Fri.Mar 22, 2024

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AI will transform banking

ATM Marketplace

Banks can use AI to improve customer experiences and provide a more personalized touch to their services, to streamline bank branch management and bolster security, creating the bank of the future.

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Digital wallets to overtake debit cards in stores: report

Payments Dive

Having already dominated e-commerce transactions, digital wallets are projected to overtake at least one traditional form of payment in stores, according a Thursday report by Worldpay.

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Fed's Barr working with Powell to find consensus on Basel III

American Banker

The Federal Reserve's vice chair for supervision says the board is discussing ways to address the various concerns banks have raised about the capital reform proposal.

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Advocates urge transparency in Capital One-Discover review

Payments Dive

More than 30 organizations demanded the deal not be subject to expedited federal review and that public hearings be held in the largest lending markets for both Capital One and Discover.

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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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HSBC urges investors to back AGM vote opening way to higher bonuses

TheGuardian

London-headquartered lender wants to take advantage of UK’s decision to scrap bonus cap Business live – latest updates HSBC is urging shareholders to back a vote at its annual meeting that would open the door to bigger bonuses for its highest-earning bankers. The London-headquartered lender wants to take advantage of the UK’s decision to scrap the banker bonus cap , which was introduced after the 2008 financial crisis and limited bonuses at twice an individual’s base salary.

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Credit union purchases of banks on pace for record after latest deal

American Banker

Harborstone Credit Union in suburban Lakewood, Washington, plans to buy Savi Financial. That's seven deals in less than three months this year; the highest full-year total was 16 in 2022.

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FedNow overtakes TCH in adoption

BankInovation

FedNow, launched just eight months ago, has overtaken its main competitor, The Clearing House’s Real-Time Payments network, in terms of the number of banks on the platform.

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The challenges unique to managing tech teams

American Banker

Technology executives at financial institutions must strike a balance between jumping on new technologies while justifying their business case for the bank.

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The potential of AI-powered chatbots in banking customer support

BankInovation

Banking customer support is no walk in the park. Customers come with diverse problems, from lost cards to unclear charges, and they expect quick, precise solutions. Even the most experienced support teams can be overwhelmed by the variety and complexity of inquiries. The stakes are high in 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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First-time buyers: how to pick a mortgage and the best UK deals

TheGuardian

Trying to choose between a fixed rate and a tracker, or thinking about getting help from family? Here are the options Trying to work out which mortgage is the right one for you can be daunting for anyone, but especially for a first-timer. There are more than 6,000 residential mortgage deals on the market right now. Here we run through some of the options and highlight some of the best rates currently on offer.

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Apple vs. banks: The story so far

American Banker

The launch of Apple Pay a decade ago set the tone for how the tech giant would interact with banks and credit unions in the years to come. The Justice Department is now pushing back.

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Understanding the emerging bank M&A policy landscape

ABA Community Banking

The banking agencies and the Justice Department are shifting how they assess and review bank mergers and acquisitions. ABA's Hu Benton discusses what bankers need to know about potential deals and offers amid the wave of policy changes. The post Understanding the emerging bank M&A policy landscape appeared first on ABA Banking Journal.

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60% of KeyBank automation team targets risk

BankInovation

NASHVILLE, Tenn. — KeyBank is working to automate as many risk controls as possible as threats continue to tick up.

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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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First Independence Bank’s Kelly named MBA Banker of the Year

ABA Community Banking

The Michigan Bankers Association recently named Kenneth Kelly, chairman and CEO of First Independence Bank, as the recipient of the 2024 MBA Banker of the Year award The post First Independence Bank’s Kelly named MBA Banker of the Year appeared first on ABA Banking Journal.

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Link Money taps Silicon Valley Bank to scale Pay by Bank solution

The Paypers

US-based Open Banking payment platform Link Money has partnered with Silicon Valley Bank (SVB) to augment ACH processing and money movement for its merchants.

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FDIC OIG says lax lending, poor risk management led to Iowa bank failure

American Banker

The FDIC Office of Inspector General attributed the downfall of Citizens Bank in November 2023 to lax lending practices and risk mismanagement by the Lange family, causing a $14.8 million loss to the regulator's Deposit Insurance Fund. The OIG saw no grounds for a more extensive review.

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Flywire integrates with VTEX

The Paypers

US-based payments company Flywire has partnered with digital commerce platform VTEX to deliver integrated payments to higher education institutions across LATAM.

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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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Large firms seeking mergers face long odds under proposed FDIC policy

American Banker

The FDIC's newly unveiled policy statement on bank mergers could add strain to an already bleak outlook for mergers in the banking industry, particularly for larger banks.

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UK retailers report positive revenue impact from Embedded Finance

The Paypers

A new report by NatWest Boxed and BCG has showed that UK retailers have reported incremental revenue growth as a result of Embedded Finance.

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Regulators tweak new CRA rules ahead of implementation date

American Banker

The change, which goes into effect April 1, delays when certain banks would have to change their assessment areas until 2026.

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Chime's SpotMe now available for members using Credit Builder

The Paypers

US-based fintech Chime has augmented its fee-free overdraft feature SpotMe by making it available for members using the Credit Builder Visa credit card.

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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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Citigroup, JPMorgan Chase will disclose new climate metric

American Banker

The two megabanks have agreed to release a ratio that measures their level of financing for low-carbon energy versus fossil fuels. The banks' moves follow pressure regarding climate change from entities associated with New York City's local government.

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FV Bank announces additional currency deposit options

The Paypers

FV Bank , a licensed global digital bank, has announced an expansion in its deposit capabilities that gives clients the option to deposit euros into their USD bank account.

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Embrace empathy, the cornerstone of successful digital transformation

American Banker

Financial services companies must incorporate digital, technical and cognitive empathy into the way they think about delivering their products in a digitized future.

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Micropayment partners with Tink

The Paypers

Berlin-based Micropayment has announced its partnership with Tink in order to launch Pay by Bank at checkout and optimise its customer experience.

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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.