ID Verification, Insurance AI, Stimulus Funds Top This Week’s News
It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives into identity verification as well as artificial intelligence (AI) for insurance in addition to IRS stimulus funds.
Top News
IRS $1,200 Stimulus: Why Your Check Is Not In The Mail
Only about 80 million payouts — approximately half of the expected total — have been issued as of last Friday (April 17), an IRS spokesperson told PYMNTS. That leaves many taxpayers waiting; however, the spokesperson could not offer a schedule of when payments will be issued.
When, How And Why Consumers Will Change Post-COVID-19
U.S. consumers and companies have been wondering for weeks if the COVID-19 curve is being flattened, when we can reopen the economy and what life will look like once we do. The first two questions are the single-minded focus of some of the smartest researchers, economists and doctors in the world.
The Next Round Of PPP Funds: Will It Happen In Time For SMBs?
Reports on Monday (April 20) indicated that Senate Republicans and Democrats were coming to an agreement that would add more Paycheck Protection Program (PPP) funding for small and medium-sized businesses (SMBs). The news comes amid weeks of discussions between the parties over whether more changes should be inserted along with the funds.
Amid Scramble For Fed Funds, Fundamental Question: Who’s An SMB?
The stimulus bill passed by Congress last month had language in it that opened the door for firms decidedly bigger than the mom and pop outfits that line Main Street to get significant funding that could offer the Davids of the restaurant industry and other verticals lifelines — not the Goliaths.
Trackers and Reports
How RBC Is Overhauling Digital Account Opening With AI (Digital Identity Tracker)
Royal Bank of Canada (RBC) recently launched digital government identity verification features, letting customers verify their identities for account opening via its RBC mobile app.
In a feature story, RBC’s senior vice president Peter Tilton discusses how it sped up plans for secure account opening via the bank’s mobile app as fewer clients want to go to banks because of the coronavirus crisis, and how the artificial intelligence (AI) system safeguards sensitive data.
The Race To The Cloud: Will Digital Banks Win?
Financial institutions (FIs) are encountering pressure to provide increasingly personalized and digital-first services to keep clients satisfied. Designing the seamless services clients desire means FIs are revamping their digital infrastructures to provide access to interactive, fast and engaging banking experiences.
Allstate On Using AI To Fight Insurance Claims Fraud
Fraud is a continuous battle in the insurance industry, and new digital means have made it easier than before to automate false claims and send them in bulk. Systems that are only manual are being overloaded with the volume of claims to analyze and mark, which means that insurance companies such as Allstate are turning more and more to AI-based systems to automate this process.
In a feature story, PYMNTS talks with Greg Firestone, Allstate’s vice president of data science, regarding how the company’s fraud prevention systems detects and marks suspicious claims, and why adjusters’ intuition is going to play a decrease role as the industry moves ahead.
Why AI’s Early Adopters Are Laser-Focused On Credit Risk And Payments
Much economic uncertainty exists in the world today, as many executives and banking managers know. These circumstances have illuminated what has been a longstanding central concern for lenders: determining and managing credit risk.
Fun, Cool and Otherwise Interesting
Netflix, Disney And The Great Entertainment Shift
The market cap of Netflix was neck and neck with Disney’s per a past report, at a respective $185 billion and $192 billion. The neck-and-neck jockeying puts a media conglomerate against a media startup.
Georgia’s Reopening Plan Prompts Questions, Draws Fire
Georgia will let gyms, bowling alleys and nail salons, among other businesses, to reopen at week’s end, with restrictions on the density of customers in stores. Restaurants and movie theaters are set to open again next Monday, April 27.
Stripe’s John Collison On Improving ‘The Art Of Authorization’ Amid A Digital Payments Boom
John Collison, co-founder and president of Stripe, told Karen Webster in a PYMNTS interview that the worldwide coronavirus pandemic has been the catalyst for a large shift toward digital everything, with commerce in particular. That shift is making companies take a look at their abilities to meet their clients, staffers and business partners at these new points of interaction in what has become a “mostly digital” world.
COVID-19, Coca-Cola And Changing Consumption Habits
Coke reported this week that its worldwide sales volume is down by a quarter since the start of April and cautioned that a rebound could take some time. CEO James Quincey told analysts on a call, “We may be at the end of the big global lockdown, but we are still a long way from the new normal.”