Accenture

JULY 13, 2023

Generative AI: what’s in it for me? Everyone, including auto and equipment finance providers, wants to know. The way I see it, it’s a technology that will have far-reaching impacts on the lending and leasing business, bringing efficiencies and better experiences for those organizations that incorporate it across the value chain. A few weeks ago,… The post Unleashing the power of Gen AI in Specialty Finance appeared first on Accenture Banking Blog.

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Lending Technology 312

Abrigo

JULY 13, 2023

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Would you like other articles like this in your inbox? Takeaway 1 Investment fraud schemes known as pig butchering scams contributed to $3.3 billion in fraud losses in 2022.

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Fraud cryptocurrency Training social media 195

Payments Dive

JULY 13, 2023

Panelists who spoke during the agency’s Tuesday hearing on medical billing and collections identified deferred interest credit cards as a prime culprit saddling patients with medical debt.

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Cards 195

Jack Henry

JULY 13, 2023

Summer is my absolute favorite time of the year. Growing up in south Florida, I spent many weekends fishing on my grandad’s boat, the Jack Pot. We’d go miles out into the Gulf of Mexico, searching for grouper. I learned quickly that fishing isn’t as easy as it looks – which is why it’s referred to as “fishing” and not “catching.” It requires a lot of patience, and like most things in life, you get better at it with practice and time.

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Florida Lending Strategy Management 78

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.

US

Payments Dive

JULY 13, 2023

In its recent sale of an ownership stake in Worldpay, FIS agreed that the new joint venture with GTCR could be put up for sale a handful of years after they close the deal.

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Payments Dive

JULY 13, 2023

Jason Strle, a 20-year tech vet, succeeds Amir Arooni, who spent nearly three years as the financial services company's CIO.

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Company 195

Jeff For Banks

JULY 13, 2023

Another day, another big bank faux paus. On July 10, the Consumer Financial Protection Bureau (CFPB) issued a consent order (CO) against Bank of America, N.A. (BofA), claiming, among other things, that BofA opened credit card accounts for new customers without their consent. The next day, the Office of the Comptroller of the Currency (OCC), exacted a $60 million fine for prior sins that were based on a 2022 exam and subsequent consent order regarding double fees charged to customers as a result

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Cards Community America Community Bank 78

Payments Dive

JULY 13, 2023

The cross-border payments company said it still plans to hire in areas such as research and development.

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Payments Company 195

Gonzobanker

JULY 13, 2023

Vendors need to be able to explain their AI technology to bankers in layman’s terms “An algorithm is what software engineers call something when they don’t want to explain what they did.” — Modern Adage Every vendor these days is talking about how their software has magical “AI” algorithms in it. How do banks and credit unions choose the applications that are right for their institutions?

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Technology Software social media Fraud 78

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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

Lending

CFPB Monitor

JULY 13, 2023

The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part I of this two-part episode, we first discuss the various definitions offered by the White House, CFPB, and FTC for what constitutes a “junk fee” and the types of fees they have labeled “junk fees.” .

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Industry 78

American Banker

JULY 13, 2023

The Supreme Court's ruling on affirmative action in higher education has opened the door to challenges of diversity initiatives in the financial services sector, legal experts say. Internship programs for minority students could face scrutiny, as could efforts to increase workforce diversity.

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Policies 68

CFPB Monitor

JULY 13, 2023

Asserting that irreparable harms to their members “are piling up,” the U.S. Chamber of Commerce and the other plaintiffs have filed a motion for a status conference with the Texas federal district court hearing their lawsuit challenging the CFPB’s update to the Unfair, Deceptive, or Abusive Acts or Practices section of its examination manual to include discrimination. .

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American Banker

JULY 13, 2023

Five organizations representing large banks sent a letter to Federal Reserve Chair Jerome Powell requesting a long and thorough public review process for rule changes that are expected to be rolled out this summer.

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Groups Capital Policies Compliance 67

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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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BankUnderground

JULY 13, 2023

Nikoleta Anesti, Marco Garofalo, Simon Lloyd, Edward Manuel and Julian Reynolds Understanding and quantifying risks to the economic outlook is essential for effective monetary policymaking. In this post, we describe an ‘Inflation-at-Risk’ model, which helps us assess the uncertainty and balance of risks around the outlook for UK inflation, and understand how this uncertainty relates to underlying economic conditions.

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Policies US Tools Analysis 57

BankInovation

JULY 13, 2023

BNY Mellon’s technology arm, Pershing X, is looking to migrate its data and applications to the cloud to scale its wealth management platform, Wove. Pershing X’s Wove, launched in June, integrates with technology tools to build data reporting analytics and financial plans, and for billing, trading and rebalancing, according to a BNY Mellon release.

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Technology Analytics Tools Data 52

American Banker

JULY 13, 2023

Venture capitalists are increasingly keen on firms that can guide merchants through a maze of emerging processing options.

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Fintech Payments 69

BankInovation

JULY 13, 2023

Financial institutions are looking to data-sharing consortiums to defend against financial crime as consumer fraud losses reached nearly $9 billion in 2022 and generative AI is enabling fraudsters to scale their operations exponentially.

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Fraud Data Operations Marketing 52

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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.

Lending

American Banker

JULY 13, 2023

The U.K. entrepreneur died from a rare form of bone cancer, which he was diagnosed with at the start of 2020.

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Industry 69

The Paypers

JULY 13, 2023

US-based cloud payments provider Volante Technologies has extended its partnership with KPMG to develop an ISO 20022 maturity model to help PSPs assess ISO adoption readiness.

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Technology US Payments 36

American Banker

JULY 13, 2023

Prosecutors claim that from 2018 through June 2022, Mashinsky "orchestrated a scheme to defraud customers of Celsius Network LLC and its related entities," according to the indictment unsealed Thursday.

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cryptocurrency Compliance Regulation 36

The Paypers

JULY 13, 2023

Apple has recently unveiled a Tap-to-Pay feature that enables both merchants and customers in the UK to make payments without the need for any supplementary hardware or payment terminals.

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Apple Payments 36

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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.

Lending

American Banker

JULY 13, 2023

A federal judge ruled that the Ripple Labs token is a security when sold to institutional investors but not the general public, a long-awaited decision that was widely hailed as a victory for the crypto industry over the SEC.

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Security Industry cryptocurrency Compliance 36

The Paypers

JULY 13, 2023

MUFG Investor Services , a division of MUFG , has announced expansion plans for its banking solutions to provide clients with global payment and cash management services.

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Management Payments 36

American Banker

JULY 13, 2023

The six biggest banks in the U.S. are expected to sell between $28 billion and $32 billion of new bonds after they report quarterly earnings, and regional banks — seeking to raise more capital — could be right behind them.

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Regional Marketing Capital Report 36

The Paypers

JULY 13, 2023

The Bank of London has formally applied for a EU banking license and has committed to a EUR 200 million investment and the hiring of 300 people in Luxembourg by 2028.

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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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