Chris Skinner
JUNE 27, 2018
I bet you were wondering why I hadn’t written an Ant update recently. Well, I thought it was getting too much … but then I just arrived in Hong Kong and the hotel has kindly given me a copy of Fortune magazine with the headline cover page talking about the … The post Alibaba versus Tencent: who will win? appeared first on Chris Skinner's blog.
Payments Dive
JUNE 26, 2018
With account-based fraud on the rise, the move from standard to real-time transactions is causing significant security challenges for central banks and clearing houses.
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Bank Innovation
JUNE 27, 2018
Blockchain‘s future in banking is bright, but right now, the industry is not prepared to take advantage of what the technology offers, according to a new McKinsey report on blockchain’s viability across various industries. The report, released last week, describes blockchain’s suitability for financial services in this way: Financial services’ core functions of verifying and transferring […].
PYMNTS
JUNE 29, 2018
Beyond the vagaries of cryptocurrencies, the price swings and headlines, and the investigations and speculation, use cases emerge. If entranced by bitcoin’s ebbs and flows, one would be forgiven for being caught off guard (if they are, in fact, off guard) to find that a major bank is coming to market with a service backed by blockchain, which now is live and available — and can help make sure that funds cross borders with speed and surety.
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Chris Skinner
JUNE 25, 2018
For some time now, I’ve been reflecting on a conversation about Monzo. It relates to my write-up the other day on new bank thinking, and that Monzo are clever with data. Using Google Map APIs and other services, they enrich my transaction statement so I know when, where and what … The post Banks are losing the data war 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
JUNE 29, 2018
Banks will say that their customers still visit bank branches for many transactions. Whether it’s Bank of America or HSBC or Fifth Third, almost all banks believe branches will have a role to play for the foreseeable future. But FIs across the country are shutting down branches at a steady clip, and people that once […].
PYMNTS
JUNE 27, 2018
It’s all about the context — that stands as one of the oldest lessons passed along by teachers and mentors, lest a single fact or event take on oversized, or undersized, importance. Now, as financial institutions (FIs) embrace Big Data and the algorithms, the idea of applying context to banking transactions stands to gain more popularity and profit potential.
Chris Skinner
JUNE 26, 2018
I keep asking dumb questions like: if the tech giants give away payments, lending and credit for free, how will banks make money? As I’ve regularly blogged, the tech giants don’t want to get into banking per se, but they do want to encourage more traction through their platform by … The post What does the future bank look like? appeared first on Chris Skinner's blog.
Payments Dive
JUNE 29, 2018
What areas of innovation could shape the channel, and how can financial institutions keep users engaged and satisfied?
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Bank Innovation
JUNE 29, 2018
PREMIUM - PayPal has rolled out a new feature that will help its retail clients increase conversions, making it easier for shoppers to become buyers. The payments giant built this solution to address pain points of cluttered online checkouts for both the consumer and retailer. The feature is called smart checkout button. Shoppers are presented with […].
PYMNTS
JUNE 25, 2018
Marry tech and talent, then risk management can pay dividends, notes an upcoming PYMNTS webinar. However, for many financial services firms, RegTech’s (Regulatory Technology) potential is limited by any number of causes. The technical capabilities can be dizzying and dazzling, of course, spanning the gamut from machine learning to artificial intelligence (AI), to predictive modeling.
Chris Skinner
JUNE 24, 2018
ANNOUNCEMENT – LONDON, UK: JUNE 25 2018 Back in 2003, Andy Coppell and I conceived the idea for The Financial Services Club, with the objectives of: Promoting discussion among senior people working in Financial Services, who were interested in better understanding the likely future direction of the Market; Enabling networking … The post Announcing a major expansion of the Financial Services Club appeared first on Chris Skinner's blog.
Payments Dive
JUNE 29, 2018
For the last several years the United States has been lagging behind most of the rest of the world when it comes to contactless payments technology, but all of that is starting to change.
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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
JUNE 25, 2018
PREMIUM - The digital and innovation strategy behind Fifth Third, one the largest regional banks in the country, is simple: build, buy, partner. That strategy has worked well for the bank.The company told Bank Innovation that it has invested $100 million in fintech over the past 22 months and that it expects to make about […].
PYMNTS
JUNE 27, 2018
Bank of America has been accused in a lawsuit of providing more than 100 accounts, used to carry out a $102 million Ponzi scheme. According to Bloomberg , the class-action suit, Heinert v. Bank of America, N.A., was filed in U.S. District Court, Middle District of Florida (Ocala) on behalf of people who lost money in the scheme. The suit follows a recent complaint by the U.S.
Chris Skinner
JUNE 28, 2018
You may have seen that Ticketmaster just announced that thousands of customers worldwide may have been affected by a hack. If you didn’t here’s the low-down (via ABC News) The company said its British business, Ticketmaster UK, identified malicious software on a customer support product which was hosted by a … The post When the bank knows you’ve been hacked (before everyone else) appeared first on Chris Skinner's blog.
Insights on Business
JUNE 27, 2018
IBM RegTech Innovations. Asset liability management (ALM) and liquidity risk (LR) are top of mind for banks as the pressure from today’s regulatory environment heats up. Interest rate risk in the banking book (IRRBB) guidelines bring ALM analytics much closer to market risk standards and add more scenarios, so banks must dive deeper into the risks embedded in their loans, deposits, and derivatives.
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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.
Bank Innovation
JUNE 27, 2018
If you have the business idea and you want to grow it, there are several ways that you can adopt. Maybe your friends and family are able to lend support financially or you can go for some other option as well. Surely a bank cannot help you because your loan is a small amount. There […].
PYMNTS
JUNE 27, 2018
The Bank of England caught the financial services world’s attention when its Governor, Mark Carney, spoke about the central bank’s latest initiative to revamp and rebuild its real-time gross settlement (RTGS) system. “RTGS is being rebuilt so that new private payment systems, including those using distributed ledger, can simply plug into our system,” he stated last week.
Chris Skinner
JUNE 26, 2018
Things we’re reading today include … Everything You Need To Know About What Amazon Is Doing In Financial Services The Biggest Digital Heist in History Isn’t Over Yet Bank of England’s inaccurate forward guidance risks credibility, says outgoing policymaker MPs seek report into HBOS Reading probe by Lloyds Bank of … The post Things worth reading: 27th June 2018 appeared first on Chris Skinner's blog.
Payments Dive
JUNE 28, 2018
This market report gives an overview of the mobile payments landscape of Western Europe. It covers 12 countries where Fortumo has coverage: Germany, France, United Kingdom, Italy, Spain, Netherlands, Belgium, Greece, Portugal, Austria, Switzerland and Ireland.
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Bank Innovation
JUNE 25, 2018
PREMIUM- P2P payments app, Venmo, has launched its debit card, Venmo Card, and it is powered by Mastercard. When Venmo first launched its card in beta last September, it was backed by Visa. After 10 months of trial, the PayPal-owned Venmo notified its users that they can get a Venmo debit card through a link on […].
PYMNTS
JUNE 25, 2018
My plan on Friday evening was to write a hard-hitting piece on a services segment with incredible marketplace friction. Then I went to Whole Foods on the North Shore of Boston Saturday morning to do some grocery shopping. There, right inside the front door, was a nice, young Whole Foods team member, who let me know that the store would soon be offering special discounts to Amazon Prime members who shopped there.
Chris Skinner
JUNE 23, 2018
The main blog headlines this week are … The Amazonisation of Banking Last week, our good friend Dave Birch posted a great blog about the Amazonisation of Banking, most of which I agreed with. So I asked Dave if I could repost it here and he said “yes, of course”. Thanks … The post The Finanser’s Week: 18th June 2018 – 24th June 2018 appeared first on Chris Skinner's blog.
Payments Dive
JUNE 28, 2018
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