The payday loans industry is rightly criticized for contributing to a vicious cycle of poverty from its outrageous payments practices and high interest rates for low-wage workers who need an occasional payday advance loan. US payday loan companies typically charge $15 or more per $100 ...
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Banking
Banking
ZestFinance, a leader in artificial intelligence (AI) software for credit, today launched ZAML Fair™, a new software tool to reduce bias and discrimination in lending. Following market tests with a leading national mortgage lender, ZestFinance claims its new software would eliminate 70% of the gap ...
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A new study from Juniper Research shows financial institutions will save an estimated $209 million in 2019 by using chatbots for customer service. By 2023, those savings could reach 862 million hours of time saved or $7.3 billion in operational savings globally. It’s no wonder ...
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It’s Friday and we’ve got your global payments news roundup. 23% of e-commerce in Europe is now cross-border according to a new report. Research shows consumers would buy more if retailers offered free returns. Thumbs up for the new biometrics bank card now testing in ...
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A new report from Mitek/CI&T shines a light on the growing gap between the banking services small business wants and what banks are providing. It’s not a pretty picture. Three key findings should make banks very nervous about their tentative relationships with small business customers: ...
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The 2019 Identity Fraud Study, released by Javelin Strategy & Research, contains good news mixed in with the bad according to the report. The good news is payment card fraud dropped from $8.1 billion in 2017 to $6.4 billion and the number of incidents fell ...
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Trouble remembering your payment card PIN number? Beginning in April, two British banks will test a bank card with a built-in biometrics scanner to enable more secure payments authentication. Royal Bank of Scotland and NatWest will test the new bank card with a built-in fingerprint ...
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New research from Santander Business shows that half of UK businesses are at risk of invoice fraud because they do not check invoices diligently. The survey says only 50% of UK businesses verify details in email invoices, leaving them at risk of invoice fraud. 40% ...
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What a busy week in the payments world despite the distractions in DC! Here’s your weekly global payments news roundup. Philly became the first US city to ban cashless stores totally. A Mitek survey looks at cross-border e-commerce and a recipe for success. We’ve got ...
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Walmart and Silicon Valley lender Affirm announced plans to offer the 4000-store retailer’s customers loans at the point-of-sale (POS) online and in-store at most US Walmart locations. The companies hope a simple, point-of-sale purchase and POS loan will appeal to consumers tired of excessive credit ...
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