Chris Skinner
AUGUST 19, 2018
The World Economic Forum has been conducting research over the last year around how AI (Artificial Intelligence) will change banking that was published last week. Here’s the lowdown: Artificial intelligence is fundamentally changing the physics of financial services. It is weakening the bonds that have held together the component parts … The post How AI will change banking appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 23, 2018
Executives from Caesars Entertainment, Guess?, McDonald's and Skogen's Festival Foods discussed mobile messaging at the recent CONNECT: The Mobile CX Summit in Chicago.
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Bank Innovation
AUGUST 24, 2018
Standard Chartered, headquartered in London, is expanding its global digital footprint from Hong Kong to the west coast of Africa. The bank, which has $663.5 billion in assets and operates mainly in Asia, Africa, and the Middle East, announced in June that it would begin work on developing a disruptive new business model for the Hong […].
PYMNTS
AUGUST 23, 2018
Compliance of General Data Protection Regulation (GDPR) rules remain low across the globe, according to the latest research from Dimensional Research. Reports from the Business Information Industry Association (BIIA) on Tuesday (Aug. 21) said Dimensional Research’s latest findings suggest most companies are still not fully GDPR-compliant, with only 20 percent reporting they are fully adhering to the new data security rules.
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It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.
Chris Skinner
AUGUST 21, 2018
I’ve been thinking for a while now about building a new financial system from the ground up using AI, blockchain, the Internet of Everything and other technologies. What would it look like? What would we build? I guess the piece that inspired a lot of my thinking came from two … The post The future financial world is here 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 23, 2018
Citi Ventures‘s recent investment in Anaconda, an Austin, Texas-based AI and machine learning (ML) software company, shows the industry’s commitment to staying at the forefront of this growing and developing field. AI has certainly generated a lot of chatter and buzz in the financial world, but banks are still challenged to implement it properly.
Payments Source
AUGUST 23, 2018
After the 2008 banking crisis, centralized payment systems and financial services don’t have as much appeal to the younger set as a more transparent decentralized system, argues Csaba Csabai, founder and CEO of Inlock.
Chris Skinner
AUGUST 23, 2018
Venezuela is the latest country to spin into hyperinflation, showing the same signs as the meltdown in Zimbabwe that created the 100 trillion dollar note. Hyperinflation, as defined by economist Philip Cagan in the 1950s, is when a country sees inflation rates rise by more than 50% per month. Wow! … The post When national currencies fail (cryptocurrencies rise) appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 21, 2018
Financial systems outages stop customers from accessing and spending money as they normally would. The growing incidence of outages — particularly in the U.K. and Europe — suggests that the payments industry is, at best, fragile and that things need to change. People are getting fed up.
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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 23, 2018
Consumers want banks to do more than just hold their money, they want their banks to help them meet their financial goals. In fact, a new consumer report by CSI shows that 83% of American consumers agree with that statement. That number jumped to 87% for consumers with an annual household income of $100,000 or […].
PYMNTS
AUGUST 24, 2018
There’s a lot of sizzle in marketplaces. In fact, they have made tiny businesses into big ones, as even the tiniest one-man operation can gain the chance to jump from a hyper-local stage to a global one — with access to professional supply chain management and logistics skills, payments simplified to one click and, most importantly, the chance to increase their world audience.
Chris Skinner
AUGUST 22, 2018
It shows the nature of money and finance in our lives, in the way that the media reports about it. Quite often you get a scary headline like the big banks are watching you or banks will sell your data and it makes us mad. Replace bank with internet giants, … The post The secret to success with customer data appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 24, 2018
Kroger's battle against Visa interchange fees, and Costco's contactless payment plan that's been years in the making, are the topics Will discusses with Jordan McKee. Jordan is an analyst for 451 Research. Will also breaks down his experience at CONNECT: The Mobile CX Summit.
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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 22, 2018
Today Finastra announced a partnership with Wis.-based Unity Bank for a digital loan solution. Unity Bank, with $450 million in assets, has begun to leverage loan technology to streamline its commercial lending and consumer lending processes. Bank Innovation spoke with Unity Bank senior vice president and commercial lending manager Darrin Wilson on what “streamlining” will mean […].
PYMNTS
AUGUST 18, 2018
“Oooh, your kisses, sweeter than honey/ But guess what? So’s my money.”. Writing about Aretha in a 2016 profile for The New Yorker , writer David Remnick noted that as she sat readying herself for a performance, she was surrounded by small stacks of hundred-dollar bills. The money, he explained, was her fee for singing that night in Ontario, because Aretha only sang once she had been paid upfront.
Chris Skinner
AUGUST 19, 2018
The main blog headlines this week are … Do we need a blockchain? I haven’t written about blockchain for a while. I guess it’s because I got bored of it. I’m not bored of the promise of blockchain and distributed ledger technologies. Just bored of how much hype there has … The post The Finanser’s Week: 13th August 2018 – 19th August 2018 appeared first on Chris Skinner's blog.
Payments Dive
AUGUST 21, 2018
FSS UP1 2.0 creates wider collaboration opportunities between banks and the payments ecosystem, driving transaction volume and velocity.
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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
AUGUST 24, 2018
As gig workers and small businesses continue to grab a larger market share of the economy, more banks and FIs might want to consider card-based push payments as a way to grow their debit business. This suggestion comes courtesy of Mastercard. “And by growing their debit business, realtime push-payments can help banks generate more revenues,” […].
PYMNTS
AUGUST 24, 2018
U.S.-based Axiom Bank is expanding its business lending capabilities through the acquisition of Allied Affiliated Funding , reports said Thursday (Aug. 23). A press release announced the takeover agreement, which will see Axiom absorbing Allied’s asset-based lending and factoring offerings. The acquisition will also bridge Allied’s existing customers to the banking and cash management offerings of Axiom, the companies said.
Chris Skinner
AUGUST 22, 2018
Things we’re reading today include … Ryanair apologises after compensation cheques bounce Credit Suisse freezes $5 billion of Russian money due to U.S. sanctions Time may be up for the penny coin, says Bank of England The Lehman Brothers party is a red herring – it’s the system that stinks … The post Things worth reading: 23rd August 2018 appeared first on Chris Skinner's blog.
Payments Source
AUGUST 22, 2018
The best thing a banker can do today is regard the U.K. as a real-world fintech laboratory, track developments closely and seek opportunities to capitalize on change, writes Naomi Bowman, managing director for Berkeley Research Group in London.
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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.
Bank Innovation
AUGUST 22, 2018
JPMorgan Chase announced that it was rolling over customers with a Chase Premier Platinum checking account to its better-known consumer brand, Chase Sapphire. Customers with the Chase Sapphire account will be able to keep their Premier Platinum account numbers and card numbers with the added benefit of free ATMs, free outgoing wire transfers as well […].
PYMNTS
AUGUST 21, 2018
Might it be blockchain’s turn to shine amid pockets of economic turmoil? It’s no secret that blockchain is becoming ever more divorced from bitcoin, with which it has been traditionally associated. And as a form of data sharing, a form of record keeping, a direct conduit in transactions, some proponents say that decentralized ledger technology (DLT) can be a salve for an issue front-and-center, as Turkey proves a recent example of daily life roiled by rapid currency devaluation and panic: Namely
Chris Skinner
AUGUST 21, 2018
Things we’re reading today include … Bank of England’s chief economist warns A.I. could threaten ‘large’ amount of jobs Bank Branches Are Closing At A Record Pace. Here’s Why JPMorgan Chase Is Opening More Big banks are getting ready for an uncertain future JPMorgan undercuts discount brokerages on trades Greece … The post Things worth reading: 22nd August 2018 appeared first on Chris Skinner's blog.
Bobsguide
AUGUST 23, 2018
Recent data from the Office of National Statistics (ONS) revealed that the UK is currently in the midst of a productivity crisis, with the country’s output per worker 16.6 percent below the average for the rest of the G7 nations in 2016. While the financial services sector was one of only a.
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