Thu.Apr 29, 2021

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Banking’s cloud imperative: Succeeding in an altered landscape

Accenture

This series of blogs look at the future of banking in Growth Markets in a post-COVID-19 world. Although Asia-Pacific banks have outperformed global peers in recent years, they’re dealing today with challenges including an uncertain economy, under-pressure balance sheets, competition from digital attackers, declining cost-income ratios and a low interest-rate environment.

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Tech giants risk squeezing out banks, French watchdog warns

Payments Source

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3 Tips for Creating a Fraud Education Strategy That Fits Your Brand

Jack Henry

It may seem strange for you to put a spotlight on the notion that digital banking can be a prime target for scammers and fraudsters, but you should. Because while talking about fraud and scams with your accountholders may seem awkward or alarming (after all, banks and credit unions are the most secure places for people to manage their money), highlighting the reality of fraud puts your brand in a position of advocacy.

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Chase builds out digital and product leadership team, Citi hires new compliance chief

BankInovation

This month saw investment in digital leadership and compliance, as C-suite positions were filled with new faces at JPMorgan Chase, Citi and Independent Financial, as well as at MoneyGram and Fiserv. Notable hires from April include: Chase grows its consumer and community banking digital and product leadership team JPMorgan Chase brought three new recruits into […].

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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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NatWest nearly doubles profits in first quarter

TheGuardian

Bank credits government support programmes for preventing wave of customer defaults during Covid crisis NatWest Group nearly doubled profits in the first quarter, as it credited government support programmes for preventing a wave of customer defaults during the Covid crisis. The bank said there were now “reasons for optimism” thanks to the success of the UK’s vaccine rollout, meaning it could reduce the pile of cash reserved to cushion the blow of potential customers defaults, particularly among

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Squared Away- How It Happened

Jeff For Banks

March 11, 2020: The World Health Organization declared a global pandemic. I attended the Pennsylvania Bankers' Association Women in Banking Conference the next day. And I wouldn't attend another for a year and three months. I will be attending the Financial Managers Society FMS Forum this upcoming June. The first few months were a haze of helping clients navigate the uncertainties in their business, and the uncertainty in our own.

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FTC Commissioners give testimony to Senate Commerce Committee on FTC’s Section 13(b) authority

CFPB Monitor

On April 20, 2021, in anticipation of an adverse Supreme Court ruling, the Senate Committee on Commerce, Science, and Transportation held a hearing titled, “Strengthening the Federal Trade Commission’s Authority to Protect Consumers.” Two days after the hearing, on April 22, 2021, the U.S. Supreme Court ruled that Section 13(b) of the Federal Trade Commission Act (the “Act”) does not authorize the FTC to seek, or a court to award, equitable monetary relief such as restitution or disgorgement.

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Fiserv to offer real-time earned wage access via Instant Financial

Payments Source

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Listen: Explainable artificial intelligence could be game-changer for banks

BankInovation

Explainable artificial intelligence (AI) could be the key to making AI more accessible for regulators and banks looking to provide insight into how the technology makes decisions. One of the challenges with AI in financial services is explaining AI’s “black box,” which refers to the limited visibility, even by developers, into an algorithm trained with […].

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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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The challenges of the past year have made fraudsters even faster

Payments Source

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This week’s podcast: Recent developments at the California Department of Financial Protection and Innovation: a conversation with DFPI Commissioner Manny Alvarez

CFPB Monitor

After discussing the pandemic’s impact on the DFPI’s activities, Commissioner Alvarez discusses the DFPI’s focus on diversity and inclusion, its creation of a new registration system for financial services companies, and its approach to enforcement priorities. The Commissioner also spoke to the impact of a Biden Administration, including possible areas of collaboration with the CFPB, and the role of its new Office of Financial Technology Innovation.

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Banks have data to compete in payments. But using it's another matter.

Payments Source

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This week’s podcast: Recent developments at the California Department of Financial Protection and Consumer Innovation: a conversation with DFPI Commissioner Manny Alvarez

CFPB Monitor

After discussing the pandemic’s impact on the DFPI’s activities, Commissioner Alvarez discusses the DFPI’s focus on diversity and inclusion, its creation of a new registration system for financial services companies, and its approach to enforcement priorities. The Commissioner also spoke to the impact of a Biden Administration, including possible areas of collaboration with the CFPB, and the role of its new Office of Financial Technology Innovation.

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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 Life Insurance Fits Into Your Estate Planning With Wills and Trusts

MyBankTracker

Estate planning, including life insurance, wills and trusts, sounds complicated. That’s for a good reason. It can be and often is. Each state has different laws you must follow when planning how to pass assets on to your heirs. Each person or family has entirely different sets of circumstances, assets and wishes. One common question that pops up is how life insurance fits in with estate planning.

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Merchants Financial Group, Inc., Announces Dividend increase resulting from strong First Quarter Earnings

MerhantsBanks

WINONA, Minn. – Merchants Financial Group, Inc. (MFGI) announced first quarter net income of just over $9,666,000 according to MFGI President & CEO Gregory M. Evans. As a result of the strong earnings performance, the MFGI Board of Directors authorized a semiannual dividend increase from $.75 to $.80 cents per share to shareholders during its quarterly […].

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Learning from Data-Driven Disruptors - Before It's Too Late

FICO

During the past 12 months we’ve all become noticeably more reliant on data and technology in almost everything we do, with investments in data, technology and digital transformation estimated to top US$4 trillion within the past year alone. But it’s the combination of data, insight and analytics that’s the cornerstone for the top performers, which rely on it to inform their decisions, shape their strategy and drive their speed to market and direction of travel.

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Mastercard, Visa take rivalry to crypto

Payments Source

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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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UK Cards in the Pandemic: New Data on Overlimit Requests

FICO

FICO has recently carried out a review of UK credit card spending requests for consumers that have either missed payments, already exceeded their agreed limit, or would exceed their limit if the transaction was approved. Our aim was to gauge the impact of the pandemic and how policies have changed since our last review several years ago. (Most card transactions in the UK, approximately 99%, are made by card users spending within their limit and have no missed payments.

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Fed's Quarles: Bank supervisors don't get crypto

Payments Source

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Paysafe selects AWS for its strategic cloud services to drive innovation in digital commerce

The Paypers

Paysafe has signed a global multi-year agreement with Amazon Web Services (AWS) as part of its strategy to become a fully cloud-based payments provider.

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Banks seek bigger role in point-of-sale lending

Payments Source

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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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Challenger Bank Funding Is Skyrocketing. Here’s What Comes Next

CB Insights

Funding to US-based challenger banks in 2021 has already surpassed last year’s record-breaking year-end total, reflecting a broader shift in their battle with incumbents. FREE DOWNLOAD: STATE OF FINTECH q1’21. Q1’21 was one of the largest quarters on record across deals, funding, exits, and mega-rounds. Download the report to learn more.

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North Dakota retailers sue Fed, demand lower debit fees

Payments Source

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Mobile payment innovation to boost business travel payments, finds new study

The Paypers

Real-time information and contactless payments are top traveller requirements, according to a new report released by Amadeus.

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CDFI Fund Opens Applications for 2021 Small Dollar Loan Program

ABA Community Banking

The Community Development Financial Institutions Fund this week issued a notice inviting applications for the 2021 Small Dollar Loan Program, a program that provides grants for loan loss reserves to enable a certified Community Development Financial Institution to establish a loan loss reserve fund to help defray the costs of establishing or maintaining a small-dollar loan program.

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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.