Smaller FIs fail to meet customer demand for Zelle

https://bankinnovation.net/allposts/biz-lines/payments/smaller-fis-fail-to-meet-customer-demand-for-zelle/

Share Credit unions and community banks have some catching up to do when it comes to meeting changing customer payment needs, according to new data from Aite Group published yesterday. Although 67% of community bank customers and credit union members want Zelle, only 13% of institutions currently offer the service, according to Aite’s new report, …Read More

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https://bankinnovation.net/allposts/biz-lines/payments/smaller-fis-fail-to-meet-customer-demand-for-zelle/

Wells Fargo’s Allysun Fleming to speak at Banking Automation Summit

https://bankinnovation.net/editorial/carousel/wells-fargos-allysun-fleming-to-speak-at-banking-automation-summit/

Bank Innovation is pleased to announce that Allysun Fleming, treasury management head of client experience at Wells Fargo, will speak at the Banking Automation Summit, a virtual conference on Nov. 9-10 that is designed to provide industry professionals with insights and best practices to automate bank functions.  

Register for the event here.

Fleming has worked at Wells Fargo for more than 11 years. Her previous roles at the $1.97 trillion-asset bank include senior vice president of leadership assignment and senior vice president of product management. Before Wells Fargo, Fleming spent five years at HSBC.

Fleming will speak on a panel about balancing automation and human intervention. The panel will dive into a discussion on achieving the right mix of humans and machine learning, and explore how the role of humans will evolve over time.

The BAS agenda highlights crucial industry topics, such as best practices for project implementation, automation successes and failures, and new developments in robotic process automation. BAS speakers come from Truist, PNC, Discover and BNY Mellon, among others.

https://bankinnovation.net/editorial/carousel/wells-fargos-allysun-fleming-to-speak-at-banking-automation-summit/

The 31 best taglines in financial services

https://bankinnovation.net/allposts/biz-lines/retail/the-31-best-taglines-in-financial-services/

Share For brands trying to make inroads with consumers, getting the firm’s message across in a clear, concise and memorable way is no easy feat. The need to grab consumers’ attention quickly is more pressing than ever in this age of social media and shortened attention spans. Bank Innovation combed through some of the biggest …Read More

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https://bankinnovation.net/allposts/biz-lines/retail/the-31-best-taglines-in-financial-services/

Affirm’s loan appetite grows after COVID pullback

https://bankinnovation.net/allposts/biz-lines/lending/affirms-loan-appetite-grows-after-covid-pullback/

Share Point-of-sale lender Affirm is gradually expanding its credit to focus on repeat customers and certain merchant categories, after initially reeling in its loan appetite at the beginning of the coronavirus pandemic, Chief Strategy and Risk Officer Sandeep Bhandari said during the LendIt Fintech USA 2020 conference today. Affirm took “very quick, decisive action” in …Read More

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https://bankinnovation.net/allposts/biz-lines/lending/affirms-loan-appetite-grows-after-covid-pullback/

Blend deepens push into consumer banking

https://bankinnovation.net/allposts/biz-lines/lending/blend-deepens-push-into-consumer-banking/

Share Blend is continuing to expand beyond its original business of white-label mortgage application technology. Last week, the San Francisco-based digital lending platform launched new application technology for personal loans, credit cards and specialty vehicle loans. “We want to enable banks and financial institutions to be there as trusted advisors for every financial milestone and …Read More

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https://bankinnovation.net/allposts/biz-lines/lending/blend-deepens-push-into-consumer-banking/

Goldman shakes up units in fresh push to win over investors

https://bankinnovation.net/allposts/biz-lines/corp-bank/goldman-shakes-up-units-in-fresh-push-to-win-over-investors/

Goldman Sachs Group Inc. shuffled its business lines and announced a raft of management changes, carving out new divisions aligned with a strategy pivot unveiled earlier this year.

The firm is combining asset management and merchant banking as part of its push to raise more client funds for investing instead of betting its own money. The bank also created a new consumer and wealth-management division co-led by Stephanie Cohen, one of the firm’s most-senior female bankers.

Top executives at the firm have groused that investors don’t recognize Goldman’s advantages in business lines beyond just dealmaking and trading, its traditional strengths. Since David Solomon took over as chief executive officer in 2018, he’s sought to emphasize those businesses and organize them into more recognizable silos. The firm’s share price still lags behind Morgan Stanley over the two years Solomon’s been in charge.

In handing off a new business to Cohen, Goldman also helps address a glaring shortfall in its top ranks, where there wasn’t a single woman among the top dozen executives overseeing major decisions or running money-making units. The departure of trading co-head Isabelle Ealet in 2018 coincided with the end of Lloyd Blankfein’s tenure as CEO.

Read more about Stephanie Cohen’s career

Eric Lane and Julian Salisbury will lead the combined asset-management and merchant bank. Lane previously ran the investment-management group, which also included Goldman’s consumer and wealth operations. Salisbury was named last year to lead the merchant bank.

It also tackles a uniquely Goldman problem: The firm has been wary of having one person lead an entire division. The merchant bank was left in that situation with Salisbury’s ascent following the exit of the previous division heads, whose departure was announced in February. Merging the asset-management group with the merchant bank aligns with the new push for client funds and restores the practice of having at least two executives in charge.

Other changes:

Cohen and Tucker York will lead the consumer and wealth-management business. Cohen was Goldman’s chief strategy officer and, before that, rose up through the investment bank.

The bank also announced Omer Ismail will become the new head of its nascent consumer business, replacing Harit Talwar, who will become chairman of the group.

—Sridhar Natarajan (Bloomberg)

https://bankinnovation.net/allposts/biz-lines/corp-bank/goldman-shakes-up-units-in-fresh-push-to-win-over-investors/

Billionaire-backed Argentine fintech Ualá launches in Mexico

https://bankinnovation.net/allposts/resources/bloomberg/billionaire-backed-argentine-fintech-uala-launches-in-mexico/

Argentina’s Ualá, the mobile payments startup backed by heavyweight billionaire investors George Soros and Steve Cohen, is launching its prepaid card operations in Mexico.

Three years after kicking off operations in its home country, the company is expanding into Latin America’s second-largest economy at a time when the coronavirus pandemic is boosting online transactions globally, said Ualá’s founder and chief executive officer, Pierpaolo Barbieri. After working “quietly and secretly” to set up operations over the past 18 months, over 20% of the company’s more than 500 employees are fully dedicated to launching its Mexico operations Tuesday.

Both Argentina and Mexico share a similar challenge and opportunity: cash is king and vast swathes of the population lack access to financial services, Barbieri said. About 60% of Mexico’s population doesn’t have a bank account, according to World Bank data– a number even higher than Argentina’s.

“In terms of financial inclusion, Mexico has a very similar problem as Argentina,” said Barbieri in a video interview from Buenos Aires. “The banking penetration outside major cities is very low.”

Read More: Billionaire-Backed Apps Boom With Argentines Ditching Cash

Ualá, which provides a slew of financial services based on a prepaid card managed through a mobile app, has issued 2 million prepaid cards in Argentina since it started operating in 2017 and targets 30,000 new users in Mexico by year-end. To do so, it’s planning to approve accounts within 24 hours and deliver debit cards anywhere in Mexico within 72 hours of approval.

Users who sign up for a Ualá account through the app receive a Mastercard without opening, closing, or maintenance fees. That’s a big change in Mexico, said Barbieri, where customers are most often charged for making transfers. Starting from launch day, users will be able to withdraw money and load their card in 14,000 retail locations across the country, including branches of Wal-Mart de Mexico SAB, 7-Eleven Inc. and wholesale retailer Sam’s Club. Users can also send money transfers, pay bills, and see breakdowns of their spending on the company’s app.

Quiet Growth

The expansion is already fully funded, thanks to the company’s last Series C round in November, in which it raised $150 million led by Chinese Internet giant Tencent Holdings Ltd. and Japanese conglomerate SoftBank Group Corp. Ualá is not seeking additional funding, but rather will focus on growing its operations in both Argentina and Mexico, Barbieri said. Soros, Cohen and Jefferies LLC were also among early backers for the company.

The company has a local team of 22 employees based in Mexico City, led by country manager Ricardo Olmos.

Room to Grow

One of the company’s largest competitors in both markets is Mercado Pago, the fintech arm of e-commerce giant MercadoLibre Inc., which last year got a $125 million loan from Goldman Sachs Group Inc. Brazil’s Nu Pagamentos SA, also backed by Chinese Internet giant Tencent and known as Nubank, is also on Ualá’s radar, Barbieri said.

Still, the company’s harshest competition will come from cash, he said. As of last year, roughly 88% of Mexicans still used cash as their primary form of payment, according to data from Minsait, an affiliate of Spanish consultancy Indra.

Ualá was valued at nearly $1 billion in November 2019, according to people with direct knowledge of the transaction, who requested anonymity because the details are private. Barbieri declined to disclose the company’s current valuation.

Jorgelina do Rosario (Bloomberg)

Andrea Navarro (Bloomberg)

https://bankinnovation.net/allposts/resources/bloomberg/billionaire-backed-argentine-fintech-uala-launches-in-mexico/

Simple and Secure Payment Processing in a WFH World

https://bankinnovation.net/allposts/resources/sponsored/simple-and-secure-payment-processing-in-a-wfh-world/

‘Simple and secure’ has never been more important to a positive customer experience than right now, amid COVID-19 customer service call volume spikes and uncertain business fluctuations.

When it comes to an organization’s contact center payment collection system, customers want to feel confident that the payments they make through the contact center are secure, even when agents are working from home and security risks seem elevated. Keeping transactions secure while still providing exceptional service requires agents to be available to assist throughout the payment transaction, but without having direct access to sensitive cardholder data. Keeping transactions simple is just as important for agents as it is for customers.

Contact center payment system integrations like the one forged between CxEngage and Key IVR deliver both customer and agent simplicity and security through:

Agent-Assisted Payments. Agents can take credit card payments securely over the phone without hearing or seeing sensitive card details.

Seamless Customer Experience. Customers stay connected to agents throughout the transaction process for a more helpful, high-touch and efficient experience.

Integrated, Easy to Use Platform. Works with the CxEngage cloud contact center solution with no onsite installation required and agents don’t have to launch a new browser window to access the system.

Secure Call Reporting. Unified reporting includes call logs and payments collected, but CxEngage automatically pauses call recordings so no payment information is captured.

Best-in-Class Security

CxEngage’s integration with Key IVR delivers a payment collection system that’s seamless, full-service and compliant with Payment Card Industry Data Security Standards (PCI DSS) meant for all companies accepting, processing, storing or transmitting credit card information. CxEngage and Key IVR are PCI DSS Level 1 compliant, the highest level of certification.

Here’s how these integrations work: 

  1. With just a web browser from any laptop or desktop, work-from-home (WFH) agents access the secure payment platform through a dedicated dashboard in CxEngage.
  1. Agents prompt customers to enter credit card details securely via telephone keypads. Agents can’t see, hear or store sensitive card data.
  1. Screen and call recordings are fully secure. Dual Tone Multi Frequency (DTMF) tones are suppressed, and the dashboard only shows partial numbers as customers enter their information.
  1. Agents follow the entire process using their dashboards, providing assistance as required. They are alerted by the platform when the payment is completed.

Simple and Secure When It’s Needed Most

As the world tests the safety of a gradual and measured re-opening of businesses and resumption of personal activities and routines, there will undoubtedly be starts, stops and restarts. For contact centers, that translates to heightened customer anxiety and uncertainty. As a result, there will be an increased need for positive, high-touch customer experiences for brands to retain long-term loyalty, and confidence in payment transaction security will play a critical role in establishing that customer trust.

– Andy Bird, Director of Product Management and Innovation for Contact Center Solutions, Lifesize

To learn more about secure payment collection, contact us for a demo or download our Key IVR technical brief.

https://bankinnovation.net/allposts/resources/sponsored/simple-and-secure-payment-processing-in-a-wfh-world/

Movers and shakers: Notable September hires in fintech and banking

https://bankinnovation.net/allposts/biz-lines/lending/movers-and-shakers-notable-september-hires-in-fintech-and-banking/

Share September has proven to be a busy month in banking and fintech staffing shuffles. JPMorgan Chase made notable investments in its data and analytics efforts, and HSBC USA created a new role centered on diversity and inclusion. Meanwhile, fintechs Vise and GoCardless continue to draw top industry talent away from more established players. Here …Read More

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https://bankinnovation.net/allposts/biz-lines/lending/movers-and-shakers-notable-september-hires-in-fintech-and-banking/

Weekly Wrap: The rise of contactless payments and Bank of America breaks patent records

https://bankinnovation.net/allposts/biz-lines/payments/weekly-wrap-the-rise-of-contactless-payments-and-bank-of-america-breaks-patent-records/

Share Contactless payments are here to stay in the post-COVID world, according to recent data from Amex, but cash’s staying power may hinder banks from fully realizing the efficiencies of digitized payments. Meanwhile, Bank of America filed a record 415 patent applications during the first half of 2020, with a clear focus on AI and …Read More

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https://bankinnovation.net/allposts/biz-lines/payments/weekly-wrap-the-rise-of-contactless-payments-and-bank-of-america-breaks-patent-records/

Watch: COVR demos its authentication technology

https://bankinnovation.net/allposts/resources/video/watch-covr-demos-its-authentication-technology/

Share COVR Security offers authentication technology that doesn’t depend on passwords or personal tokens. Its solution is aimed at banks, credit unions, card companies and payment networks. The Swedish company operates in Europe, Asia, the Middle East and Africa, and is now expanding to North America. COVR is part of INV Fintech, Bank Innovation’s sister accelerator …Read More

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https://bankinnovation.net/allposts/resources/video/watch-covr-demos-its-authentication-technology/

Military-focused banks combine high touch with high tech

https://bankinnovation.net/allposts/biz-lines/retail/military-focused-banks-combine-high-touch-with-high-tech/

Share The COVID-19 pandemic has forced many banks to grapple with how customers can manage their finances outside brick-and-mortar bank branches, but military-focused institutions like USAA, Navy Federal, Armed Forces Bank and PenFed have been dealing with this for years. The head start seems to have helped USAA and Navy Federal, which have taken the …Read More

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https://bankinnovation.net/allposts/biz-lines/retail/military-focused-banks-combine-high-touch-with-high-tech/

Greenlight moves into investing with $215M Series C

https://bankinnovation.net/editorial/premium/greenlight-moves-into-investing-with-215m-series-c/

Share Greenlight Financial Technology, a digital-only banking startup with a mission to teach children how to manage their finances, will expand into investing, thanks to a $215 million Series C funding round announced today. “It’s the final piece to the puzzle if you look at personal finance more broadly,” Co-Founder and CEO Tim Sheehan told …Read More

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https://bankinnovation.net/editorial/premium/greenlight-moves-into-investing-with-215m-series-c/

Touchless payments are here to stay, Amex says

https://bankinnovation.net/allposts/biz-lines/payments/touchless-payments-are-here-to-stay-amex-says/

Share The rise in digital and contactless payments among consumers and merchants is likely to stick post-pandemic as preferences shift from cash to tap, according to fresh data from Amex. For both businesses and consumers, contactless payments are no longer the secondary payment method, according to the Amex 2020 Digital Payments Trends Survey released Monday. …Read More

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https://bankinnovation.net/allposts/biz-lines/payments/touchless-payments-are-here-to-stay-amex-says/

Watch: InterGen Data demos its predictive technology for financial advisors

https://bankinnovation.net/allposts/resources/video/watch-intergen-data-demos-its-predictive-technology-for-financial-advisors/

Share InterGen Data‘s technology can help predict major life events. The tool is designed for financial advisors trying to help their clients manage their finances. By predicting the likelihood of a costly illness, for example, advisors can better prepare their clients for the future, according to InterGen. The Plano, TX.-based company is part of INV …Read More

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Bank of America’s technology patents highlight AI, biometrics, augmented reality

https://bankinnovation.net/allposts/biz-lines/retail/bank-of-americas-technology-patents-highlight-ai-biometrics-augmented-reality/

Bank of America Corp. signage is displayed at a branch in New York, U.S., on Friday, April 10, 2020. Photographer: Mark Kauzlarich/Bloomberg

Share Bank of America is on pace to shatter last year’s record for most patents granted, with the majority of this year’s innovations focused on artificial intelligence, augmented reality and information security. Already in the first half of 2020, Bank of America scored 184 patents, according to the bank. That’s a company record for most …Read More

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https://bankinnovation.net/allposts/biz-lines/retail/bank-of-americas-technology-patents-highlight-ai-biometrics-augmented-reality/

Truist, BNY Mellon accelerate innovation 

https://bankinnovation.net/editorial/premium/truist-bny-mellon-accelerate-innovation/

Share Banks increasingly scout emerging technologies through their own innovation programs. Just last week, Truist announced the launch of its new venture investing arm and BNY Mellon announced a new accelerator program. “Truist Ventures has the privilege of being one of the windows to the outside,” said Vanessa Indriolo Vreeland, head of Truist Ventures. “We’re …Read More

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PNC’s Stoneman to speak at Banking Automation Summit

https://bankinnovation.net/editorial/carousel/pncs-stoneman-to-speak-at-banking-automation-summit/

Bank Innovation is pleased to announce that Ken Stoneman, intelligent automation director for corporate and institutional banking at PNC, will speak at the Banking Automation Summit, a virtual conference on Nov. 9-10 designed to provide industry professionals with insights and best practices to automate bank functions.  

Ken Stoneman, intelligent automation director for corporate and institutional banking at PNC

Register for the event here.

Stoneman has been with PNC, which has $459 billion in assets, for 12 years, starting as a software engineer lead in 2008. Before taking on his current role, he was a senior enterprise architect lead for more than seven years and an intelligent automation IT product manager for almost three years. He leads a team that automates corporate and institutional banking processes with robotic process automation and machine learning.

Stoneman will speak on a panel about balancing automation and human intervention. The panel will dive into a discussion on achieving the right mix of humans and machine learning, and explore how the role of humans will evolve over time.

The BAS agenda highlights crucial industry topics, such as best practices for project implementation, automation successes and failures, and new developments in robotic process automation. BAS speakers come from Truist, Wells Fargo, Discover and BNY Mellon, among others.

https://bankinnovation.net/editorial/carousel/pncs-stoneman-to-speak-at-banking-automation-summit/

Banks face hard decisions about business models, Forrester’s Clarke says [Industry Pulse]

https://bankinnovation.net/allposts/biz-lines/retail/forresters-clarke-on-the-future-of-banking-pulse-of-the-industry/

Share Banks are facing rapid transformation, and the pace doesn’t seem to be slowing down anytime soon. According to Alyson Clarke, principal analyst at Forrester Research, many banks will struggle with the pace of change over the next 10 years. “Banks need to make those hard decisions about business models and what they are going …Read More

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Weekly Wrap: Consumers don’t need branches, and bank incubators stay busy

https://bankinnovation.net/allposts/resources/video/weekly-wrap-consumers-dont-need-branches-and-bank-incubators-stay-busy/

Share It seems consumers need bank branches less than before. A Plaid study showed 80% of consumers now say they can bank without a branch. Banks like Citibank and Silicon Valley Bank, meanwhile, are launching new platforms out of internal incubators. “We have seen from the research we have done with our clients and investor …Read More

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https://bankinnovation.net/allposts/resources/video/weekly-wrap-consumers-dont-need-branches-and-bank-incubators-stay-busy/