Fintech News Issue #171 Wednesday, June 13th 2018 04:43PM

Jason Henrichs and JP Nicols host Perianne Boring, founder and CEO of the Chamber of Digital Commerce, talking trends, challenges and where we’ll see the first fruits of the #blockchain revolution. Brett King talks with Derek Corcoran from Avoka on their new Digital Onboarding Trends report.

There was an interesting discussion at #Money2020 about Business Reincarnation. It’s a rather dramatic term, especially if you don’t believe in reincarnation, but it does help visualise the idea. Like a Phoenix from the ashes, a bank needs to die and reincarnate itself to survive this digital revolution.

Blockchain technology is synonymous with digital tokens that are all too often viewed as a speculative asset class that has produced untold riches for a small elite of techno-savvy programmers and entrepreneurs who were in the right place at the right time.

The US card payment system involves a series of middlemen taking a cut. Digital systems, like those used in China and Kenya, could threaten banks and other players.

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Businesses across the globe are waking up to the importance of corporate social responsibility.

Onboarding comprises of the processes by which a consumer or business becomes a customer. The term applies to the end-to-end journey, from a customer seeking insight into which product is right for them, through the application process, and onto the issuing of that product and the customer starting to use it.

Having the privilege to choose is generally a positive thing. However, when being presented with too many options to choose from, making the optimal selection becomes a challenging task.

From my early days of blogging I thought of a bank as a boxed building that was internally split in two departments. I drew on napkins a bank layout with an entrance on the Southside, with a revolving door, for depositors to enter.

You go into corner offices these days and you see copies of the Lean Start-up, printouts of IDEO material, maybe even a copy of Sprint.

Recent payment tech and bank problems show how our digital future could have consequences

KYC is one of the most controversial subjects in today’s crypto world. The number of ICOs requiring KYC verification is growing day by day. For this reason, it’s essential to have a clear understanding of this procedure. In this article, we’ll take a closer look at KYC/AML regulations so that you don’t feel like you’re in uncharted waters anymore.

Worried that you work for (or run) a stodgy bank, burdened by legacy technology, bureaucracy and an uninvolved board?

In this part, we continue to explore how technologies can help fintechs solve scalability challenges.

Banks and credit unions that don't have a sophisticated, digital-first onboarding strategy will see sagging satisfaction scores and a balance sheet that suffers. Here's why it's critical to engage new relationships early.

Five years ago, I wrote on Finextra that when it comes to social media, a bank should behave like a person, even if they are a bank. At the time, the post was about a poor unfortunate woman named Natalie Westerman, who’s Twitter ID was … wait for it… @natwest. So you can guess, cue RBS/NatWest bank meltdown and her little Twitter feed became unindated with irate customers.

The stakes have been raised as the EU’s new General Data Protection Regulation, or GDPR, mandates notification within 72 hours. Once that happens, social media and public opinion give you only hours to get it right.

Banks and startups are headed toward the same goal from different starting points. Each side is increasingly seeking to package automated investment advice with checking because customers are expressing an interest in getting both services from one provider.

With new digital tools giving consumers the convenience of banking where and when they want, the mobile channel simply must be the cornerstone of every bank and credit union retail delivery strategy.