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For the third consecutive year, Bank Innovation has teamed up with Open Bank Project and (this year) the University of Warwick, to conduct a research survey on how financial institutions worldwide are prioritizing API initiatives in 2017. Is your financial institution working on API initiatives? Tell us more!
In its ongoing pursuit to be the go-to hub for fintech insights and ideas, Bank Innovation has garnered a dedicated following of more than 65,000 monthly readers, nearly 40,000 Twitter followers, and almost 21,000 exclusive LinkedIn group members. Please take a moment to complete […].
For the third consecutive year, Bank Innovation has teamed up with Open Bank Project and (this year) the University of Warwick, to conduct a research survey on how financial institutions worldwide are prioritizing API initiatives in 2017.
Realtime payments are at the top of the innovation wish list for most banking professionals. According to a survey from TD Bank, released today, 42% of payment professionals cited integration of realtime payments system as the number one factor that could have the greatest impact on the industry.
Companies like American Express have adopted Alation’s tools to streamline their data governance operations. Data governance tools are not just for keeping regulators happy, but they also give financial institutions the confidence to innovate, knowing that they’ve got their data house in order.
Banks and fintech ranked artificial intelligence and machine learning as their top innovation priority, according to a Bank Innovationsurvey. Bank Innovation asked people in the banking and fintech community to list what’s top on their innovation wish list.
Accounts payable operations are essential to ensuring that payments to a firm’s partners and suppliers are processed and delivered on time. PYMNTS surveyed executives at 2,570 firms to examine their AP processes and how automation could help them address common AP frictions. Additionally, a significant share of invoices (43.8
In today’s digital economy, with shopping as easy as the tap of a finger on a smartphone screen, brick-and-mortar retail businesses have no choice but to innovate to keep and grow their clientele. At the same time, many consumer services firms recognize the value that specific technological applications can bring to their operations.
This is according to a survey by AxiomSL, which found that 66% of regulatory executives believe their institution needs to make investments in data management. Financial service executives are still concerned about regulatory changes, but the best response is to improve data aggregation and management services.
In Forrester’s Priorities Survey, 2024, “64% of business and technology professionals said that bringing more development in-house would be a high or critical priority for their IT organization over the next 12 months.”
Banking consumers take a middling view of today’s mobile banking applications, according to a study by Bank Innovation. In the survey conducted this month by Bank Innovation, banking consumers gave mobile banking a net promoter score of 12, which is in the bottom 25% to 50% of all NPS scores.
PingPong did an exclusive survey of 500 merchants about their inventory level and sales expectation. More than half of respondents indicated that their total inventory in possession (FBA, in transit or received) will last less than two months, while close to 25 percent of those surveyed had inventory for less than a month.
In the first of a four-part series, our team of guest bloggers will share how getting to simplified, future-ready bank operations may be more easily imagined. . However, banks are unable to support this if they do not modernize their operations. 1 So, how do banks get to simplified, future-ready bank operations?
The pain points that accounts receivable (AR) teams most commonly experience can be boiled down to three underlying and related problems: continued reliance on manual AR management practices, and the resulting lack of speed and high operating costs associated with managing receivables. Reliance on manual processes has far-reaching effects.
Corporates must look at the entire set of processes that govern operations, whether with their own clients or suppliers and with banking partners in the middle, he said. Morgan that surveyed treasury professionals across the globe, which found roughly 70 percent of firms in APAC accelerated their own “digital journeys” and transformations.
As reported by CNN , Connecticut-based Aquiline Drones is aiming to debut a smartphone app that will allow licensed drone operators to do short-term, project-based work as drone pilots. Federal Aviation Administration (FAA) requires that drone operators be certified. Such visual aids are indeed important in all sorts of applications.
The ascent of eCommerce and the digital tools that support it have made it easier — in both theory and practice — for retailers to not only see how consumers browse and what they buy (to analyze the entire path to purchase), but to get to know them in the same ways as those old-time general store operators who served small towns.
A recent survey by Accenture found chief financial officers are taking on expanded roles in helping banks become data-centric and better equipped, in terms of technology, for what will likely be a volatile future.
Banks’ use of such innovations is predicted to expand, too, with 60 percent of FIs saying they aim to gain customers and improve customer experiences using digital channels. Banks must confront numerous fraud threats when they operate digitally, and some of the most pervasive are forms of identity fraud.
The 2020 Credit Union Innovation Index , conducted in partnership with PSCU , found that over 20 percent of members would drop their current CU over lack of innovation. The share of CU members reporting they were willing to change primary FIs over insufficient innovation increased by 4.6 percent to 21.9 Competitive Threats.
When it comes to innovation, go to the source. has joined the ranks of companies and brands setting up innovation labs. QSR Innovation. The PepsiCo innovation effort comes at a time of significant technology development in the world of restaurants, including quick service restaurants (QSRs). In other words, PepsiCo Inc.
While mobile has long been a part of the carrier offering – pay a bill, get an ID card, file a claim – this survey reflects the evolution of insurers from transactional into personalized servicing. This survey highlights the progress the insurance industry is making on its digital transformation journey.
The San Francisco-based fintech used to charge its customers $9 per month, but after conducting a survey, CEO Brian Merritt told Bank Innovation that he realized Seed could serve customers better by being free. EXLUSIVE – SME-focused digital bank Seed is nixing its monthly fee and will now be free for customers.
With the rise in vaccination rates and a hopeful return to a “new normal,” it won’t be possible to put the genie back in the bottle and return to legacy operations. New product opportunities are being driven by innovation and market conditions. New skill sets are required to operate in a digital environment.
The following Deep Dive examines the interest in contactless payments among credit union members and the opportunity for the CU space to meet members’ changing payment needs through digital innovation. This change in consumer behavior is expected to remain even after vaccines are more widely distributed.
These transformational shifts are, in turn, affecting how quick-service restaurants (QSRs) engage customers as the health crisis limits their in-person dining offerings and forces them to fast-track planned digital innovations. Around The Order To Eat Space.
Although CU members want innovation in member loyalty and rewards, most credit unions are not delivering these programs up to the desired standards. Credit union members’ high expectations when it comes to loyalty innovation do not necessarily make or break their banking relationships. Loyalty Innovation Strategies .
Bottomline’s 2019 B2B Survey Payments Report finds that manual processing is the second-most pressing obstacle for treasury departments and the biggest challenge faced by small businesses. Sixty-five percent of surveyed small businesses considered manual payment generation to be the largest impediment to overcome, in fact.
How Customer Reviews Provide Lifeblood To Restaurant Operations. That focus has only grown amid the takeout- and delivery-only operational shifts due to COVID-19-related social-distancing efforts. According to one survey, those that do respond typically do not do so in a timely manner. The Value In Quick Responses .
PREMIUM —In 2013, Bank Innovation asked readers to predict the state of innovations in banking for 2018. Data collected in the September 2013 Bank Innovationsurvey showed that our readers had excellent foresight into the current innovations and challenges of the fintech industry.
That’s according to Bank Innovation’s annual State of Banking Innovationsurvey for 2018. Respondents working at banks, credit unions and finance companies say the three major areas of innovation their firms are putting their money this year are […].
A recent survey found that only 46 percent of audit teams currently automate their compliance processes, and those that lack these systems pay the price in terms of man-hours.
Consumers waited on financial institutions (FIs) to innovate in an odd relationship that put business needs before customers’ needs. A separate study found that 88 percent of credit unions surveyed in early 2020 planned to invest more in such technologies than they had over the previous year. It was all on their timetable. Not anymore.
Ford and Google are partnering to launch Team Upshift, a six-year partnership intended to advance vehicle innovation and data-driven opportunities. “As Starting in 2023, Ford and Lincoln vehicles will be equipped with built-in Google apps and services powered by the mobile Android operating system.
And, according to the 2016 edition of PwC’s Employee Financial Wellness Survey , financial stress is on the rise, with Millennial’s typically in worse shape with regards to their personal finances than previous generations.
Banks are trusted stores of data about money, because they are insured and have a licence to operate from governments. Take it a step further: you watch the ad for a new Audi A4 vehicle, and then an option comes up to fill in a survey. If you complete the survey, you get €5. Here’s the idea.
It said the operating vision for the FPC is the result of more than 1,000 comments from industry players across the payment ecosystem. Yet, almost half of the businesses surveyed use checks to send or receive payments on a daily basis. Of the survey respondents, one-third said they plan to adopt the technology in the next three years.
With payment innovators looking to migrate B2B payments away from paper, a growing number of payment rails and technologies are helping to ease the pain of the shift. are increasingly linking into the real-time payments infrastructure of the RTP network, according to a new survey by The Clearing House. RTP Expands Across FI Base.
The recent American Express One AP Survey by the company found 84 percent of businesses responding felt positive about switching to digital processes, while 79 percent still reported using paper checks for parts of their payments systems before the pandemic.
This week’s exploration of the latest in payment rail innovation finds industry heavyweights like Visa, SWIFT and NACHA eyeing speed and data to add value to both new and legacy payment infrastructures. A new survey from Citizens Bank says businesses are jumping into the real-time payments opportunity. Visa Joins NACHA Pilot.
Our research revealed that operating costs, manual processes and process speed are the top three AR challenges. Interest in upgrading AR processes is particularly high for invoice delivery and payment acceptance capabilities — two key functions that have been particularly impacted by the pandemic.
“The adoption of finance AI by finance functions has increased significantly in the past year with 58% using the technology in 2024 – a rise of 21 percentage points from 2023 – according to a survey by Gartner, Inc.” Why The Surge Now? and/or its affiliates in the U.S. and internationally and is used herein with permission.
Winter is around the corner, bringing colder temperatures and prompting many restaurants to question whether their operations can survive the season. Delivery partnerships can be key to helping restaurants — especially smaller operations — weather the pandemic as consumers’ demands for digital ordering continue to grow.
In an age of technological advancement, banks are striving to keep up with the risks that are inherent to innovation. A recent survey by Deloitte Insights on cybersecurity maturity at financial institutions illustrates exactly what the issues surrounding cybersecurity are.
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