Mon.Apr 19, 2021

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Finding the Human Touch in an Increasingly Digital World

Accenture

The spike in demand for digital banking experiences caused by the COVID-19 pandemic has already reshaped the global banking industry. As our recent Global Banking Consumer Study found, the pandemic has driven a huge shift towards digital interactions in every market.

Study 259
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Q&A: Reconciliation solutions aiming to step up travel & tourism recovery

Bobsguide

BG:What prospects do the travel & tourism industry face in the post-pandemic recovery period? IP: Business heavily suffered during the pandemic lockdowns. The broad travel & tourism segment has been among the hardest hit, some exited the business. Air transportation, holiday reservation.

Industry 157
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Market Commentary: Week of April 19, 2021

SWBC's LenderHub

Last Week: Despite a slew of strong March economic data—much stronger than expected—equity and other risk assets kept well bid. The surprise of the week was the sharp drop in treasury yields that accompanied the data.

Marketing 142
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5G and Wi-Fi 6 for banks? That makes perfect sense!

Cisco

In 2023, 18.4 percent of all mobile connections in Germany will be based on 5G, according to Cisco’s Annual Internet Report. 5G mobile communications are already available in over 40 countries around the world. Despite this sharp increase in 5G, the majority of connections (69 percent) will continue to be covered by WLAN or fixed broadband networks.

Mobile 104
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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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Rishi Sunak launches taskforce on Bank of England digital currency

TheGuardian

Chancellor says move is one of measures designed to boost City after UK’s Brexit departure from EU A Bank of England digital currency for the UK has moved a step closer after the chancellor Rishi Sunak announced a top-level taskforce to explore the benefits and risks of the idea. Sunak said a joint Treasury-Bank of England taskforce was being set up as part of a range of measures designed to boost the City following Britain’s departure from the EU.

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JP Morgan to back $6bn breakaway European Super League

TheGuardian

Move by six Premier League clubs to join breakaway competition has been widely condemned European Super League – live updates JP Morgan Chase has confirmed it will finance the new $6bn (£4.3bn) European Super League breakaway football league , which will include six English clubs and three each from Italy and Spain. The US investment banking giant said on Monday it was financing the venture but declined to state how much it was stumping up to create the proposed new league or when the competitio

US 98
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Wells Fargo Backs Five Black-Owned Banks

Banking Exchange

The company has committed equity capital to 11 African-American Minority Depository Institutions to date Community Banking Diversity Feature Human Resources Management Financial Trends Feature3.

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FTC “staff note” rejects transaction cap for Holder Rule

CFPB Monitor

Almost 45 years after the FTC’s Holder Rule and corresponding FTC staff guidance were issued, the FTC has issued a “staff note” in which FTC staff concludes that the TILA exemption for large transactions does not apply to the FTC’s Holder Rule (which is officially titled the “Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses”).

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New York State adopts Libor fallback legislation

Bobsguide

New York State has passed legislation that could help transition tough legacy contracts away from Libor towards using Sofr. The bill “Libor Legislation” would provide a legal basis for contracts without fallback clauses to switch from Libor to Sofr once Libor ceases to be published or.

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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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House Financial Services Committee to mark-up bills dealing with debt collection, diversity and inclusion

CFPB Monitor

Tomorrow, April 20, the House Financial Services Committee is scheduled to mark-up a series of bills that include a bill dealing with debt collection and two bills dealing with the diversity and inclusion practices of banks and other federally-regulated entities. Debt collection. H.R. 2547 , the “Comprehensive Debt Collection Improvement Act,” includes the following provisions: Title I, the “Small Business Lending Fairness Act,” would amend the Truth in Lending Act to prohibit the use of a conf

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â??Remittance market must adapt fast or risk declining economic growthâ??

Bobsguide

With an ever-increasing burden of regulation and a significant amount of informal money transfers, the remittance market must adapt and change fast to reduce costs and boost competitiveness by implementing smart compliance solutions.

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PA Attorney General enters into agreement prohibiting collections by buyer of private student loans

CFPB Monitor

The Pennsylvania Attorney General recently entered into an Assurance of Voluntary Compliance with Elevation Capital Partners, LLC, a buyer of private student loans, that prohibits Elevation from engaging in any collection efforts, directly or through servicers, related to loans made to Pennsylvania borrowers who attended schools operated by Education Corporation of America (ECA) (ECA Loans).

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Several Major Bank Appointments were made last week at Banks Such as Willamette Valley, Oregon Pacific, and Centric Bank

Banking Exchange

New C-suite appointment at Banc of California, while Wells Fargo announces HR leadership change Management Feature Human Resources CSuite Feature3 Community Banking.

Oregon 78
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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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EU ‘reflecting’ on conflict of interest rules after BlackRock controversy

TheGuardian

Bloc has come under fire for hiring manager of oil shares to work on environmental controls for banks The EU is considering introducing new conflict of interest rules after it was criticised for hiring BlackRock, a major manager of oil company and financial shares, to work on new environmental rules for banks. The European ombudsman found in November found that the European commission, the EU’s executive arm, had not properly considered conflicts of interest when awarding the contract to BlackRo

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Boston Private Investor Opposes Silicon Valley Bank Merger

Banking Exchange

HoldCo Asset Management says shareholders should vote against deal following ISS report Management Feature M&A Feature3.

Boston 88
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Listen: Bot attacks on rise in US, LexisNexis says

BankInovation

Automated bot cyberattacks are on the rise, while human-initiated attacks are down. Bot attacks increased by about 100 million last year, Kimberly Sutherland, vice president of fraud and identity strategy for data analytics company LexisNexis Risk Solutions, tells Bank Automation News in this episode of The Buzz. Human-initiated attacks, by comparison, were down by about […].

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AI reveals the analysis that can beat bank payment fraud

Payments Source

Analysis 143
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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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UiPath boosts price range to increase IPO target to $1.3B

BankInovation

UiPath Inc., an automation software maker, and existing shareholders are seeking to raise as much as $1.3 billion from a U.S. initial public offering after boosting the targeted price range. UiPath and its backers are now offering 23.9 million shares at $52 to $54 apiece, it said in a filing Monday, confirming an earlier Bloomberg […].

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More businesses seek Indian central bank licenses for payments

Payments Source

Payments 117
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Life Insurance Endorsements: How They Work for Optional Coverage

MyBankTracker

You’d think buying life insurance would be straightforward. After all, that’s what life insurance quote websites want you to think. Buying term life insurance or permanent life insurance can be straightforward if you want a plain vanilla policy. However, you can make changes to these policies to help them better suit your needs. These changes are called endorsements (also often called riders).

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The Cryptocurrency AML Challenge - What You Need to Know

FICO

With an estimated 18.7 million coins in circulation, the overall market value of Bitcoin is about $1.1 trillion—too big for banks to ignore. In March of this year, Citigroup said, in a 108-page report on the topic , that bitcoin “may be optimally positioned to become the preferred currency for global trade.” Last month, too, JPMorgan Chase launched a structure note offering to give clients a way to gain exposure to Bitcoin and other cryptocurrencies.

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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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Porte Banking Offers Unique High Yield Savings Account

BankDeals

Porte is a brand of the financial technology company (fintech) Populus Financial Group that has partnered with MetaBank to offer unique checking and savings accounts.

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Cash discounting and surcharging are inevitable as payment costs mount

Payments Source

Payments 118
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ClearTax launches ClearOne

The Paypers

ClearTax has launched ClearOne – a GST compliant billing and e-invoicing product, to help SMEs generate professional invoices.

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Stripe takes aim at European business banking

Payments Source

Cards 107
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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.