Mobile wallet adoption may not be gaining traction for most, but #Apple is an exception. During the quarterly earnings call yesterday, the tech giant unveiled Apple Pay growth stats from its #global markets, citing a 450% increase in transaction volume in “the last 12 months.” According to CEO Tim Cook: Apple Pay is experiencing phenomenal traction. With the […]
Bank Innovation
#Lending #Club might be through the woods, thanks to #banks. Banks made up a “#record” 40% of the lender’s almost $ 2 billion originations for the quarter, up from 31% last quarter, according to Lending Club CEO Scott Sanborn. Sanborn said on the company&8217;s earnings call yesterday: Banks continued to ramp their purchasing as a major component […]
Bank Innovation
#JPMorgan #Chase just became the #latest bank to #leave the R3 #Consortium behind, due to “technological differences,” which went against R3’s roadmap. Charley Cooper, managing director at R3, told Bank Innovation in an emailed statement: JPMorgan parted ways with R3 to pursue a very distinct #technology path which is at odds with the one chosen by […]
Bank Innovation
The majority of #insurance professionals #believe that artificial intelligence will completely transform insurance by #2020. According to the “#Technology for the People” report released this week by Accenture, 75% of professionals surveyed (the report polled more than 500 insurance executives across the globe) believe that AI will have a significant impact on insurance. While the technology […]
Bank Innovation
#European #banks are in the midst of a ‘perfect storm’ of negative interest rates, regulatory pressures and market disruption, and are in search of new sources of value. A recent Accenture roundtable discussion concluded that European banks have the opportunity to develop innovative #transaction banking offerings using #virtual accounts, such as virtual #cash #management, to address changing market needs and create new business #models.
Jeremy Light, Head of Accenture Payments, EALA, speaking at the breakfast roundtable.
The roundtable, co-hosted with Cashfac (a leading cash management #technology provider), was organized in Amsterdam on January 31st, 2017 and saw participation from industry leaders from European transaction banks, as well as a trade body and a #fintech.
Accenture led the discussion by providing insights on the evolving transaction banking landscape and the promise of virtual cash management, and explored the role virtual accounts can play in driving a growth strategy for banks. Cashfac demonstrated the key capabilities enabled by its proprietary “Virtual Bank Technology” and illustrated how it has enabled transaction banks and corporate treasurers to realize their strategic ambitions.
The post Virtual cash management: A catalyst for new business models for European transaction banks appeared first on Accenture Banking Blog.
Attackers are able to breach a financial institution’s network in 33% of attacks, despite growing confidence among financial professionals regarding the cybersecurity of these institutions. 78% of senior banking executives expressed a supportive opinion regarding the cybersecurity efforts of their companies, according to the “Building Confidence: Solving Banking’s Cybersecurity Conundrum” report released by Accenture today. However, […]
Bank Innovation
#Consumers see their #banks as #more of a stressful utility, rather than a #financial advisor. According to the Future of Money report released by Cognizant, banks are not proactive with the financial needs of their consumers; 90% of consumers surveyed stated that they primarily deal with their bank for simple transactions only. “Simple transactions” exclude any […]
Bank Innovation
Facebook’s AI assistant, dubbed M, will begin to appear in your Messenger chats, “suggesting” things like sharing your location or requesting a ride. The digital assistant was in a testing mode since December of last year, and is now available to all Messenger users in the U.S., the social media giant said yesterday. Sending and […]
Bank Innovation
If Horace Greeley were alive today, the famous newspaperman might be saying: “Go #East, young entrepreneur, go East.” China is a behemoth to be ignored at the peril of the #fintech world. In his outlook for the year, LendIt co-founder Peter Renton said earlier this month: &8220;If you are a U.S. platform and you are thinking about raising […]
Bank Innovation
The #wealth #management startup #Grain went live with its 2.0 version in the iOS app store this week. Grain is also live on Product Hunt. Version 2.0 amplifies and advances its “social investing” strategy and service. Specifically, Grain allows users to &8220;play&8221; investing with friends before committing funds to actual investments. The app helps its investors discover investments, […]
Bank Innovation
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