After completing an investigation on the retail banking market, the Competition and Markets Authority (CMA) has found that consumers are paying more to bank but are not benefitting from the financial services that are available to them. The report said that “older and larger banks do not have to compete hard enough for customers’ business, and smaller and newer banks find it difficult to grow.” In order to solve this problem, the CMA aims to implement requirements that banks have to follow so that user experience for customers is simplified by 2018.
According to the results of a recent survey from Trustev, consumers are more concerned with simplicity than security, as they’ve been conditioned to place convenience far ahead of security. “I think convenience trumps basically everything,” one Trustev executive told PYMNTS soon after the survey was released.
In the business world, nothing is as certain as uncertainty. Markets spike and dip, venture capital flows and slows, and sales can fluctuate. Peaks and valleys are simply part of the game. For all CFOs, planning for these conditions is a critical part of the job. However, all too often multiple scenario planning is primarily done as a reaction to a bad quarter or down projections.
The fictional crime-solver Sherlock Holmes once referred in a conversation to “the curious incident of the dog in the night-time.” A Scotland Yard detective replied, “The dog did nothing in the night-time.” Holmes retorted, “That was the curious incident.” In the field of analytics, the equivalent of the dog that didn’t bark is the relatively low level of adoption of advanced analytics in finance and accounting functions. Despite being a quantitative field by nature, finance has trailed other functions like marketing, supply chain, operations, and even human resources in employing advanced analytics to make key decisions.
Blockchain technology is often suggested as an answer to the financial world's security problems. Banks on the Swift network are being hacked? Put those international wire-transfer instructions on a blockchain. Card-not-present fraud is up? Well then, merchants should just let people pay with bitcoin. Problem solved. But is it? As recent events have shown, blockchain technology is vulnerable to security problems, too.
Technology is what powers the success of a firm. Using dated technology increases the workload for you and your colleagues, and makes it more of a liability if you are looking to sell later down the line. If you are still using desktop accounting software there is a long list of benefits you are missing out on: security, increased workflow and elimination of manual processes just to name a few.
As more companies recognize the impact of automation, accounts payable is no longer being overlooked. In this this live demo, Andrew Waters, Product Manager at MineralTree, will show you how to bring automation to AP. In this 30-minute session on September 14th at 1pm ET, you will see how easy it is to capture invoices, route them for approval, and execute multiple payment types through one simple, seamless interface.
HEI Hotels & Resorts has said that a data breach at 20 US hotels operated by HEI Hotels for Starwood, Marriott, Hyatt and Intercontinental may have divulged payment card data. The malware affected 12 Starwood hotels, six Marriott properties, one Hyatt hotel and one InterContinental Hotels Group hotel. According to HEI, experts investigated the breach and determined that hackers might have stolen customer names, account numbers, payment card expiration dates and verification codes. The hackers did not gain PIN codes, because those are not collected by HEI system.
Banks and FinTech disruptors haven’t always seen eye-to-eye, with some considering the two market segments competitors. After all, many FinTech startups — from alternative lending to payments automation players — emerge from the idea that traditional banks aren’t offering adequate services today. But increasingly, the two markets engage in collaboration, as banks offer the infrastructure and market reach, while FinTech startups provide the technology and innovation.