Thu.Sep 23, 2021

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Beyond Texting – Augmented Chat for Banks and Credit Unions

Jack Henry

Text messaging is one of the most popular ways for users to reach friends and family. With its immediacy and simplicity, it seems like an obvious way for banks and credit unions to send alerts, updates, and more. And yet, text messaging has relatively few viable use cases in financial services today. Instead, authenticated, augmented chat has taken center stage as a way for institutions to connect with accountholders quickly and easily.

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Ex-hedge fund manager’s startup hits $2B value

BankInovation

Advance Intelligence Group, a technology startup led by former hedge fund manager Jefferson Chen, topped $2 billion in valuation after raising more than $400 million from investors led by SoftBank Vision Fund II and Warburg Pincus. Northstar, Vision Plus Capital, Gaorong Capital and EDBI also joined the Series D financing round, the company said in […].

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DOJ enters into consent order with NJ student lending authority to settle claim of alleged SCRA violations

CFPB Monitor

The Department of Justice announced earlier this week that it has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (HESAA) to settle the DOJ’s claim that HESAA violated the Servicemembers Civil Relief Act (SCRA) by obtaining unlawful court judgments against two military servicemembers for amounts owed on student loans.

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Remitly launches IPO at $43 a share

BankInovation

Remitly, which provides cross-border remittances and financial services for immigrants, today began trading on the NASDAQ Global Select Market. The Seattle-based fintech, with $312.6 billion in assets, priced its initial public offering (IPO) at $43 a share under the ticker symbol RELY. Shares climbed to a high of $50.70 at 11:45 a.m. before dipping to […].

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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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United Credit Union (IL) Offers 3-Month CD Special

BankDeals

United Credit Union (Cook County, IL) has added a very competitive 3-month CD Special to its product line. $500 minimum deposit of new/existing money.

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Inside Marketing: 4 Social Media Channels To Better Engage With Gen Zers And Millennials

William Mills

Consistently sharing the right content on the right platform will boost credit unions’ education and membership efforts. Credit unions have lost a lot of ground with Gen Z and millennials. Why? Mainly because the majority of young adults are not familiar with credit unions. According to a survey of more than 500 college students done by Zogo , 76% of respondents did not know what a credit union was.

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BNPL supplements credit card debt instead of replacing it, TransUnion study finds

BankInovation

Consumers seeking buy now pay later (BNPL) credit also actively utilize credit card debt instead of replacing one with the other, according to a study released today by consumer credit reporting agency TransUnion. While BNPL and point of sale (POS) financing have emerged as popular sources of credit, the study found that such offerings have […].

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This week’s podcast: A look at recent developments related to marketing by nonbanks of products and services offered with bank partners

CFPB Monitor

Marketing by nonbanks of products and services offered with bank partners is coming under increasing scrutiny that focuses on the potential for consumers to be led to believe that the nonbank is a bank, or is FDIC insured. We discuss recent state and federal regulatory and enforcement developments, including the FDIC’s proposed rule addressing false advertising, misuse of the FDIC logo, and misrepresentation of insured status, and state regulators’ and federal lawmakers’ interest in the issue,

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U.S. Treasury’s ransomware crackdown: What it means for banks and FIs

BankInovation

The Biden administration this week announced new security guidance to target those who facilitate ransomware payments, laying out an action plan that focuses on disrupting criminal networks and virtual currency exchanges. It follows on the heels of a surge in ransomware payments, which more than doubled from 2019 to 2020 to some $400 million globally. […].

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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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A Comparison of Cryptocurrency Technologies

ATM Marketplace

Cryptocurrency is a growing revenue stream for businesses of all sizes.

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Open Banking And Bank API Platform TrueLayer Raised $130M At A Unicorn Valuation

CB Insights

TrueLayer, a fintech company, has raised $130M in a Series E with participation from Tiger Global Management and Stripe. HOW’S THE COMPANY PERFORMING? UK-based TrueLayer provides technology to support the development of open banking financial apps and services. It claims to have witnessed 400% growth in payment volume and 800% growth in payment value so far this year.

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Banks must treat victims of scams more fairly, says UK complaints body

TheGuardian

Number of people asking ombudsman for help rose by 66% between April to end of June Banks need to do more to treat people fairly when they are the victim of scams, according to the UK financial sector’s official complaints body, which is finding in the customer’s favour in three-quarters of such cases. The Financial Ombudsman Service said the number of people asking it for help with fraud and scam problems was up 66% in the period 1 April to 30 June, compared with the same three months in 2020.

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Salt Edge integrates with Western Union digital bank pilot in Europe

The Paypers

US-based open banking platform Salt Edge has teamed up with Western Union to integrate its solution into the latter’s multi-currency bank account pilot in Europe.

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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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Changing of the guard: New CEOs at banks, credit unions

American Banker

Industry 101
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EPA reports increasing demand for products supporting financial wellbeing

The Paypers

The Emerging Payments Association has launched a report showing that minority communities are financially undeserved and mapping propositions that are making the retail banking industry more inclusive and equitable.

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CDFI Announces 2021 Small Dollar Loan Program Awards

ABA Community Banking

The Community Development Financial Institutions Fund today awarded more than $10.8 million in grants through the 2021 Small Dollar Loan Program. The post CDFI Announces 2021 Small Dollar Loan Program Awards appeared first on ABA Banking Journal.

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Corpay One launches cash flow friendly bill pay solution for SMEs

The Paypers

US-based Corpay One , a smart digital bill pay platform for small businesses, has introduced a new solution to help SMEs by extending credit alongside streamlined bill pay.

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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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ABA Nominates Officers, Board for 2021-2022

ABA Community Banking

The American Bankers Association’s nominating committee—chaired by Laurie Stewart, president and CEO of Sound Community Bank, Seattle—has selected a slate of candidates for association officer positions and candidates for the association’s board of directors. The post ABA Nominates Officers, Board for 2021-2022 appeared first on ABA Banking Journal.

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Simplex chooses Napier for AML upgrade

The Paypers

UK-based Napier has announced that Simplex , a fiat infrastructure for the crypto industry, has opted for Napier’s Transaction Monitoring tool as part of an upgrade to its AML defences.

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Valley National buying Bank Leumi USA for $1.15 billion

American Banker

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Is PayPal’s Expanded Financial Offering a Threat to Banks?

The Financial Brand

PayPal launches a new personalized app with the goal of becoming an all-in-one financial and shopping solution. The post Is PayPal’s Expanded Financial Offering a Threat to Banks? appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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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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After State Street’s $3.5 billion deal, a scarcity of targets for rivals

American Banker

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Alipay users can make payments at offline merchants in Hong Kong

The Paypers

Ant Bank has announced that it has launched cross-border payment services for its subsidiary e-wallet Alipay (Macao), so users can pay at offline merchants in Hong Kong.

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Biden OCC pick cheered by progressives, jeered by industry

American Banker

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Stripe supports THE ICONIC to optimise payment experiences for shoppers

The Paypers

Stripe , a US-based payment service provider, has partnered with Australia-based retailer THE ICONIC to optimise payment experiences for customers across Australia and New Zealand.

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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.