June, 2021

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The Digital Customer is Here to Stay – Five Principles to Keep Them Engaged

Accenture

In my first blog in this short series on how the behaviour of UK financial services customers has changed amid the pandemic, I looked at the way COVID-19 has accelerated consumers’ migration to digital banking services. And I drew on the UK findings from our Banking Consumer Study: Making digital more human to examine the….

Study 488
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Data Conversion Tips from Your Peers Who’ve Been There, Done That

Jack Henry

After 15 years in the conversion business , I still get asked the same question. “What can we do to ensure a successful and accurate data conversion?” It can be challenging because most banks and credit unions will never go through an acquisition of another site or a change of their vendor. And those who do may only do it a few times, with a different contact handling the effort each time.

Data 167
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Bitcoin ATMs take center stage

ATM Marketplace

Although bitcoin has taken a hit recently due in part to recent comments from Tesla CEO Elon Musk, the cryptocurrency still shows no sign of disappearing. In fact, bitcoin ATMs are still growing dramatically.

ATM 141
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HSBC whistleblower claims vindication after bank’s £200m payout to customers

TheGuardian

Nicholas Wilson says redress scheme is a direct result of his campaign over excessive charges Nicholas Wilson has spent years pursuing HSBC over the way it treated some people who fell behind with payments, and when he claimed the bank might owe customers more than £200m, it arguably sounded pretty fanciful. For more than a decade he was ignored and dismissed but HSBC eventually set up a £4m compensation scheme to remedy “a historical issue”.

Payments 143
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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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The Future of CX – 5 Things Insurance Providers Must Do to Keep Up

Cisco

Earlier this year Cisco completed its acquisition of imimobile, adding an enterprise-grade CPaaS platform to Cisco’s industry-leading collaboration and contact center solution portfolio. The Cisco Financial Services team welcomes imimobile’s Jay Patel – VP & CEO of imimobile as our guest blogger this week.

Policies 132

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Beyond Open Banking Compliance: The Opportunity for Commercial Banks

Accenture

Following our article on 5 actions to enable Open Banking for business finance, we now consider how commercial banks can innovate their entire business model by using Open Banking frameworks to build a powerful ecosystem. Open Banking, accelerated by the Consumer Data Right (CDR) in Australia, aims to give customers control of their data and….

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Driven by Data

ABA Community Banking

For Bernard Tynes, realizing the power of marketing takes the perfect combination of gut feeling and hard information. The post Driven by Data appeared first on ABA Banking Journal.

Data 116
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How Can Banks Deliver Successful Branch Transformation?

ATM Marketplace

Banks are rushing to create better branch experiences in the wake of changing customer expectations post pandemic. But how can they make the transformation successful? Here are a few trends to keep in mind to help with that

Trends 138
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Morgan Stanley to bar unvaccinated staff from New York offices

TheGuardian

Bank warns staff they have less than three weeks to take both Covid jabs or continue working from home Coronavirus – latest updates See all our coronavirus coverage Employees and visitors to Morgan Stanley will be barred from entering the bank’s New York offices unless they are fully vaccinated against Covid-19 from next month, as the Wall Street firm prepares to get staff back to their desks by early September.

New York 121
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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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Beyond Responsible AI: 8 Steps to Auditable Artificial Intelligence

FICO

With novel artificial intelligence (AI) applications multiplying like rabbits these days, it may seem like the current wave of AI innovation is all beer and skittles. Lawsuits have a way of sobering up any metaphorical party and, in the wake of numerous high-profile racial bias and fairness cases, The Wall Street Journal reports that companies including Google, Twitter and Salesforce say they “plan to bulk up ethics teams responsible for evaluating the behavior of algorithms.”.

Data 116
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The Real Effects of Zombie Lending in Europe

BankUnderground

Belinda Tracey. ‘Zombie lending’ occurs when a lender supports an otherwise insolvent borrower through forbearance measures such as repayment holidays and temporary interest-only loans. The phrase was first coined for Japan in the late 1990s , but more recently several authors have documented that zombie lending to European firms has been widespread following the sovereign debt crisis (see Acharya et al (2019) , Adalet McGowan et al (2018) , Banerjee and Hofmann (2020) , Blattner et

Lending 113
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The Big Tech In Fintech Report: How Facebook, Apple, Google, & Amazon Are Battling For The $28.2T Market

CB Insights

The adoption of fintech apps has skyrocketed throughout the Covid-19 pandemic, spurring further growth and investor interest in this category. Fintech had one of the most successful quarters in history in Q1’21 , with record deals, funding, exits, and mega-rounds. . Eager to turn the ongoing fintech boom into an advantage, big tech companies (Facebook, Apple, Google, Amazon) have been taking a number of strategic steps to grow their market share in financial services.

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The Fully Empowered Banker

ABA Community Banking

By focusing on employee empowerment, banks of all sizes are catalyzing innovation and a healthy workplace culture. The post The Fully Empowered Banker appeared first on ABA Banking Journal.

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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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Is your ATM experience seamless?

ATM Marketplace

Customers' expectations have changed dramatically these past few years. They now expect seamless experiences across all channels. Can your ATM keep up with this demand?

ATM 133
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New £50 note featuring Alan Turing goes into circulation

TheGuardian

Note honouring mathematician, computer pioneer and codebreaker contains advanced security features The new £50 note goes into circulation on Wednesday – but with consumers increasingly going cashless, for millions of people it may be months or even years before they see or touch one. It’s been around for 40 years, but the £50 note doesn’t have a great image: there is a perception that aside from some overseas tourists, the only people who use them are criminals, tradespeople looking to evade tax

Taxes 103
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DeFi market size stays below USD 48 bln

The Paypers

The DeFi market size stood at below USD 48 bln at the end of June 2021, a large 45% plunge compared to May 2021 figures, according to data presented by BlockArabia.com.

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Procyclicality mechanisms in the financial system: what we know and some open questions

BankUnderground

Robert Czech, Simon Jurkatis, Arjun Mahalingam, Laura Silvestri and Nick Vause. Financial markets reflect changes in the economy. But sometimes they amplify them too. Both of these roles were evident as the Covid-19 (Covid) pandemic materialised. As the economic outlook deteriorated, risky asset prices fell in reflection of that. And those falls were amplified as some investors reacted by liquidating assets.

System 103
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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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SoftBank Group-Backed Kushki Raises $86M To Scale Its Payments Infrastructure Platform

CB Insights

Kushki , a payment platform, has raised $86M in a Series B with participation from SoftBank Group, Kaszek Ventures, and Magma Partners, among others. How’s the company performing? Ecuador-based Kushki’s API platform enables local and cross-border payment across Latin America for credit and debit cards, digital cash, mobile wallets, bank transfers, and alternative payment processes.

Groups 82
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CECL’s First Wave Offers Insights for Smaller Banks

ABA Community Banking

Many banks have until January 1, 2023 before they must implement the current expected credit loss standard, or CECL. But it’s not too soon to start gleaning lessons from larger institutions that are already utilizing the new standard. The post CECL’s First Wave Offers Insights for Smaller Banks appeared first on ABA Banking Journal.

Taxes 103
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2 Reasons Cashless May Be a Bit Overblown

ATM Marketplace

If you look up "cashless" on Google, you will inevitably find articles that argue the future is cashless and cash is old news. But…that isn't entirely true

Google 135
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Banks must guarantee access to cash for everyone, says Age UK

TheGuardian

Millions of older and vulnerable people cut off from ATMs and banking services, charity finds Banks must move swiftly to guarantee access to money for everyone as the cash system in part of the UK veers towards market failure, a national charity has said. Age UK warned that millions of UK citizens are cut off from cash and banking services. The lack of facilities is causing many to fall victim to financial abuse after being forced to rely on others to make transactions on their behalf, the chari

ATM 101
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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

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Digital payment systems are replacing cash faster, study shows

The Paypers

UK-based consulting company PricewaterhouseCoopers (PwC) and its strategy consultancy Strategy& have released a payment study titled 'Charting a cause amid evolution and revolution'.

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Playing Catch-Up in Crypto, Banks Ask Core Providers for Help

American Banker

Core systems Bitcoin Digital transformation - The Simplification of the Tech Stack Cryptocurrencies

System 101
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17 Key Trends Covered At Future Of Fintech 2021

CB Insights

Startups and new players across financial services are seeing growth in users and revenue as more consumers increasingly embrace digital. Incumbents are also launching new digital businesses and seeking out partners and vendors to ensure they have the tech capabilities necessary to excel now and in the future. . Future of Fintech 2021 (October 5-6, NYC) will provide updates on this activity and in-depth analysis on important trends driving financial services.

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A Hand Up with a Down Payment

ABA Community Banking

Banks help first-time borrowers tackle the high cost of homeownership. The post A Hand Up with a Down Payment appeared first on ABA Banking Journal.

Payments 107
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.