Chris Skinner
AUGUST 8, 2019
There’s a regular itch that I feel in the back of my neck. I scratch it, but it won’t go away. The itch is an alarm call really, and it’s asking whether all this FinTech investment is worth it. Last year, $111.8 billion was invested in over 12,000 start-up FinTech … The post Are these FinTech unicorns worth it? appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 6, 2019
AI and machine learning for banking are getting a huge amount of attention these days, but the question remains: can these technologies truly replace human interaction and in-depth analysis of data?
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Bank Innovation
AUGUST 8, 2019
It might have $55 billion in assets and 10.5 million customers in 10 countries, but OTP Bank, one of the largest financial institutions in Central and Eastern Europe, might be one of the most unorthodox banks on the Continent. The Budapest-based bank is pursuing not just startup-driven innovation, but through a mix of internal and […].
Abrigo
AUGUST 6, 2019
The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. Financial criminals are working hard, using technology and innovation to their advantage, to stay one step ahead of FinCEN and financial institutions. At the recent NYU Law Program on Corporate Compliance and Enforcement , FinCEN Director Kenneth A.
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Chris Skinner
AUGUST 4, 2019
I sat through a soul-destroying meeting the other day. The meeting was with a C-level decision maker in a bank, and we were brainstorming. Ideas were flowing and, at the end of the ideation process, we went to see the C-level person to get his view. It wasn’t good. You … The post Eyes wide open 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
AUGUST 9, 2019
As credit unions look to improve their technology on smaller budgets, one solution is to band together and pool assets. On Thursday, six credit unions did exactly that to improve their online payment capabilities through an investment in the digital payments company Payrailz. The new credit union service organization (CUSO), called CU Payz, wants access […].
South State Correspondent
AUGUST 5, 2019
Put a rat in a maze, and they will speed up as they get near the end as can smell the reward. Forget rats, human sprinters also run the last 15% of a race faster than the previous 30%. Forget athletes, citizens make more donations to a charity as that charity gets closer to its fundraising goal. Forget citizens, bank customers also complete more new account applications, hit savings goals, and complete conversions if they can view a goal that is close.
Chris Skinner
AUGUST 5, 2019
Over a decade ago, I curated a book about MiFID – the Markets in Financial Instruments Directive. I don’t blog about this much these days, as my audience is firmly in the retail and payments technology space, but I still keep close track of the investment markets, clearing and settlement, … The post How does MiFID II and FinTech work? appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 8, 2019
The travel indsustry is moving towards removing friction from the payments process, as consumer and business travel increasingly becomes more global in nature.
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Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.
Bank Innovation
AUGUST 9, 2019
For financial institutions that can’t develop new products in-house, a startup partnership can help move an innovation agenda forward through new tech-enabled product offerings for customers. However, since small institutions can’t always afford to take the risk of an unsuccessful product rollout, they’ve begun to tap into a program that vets potential partners beforehand.
PYMNTS
AUGUST 6, 2019
In its biggest acquisition to date, Mastercard will buy Nets for 2.85 billion euros ($3.19 billion). With the purchase of the Denmark-based payments platform, Mastercard is picking up an electronic billing platform that offers clearing and instant payment services, according to a statement on Tuesday (Aug. 6). Mastercard also confirmed that the purchase will take a bite out of its profits for up to two years after the deal closes, which is expected to happen sometime in the first half of 2020.
Chris Skinner
AUGUST 7, 2019
The big news yesterday is that Klarna is now Europe’s largest FinTech unicorn, valued at $5.5 billion, and the sixth largest FinTech unicorn worldwide (discounting Ant Financial, Ping An and co). According to CB Insights, Stripe is the largest FinTech unicorn (USA, $22.5 billion), followed by One97 Communications (PayTM India, … The post Three Commerzbanks are worth less than One Stripe appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 9, 2019
To compete in the Latin American ecommerce space, businesses must understand the nuances of the local payments space and how business in each individual country gets done.
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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.
Bank Innovation
AUGUST 9, 2019
Welcome to the latest episode of our weekly wrap video series, for the week ending August 9, 2019. In this episode, Suman Bhattacharyya, deputy editor of Bank Innovation, speaks with Alyson Clarke, principal analyst at Forrester Research, about the following developments: With the much-awaited launch of Apple Card, the tech giant has taken a page […].
PYMNTS
AUGUST 6, 2019
It’s now official. The Fed plans to build its own instant clearing and settlement rails. Introduced on Monday by Federal Reserve Board Governor Lael Brainard, the Fed’s instant payment scheme FedNow is designed to offer an option for consumers and business to transfer money instantly or nearly instantly in a “ubiquitous, safe and efficient” manner from one bank account to another.
Chris Skinner
AUGUST 6, 2019
It’s the holiday season, so my wife dragged me off to Disneyland with the children. It was a great experience but, halfway through, I saw this t-shirt: “It was all started by a mouse” Now it wasn’t. It was started by Walt and his brother who became a formidable team. … The post Everything is open to change appeared first on Chris Skinner's blog.
South State Correspondent
AUGUST 5, 2019
It sometimes pays to be opportunistic in marketing your community bank’s products. There is currently an exceptional market opportunity for community banks to win profitable business from larger competitors. The recent decrease in interest rates presents an opening for smart bankers to poach good quality clients and lock them in as customers for a decade.
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Bank Innovation
AUGUST 7, 2019
Chicago-based investment app Dough is making a bet on customers who want to trade for free on their phones. On Tuesday, the company confirmed a $20 million funding round to expand its financial literacy program in advance of a mobile trading product in September. To this end, it’s debuted select videos on YouTube. Dough wants […].
PYMNTS
AUGUST 5, 2019
There are many ways to introduce an idea to the world. There is something to be said for going big — fireworks, a parade and a vast array of headlines. This, in short, seems to be the route Facebook decided to take with Libra — big announcement, big white paper, big partners and, most importantly — big, big plans. In short, Facebook hopes to create a new set of payments rails with the Libra cryptocurrency — with the aiding and backing of a veritable who’s who of payments and luminaries —
Chris Skinner
AUGUST 8, 2019
Things we’re reading today include: Investec hit by shareholder protest over auditors Core elements of the global banking industry are moving to India HSBC sticks by US strategy despite missing targets Should we worry about a currency war? The trade war escalates, and the fog of war descends The Fed … The post Things worth reading: 9th August 2019 appeared first on Chris Skinner's blog.
Ron Shevelin
AUGUST 5, 2019
Despite grandiose claims to bank the unbanked, Walmart's application for a cryptocurrency patent is mostly about one thing: Eliminating interchange.
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Bank Innovation
AUGUST 8, 2019
Green Dot is feeling the pinch from digital-only banks on the market. To fight back the newfound competition, Green Dot is building its own digital-only banking brand with a look and feel that resembles Chime, Monzo, N26 and other banking startups. Founded in 1999, Green Dot provides a wide range of financial services products, including […].
PYMNTS
AUGUST 5, 2019
The Federal Reserve has officially announced it will create a real-time payments service, to be called FedNow. The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. The news was announced live and online by Federal Reserve Board Member Lael Brainard, who focused her remarks on the extensive feedback that went into making the choice – and the strong consensus among
Chris Skinner
AUGUST 5, 2019
Things we’re reading today include … PIN the blame on us, says Monzo in mondo security blunder: Bank card codes stored in log files as plain text The new IMF chief should not be chosen by Europe alone | Amanda Khozi Mukwashi HSBC CEO Flint leaves abruptly after only 18 … The post Things worth reading: 6th August 2019 appeared first on Chris Skinner's blog.
Payments Source
AUGUST 8, 2019
Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.
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