Tue.Dec 05, 2023

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How to deal with rising competition and risk in commercial payments

Accenture

It’s an open secret in payments that the commercial client experience is often second-class, far surpassed in both innovation and investment by consumer offerings. For years this disparity didn’t reach the bottom lines of incumbent payments providers, but our new research, Reinventing commercial payments for profitable growth, suggests it’s now creating competitive vulnerabilities.

How To 233
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Tipalti investigating ransomware attack

Payments Dive

The AlphV ransomware group claimed responsibility for the attack on Saturday and threatened to extort the business payments company's customers with allegedly stolen data.

Groups 397
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Ten qualities of a successful BSA officer

Abrigo

Good BSA Officer can be hard to find. Here are a few qualities to look for when you are evaluating candidates for your next BSA Officer. You might also like this resource: "Building a strong future: Succession planning strategies for you AML program." Watch webinar Takeaway 1 BSA Officers are the frontline defenders against financial crimes in banking institutions, and hiring the proper skill set for each BSA position is critical.

Training 221
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FTC to hold January hearing on ‘click to cancel’ rule

Payments Dive

The Federal Trade Commission is scheduled to hear from six industry organizations concerned about a proposed rule that would crack down on automatically renewing subscriptions.

Industry 221
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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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6 Concepts Borrowers Must Understand About The Lending Curve

South State Correspondent

Most borrowers have a rudimentary understanding of interest rates, the yield curve, forward rates, and forward premiums. Commercial bankers are trusted advisors and have a unique opportunity to understand their client’s specific financial and personal situations, explain the basic concepts of capital markets, and offer prudent and objective advice to help customers reach their goals.

Lending 195

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Improving the Accountholder Experience: Jack Henry™ Connect 2023

Jack Henry

We heard it often onstage at Jack Henry Connect: Today’s accountholders have a lot of options, and it’s not just banks or credit unions you’re competing against anymore.

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BNPL growth decelerates: Bank of America

Payments Dive

The growth rate in the number of shoppers downloading buy now, pay later apps shrunk for this year's Thanksgiving shopping weekend compared to 2022.

America 243
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From Novice to Expert: Chief Appraisers’ Journey to Excellence

Realwired Appraisal Management Blog

Some Chief Appraisers were thrown into their role. The role carries significant responsibilities, as it directly impacts a bank’s risk assessment and lending decisions. Some lacked an appraisal background which added a steep learning curve. Also, what does success look like for a new Chief Appraiser?

Lending 105
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Restaurant gift card sales rose during Thanksgiving weekend

Payments Dive

Guests spent 7.3% more on restaurant gift cards during the Thanksgiving weekend compared to the same period in 2022, according to Paytronix data.

Cards 195
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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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Consumer Finance Monitor Podcast receives highest ranking

CFPB Monitor

We are very proud to share the news that in a recent analysis by Good2bSocial, which measured reach and engagement, our Consumer Finance Monitor Podcast ranked highest among law firm podcasts devoted exclusively to consumer financial services. Good2bSocial is a consulting firm that advises law firms on how to use social media effectively.

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PayPal venture arm backs Israeli data privacy startup

Payments Dive

The funding boost comes as data privacy management startup Mine seeks to increase its hiring in the U.S.

Data 221
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Commercial Construction Loans: A Complete Guide to Funding Projects

Commercial Lending USA

Commercial construction loans are a type of financing used to fund the construction of commercial properties such as office buildings, retail centers, industrial facilities and large residential multi units projects.

Retail 98
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TD Bank takes a closer look at banking preferences

ATM Marketplace

What do customers actually want from banks? Do they still want branches? To answer this, TD Bank did a survey to gauge what makes customers tick.

Survey 102
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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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CFPB reported to be planning to unveil overdraft regulations before year-end

CFPB Monitor

Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in December, according to people familiar with the discussions. The CFPB has been crafting the regulations for months, and most of the details remain secret.”.

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Unwrapping PR Success: Lessons from Holiday Traditions

William Mills

It’s that time of year once again, and the holiday season is quickly approaching! While the holiday season is the most wonderful time for festive celebrations, there is also an abundance of valuable industry lessons to be gained.

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Truist mulls a restructuring of its underwater bond portfolio

American Banker

The North Carolina-based bank is considering the idea of selling a portion of its securities portfolio as a way to build capital, CEO Bill Rogers said Tuesday. At the end of the third quarter, Truist's securities were worth about 20% less than what the company paid for them.

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McKinsey sees AI adding up to $340B to Wall Street profit

BankInovation

Banks using generative artificial intelligence tools could boost their earnings by as much as $340 billion annually through increased productivity, according to consultants hoping to help the industry adapt in this fast-moving area. This would amount to a 9% to 15% increase in operating profits, according to a McKinsey Global Institute report published Tuesday.

Tools 66
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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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How one bank uses generative AI to fight domestic abuse

American Banker

Commonwealth Bank of Australia has developed an advanced artificial intelligence tool that can spot harassment in transaction messages.

Tools 91
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Podcast: Fighting AI-driven fraud with AI

BankInovation

Financial institutions are looking to AI to fight fraud, but fraudsters are using the same technology to up their attacks. “Generative AI has become a game-changer for fraudsters,” Alex Tonello, chief revenue officer at risk intelligence platform Trustfull, tells Bank Automation News on this episode of “The Buzz” podcast.

Fraud 66
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Citrix software bug leads to outages at 60 credit unions

American Banker

A third-party provider for credit unions failed to fix a long-patched vulnerability, according to a cybersecurity researcher who has studied the situation.

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Kiwibank introduces Apple Pay

The Paypers

New Zealand-based Kiwibank has announced the introduction of Apple Pay to provide its customers with convenience and accessibility.

Apple 74
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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.

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JPMorgan Chase says it's running out of branches to close

American Banker

The nation's largest bank has already completed many of the branch closings that can boost its earnings, leaving it with "less and less accretive opportunities to consolidate," according to a top executive.

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Tietoevry Banking partners with Tier 1-bank

The Paypers

Financial SaaS solution provider Tietoevry Banking has partnered with Nordic Tier 1-bank to deliver card issuing and payments software services to clients in the region.

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The danger of kneecapping the CFPB's small-business data rule

American Banker

The passage of a Congressional Review Act resolution to rescind the Consumer Financial Protection Bureau's small-business data collection rule may be only symbolic, but the rule is designed to detect and stop discrimination — something everyone should support.

Data 52
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Qonto selects Fourthline for customer onboarding

The Paypers

France-based finance manager for SMEs and self-employed Qonto has selected Netherlands-based regtech Fourthline as its technology solution for customer onboarding.

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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.