dave Girouard, CEO and founder of Upstart, testified before Congress’ Task Force on Financial Technology for its hearing on the use of alternative data in loan underwriting and credit scoring. Girouard spent eight years as the president of Google Enterprise, where he presided over Gmail and Google Docs. In 2012, he founded Upstart, a company […].
Chris Skinner
JULY 25, 2019
A long while ago, I had an early start to get to a meeting. Leaving home before sunrise, I went from subway to train to taxi, and arrived bright eyed and bushy tailed. However, as the day went on, my battery started to run dry. By mid-afternoon, with lunch firmly … The post How to stay awake in meetings appeared first on Chris Skinner's blog.
PYMNTS
JULY 26, 2019
Despite some hiccups along the way with Goldman Sachs, the Apple credit card is on track for an August release, according to a report by Bloomberg. The collaboration between the two companies was sometimes tense and the stakes were high if it wasn’t successful. The Apple Card could be launched as early as the second half of August, which would meet its originally scheduled date for release when the card was announced in March.
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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
JULY 22, 2019
Interactive kiosks and automated vending solutions are driving the future of retail, and connectivity is the fuel making it happen.
Bank Innovation
JULY 26, 2019
OceanFirst Bank is seeing more consumers and businesses choosing to interact with the bank via video and, as a result, it is preparing for a future when bankers will be comfortable working in that channel. The Toms River, N.J.-based community bank recently trained all 538 of its customer-facing employees in digital banking with a seven-week […].
Chris Skinner
JULY 23, 2019
Talking of Long Finance (see last week’s updates on sustainable finance), there’s some really interesting publications from the group that runs this program, in partnership with the Financial Services Club. This builds on the work of the Long Now. I wrote a long blog about The Long Now almost a decade ago, … The post Sustainable finance for sustainable abundance appeared first on Chris Skinner's blog.
PYMNTS
JULY 24, 2019
To reinforce the Federal Reserve’s authority to create a real-time payments system and mandate that the Fed brings about its own process, two U.S. representatives and two U.S. senators have introduced the Payment Modernization Act of 2019. The legislation was brought forward by Congresswoman Ayanna Pressley (D-MA), Senators Chris Van Hollen (D-MD) and Elizabeth Warren (D-MA), and Congressman Jesús “Chuy” García (D-IL), according to an announcement.
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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
JULY 22, 2019
A rapid transformation is at play in the world of digital payments. FSS examines key trends reshaping online payments.
Bank Innovation
JULY 26, 2019
The field of fintech companies focusing on people who live paycheck to paycheck continues to grow, with Virginia Beach-based Finfit picking up $7 million in Series B equity funding on Friday. Galaxy Investments and Bison Investments participated in the round. The 11-year-old company operates a digital financial wellness platform for workers that is available through […].
Chris Skinner
JULY 24, 2019
No, I’m not talking about Francis Rossi but the issue of how to achieve sustainability. This came up during a lunch, where my lunch colleague had picked up on my discussions of sustainable finance, and started to debate how we could change things. The issue we agreed is with governments, … The post Is there any way to change the status quo? appeared first on Chris Skinner's blog.
PYMNTS
JULY 26, 2019
A Japanese FinTech company is applying for a banking charter in the United States, according to a report by American Banker. The eCommerce firm Rakuten currently runs a shopper rewards program in the States, and said would file the necessary paperwork on Friday (July 26) with Federal Deposit Insurance Corp. (FDIC) and the state of Utah for an industrial loan company (ILC) charter.
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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
Payments Dive
JULY 25, 2019
PayPal lowered its annual revenue forecast amid delays in integrating certain new partnerships.
Bank Innovation
JULY 25, 2019
Card issuing and processing startup Marqeta may not have picked the sexiest part of the payments ecosystem to disrupt, but it’s looking to catch the same wave as challenger banks and fintech lenders that are raking in funds by the hundreds of millions as they expand into new geographies. Marqeta uses open APIs to allow […].
Chris Skinner
JULY 22, 2019
Things we’re reading today include … UBS posts surprise second quarter profit boost What’s the best way to stay awake in meetings? Neil Woodford’s listed fund invests £10m in Atom Bank Equifax to pay up to $700m to settle data breach Will America go from hunter to hunted in cross-border … The post Things worth reading: 23rd July 2019 appeared first on Chris Skinner's blog.
PYMNTS
JULY 22, 2019
Sometimes, when an idea – especially one that has long stewed in popular imagination – makes serious and well-funded moves toward becoming reality, the excitement becomes almost irresistible, and the idea takes on a sense of immediacy and inevitability. That’s been the case over the past year or so for self-driving cars. Sure, skepticism about the coming age of autonomous transportation was always out there.
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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.
Ron Shevelin
JULY 22, 2019
Despite proof and evidence of the benefits, skepticism around cloud computing in banking remains. Rest assured, it won't take 100 years for popular opinion to change. Even if we are talking about bankers.
Bank Innovation
JULY 23, 2019
Personal finance app turned challenger bank MoneyLion, which has more than 5 million users, is seeking to lock in customers through a host of new financial services. On Tuesday, the company raised $160 million to build out its platform through a high-yield savings account and stock trading platform, two products that will roll out later […].
Chris Skinner
JULY 24, 2019
Things we’re reading today include … Metro Bank to replace founder Vernon Hill as chairman Betterment wants your bank account as well as your investments Exclusive: Deutsche Bank’s problem derivatives cloud recovery – sources Free cash machines so rare people are now prepared to drive five miles to avoid paying, … The post Things worth reading: 25th July 2019 appeared first on Chris Skinner's blog.
PYMNTS
JULY 26, 2019
Following a year-long pilot, WhatsApp is now officially introducing a payments utility in India. The Facebook-owned messaging app is responding to the increased demand for digital payments in its largest market, Reuters reported on Friday (July 26). “It’s a regulatory approval question in India at this point,” Facebook Chief Executive Mark Zuckerberg said on Thursday (July 25) during the company’s earnings conference. .
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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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