FTC lawsuit knocks Amazon on payments play
Payments Dive
SEPTEMBER 27, 2023
The FTC alleged in a lawsuit filed Tuesday against the online retail juggernaut that it maintained a monopoly partly through its checkout process.
Wed.Sep 27, 2023
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Loan Portfolio Asset Allocation Is About To Cause Problems For Banks
South State Correspondent
SEPTEMBER 27, 2023
Ask most banks how they construct their lending portfolio, and they say that “it is what the market gives them.” That is not a great answer. That level of passivity will likely cause us to lose 75+ banks during the next downturn. Loan portfolio asset allocation should be active. Credit risks are increasing, and a brief window is available to solve problems on the margin.
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Modern Treasury CEO targets bigger customers
Payments Dive
SEPTEMBER 27, 2023
The digital payment services company brought on a chief revenue officer last year to better serve larger companies, according to CEO Dimitri Dadiomov.
CFPB Launches FCRA Rulemaking to Eliminate Creditor Use of Medical Debt
CFPB Monitor
SEPTEMBER 27, 2023
On September 21, 2023, with limited time to digest the comments received by September 11, 2023 from the request for information regarding medical payment products, the Consumer Financial Protection Bureau (CFPB) started the FCRA rulemaking process. The press release describes a “rulemaking process to remove medical bills from Americans’ credit reports.”.
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.
Social apps face challenges in implementing shopping tools
Payments Dive
SEPTEMBER 27, 2023
Facilitating digital payments would be a big win for social apps, but regulators are less enthused.
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TikTok moves to add ‘in-app’ wallet
Payments Dive
SEPTEMBER 27, 2023
The social media app has taken another step toward providing in-app commerce and payments, but may face regulatory resistance.
Santander wanted my bedbound father to visit his branch on a trolley
TheGuardian
SEPTEMBER 27, 2023
After his account was frozen, the bank would not accept anything except an in-person visit for an identity check My father had a stroke earlier this year and is bedbound and needs 24-hour care. Last month, two online payments from his Santander account were blocked. He was told to call the helpline and asked various security questions. When he was unable to name a recent transaction, his account was locked and he was told he would have to go into the branch for his identity to be verified.
Square adds merchant tools
Payments Dive
SEPTEMBER 27, 2023
Block’s merchant business, facing stiffer competition in the point-of-sale space, has added about a dozen new features for its sellers.
CFPB finds big jump in mortgage payments and costs due to high rates
American Banker
SEPTEMBER 27, 2023
The Consumer Financial Protection Bureau issued a mortgage report based on statistics from 2022 and is looking for ways to simplify the refinance process while considering changes to mortgage servicing standards.
Digital Transformation: Accelerating ROI and Growth in Commercial Lending
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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
Rhode Island bank agrees to pay $9m over discriminatory lending allegations
TheGuardian
SEPTEMBER 27, 2023
DoJ says Washington Trust engaged in redlining, the racist policy of banks blocking people of color from getting mortgages Washington Trust, the oldest community bank in the US, has agreed to pay $9m to resolve allegations that it engaged in lending discrimination against homebuyers in majority Black and Latino neighborhoods, the Department of Justice has announced.
Consumers are expected to keep the U.S. out of recession, Moynihan says
American Banker
SEPTEMBER 27, 2023
Bank of America CEO Brian Moynihan said that consumer activity has slowed throughout the year, but should remain strong enough to position the economy for growth later in 2024.
Bank Automation News’ executives to watch in 2024
BankInovation
SEPTEMBER 27, 2023
Financial institutions have kept their noses to the grindstone this year amid industry turbulence and technological disruption. To cut costs and streamline operations, banks looked to AI to enhance self-service consumer capabilities, improve backend operations and boost developer productivity. Similarly, banks looked to third-party vendors to advance their tech stacks.
How banks are using augmented reality
American Banker
SEPTEMBER 27, 2023
Ally Financial and Workers Credit Union say they've successfully infused marketing campaigns with AR to hype their brands and communicate their corporate values even as skeptics question whether customers are clamoring for the technology.
The State of Automation in Financial Services 2024 Report
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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
Transactions: Nomura Trust & Banking chooses nCino for cloud migration
BankInovation
SEPTEMBER 27, 2023
Nomura Trust & Banking Co. has chosen nCino to move its operations to the cloud. The Japanese trust bank aims to remove inefficient operations, ensure data security, and integrate and centralize its data by modernizing and moving its operations to the cloud, according to nCino’s Sept. 12 release. The $3.
Out West, businesses are taking out more loans despite recession fears
American Banker
SEPTEMBER 27, 2023
Credit unions and banks are lending more to merchants based in the Western U.S., reflecting trends reported in the Umpqua Bank 2023 Business Barometer and running against broader economic pessimism.
Build, buy, both? A hybrid approach to AI
BankInovation
SEPTEMBER 27, 2023
What will artificial intelligence bring to the financial services industry? This question is becoming less crucial than how financial institutions are approaching AI implementation, development and innovation.
The Most Powerful Women in Banking Top Teams: Santa Cruz County Bank
American Banker
SEPTEMBER 27, 2023
In the past year, the bank's executive leadership team began an asset-based lending division, a treasury management department and a rotational development program designed to recruit talented college graduates.
Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance
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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.
Thunes expands its Acceptance Network in five Southeast Asian countries
The Paypers
SEPTEMBER 27, 2023
Global payments platform Thunes has announced the expansion of its Acceptance payment network to Indonesia, Malaysia, Philippines, Singapore, and Thailand.
The Most Powerful Women in Banking Top Teams: BNP Paribas
American Banker
SEPTEMBER 27, 2023
BNP Paribas's Technology, Media and Telecommunications North America team has nearly doubled its revenue since launching in 2018, while keeping headcount nearly the same.
Kraken progresses European expansion, secures EU e-money license
The Paypers
SEPTEMBER 27, 2023
Crypto platform Kraken has received authorisation from the Central Bank of Ireland as an e-money institution and has registered with the Bank of Spain as a Virtual Asset Service Provider.
The Most Powerful Women in Banking Top Team: Emprise Bank
American Banker
SEPTEMBER 27, 2023
Emprise's innovation and strategy team worked much of the last two years hammering out an infrastructure for the new banking service.
2024 Lending Outlook: Innovations and Evolutions in the Financial Sector
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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.
Aro partners with Plend
The Paypers
SEPTEMBER 27, 2023
Consumer lending marketplace Aro has announced its partnership with Plend in order to provide UK clients with optimised, accessible, and affordable finance.
The Most Powerful Women in Banking Top Team: Fifth Third Bank
American Banker
SEPTEMBER 27, 2023
The wealth and asset management team, led by Kristine Garrett, saw a 34% year-over-year boost in total revenue for its business line, up to $626.6 million.
Sharesies, BlinkPay partner for Open Banking in New Zealand
The Paypers
SEPTEMBER 27, 2023
Wealth management app Sharesies has partnered with Māori fintech startup from New Zealand BlinkPay to introduce transformative changes in financial management for investors.
DOJ announces $9M settlement with Washington Trust for redlining in Rhode Island
American Banker
SEPTEMBER 27, 2023
The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021.
Top 10 Benefits of Automating Loan Modifications for Commercial Lenders
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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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