Mon.Oct 18, 2021

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5 Key Takeaways From Our “Optimization Strategies To Improve Collections” Webinar

Perficient

Financial institutions must prioritize instilling empathy when interacting with their clients. It’s more critical now than ever because of the economic hardships many are facing due to COVID’s impact. In our latest webinar, “Optimization Strategies to Improve Collections,” Scott Albahary, Perficient’s financial services chief strategist, and Byron Gifford, Perficient’s collection transformations lead, shared tangible solutions to the challenges collections and recoveries groups face.

Strategy 492
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Market Commentary: Week of October 18, 2021

SWBC's LenderHub

Last Week. Another wild week as we continue to live in “interesting times”. The Treasury yield curve steepening theme suddenly reversed course. Last week, 2s-30s flattened 20 basis points as the market began to price in inflationary pressures lasting for a period that is more than transitory. Both the front end and the belly of the curve were hit hard as more Fed tightening was priced in.

Marketing 148
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Fintech in a Flash: Why Is Revenue Under Siege on So Many Fronts?

Jack Henry

Most banks and credit unions are challenged to generate previous levels of revenue, much less meaningful increases, based on an array of industry-wide headwinds that are significantly impacting key revenue sources like interchange income, interest income, and non-interest income. The new and fierce competitive landscape is a fundamental contributor to these revenue challenges, with fintechs and big techs developing alternative solutions that disenfranchise banks and credit unions.

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4 “Big Tech” Strategies Banks Need Today to Streamline Marketing Efforts

Banking Exchange

Major technical flaws were revealed because of the pandemic, and companies that couldn’t adapt became increasingly irrelevant to consumers The Economy Technology Lines of Business Financial Trends Tech Management Feature Feature3 Fintech.

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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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PNC cuts nearly 600 apps for BBVA conversion

BankInovation

PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That's roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […].

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More Trending

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State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

BankInovation

State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call.

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US Neo Bank Launches Second Wave of Crowdfunding

Banking Exchange

Envel, an AI powered bank, launches crowd funder after SEC increases regulation cap Retail Banking Technology Feature Financial Trends Mobile Online Tech Management Feature3 Fintech.

US 78
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Expensify files for IPO

BankInovation

Cloud-based expense management software provider Expensify last week filed an initial public offering (IPO) for its common stock with the U.S. Securities and Exchange Commission (SEC). The number of shares to be offered and the price range for the proposed offering are not yet determined. The stock will be offered on the Nasdaq under the […].

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No further Supreme Court review to be sought by Seila Law

CFPB Monitor

Seila Law has sent a letter advising the Ninth Circuit that it will not seek further review from the U.S. Supreme Court. After the Supreme Court ruled that the CFPB’s structure was unconstitutional and remanded the case for further consideration, a unanimous Ninth Circuit panel ruled that the civil investigative demand (CID) issued to Seila Law was validly ratified by former Director Kraninger and affirmed the district court’s decision granting the CFPB’s petition to enforce the CID.

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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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Bitcoin pushes toward record as futures ETF poised to debut

BankInovation

Bitcoin resumed its climb toward all-time highs with asset manager ProShares poised to launch the first Bitcoin futures exchange-traded fund. The largest cryptocurrency gained as much as 5.5% and was trading at about $61,032 as of 7:44 a.m. in New York. It fell both Saturday and Sunday to nearly $59,000. Bloomberg News reported Thursday that […].

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CFPB adds new section on information technology to Supervision and Examination Manual

CFPB Monitor

The CFPB has added a new section to its Supervision and Examination Manual titled “Compliance Management Review-Information Technology.” The new section supplements the existing section on Compliance Management Review to provide examination procedures to be used by CFPB examiners to assess information technology (IT) and IT controls as part of a Compliance Management System (CMS) review.

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ABA Joins Business Trade Groups to Reject Tax Reporting Proposal

Banking Exchange

Joint letter is part of regulatory body’s push to reject proposal Compliance People Fair Lending Compliance Management Compliance/Regulatory Feature3 Feature Duties.

Taxes 78
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Fifth Circuit grants trade groups’ motion to extend stay of payment provisions’ compliance date

CFPB Monitor

The Fifth Circuit has entered an order staying the compliance date of the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) until 286 days after the trade groups’ appeal is resolved. The trade groups have appealed from the district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date for the payment provisions until 286 days after August 31, 2021 (which date is June 13, 2022).

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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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Fifth Third Bank Co-Launches $180m Neighbourhood Investment Program

Banking Exchange

New program will focus on nine majority-Black communities across seven states Community Banking Feature3 Feature People Customers Inclusion Diversity SRI Exchange.

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FICO’s New AI Playbook: How to Achieve Responsible AI

FICO

Although discussion of artificial intelligence (AI) ethics appears to be approaching fever pitch—the U.S. government is now soliciting broad input for an AI-era Bill of Rights — responsible use of AI has been at the top of my mind for the past five years. My 2017 analytics predictions included: I think that we are just at the beginning of the golden age of analytics, in which the value and contributions of AI, machine learning and deep learning will only grow as we accept and incorporate these t

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WCCU Credit Union (WI) Offers Competitive Rewards Checking Account

BankDeals

WCCU Credit Union's (WI) rewards checking account, Awards Checking, currently offers a competitive rate on qualifying balances up to $20k.

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Edwards to Bankers: Make COVID-Era Innovations Stick

ABA Community Banking

In his final remarks to bankers as ABA chair at the ABA Annual Convention, United Bank CEO Jim Edwards challenged bankers to embrace the innovations they deployed during the COVID-19 pandemic. The post Edwards to Bankers: Make COVID-Era Innovations Stick 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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New York orders crypto lenders to close operations in state

American Banker

New York 100
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Square to build open-source Bitcoin mining system

The Paypers

US-based Square has announced that it will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system.

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China’s push into Latin America

The Banker

China’s economic expansion into Latin America has raised questions about the motivation behind such investments and the contractual terms. The issue is complex and without a simple solution.

America 36
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EBA repeals PSD1 internet payments security guidelines

The Paypers

The European Banking Authority (EBA) has officially repealed its guidelines on the security of internet payments under the former Payments Services Directive (PSD1).

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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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How private banks are courting the next generation of wealthy investors

American Banker

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FinCell launches in Europe

The Paypers

PSD2-based white-label mobile banking app, FinCell , announces their official launch in Europe to help more financial institutions develop their mobile banking.

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Looming tenant crisis another test of CFPB’s authority

American Banker

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PayAlly chooses Nets for issuer and acquirer processing

The Paypers

UK-based payment service provider PayAlly has chosen Denmark-based fintech Nets Group as its provider of issuing and acquiring processing services in the UK.

Groups 36
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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.