Imagine a world in which a consumer’s entire commercial existence is contained on a mobile device. That world is fast approaching, and at its center stands the consumer’s primary financial institution, which holds the consumer’s funds, assets and payment media. But do banks an other FIs truly understand this opportunity, the powerful position they occupy and the risks to their growth as the mobile device evolves?
August 14 — In response to the recent OCC announcement that it will begin accepting applications for special purpose national bank charters “from nondespository financial technology (fintech) companies engaged in the business of banking,” Minneapolis-based Wolters Kluwer has published The U.S. Treasury Fintech Report and the OCC Fintech Announcement: What They Mean for Banks and Fintechs. The whitepaper is intended as a summary highlighting key elements of both the OCC’s and Treasury’s announcements on innovation and advancing the use of financial technologies in the U.S. banking industry.
By Mark D. Smith
ATM crimes are on the rise in the United States, especially since many ATM deployers have yet to upgrade their terminals to Europay, Mastercard and Visa, and debit cards issued by American financial institutions still include a mag stripe, which is easy to duplicate. Common threats include smash-and-grab raids to high-tech attacks, such as card shimming and card skimming. U.S ATM deployers are also beginning to see more ATM Jackpotting and explosive attacks.
June 21 — Sageworks has released a new white paper, “SMB Loan Renewals: Opportunities to improve efficiency and increase earnings.” The eight-page document addresses problems with the current loan renewal process and suggests improvements that can be made to make loan renewal faster and more profitable for banks.
May 4 — Congress is expected to pass a major piece of legislation on financial regulatory reform as early as this month, that should positively impact U.S. community and regional banks, and further spur mergers and acquisitions, according to McLean, Va.-based investment manager, FJ Capital Management. (more…)