BNPL popularity rises among ‘financially fragile’ consumers
Payments Dive
FEBRUARY 15, 2024
About 60% of that group has used BNPL five or more times in the past year, compared to just over 20% of financially stable consumers, the New York Fed said.
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NYSDFS Part 500 Cyber Amendments Finalized: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector. The NYSDFS Part 500 amendments signal a crucial shift in the financial services regulatory landscape and underscore the importance of robust governance, risk management, and compl
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Global Payments may pare operations
Payments Dive
FEBRUARY 15, 2024
While there has been industry speculation about the company making an acquisition, CEO Cameron Bready was more ready to talk “pruning” this week.
DFS500 Amendments: What You Need to Know
Perficient
FEBRUARY 15, 2024
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers. The announcement of significant amendments to the DFS500 regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial se
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.
Same-day payments drive ACH increase: Nacha
Payments Dive
FEBRUARY 15, 2024
Peer-to-peer transactions also contributed to a 4.8% increase in payments volume for the ACH Network last year over 2022.
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Apple extends prepaid debit card reach
Payments Dive
FEBRUARY 15, 2024
Adding a virtual card number feature “is about giving options to consumers when retailers do not support Apple Pay,” Creative Strategies President Carolina Milanesi said.
Is cash here to stay?
ATM Marketplace
FEBRUARY 15, 2024
Will cash go away? That is the question that is top of mind for the ATM industry. Two debaters tackled this issue head on.
Game Theory Can Teach Bankers How to Be Smarter Negotiators
Gonzobanker
FEBRUARY 15, 2024
“The most powerful weapon in chess is to have the next move.” -David Bronstein, chess world finalist Facing off with a vendor to negotiate a multi-year contract is much like a game of chess. Move after move, decisions are made based on information available at the time. Contract negotiations typically have two players, each applying their strategy to obtain desired terms, conditions and pricing.
This week’s podcast episode: The CARS Rule: What you need to know about the Federal Trade Commission’s final motor vehicle dealer trade regulation rule, Part I
CFPB Monitor
FEBRUARY 15, 2024
Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance and insurance industry. In December 2023, the FTC announced its Combatting Auto Retail Scams Rule, otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers. .
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
NatWest reports biggest annual profit since 2007 financial crisis
TheGuardian
FEBRUARY 15, 2024
Pre-tax figure of £6.2bn comes as bank confirms Paul Thwaite will take over permanently as CEO Business live – latest updates NatWest made its biggest annual profit last year since the 2007 financial crisis, helped by high interest rates, as the bank confirmed the interim boss Paul Thwaite would permanently take over as its chief executive before a sale of its government-owned shares.
U.S. Bank, Suncoast say AI helps take loans from 'no' to 'yes'
American Banker
FEBRUARY 15, 2024
For customers who are declined through traditional underwriting models, artificial intelligence models that can take in more data take a wider lens of creditworthiness.
Data breach a risk despite security spend, experts say
BankInovation
FEBRUARY 15, 2024
Financial institutions prioritize investment in cybersecurity technology but no matter how much they spend for protection, their systems and data remain vulnerable. “You could never say any organization is 100% secure and they’ll never be hacked,” Ray Kelly, fellow at cybersecurity company Synopsys Software Integrity Group, told Bank Automation News, noting that even the U.S.
What should banks do next to improve online banking?
American Banker
FEBRUARY 15, 2024
Financial institutions need to reconsider the logic and intuitiveness of their website design. They could also introduce free credit scores and capitalize on generative AI, experts say.
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
Euronet Announces Acquisition of Infinitium, a Leading Digital Payments Company in Southeast Asia
ATM Marketplace
FEBRUARY 15, 2024
Euronet (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, today announced the acquisition of Infinitium Holdings Pte. Ltd (Infinitium), a digital payments company and provider of risk management and payments authentication services based in Singapore.
Valley National Bank, heavy on CRE, is confident despite investor worry
American Banker
FEBRUARY 15, 2024
Investors have hammered the New Jersey-based lender following the turmoil at New York Community Bancorp. But Valley executives say there are key differences between the two real estate-focused banks, and they express confidence that the bank's underwriting will hold up again this cycle.
Temenos sheds $2 Billion as Hindenburg finds latest short target
BankInovation
FEBRUARY 15, 2024
Temenos AG plunged by nearly a third, slashing its market value by $2.1 billion, after Hindenburg Research took a short position and suggested serious flaws in the books of the Swiss provider of software for banks. The Swiss company denied the report, saying it contained “factual inaccuracies and analytical errors, together with false and misleading allegations.
The Basel III rule would hamstring small businesses like mine
American Banker
FEBRUARY 15, 2024
The proposed implementing rule will squeeze credit for entrepreneurs and small businesses, adding more barriers to their success in an already-tight lending environment.
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.
NCR drives self-service banking
BankInovation
FEBRUARY 15, 2024
NCR Atleos reported that its self-service banking business continued to grow in the fourth quarter. NCR added more than 2,000 ATMs in the quarter, making the total number of active units 20,000, Chief Executive Tim Oliver said during NCR’s Q4 earnings call on Feb. 14.
Ripple announces to acquire Standard Custody & Trust Company
The Paypers
FEBRUARY 15, 2024
US-based crypto solutions company Ripple has agreed to acquire Standard Custody & Trust Company , an enterprise-grade regulated platform for digital-assets.
20 fintech and payments M&A deals with the largest volume in 2023
American Banker
FEBRUARY 15, 2024
The top five fintech and payments M&A deals had a combined dollar volume of more than $23 billion.
Your guide to home renovation: what costs to save and spend
Qudos Bank
FEBRUARY 15, 2024
If you’ve decided that now’s the time to give your home a makeover, then it’s important to work out what your home renovation budget is, and how much things will cost. Expenses associated with home modifications can easily snowball, so working out what’s worth spending money on and where you can save money can make all the difference. There are other things to consider, like how to cover these costs, as well as common dos and don’ts when renovating your home.
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.
Why fintechs want the CFPB—not states—to rule on earned wage access
American Banker
FEBRUARY 15, 2024
Nearly a dozen states are looking to regulate digital payroll advance products, prompting a fintech trade group to ask the Consumer Financial Protection Bureau to conduct a formal rulemaking.
7 ways to handle the rising cost of living
Qudos Bank
FEBRUARY 15, 2024
If you’re trying to work out how to handle the rising cost of living in Australia, then you’re not alone. The cash rate rose from 0.1% to 3.1% in 2022 1 , while inflation continues to rise. People across the country are feeling the pinch following the increased prices of essential goods and services. However, there are ways you could handle the rising cost of living.
Rich and poor consumers use BNPL for different reasons: Fed data
American Banker
FEBRUARY 15, 2024
Financially stressed consumers nearing their credit limit use buy now/pay later loans to finance smaller purchases, while wealthier households want to avoid paying interest or carrying a balance on credit cards for bigger-ticket items, according to the New York Fed.
International Women’s Day 2023: #CrackingTheCode for a Gender Equal Future
Qudos Bank
FEBRUARY 15, 2024
This year’s theme for International Women’s Day is #CrackingTheCode and we asked some of our talented women what they thought about the theme, as well as what more we can do to create a gender equal future. For decades, women have faced many barriers to equality, so having access to digital technologies and education is critical, especially when championing those working in science, technology, mathematics, and engineering (STEM).
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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