Finovate

FEBRUARY 15, 2024

Pagaya’s AI model generates underwriting recommendations and completes a secondary credit decisioning review of borrowers who were originally rejected. Bank will originate and service the loan. Bank Head of Consumer Lending Partnerships Mike Shepard. New York-based Pagaya was founded in 2016 and has raised $1.6

AI 52

AI Underwriting Origination Risk 52

The Fintech Times

MAY 1, 2024

The current economic landscape across the UK continues to increase pressures on consumer pockets. According to the FCA, since 2016 H2, current accounts have remained the most complained about product. In fact, complaints about Payment Protection Insurance (PPI) heavily inflated the total number of complaints between 2016 and 2020.

Consumer Financial Protection Bureau (CFPB) 59

Consumer Financial Protection Bureau (CFPB) Volume Consumer On-Demand 59

PYMNTS

NOVEMBER 20, 2018

In the year between Q2 2017 and Q2 2018, sub-prime consumer loan originations grew 28 percent between Q2 2017 and Q2 2018 across the categories of auto loans, mortgage loans and credit cards. This reverses the previous year’s trend, between 2016 and 2017, when sub-prime loan originations across categories fell by 7.1

Underwriting 75

Underwriting Origination Credit Cards Credit Limit 75

PYMNTS

MAY 5, 2016

In fact, in Q1 2016, Chapter 11 filings from commercial companies actually fell 5 percent across the board. Just a few short months into 2016, several standbys have already filed the appropriate paperwork to try to drag themselves slowly back to the black, while others are heading towards complete liquidation. January — Wet Seal.

Authorization 44

Authorization Legal Agreements Origination 44

PYMNTS

SEPTEMBER 1, 2020

1) rolled out a new, no-overdraft-fee banking account aimed at consumers new to banking or who want help managing their expenses, with access as well to Zelle, a digital payments service. Wells Fargo on Tuesday (Sept. bank account, the bank noted in its announcement.

Digital Payments 93

Digital Payments Accounts Zelle Online and Mobile Banking 93

FICO

MAY 10, 2018

Alliant Credit Union , one of the largest credit unions in the United States, has transformed its consumer lending business and is exceeding its lending goals since implementing FICO technology solutions in 2016. Alliant started using the new CLOS for auto loans and credit cards in late 2016.

Credit Union 61

Credit Union Origination Credit Cards Process 61

FICO

NOVEMBER 22, 2018

Many lenders in markets outside the US use FICO® Scores to assess the risk of consumers applying for loan, but don’t continue to monitor those consumers’ risk using the FICO Score. Account Origination Analysis Shows Shift in Risk. In 12 months, the average score for this group of consumers has dropped by 11 points.

Accounts 45

Accounts Origination Risk Credit Risk 45

Finovate

FEBRUARY 6, 2024

Alloy made its Finovate debut at our developers conference, FinDEVrSilicon Valley 2016. Founded in 2015 and headquartered in New York City, Alloy made its Finovate debut at our developers conference, FinDEVrSiliconValley 2016. Embedded finance platform Liberis has teamed up with identity risk management innovator Alloy.

Risk Management 59

Risk Management Risk Embedded Finance Compliance 59

Nanonets

MAY 14, 2024

Are you tired of the time-consuming and error-prone process of manually copying Excel tables into Word documents? While this approach is fast, it might not preserve the format of your Excel table, and any future modifications to the original Excel file will not appear in the Word document.

Origination 52

Origination Automation Process Database 52

Fintech News

JUNE 18, 2024

These professionals are acknowledged not only for managing large advertising budgets or market shares, but also for engaging and inspiring consumer communities through meaningful work and impactful actions. Jin joined Visa in May 2016 as head of marketing for Greater China.

APACS 90

APACS Visa Credit Cards SARS 90

PYMNTS

OCTOBER 8, 2018

Bloomberg cited sources that claim the company’s Marcus unit has slashed its loan originations target for next year. The news comes as a bit of surprise, given that earlier this year, it was revealed that Marcus had issued $3 billion in new consumer loans since launching in October of 2016 through the first quarter of 2018. “We

Origination 60

Origination Consumer Accounts Continuity 60

PYMNTS

MARCH 25, 2016

According to the most recent PYMNTS/InfoScout Apple Pay Adoption Tracker , first presented at PYMNTS’ Innovation Project 2016 , more consumers are giving Apple Pay a try, but even more aren’t coming back. The beginning and end of the good news for Apple is that more consumers are giving its payments app a shot.

Consumer 42

Consumer Mobile Payments Push-to-Card Origination 42

FICO

FEBRUARY 23, 2022

New data suggest that people are concerned about fraud, but one of the biggest threats seems to be flying under the radar, at least for consumers. Globally, consumers had the least amount of concern around being tricked into sending payments to a fraudster (less than 7%), even lower than their stated concerns about being pickpocketed (7%).

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

Fintech Labs Insights

JUNE 16, 2016

Making the loan origination more efficient is the goal of any firm that provides mortgage solutions to community banks and credit unions. Pictured (left to right): Jonathan Kirst (CTO) and Nathaniel Sokoll-Ward (Head of Product) demonstrating Roostify’s platform at FinovateSpring 2016.

Origination 15

Origination Process Credit Union Community Banks 15

PYMNTS

NOVEMBER 25, 2020

Dreams rolled out in Sweden in 2016 and Norway in 2018. Oportun CEO Raul Vazquez said the charter would let the firm reach 100 million low or moderate-income (LMI) consumers domestically that the firm desires to reach. FinTech Oportun Seeks US National Bank Charter. Oportun Financial has sought a national bank charter with the OCC.

Office of the Comptroller of the Currency 64

Office of the Comptroller of the Currency OCC FinTech Authorization 64

PYMNTS

MAY 2, 2017

Signs of increasing weakness in consumer credit have been mounting for the last several months. As of January 2016, 43 percent of borrowers were behind in their payments or had stopped making them all together. That brings the total value of federal loans originated by financial institutions (FFEL) and the DoE in default at $137.4

Consumer 41

Consumer Caps Issuers Risk 41

PYMNTS

OCTOBER 8, 2018

Bloomberg cited sources that claim the company’s Marcus unit has slashed its loan originations target for next year. The news comes as a bit of surprise given that earlier this year, it was revealed that Marcus had issued $3 billion in new consumer loans since launching in October of 2016 through the first quarter of 2018. “We

Origination 40

Origination Consumer Accounts Continuity 40

PYMNTS

APRIL 7, 2020

Originally launched to help businesses get prompt, genuine reviews, Podium now also supports mobile payments , webchat and customer messaging. “Over the past five years, we have seen the fundamental way consumers interact with a local business change,” said Rea, co-founder and CEO. Podium has raised $92.6

Contactless Payments 66

Contactless Payments Payments Origination Continuity 66

FICO

FEBRUARY 25, 2019

Here are three key developments in credit scoring that we will be keeping an eye on in the new year: Consumer-Contributed Data Takes Center Stage. Momentum is high in the consumer-contributed data space: consumers are getting more comfortable with sharing their data , provided they are presented with clear benefits for doing so.

Credit Risk 63

Credit Risk Underwriting Origination Fed 63

PYMNTS

SEPTEMBER 30, 2019

Since 2016. Marcus, a consumer bank launched in 2016 and run by Goldman Sachs, has lost a total of $1.3 The company said it will continue and wants to get consumer banking right. . Goldman’s Marcus Has Lost $1.3B billion so far. Apple – Phone Home. she writes. she writes.

Scams 40

Scams Encryption Origination Payments 40

PYMNTS

MAY 10, 2017

According to a report in MarketWatch , credit cards with high rewards points have become very popular with millennials, particularly when it comes to the Sapphire Reserve card, which came out in 2016 with a 100,000 point sign-on bonus. Chase ultimately reduced it to 50,000 points, noted the report.

Credit Cards 40

Credit Cards Origination Consumer Payments 40

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. The build-back from the revelations of 2016 was a bit more of a lengthy process.

P2P 54

P2P Origination Underwriting Returns 54

Clearly Payments

MARCH 4, 2024

In the world of payments, fraud is a constant threat that can have significant impacts on businesses and consumers alike. This breach, striking during the peak holiday shopping frenzy, jolted the retail industry and shattered consumer trust in one of America’s retail giants. Estimated financial losses exceeding $200 million.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

AUGUST 25, 2019

The original founder Andre Durand is still on board, although the company was acquired in 2016 by Vista for about $600 million. The Colorado-based online ID management company Ping Identity is going public and is trying to raise up to $100 million in an IPO on the Nasdaq exchange under the ticker “Ping,” reports said on Friday (Aug.

Breach 63

Breach Data Breach Authentication AI 63

PYMNTS

FEBRUARY 23, 2018

Smartphone sales worldwide fell in the fourth quarter of 2017 compared to the same period in 2016, marking the first decline Gartner has seen since the firm started tracking sales in 2004. A little more than 400 million smartphones were sold to consumers in the last three months of 2017, which marks a 5.6

On-Demand 47

On-Demand Origination Automation Research 47

PYMNTS

JANUARY 6, 2020

Olo was originally started as a text message food ordering service in 2005. The company got a real boost when The Raine Group invested $40 million in 2016, and again when Tiger Global Management invested $18 million in 2019. According to Glass, that’s what is happening all over the U.K. and is starting to happen in the U.S.,

Origination 52

Origination Consumer Risk Process 52

PYMNTS

FEBRUARY 1, 2017

billion origination threshold, while also giving investors some insight into its borrowers and its plans for the future. The company’s main types of loans are automobile (34 percent of the total origination value), debt consolidation (31 percent) and home improvement (20 percent). Zopa, the U.K.’s

Origination 43

Origination Volume Finance Consumer 43

PYMNTS

DECEMBER 14, 2018

Facebook, for example, has faced controversy since consumers learned that it allowed Cambridge Analytica to harvest information from approximately 87 million profiles without consent during the 2016 presidential election. financial services sector as consumers embrace digital technology for the banking and retail industry.

Payments 72

Payments Online and Mobile Banking Regulations Faster Payments 72

CB Insights

OCTOBER 19, 2018

Goldman Sachs introduced Marcus — its digital consumer bank — in October 2016. While Marcus is being developed in-house, Goldman has been active in M&A deals to strengthen its consumer bank. customers — accruing $26B in deposits and $4B in total loans originated. Goldman Sachs Strategy Teardown.

Acquirers 58

Acquirers Credit Cards Origination Product 58

PYMNTS

DECEMBER 24, 2020

Airbnb did reportedly move its widely anticipated IPO from the spring to late fall, but went public in December at $68 a share — way above both its original pricing range of $44 to $50 and an upwardly revised $56 to $60. Co-founded in 2011 by Facebook veteran Doug Hirsch (now GoodRx’s CEO), the company has operated in the black since 2016.

Origination 92

Origination Push-to-Card On-Demand Shutdown 92

PYMNTS

FEBRUARY 10, 2017

In its new report, the rating agency said it now expects aggregate department store operating income to have declined 18 percent in 2016 as opposed to the originally estimated decline of 11 percent. Penney, saw negative comparable sales in the last three months of 2016.

Origination 46

Origination Returns Continuity Research 46

PYMNTS

NOVEMBER 8, 2018

After the terms of the settlement were announced, the Financial Times ( FT ) reported that the company failed to prevent “at least $125 million” in fraudulent transactions from being completed between April 2015 and October 2016. This announcement came separately on Thursday.

FTC 64

FTC Settlement Federal Trade Commission Fraud Prevention 64

PYMNTS

MARCH 6, 2017

Amazon Elements now sells Turmeric Root Extract, Calcium Complex, Vitamin D2 and Vitamin K2 supplements—all with ‘transparent origins’ According to the product page, each supplement bottle comes with a QR code that allows buyers to access quality reports, product origins and a list of ingredients.

Origination 51

Origination Product Consumer Continuity 51

PYMNTS

APRIL 5, 2019

“We have been very encouraged by the initial results of our center redesigns and expansions,” said Aron Levine, head of Consumer Banking and Investments for Bank of America. The bank originally planned to redesign 1,500 centers, but the new plan will accelerate that. It fell from 38 percent to 26 percent in 2016.

ATM 51

ATM Credit Cards Consulting Origination 51

PYMNTS

MARCH 28, 2019

Wells Fargo’s corporate banking operations are struggling to bounce back as well as its consumer financial services have done in the wake of a fake account scandal. The most recent quarterly data for Wells revealed a 9 percent increase in auto loan originations, while yearly data showed a 1.2

Cash Management 46

Cash Management Settlement Accounts Origination 46

PYMNTS

MARCH 22, 2019

The latter firm had been one of the investors in the original $1 million seed round raised by Thinknum in 2014. As noted by VentureBeat , the five-year-old firm has been profitable since 2016. Thinknum , which provides web-sourced alternative data, has garnered $11.6

FinTech 71

FinTech Origination Funds Transfer Acquirers 71

PYMNTS

MARCH 1, 2018

Apple also sells phones directly to consumers, as do Amazon and other eCommerce retailers. It now says it will offer the high-end phone at its original price but on an installment basis. A little more than 400 million smartphones were sold to consumers in the last three months of 2017, marking a 5.6

Origination 40

Origination Consumer Product 40