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Cloud Banking Gives Legacy Systems A Lift

PYMNTS

Is it surprising to know that 55 percent of legacy financial institutions (FIs) report lacking maturity in core systems? Or that, on average, 15 percent of an FI’s annual operating costs go toward maintaining core banking systems that are outmoded? It’s true, but not for long. AI Poised for a “Profound Impact”.

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BankMobile Is One Of Six New FIs To Offer Smart Digital Bank Accounts Via Google Pay

PYMNTS

BankMobile, BBVA USA, BMO Harris, The Coastal Community Bank, First Independence Bank (a federally designated minority depository institution) and SEFCU will join Citi and Stanford Federal Credit Union in the offering beginning next year. “We 3) in announcing the bank’s agreement with Google. .

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PSCU’s Lumin Digital Helps Mutual Security Credit Union Go Digital

PYMNTS

PSCU’s Lumin Digital has converted over 10,000 Mutual Security Credit Union digital users to a cloud-based platform, Lumin Digital said in a press release on Tuesday (Dec. Our team worked in close coordination with the Lumin Digital team to execute a well-orchestrated conversion for our members.

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The growing interest in digital banks

Insights on Business

As a result, many new, all-digital financial services firms, unencumbered by older, less flexible systems are aggressively pursuing customers by addressing their needs in new and distinct ways. There are interesting characteristics both in the new entrants and in the more established digital banks.

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New Canadian Digital-Only Bank Banking On User Experience

PYMNTS

The challenge for the bank will be remaining competitive when the interest rate is ultimately dialed back and the offering itself – namely its features and user experience — need to steer the ship. The focus for us has to be customer experience,” Dickinson explained of the pause due to speed of growth.

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South Korea Pilots Open Banking System

PYMNTS

The South Korean government said it was going to run the pilot phase and assess the system and its performance, as well as make adjustments as necessary. The system will be released to FinTech firms by Dec. At first, 10 banks will participate in open banking, and then it will be open to others.

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Banking-As-A-Service (BaaS) Making Payments Faster And ‘Smarter’

PYMNTS

First has been the focus on digital transformation that essentially saved the economy during lockdowns. Another related theme is the need for legacy core banking systems to upgrade in ways that don’t protract disruptions. The One-Stop Digital Banking Experience. Fraud is another consideration.

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