Wed.Nov 24, 2021

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Banks Outpace Credit Unions in Customer Satisfaction Levels

Banking Exchange

Regional and community banks received high ratings from customers, while national banks, and super-regional banks trailed behind Community Banking Feature3 Feature Customers Retail Banking.

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David Cameron lobbied Lloyds director to save Greensill pharmacy deal

TheGuardian

Bank continued funding supply-chain finance scheme for NHS pharmacies after appeal to Tory peer David Cameron lobbied a director of Lloyds Banking Group, whom the former prime minister had given a peerage, to reverse the bank’s decision to withdraw support from Greensill Capital, which it later did. Cameron appealed to James Lupton, a Conservative peer who had served as party treasurer and donated more than £3m to the Tories, to urge the bank not to withdraw funding from Greensill’s supply chain

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Listen: Finastra’s head of cloud, core and digital talks banking strategy

BankInovation

Banks should look to expand their product portfolios and incorporate more services such as payments while embracing new technology, including blockchain, to increase customer retention. In this week’s episode of “The Buzz” podcast, Anand Subbaraman, Finastra’s senior vice president and general manager of cloud, core and digital banking discusses with Bank Automation News three strategies […].

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JP Morgan boss ‘regrets’ making joke about Chinese Communist party

TheGuardian

Chastened Jamie Dimon apologises for saying he would bet on bank outliving Chinese regime The boss of JP Morgan has apologised for predicting that the Wall Street bank would outlive China’s Communist party, saying he “regrets” the comment, made less than 24 hours earlier. Speaking at an event in Boston, Massachusetts, on Tuesday, Jamie Dimon referred to the fact that the bank began operating in China in 1921, the same year as the Communist party.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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How businesses can use virtual cards to fight AP fraud and boost efficiency

BankInovation

Why virtual cards matter: The cost of accounts payable (AP) fraud can be high for businesses. Nearly one in four companies report a payment fraud attack each year, according to Ardent Partners. Alternative payment tools such as virtual cards — issued for one-time use, for specific invoice amounts that expire after 30 days — are one of the tools AP teams use […].

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MSU Financial Credit Union plans automation expansion through chatbot

BankInovation

The MSU Financial Credit Union (MSUFCU) launched an artificial intelligence (AI)-powered external chatbot this year, but already the $6.6 billion credit union is planning to expand its chatbot automations in 2022. MSUFCU continues to build its chatbots — Fran for customers and Gene for employees — but it will give them a boost with back-end […].

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Eleventh Circuit requests briefing on standing in Hunstein en banc rehearing

CFPB Monitor

Last week, the U.S. Court of Appeals for the Eleventh Circuit ordered rehearing en banc in H unstein v. Preferred Collection and Management Services, Inc. Yesterday, the Eleventh Circuit issued a memorandum indicating that for purposes of the en banc rehearing, the Court wants counsel to focus their briefs on the question: “Does Mr. Hunstein have Article III standing to bring this lawsuit?”.

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Majority of Bank IT Executives Say Cloud Tech Will Help Achieve Goals

Banking Exchange

Top drivers of cloud technology include cost reduction and artificial intelligence Technology Feature3 Feature Human Resources Tech Management Outsourcing/Cloud.

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CFPB files seventh status report in Section 1071 rulemaking lawsuit

CFPB Monitor

On November 22, 2021, the CFPB filed its seventh status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset Builders, and two individual plaintiffs in 2019. The purpose of the suit was to force the Bureau to issue a proposal implementing the small business data requirements of Section 1071 of the Dodd-Frank Act of 2010 after years of delay.

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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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Household debt and labour supply – a new labour market channel

BankUnderground

Philip Bunn, Jagjit Chadha, Thomas Lazarowicz, Stephen Millard and Emma Rockall. Does higher household debt lead to greater labour supply? Ahead of the Global Financial Crisis (GFC), UK household debt rose considerably. Since that crisis, the UK labour market has experienced high employment and high participation, alongside relatively weak wage growth.

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Azimo partners with Trustly for Europe's migrant workers

The Paypers

Netherlands-headquartered online remittance service Azimo and Trustly , an open banking payment provider have partnered to meet demands for cross-border payments in Europe.

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Santander Bank Opens Branch in King of Prussia, and donates to local non-profit Organizations

Banking Exchange

Habitat for Humanity among the Beneficiaries Community Banking Feature3 Feature.

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FICO is a Top 10 RiskTech Company in the 2022 Chartis RiskTech100® Report

FICO

The 2022 Chartis RiskTech100® Report is live, and I am proud to announce that FICO ranked 6th overall in the annual report and was named the category winner for: Innovation (5th consecutive year). Artificial Intelligence Applications. Financial Crime – Enterprise Fraud. Retail Credit Analytics. What a way to wrap the year! We are honored to be included and congratulate all the organizations who were also recognized.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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BNP Paribas and SIA partner to launch new payment cards in Europe

The Paypers

Italy-based fintech SIA has partnered with France-based bank BNP Paribas to support the launch of co-branded cards with commercial partners in Europe.

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10 Questions or Less – Why Consumers Abandon Account Opening

FICO

New research shows that when it comes to opening a new online account, most customers are prepared to answer up to 10 questions. Any more and over half (+50%) simply abandon the process. We polled opinion among 14,000 consumers across the globe, to gauge their attitudes and preferences towards online account opening. It’s clear we’re an impatient lot and a trend that’s likely to continue, with nearly one in five (~20%) indicating they would be just as likely to drop out at five or more questions

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Ecommerce in LATAM to expand 30% yearly until 2025, per EBANX study

The Paypers

Brazil-based fintech EBANX ’s Beyond Borders 2021/2022 study has shown that mobile purchases will drive commerce growth in LATAM, expecting a 37% increase by the end of 2021.

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Small Business Credit Card Satisfaction Surges

ABA Community Banking

Small business credit card customer satisfaction surged 12 points from last year (rising to 852 on a 1,000-point scale) as 32% of small business customers say they are financially better off than they were a year ago, according to a new survey by J.D. Power. The post Small Business Credit Card Satisfaction Surges appeared first on ABA Banking Journal.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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VZ VermögensZentrum cooperates with Sygnum Bank

The Paypers

Sygnum Bank has announced partnering with Switzerland-based financial services company VZ VermögensZentrum for its B2B banking solution.

Company 50
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Advice to banks: Don't dump aging workers

American Banker

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Klarna launches 'Pay Now' and Klarna Card in the US

The Paypers

Sweden-based BNPL provider Klarna has announced the addition of ‘Pay Now’ payment method and Klarna Card to its range of payment services in the US.

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Activist investor calls for new leadership at California community bank

American Banker

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.

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TransLink integrates Interac Debit contactless payments into Tap to Pay

The Paypers

Canada-based transit company TransLink has tapped payment system company Interac to integrate its contactless payment solution into TransLink’s transit network.

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FCA grants another Libor reprieve to fend off potential market disruptions

The Banker

The decision is part of a long series of delays and exemptions to help the industry transition to alternative interest rate benchmarks [from Global Risk Regulator].

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Klarna launches 'Pay Now' and Klarna Card in the US

The Paypers

Sweden-based BNPL provider Klarna has announced the addition of ‘Pay Now’ payment method and Klarna Card to its range of payment services in the US.

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Loan demand gets boost from inflation-wary businesses, consumers

American Banker

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.