Mon.Sep 20, 2021

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How a long road trip made me a better leader

Accenture

This summer I did something extraordinary. I unplugged. Really unplugged. Over the course of nearly two months, my 11-year-old son Evan and I traveled over 11,000 miles from Charlotte, NC, to the Oregon coast and back hauling a vintage 1971 Airstream camper. No, I’m not unemployed or transitioning between jobs. I lead a major business unit…. The post How a long road trip made me a better leader appeared first on Accenture Banking Blog.

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Financial trade associations oppose proposed IRS tax reporting requirement

CFPB Monitor

On September 17 th , the Consumer Bankers Association, the American Bankers Association, and a large number of other financial trade associations sent a letter to Speaker of the House Nancy Pelosi (D-CA), Majority Leader Kevin McCarthy (R-CA) and other House Members opposing a proposal under consideration as part of the budget reconciliation package that would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service (IRS) inform

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Credit unions eye automation, AI for digital auto refi

BankInovation

Credit unions are exploring the use of automation and artificial intelligence (AI) to streamline the refinancing process as more consumers look to credit unions for refi products. Credit unions have recently prioritized implementing digital technology options to simplify the refi process for consumers, CU Direct Chief Revenue Officer Phil DuPree told Auto Finance News.

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FDIC Launches Fund to Support Underserved Communities

Banking Exchange

$120 million pledged by anchor investors including Microsoft, Truist Financial and Discovery to support low- and moderate-income minorities and rural communities Feature Feature3 Socially Responsible Investing SRI Diversity Community Banking.

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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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Security pros on how to thwart ransomware attacks

BankInovation

This year has seen the most significant number of ransomware attacks on record — from the May shutdown of the Colonial Pipeline with a ransomware demand of $4.4 million to the July attack on IT solutions provider Kaseya that resulted in more than 1,000 companies, including U.S. banks, being held ransom for a $70 million […].

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Global fintech investments top $24 billion in Q2

BankInovation

Investments in the fintech sector jumped to $24 billion globally in the second quarter of 2021, compared to $22.89 billion during the previous quarter, ensuring a bright future for technology and innovation in the banking sector. The bulk of capital was invested in small and medium business tools at $3.98 billion, payments back end and […].

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FTC successfully uses Section 19 of FTC Act to obtain restitution as alternative to Section 13(b)

CFPB Monitor

An Illinois federal district court has ruled that Section 19 of the FTC Act provided an alternate route for the FTC to obtain restitution after its prior restitution award under Section 13(b) of the FTC Act was vacated by the Fifth Circuit because it concluded that monetary relief is not available under Section 13(b). In FTC v. Credit Bureau Center, LLC , the FTC filed suit against Credit Bureau Center (CBC) for operating a website that offered a free credit report and score but automatically en

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The Pros and Cons of Direct Mail Campaigns for Financial Institutions

SWBC's LenderHub

In the age of digital-first banking, direct mail has made a surprising resurgence. This marketing strategy involves sending a physical piece of collateral—a letter, brochure, package, postcard, etc.—directly to your prospect’s home address. Direct mail campaigns can result in higher conversion rates, larger sales pipelines, and a deeper personal connection with consumers, but they can also be expensive and tricky to execute.

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Seventh Circuit vacates restitution award to CFPB in action against mortgage-assistance relief companies and lawyers

CFPB Monitor

In a decision issued earlier this summer, the U.S. Court of Appeals for the Seventh Circuit vacated the district court’s order awarding restitution, mandating civil penalties, and issuing an injunction in an action brought by the CFPB against two mortgage-assistance relief companies and four lawyers associated with the companies. The decision imposes significant limitations on the Bureau’s ability to recover both monetary and injunctive relief in enforcement actions.

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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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Goldman to Acquire GreenSky; First Interstate and Great Western Bank to Merge

Banking Exchange

Plus: Priority Technology acquires Finxera, and Peoples Bank completes Premier Financial acquisition Management Feature M&A Feature3 Community Banking Outsourcing/Cloud.

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Triton Supplies Cash in Small Spaces

ATM Marketplace

UK-based ATM deployer works with Triton Systems to create an ATM perfect for locations where space is at a premium.

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Silicon Valley Bank Opens Miami Office

Banking Exchange

The move will focus on providing banking services to the region’s technology sector Technology Feature3 Feature Tech Management.

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Market Commentary: Week of September 20, 2021

SWBC's LenderHub

Last Week.

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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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Goldman Sachs Acquires GreenSky, A Buy Now Pay Later Service Focused On Home Improvement, Healthcare, And Retail

CB Insights

Goldman Sachs , a financial services firm, acquired GreenSky, a fintech company, for $2.24B in an all-stock transaction. The deal is expected to close in Q4’21 or Q1’22. Who are the parties to the deal? GreenSky: Georgia-based GreenSky is a fintech company that provides buy now, pay later (BNPL) solutions to merchants, enabling them to expand payment options for their customers and increase sales.

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MidFirst Bank Offers $300 Bonus In Arizona And Oklahoma

BankDeals

MidFirst Bank is offering a $300 bonus when opening a checking account to new customers in Arizona and Oklahoma now through 12/31/2021. Available online and in-branch.

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Shopify is developing tools for international storefronts and marketing

The Paypers

Shopify has unveiled Shopify Markets, a solution that will handle currency conversion, language translation, and more for merchants looking to open their business to foreign markets.

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Personalized Identity Verification Technology Developer Persona Raised $150M At A $1.5B Valuation

CB Insights

Persona , an identity verification startup, has raised $150M in a Series C. The round drew participation from Founders Fund, Meritech Capital Partners, Coatue Management, Bond, and Index Ventures. HOW’S THE COMPANY PERFORMING? San Francisco-based Persona helps businesses verify customer identities in order to help with age verification, fraud prevention, and account recovery.

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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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Mastercard launches new research and development centre

The Paypers

Mastercard has announced its new Sweden-based Sustainability Innovation Lab that will serve as a global research and development centre for climate conscious digital products and solutions.

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Amazon, Square streamline payments as their push into banking ramps up

American Banker

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CaixaBank and Revelock develop AI powered fraud prevention solution

The Paypers

Spain-based CaixaBank has partnered with fraud prevention company Revelock to develop a solution based on artificial intelligence, aimed at preventing fraud in digital banking channels.

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SEC warns Coinbase over proposed yield product

The Banker

The US Securities and Exchange Commission has threatened to sue the crypto exchange Coinbase if it launches its planned lending product [from Global Risk Regulator ].

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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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PayMaya to establish its digital bank

The Paypers

Voyager , through its financial technology arm PayMaya , has obtained the approval of the Monetary Board of the Bangko Sentral Pilipinas (BSP) to establish a digital bank.

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Regulators cite MUFG Union Bank for IT shortcomings

American Banker

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Adobe Partners with PayPal

The Paypers

Adobe has teamed up with PayPal to launch a new payment services solution for its Adobe end-to-end commerce application for B2B, D2C and hybrid use cases.

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The race to build data-sharing hubs for banks — and end screen scraping

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.