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  • user 9:53 am on August 25, 2020 Permalink | Reply
    Tags: , , Executive, , Need, , , Suites,   

    Banks May Need To Replace Executive Suites To Succeed At Digital — Forrester 

    The future of banking will be so different that many won’t survive unless they clear out most or all of their suite, says a new report from .
    Financial Technology

  • user 10:52 am on May 9, 2019 Permalink | Reply
    Tags: , , , Need, , StripeLike, , ,   

    Trulioo Brings Stripe-Like Code Simplicity To Developers Who Need ID Verification 

    offers a snippet of that can add to web sites or onboarding functions to link into the company’s of individual and business identities.
    Financial Technology

  • user 3:35 am on October 5, 2018 Permalink | Reply
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    The need for change in trade finance 

    The role of the bank in the industry has historically been to satisfy four main areas:

    1. facilitation of secure payment execution
    2. provision of finance
    3. management of data and information
    4. mitigation of risk

    In today’s market all these services are available through non-bank service providers, posing a threat to the trade finance establishment.

    The over-reliance on paper and manual checks means that the current processing of transactions is fraught with inefficiencies and risk, which ultimately leads to higher costs. often seek to protect their margins in traditional trade finance by passing these costs on to the corporate client, driving such clients towards open account trade that is riskier but cheaper.

    This is a unique moment in our industry, when changing regulation, increased availability of emerging and changing expectations from corporate clients are pushing banks to their business models beyond the simple digitization of current processes.

    In a sector particularly vulnerable to fraud, letters of credit, standby-letters-of-credit and other trade finance instruments are used to ensure exporters are paid on time by importers. Meanwhile, banks guarantee that importers receive goods that match the terms of the letter of credit. Bank-intermediated trade provides confidence and fosters trade around the world while providing banks with a low-risk source of revenue that is capital efficient under Basel III.

    However, this business is undergoing deep changes:

    • Globalization of the economy has increased knowledge of international trade, helping corporates to better understand cultural and local market requirements in emerging markets. The ability of corporate clients to be self-sufficient in mitigating some of their transaction risk has fueled the shift to open account financing. Although this type of financing does not guarantee payment in the same way a letter of credit does, it is faster, cheaper and relatively frictionless in comparison to a LOC. The emergence of multiple solutions for clients is now calling for a client-centric approach.
    • Digitalization tends to change corporates’ expectations. Corporate treasurers are younger than ever before, and their experiences in shopping and conducting other personal business lead them to expect the same kind of experience in their professional endeavors. They are increasingly looking for an end-to-end digital experience, encompassing communication and documents, advanced reporting and tailored product and service offers. In parallel to client experience, digitalization is a great way to improve employee experience and strengthen the bank’s compliance and risk monitoring.
    • Particularly in emerging markets, there is a shortage of financing available for small to medium enterprises (SMEs); this is due to the retreat by global banks from these countries and a lack of liquidity and correspondent banking relationships for local banks. Over 60 percent of SMEs in emerging markets are rejected for financing and nearly 30 percent do not reapply according to the ICC. In the volatile and rapidly changing world of trade policy the to build shorter, more agile supply chains is even more pressing and the creation/participation in “marketplaces” becoming a real opportunity, in particular for SMEs.

    Out of this mix of social, technological and regulatory change, next-generation trade platforms and processes are emerging. Distributed business models, which no longer rely on banks being central to the financial supply chain, mean that those institutions are looking at ways to retain their relevance to corporate clients. Traditional competitors are collaborating through consortia of ecosystem players, working for the benefit of the entire industry instead of being self-serving in their approach.

    In the second part of this series, we will look at how and other technologies are helping banks rethink and redesign their approach to trade finance.

    Join me at Sibos 2018, as I moderate the “Delivering the trade environment of the future” roundtable. Register here.

    The post The need for change in trade finance appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:18 pm on May 17, 2018 Permalink | Reply
    Tags: , , , , Need, Note, , ,   

    Banks Need to Take Note of Small Businesses or Lose Valuable Customers 

    business loans might be small in dollar amounts, but the SMB customer may be the most profitable to a bank. And yet, since the credit crisis, have not returned to meet the expanding for SMB loans. This has paved the way for many fintechs to fill that gap, that is, until [&;]
    Bank Innovation

  • user 12:18 pm on May 5, 2018 Permalink | Reply
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    Want Access to Chinese Remittances? You Need to Crack Alipay 

    With global expected to grow by more than 4% this year, providers are utilizing mobile and other digital technologies to ensure sending money between countries is easier than ever. China, the world’s most populous country, has citizens all over the world, and huge amounts of money are flowing back and forth, which should make [&;]
    Bank Innovation

  • user 3:35 am on May 5, 2018 Permalink | Reply
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    Banks: We need to talk 

    Forget mobile apps— to start talking to customers

    As part of our guest blog series, Accenture Nordic Banking Practice Lead Satu Pulkkinen explores how banks can take the next step in evolving customer relations. 

    First came online and mobile banks, with Nordic banks leading the way. The next wave of digital banking? The conversational bank that operates within messaging applications. that can see and hear us, continuously growing ecosystems around increasingly popular messaging applications, as well as the amazing progress of artificial intelligence (AI), are enabling personalized, fully digital banking assistants that you can to anytime, anyplace.

    Technology is an integral part of our daily lives. Increasingly, devices that used to simply respond to our commands and actions can now also hear and see us. We use mobile applications for almost everything, especially instant messaging. Since the beginning of 2015, WhatsApp, Facebook Messenger, Snapchat and WeChat have become the world&8217;s most used social media applications.

    Over 60 percent of customers prefer messaging applications over email or phone calls. And we are moving on from using several different mobile applications to services that are integrated within ecosystems of those applications.

    Towards digital assistants with human understanding

    The development of artificial intelligence (AI) technologies, like machine learning and deep learning, has progressed at such a pace that the chatbots many Nordic banks use today are already starting to look outdated. As AI technologies continue to mature, bots will become even more human-like.

    The increased volume of data and number of analytic tools create the possibility of offering individualized digital services on a mass scale. This has already led us as customers to expect each digital interaction to be as good as our best last experience—regardless of the brand or industry in question.

    The result is a bank that can talk

    Conversational banking exploits these technology trends in an intelligent way. Banking bots within messaging applications and virtual assistants (like Apple&;s Siri or Google Assistant) connect cost savings brought by the previous generation’s online and mobile banks, with the personal touch previously provided by bank clerks.

    Read the report
    Read the report

    What is behind all this progress? Talking is natural for people. Complex language and communication separate humans from other animal species. Stories form the cornerstones of civilizations. Talking is, therefore, genetically encoded in all of us.

    In much the same way, messaging applications are natural to current mobile devices. These applications are easy and funand effortless to use, even on the move. We can type or speak and we can hold one- or two-way, personal or group conversations.

    Therefore, brands have rushed to embrace messaging applications. For example, Facebook Messenger has over 33,000 bots offering customer assistance and counseling as well as providing interactive experiences. And we seem to like them: over 60 percent of consumers use messaging applications to communicate with brands.

    Paying the bills or looking for investment tips—all accessible from your couch just by using your voice

    For example, in the future, a bank bot could interact like this: &;Hi Satu! I noticed that there’s €100 left over in your bank account. Should we put it in a fund that matches your expected return by only investing in environmentally friendly companies?´´

    Capital One in the US is one of the first financial institutions to move into conversational banking. It offers its customers an opportunity to check their account balances or pay bills just by talking with Amazon&8217;s Alexa—and without once touching a device. The customer just has to link his or her bank account to an Echo device. Once that’s set up, the bank literally obeys the customer’s voice.

    Now it’s time for Nordic banks to move on from online and mobile banking and start talking to customers. Who will be the first?

    Satu Pulkkinen, Nordic Banking Practice lead at Accenture



    The post Banks: We need to talk appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 3:35 pm on April 6, 2018 Permalink | Reply
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    Same-day ACH vs. real-time payments: What banks need to know 

    2017 was a big year for ACH . It saw implementation of both the Clearing House’s Real-Time Payments (RTP) system and Phase 2 of NACHA’s Same-Day ACH (SDA) payments initiative. These developments accelerate settlement of ACH transactions, creating new payment product opportunities for financial institutions (FIs) and prompting them to reevaluate their current payment products. Although the RTP system and the SDA initiative perform many of the same functions (Figure 1), there are significant differences between them that FIs will to in considering their use.

    Figure 1. Comparing Real-Time Payments and Same-Day ACH
    Source: TCH and FIS Proposal to the Faster Payments Task Force


    The Clearing House launched its RTP system in November 2017. Using Vocalink’s infrastructure, the RTP system enables FIs to complete clearing and settlement within five seconds.1 In its proposal to the Faster Payments task force, the Clearing House highlighted the system’s ability to support the complete payment cycle, including transmission of bills, invoices, and payment confirmations as a differentiator. To participate in the service, FIs are required to connect to a new ACH core system, which requires development and integration with all channels, including online and mobile. Integration also involves changes to operations, such as customer service and back office support, to respond to messages 24/7 and perform applicable fraud and AML screening. To lower implementation costs, the Clearing House has partnered with a variety of providers, including FIS, D+H, and Jack Henry and Associates, to streamline the integration of FI’s systems to the RTP core infrastructure. However, cost and operational support changes remain a consideration.

    With the second phase of SDA payments complete, all FIs are now required to receive same-day credits and debit payments. Although SDA’s features differ from that of the new RTP system, (for example, SDA offers no bill/invoice transmission, instant settlement, and confirmation of payment), implementation of SDA requires less effort and is less expensive, since issuers do not need to connect to a new ACH core system. SDA also offers FIs the ability to support direct debits commonly used for one-time and recurring consumer bill payment transactions; RTP supports “requests for payment,” but does not support direct debit transactions.

    Despite the first-mover advantage SDA has in faster payments, NACHA’s reported volume for SDA credits in 2017 was not substantial. There were only 56.8 million SDA credits2 (less than one percent of all ACH credit volume) during 2017 (its first full year after implementation).3 In contrast, the Clearing House projects that RTP will process close to 1 billion transactions within the first year after implementation, reach ubiquity in 2020, and by 2023 the system’s transaction volume will reach 8 billion (close to 30 percent of projected ACH volume).4 Looking at the mix of SDA credit and debit volume for the fourth quarter of 2017 (after SDA debits became available), however, 46 percent of NACHA’s SDA transactions were direct debits5; this may signal that same-day debits will be a significant differentiating factor between SDA payments and RTP.

    While both services are still nascent, they have significant potential to change the way FIs and their customers think about ACH payments and the role ACH plays in the digital economy. With a comprehensive review of their product portfolio, FIs can clarify how faster ACH payments can meet the needs of their customers and identify products that will benefit the most from reduced settlement and clearing processing time. FIs should evaluate the functional and implementation differences between the RTP system and SDA payments, and consider how each of the new offerings would affect their unique operational setup. They should also evaluate how RTP and SDA would affect their existing product offerings (such as payment cards) and determine the optimal product suite to bring to market.

    Discover more on immediate or real-time payments systems and infrastructures in our report, Real-Time Payments For Real-Time Banking: How banks can seize the full opportunities of immediate payments

    1Faster Payments Task Force, Faster Payments Solution Proposal by the Clearing House and FIS, clearing and settlement time page 12
    2NACHA, Infographic 2017 Same Day ACH Volume, Credit Volume
    3NACHA, 2017 Quarterly Network Statistics, 2017 Total Network Volume
    4Faster Payments Task Force, Faster Payments Solution Proposal by the Clearing House and FIS, TCH RTP Transaction Volumes (projected)
    5NACHA, Infographic: 2017 Same Day ACH Volume, 4Q Same Day ACH volume

    The post Same-day ACH vs. real-time payments: What banks need to know appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:19 pm on March 31, 2018 Permalink | Reply
    Tags: , , , , Need, , , , , , ,   

    Banks Need to Think of Their Customer Service in Terms of Seconds, Not Minutes, Regions Bank Says 

    EXCLUSIVE—Consumers are impatient, and growing less and less inclined to fill out the long forms necessary to apply for a loan, mortgage, or other financial . This is why to use treasure troves of data to make sure they don’t need to, Andy Hernandez, executive vice president and head of digital banking [&;]
    Bank Innovation

  • user 12:18 am on March 31, 2018 Permalink | Reply
    Tags: , , Midsize, Need, Relevant, ,   

    Midsize Banks Need To Have Technology Innovation to Stay Relevant 

    to update their legacy systems and modernize their , no surprise there. But just how many operational leaders at banks think their institution’s survival depends on it? That would be 79% of operations leaders in North America banks, according to a recent report by Accenture. That’s four out of five banks. The report [&;]
    Bank Innovation

  • user 5:53 pm on March 17, 2018 Permalink | Reply
    Tags: , , , , Need, , , ,   

    Financial Firms Need Tech To Meet Mounting Regulatory Requirements 

    The massive of regulators will require that institutions develop technical solutions.
    Financial Technology

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