Chris Skinner
MAY 5, 2020
I was recently watching an online poll that asked the best way for a traditional bank to compete with the new digital banks. Should they build a new bank, buy a digital bank competitor, or transform the old bank? The vote was split fairly equally between all three choices after … The post Build, Buy or Transform the Bank? appeared first on Chris Skinner's blog.
PYMNTS
MAY 7, 2020
The prospect of restarting the economy of bringing all manner of everyday life in the U.S. back to some semblance of “normal” has challenges — and opportunities for banks, especially community banks and credit unions. The challenge lies with serving the needs of the individual who may be hesitant to go back to the old ways of banking — of walking up to teller windows, of handling cash in envelopes.
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South State Correspondent
MAY 4, 2020
As you wind down and clean up Round 2 of the Paycheck Protection Program (PPP) and before you produce your 1502 report to the SBA, it now merits thinking about how to best set up for the wave of forgiveness work that starts immediately after funding. Obtaining forgiveness is critical to both the bank and the borrower as it increases profitability, enhances cash flow, aids in liquidity and removes the risk for both parties.
Payments Dive
MAY 5, 2020
COVID-19 has let to millions of consumers transitioning to online e-commerce purchases as retail stores have been forced to close or shift to delivery and pickup. At the same time, consumers and merchants are increasingly exposed to a new level of fraud as bad actors are finding new methods and targets to take advantage of the online shift.
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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
MAY 6, 2020
Last October I wrote a piece on Revolut, questioning its valuation which, at that time, was estimated to be anything up to $10 billion: They claim to have 8M customers. Let’s assume *all* of them are active. If they are “valued” at $10Bn that’s a per customer lifetime value of … The post Revolut: over-hyped and immature? Yes and no … 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
MAY 4, 2020
Banking platforms aimed at small businesses are tweaking their offerings to accommodate clients scrambling for Small Business Administration Paycheck Protection Program loans.? “As soon as we saw the PPP was moving, we made a pipeline between us and Radius [Bank] to allow our customers to get into the queue for loans,” said Eytan Bensoussan, co-founder […].
Payments Dive
MAY 8, 2020
Cash use in the UK is down, but LINK, UK's largest ATM cash machine network, reports ATM users have increased the amount of money they're withdrawing.
Chris Skinner
MAY 4, 2020
I’ve tracked Wirecard for some years, as they were the bank partner that allowed Ollie Purdue to drop out of university at 21 years old to launch a bank called Loot. Wirecard basically offer the platform of many other firms to offer full banking services across Europe. Based in Germany, … The post Wirecard versus The Financial Times: a FinTech poster child on trial appeared first on Chris Skinner's blog.
PYMNTS
MAY 6, 2020
The stage is set for contactless payments in commerce, for plastic to remain in the wallet, and for consumers to embrace digital wallets. As workforces become more decentralized, as far-flung employees still have to pay suppliers and vendors — and perhaps even travel (someday) — the stage may be set, too, for technology to help transform the way employees spend corporate money.
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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
MAY 4, 2020
The Swiss banking technology company Temenos is teaming up with Microsoft to help banks implement crime-fighting software for financial institutions. Through the partnership, banks can trial the software for 14 days through the end of June before changing their cybersecurity systems. “Criminals are quick to take advantage of people and quick to take advantage of […].
Payments Dive
MAY 8, 2020
The world of banking continues to change and evolve.
Chris Skinner
MAY 3, 2020
In the latest example of a bank that couldn’t hack the digital bank market, RBS gave up on Bó last week. It surprised me as the bank only launched last November, to a fanfare of £100 million investment and the acquisition of the start-up they had been co-funding, Loot. The … The post Little Bó peeps … creeps … and sleeps … why big banks fail at digital banks appeared first on Chris Skinner's blog.
PYMNTS
MAY 8, 2020
The shift to digital commerce is more urgent than ever — and so are some of the potential pitfalls as fraudsters recalibrate their attacks and eye card-not-present transactions as a new way to make off with ill-gotten gains. In an interview with Karen Webster, Carleigh Jaques, senior vice president and general manager of CyberSource , a Visa solution, said commerce is now different, especially for smaller enterprises.
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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.
Bobsguide
MAY 5, 2020
However, the investment management sector heavily relies on customer preferences as well as on the ability of the sector to adjust to industry standards, so technology evolution is usually the least of the wealth management firm’s concerns, or isn’t it? How has technology reshaped the.
Payments Source
MAY 3, 2020
The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope.
Chris Skinner
MAY 7, 2020
Things we’re reading today include … Investors row back on ethical principles, research shows A perky stockmarket v a glum economy Credit-rating agencies are back under the spotlight Emerging markets launch QE, too Coronavirus bailouts: Which country has the most generous deal? Losses by central banks are nothing to fear. The post Things worth reading: 8th May 2020 appeared first on Chris Skinner's blog.
PYMNTS
MAY 6, 2020
FinTech payments startup Nium , based in Singapore, is getting a new round of funding led by new investors Visa and BRI Ventures. Nium, formerly known as InstaReM, has closed four funding rounds totaling $59 million since it was founded in 2014. The size of this latest round was not disclosed. Prajit Nanu, chief executive officer (CEO) and co-founder of Nium, said in a statement on Wednesday (May 6) that he is “thrilled” to get the backing of “prestigious” new investors like Visa and BRI Venture
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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
Jack Henry
MAY 4, 2020
As COVID-19 emerged in the US, financial institutions soon realized their response would be unchartered – every employee, every accountholder, every branch, and every community would be impacted. Business continuity quickly became priority-one and launching a complex, enterprise-wide pandemic response was a challenging reality for every financial institution.
Bobsguide
MAY 5, 2020
NR: Welcome Des, you and I have known each other for some time now, but for those that may not know you or your work, can you tell us a little bit about yourself and Cupula Consulting? DL: Sure Neville, be happy to. I have worked in the Financial Services Industry for over 30 years and.
Chris Skinner
MAY 7, 2020
The coronavirus crisis has hit everyone sudden and hard. We originally thought it was a Chinese crisis and now it’s a global one. It’s shut down economies worldwide and the banking system has been asked to step in fast and address the crisis. Governments worldwide have asked banks to give … The post Where was the digital backup to our physical structure?
PYMNTS
MAY 4, 2020
The coronavirus has spurred a seismic shift in commerce, moving shopping into the digital realm. . Consumers are buying anything (and seemingly everything) and conducting all manner of everyday business online because that is their only option. . In an interview with Karen Webster, Scott Galit, CEO of Payoneer , said the impact will continue to be global in scope and deeply felt across all avenues of commerce — giving new rise to cross-border commerce. .
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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.
BankBazaar
MAY 7, 2020
Has the lockdown seen your electricity bill shoot up? Worry not; here are four ways to control your power usage while you’re indoors. While staying indoors has certainly helped curb your commute and entertainment expenses, it may have spiked up other expenses like your electricity bill. With work from home adapted across the globe, it’s only natural to see a rise in household power consumption.
Bobsguide
MAY 5, 2020
The UK government needs to create rules around biometric technologies to determine how they are used, said Hugh Milward, director of corporate, external and legal affairs at Microsoft UK, during a panel on developing governance for biometrics at a Westminster eForum policy conference today.
Chris Skinner
MAY 4, 2020
Things we’re reading today include … Revolut on the hunt for acquisitions CEOs cutting salaries is mostly a ‘publicity stunt’ How the paper trail went cold in KPMG’s special audit of Wirecard Coronavirus: UK banks get 45,000 loan applications on first day RateSetter halves payouts to investors Managing identity risk … The post Things worth reading: 5th May 2020 appeared first on Chris Skinner's blog.
PYMNTS
MAY 7, 2020
It has been almost two months since the World Health Organization (WHO) first declared the coronavirus a pandemic on March 11, and it has since taken an unprecedented toll on consumers’ wellbeing and livelihoods. Many policymakers are making a push to lift the restrictions that have been put in place to slow the spread of contagion in the hopes of reviving the battered economy.
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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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