September, 2023

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Community Banks Are Missing Out on the Value of Social Media

The Financial Brand

This article Community Banks Are Missing Out on the Value of Social Media appeared first on The Financial Brand. Nearly 9 in 10 community and regional banks are active on social media, but they lag on using it for sales. Meanwhile, examiners are keeping tabs. This article Community Banks Are Missing Out on the Value of Social Media appeared first on The Financial Brand.

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How financial institutions of all sizes can seize the instant payment opportunity

Payments Dive

FedNow is driving adoption of instant payments— here’s what financial institutions need to know.

Payments 432
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'Quintessential community bankers' make branches valuable assets

American Banker

Lisa Rickert and Ruth McCord, who manage branches for Nicolet National Bank, share a passion for connecting with their customers and supporting their communities.

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Reviving the central bank: Getting (everyone) on the data train

Accenture

In their first post, “It’s now or never: Time for central banks to embrace change,” my colleagues Rohit Mathew and Oliver Reppel explored why central banks need to transform digitally to ensure they can fulfil their mandate. In this post, they explain how central banks can go about changing the way they use data and… The post Reviving the central bank: Getting (everyone) on the data train appeared first on Accenture Banking Blog.

Training 436
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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.

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Making Banking Frictionless: The Rise of Embedded Finance

The Financial Brand

This article Making Banking Frictionless: The Rise of Embedded Finance appeared first on The Financial Brand. What does it take to be successful with an embedded finance strategy? And what do nonbank platform partners value most? IBM research offers some insight. This article Making Banking Frictionless: The Rise of Embedded Finance appeared first on The Financial Brand.

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Why More Banks and Credit Unions Are Using Environmental Graphics in Branches

The Financial Brand

This article Why More Banks and Credit Unions Are Using Environmental Graphics in Branches appeared first on The Financial Brand. Environmental graphic design is a retail trend that’s made its way into the banking industry. Check out this gallery of examples from bank and credit union branches. This article Why More Banks and Credit Unions Are Using Environmental Graphics in Branches appeared first on The Financial Brand.

Trends 36
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Small Kansas bank failed because its CEO fell for a crypto scam: Report

American Banker

Two months after the mysterious failure of the Heartland Tri-State Bank in Elkhart, Kansas, a news article sheds light on its downfall. CEO Shan Hanes was involved in a cryptocurrency hoax involving a $12 million wire payment, according to the Bloomberg Businessweek report.

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Micromanagement or empowerment? Why not try both?

American Banker

When running a bank branch, there are certain employee behaviors that must be nonnegotiable. But that still leaves plenty of room for improvisation and creativity.

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Banks, credit unions get dementia training to fight financial abuse

American Banker

More elderly consumers are being diagnosed with Alzheimer's and dementia — making them vulnerable to scammers. Financial institutions are seeking special certifications to better equip themselves to help.

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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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3 Ways Generative AI Will Transform Banking

Accenture

One year after ChatGPT’s public launch, generative AI is probably still the hottest topic in the world of business—and with good reason. Research suggests gen AI could add almost $7 trillion to global GDP. So what, exactly, will gen AI mean for banks? Much of the conversation today around the technology generates more heat than… The post 3 Ways Generative AI Will Transform Banking appeared first on Accenture Banking Blog.

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Data – The Lifeblood of Intelligence Automation

Perficient

With all the hype around artificial intelligence (AI), AI can feel complicated, distant, or foreign. But guess what? It’s not new news and it doesn’t need to be complicated; it’s just a revolution of how we leverage data! Let’s take a quick dive into the data-driven universe of AI (i.e., intelligence automation). This article breaks down how data powers intelligence automation.

Data 491
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Square CEO to depart

Payments Dive

Alyssa Henry, CEO of Block’s merchant business Square, will leave the company just days after a service outage left merchant clients unable to process payments.

Payments 482
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California’s Proposed “Delete Act” Would Create a ‘Do Not Sell’ List for Data Brokers

CFPB Monitor

California continues to be at vanguard of data privacy rights. The latest effort by California legislators to protect consumer privacy rights focuses on data brokers, who under the proposed California Senate Bill 362 , aka the “Delete Act,” would be required to recognize and honor opt-out signals from Californians. The law seeks to expand on the deletion and opt-out rights provided under the CCPA, which currently requires a Californians to submit their deletion and opt-out requests on a compa

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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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Ganesh Chaturthi: 5 Financial Lessons To Learn From Lord Ganesha

BankBazaar

Ganesh Chaturthi is around the corner and festivity and fervour is in the air. On this day Lord Ganesha is invoked to solve all financial troubles and bring in prosperity and wealth. Ganesha is believed to bring in prosperity, wealth, and growth in the life of devotees. This faith and festivity associated with Lord Ganesh give us lessons to improve our finances and live a better life.

Taxes 148
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The Unsung Heroes of Mortgage Lending

SWBC's LenderHub

In a vast—and largely digital—lending landscape, big banks and FinTechs often hog most of the financial glory. They’re more visible and have slick advertising that suggests they’re the best and safest bet for a person’s financial future.

Lending 147
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Shifting from compliance to value with ISO 20022

Accenture

The years-long ISO 20022 journey has achieved a major milestone this year: it is now being used for cross-border payments. The new standard successfully launched globally in March 2023 with SWIFT CBPR+, and on the European Market Infrastructures of T2 (March 2023), Euro 1 (March 2023) and CHAPS RTGS (June 2023). Early data reveal a… The post Shifting from compliance to value with ISO 20022 appeared first on Accenture Banking Blog.

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Europe’s banks helped fossil fuel firms raise more than €1tn from global bond markets

TheGuardian

Exclusive: Pan-European investigation looked at thousands of transactions since Paris climate agreement in 2016 Banks including some of Europe’s largest lenders have helped fossil fuel companies to raise more than €1tn (£869bn) from the global bond markets since the Paris climate agreement, according to an investigation by the Guardian and its reporting partners.

Marketing 145
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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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CFPB takes aim at Apple, Google tap-to-pay tech

Payments Dive

“Regulations imposed by Big Tech firms have a big impact on whether consumers and businesses can make payments using third-party apps,” CFPB Director Rohit Chopra said in a Thursday press release.

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“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam

CFPB Monitor

On September 8, 2023, the Financial Crimes Enforcement Network (“FinCEN”) released an alert regarding a notorious virtual currency scam called “pig butchering,” because, unfortunately, it resembles the “fattening a hog before slaughter.” These scams are primarily perpetrated by criminal organizations in Southeast Asia where these scams are also called “Sha Zhu Pan.”.

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Decoding the market for inflation risk

BankUnderground

Saleem Bahaj, Robert Czech, Sitong Ding and Ricardo Reis Few topics captivate our attention like the enigma of inflation. Understanding where the market thinks inflation is headed is crucial for policymakers, investors, and anyone who wants to keep their financial ducks in a row. And that’s where inflation swaps come into play. They are like the crystal ball of inflation expectations, allowing traders to hedge against inflation risk and giving us a peek into the minds of market participant

Marketing 109
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Appraisal Dept. Talent: Why Banks Shouldn’t Let Go

Realwired Appraisal Management Blog

The pressure is on. With tightening margins, banks are scouring their balance sheets, hunting for opportunities to cut costs. However, it’s vital that in this quest for efficiency to understand that letting go of appraisal department talent is a HUGE mistake.

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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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Is the metaverse worth it?

ATM Marketplace

What is the metaverse good for? A panel at the Interactive Customer Experience Summit debated this topic.

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Exclusive: new UK banks’ post-Brexit investment only one third of lost EU funds

TheGuardian

Thinktank says replacements for European Investment Bank have backed ‘fewer, smaller and lower-risk projects’ New public sector lenders created by the government since Brexit are investing two-thirds less than the UK was receiving from the EU’s European Investment Bank, a new report finds. Over more than four decades, the EIB backed UK projects ranging from the Channel tunnel and the Manchester Metrolink to offshore windfarms and upgrading the National Grid.

National 112
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Small businesses embrace digital payments

Payments Dive

Small business owners envision a cashless future, according to card giant Visa, even as some legislators move to protect unbanked and underbanked consumers.

Payments 488
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FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

CFPB Monitor

The Financial Crimes Enforcement Network (“FinCEN”) has published a Small Entity Compliance Guide (the “Guide”) for beneficial ownership information (“BOI”) reporting under the Corporate Transparency Act (“CTA”), as well as updated FAQs regarding CTA compliance. The Guide contains six chapters and an appendix. It is 56 pages long. It appears to be useful to its apparent target audience, which is small businesses confronting relatively simple issues under the CTA.

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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.