BankThink

Breaking News This Morning ...Trump triumphs: Global financial markets dropped sharply in the initial reaction to Donald Trump's unexpected victory in the U.S. presidential race. Stocks in Asia and Europe dropped sharply, bond prices fell and the Mexican peso plunged, but gold prices jumped higher. The Republicans held onto their control of both houses of Congress. Wall Street Journal, Financial Times, New York Times

Small merchants need to adopt omnichannel, but it can be difficult in a low resource environment. Staying flexible to add technology fast is key.

It is premature to say whether criticism of cross-selling and calls to break up the big banks will lead to action, but there is one area where a spinoff could actually be in the banks' interest.

Making customer experience consistently good is a priority, but it's not enough. Great experiences in the future will be tailored to individual needs and preferences.

Receiving Wide Coverage ...British bank hacked: Tesco Bank, a unit of U.K. grocery chain Tesco PLC, said Monday that hackers stole money from customer accounts over the weekend, earning the bank "the rare and dubious distinction of losing customer money in a cyber-attack," in the words of the Wall Street Journal. CEO Benny Higgins said about 20,000 accounts had money stolen from them. "Although the numbers are small, the incident is the stuff of nightmares for bank CEOs who are spending billions of dollars to protect their intricate computer systems from cyber-attacks," the Journal said. The paper noted banks have been hacked before, but it is rare for customer funds to be stolen. The Financial Times notes the attack "exposes vulnerabilities," while other articles ponder the implications for the bank and depositors and shareholders. The bank "temporarily stopped online transactions from all current accounts," the FT reported. Wall Street Journal, Financial Times, American Banker

The rules can be tricky, but social data can add lots of detail that can help prove identity and reduce fraud.

American Banker is pleased to bring you Breaking Banks, hosted by Brett King, and featuring the editors of American Banker.

Handled correctly, vendor contract management during the course of a merger can go from being a just another integration chore to becoming a key benefit of the transaction.

Guidance on regulatory expectations is helpful, but it is not yet clear whether such guidance gives financial institutions impetus to onboard or keep clients they perceive to be riskier.

If the Democratic nominee wins the presidency, she could quickly face opposition from within her own party regarding her moderate views on banking and economic policy, particularly from Sen. Elizabeth Warren.