March, 2023

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Commercial banks must now focus on fundamentals

Accenture

Having pulled through the Covid pandemic, the unravelling of international supply chains and a global energy crunch, commercial banks must now grapple with a spike in interest rates and the collapse of some high-profile peer institutions. Rarely have I seen the banking industry in such flux and uncertainty. How should banks respond? My advice: Pauseā€¦ The post Commercial banks must now focus on fundamentals appeared first on Accenture Banking Blog.

Industry 389
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FedNow attracts real-time payments early adopters

Payments Dive

Companies partnering with the Federal Reserve to test the real-time payments system see it as a way to draw customers and get an edge on rivals.

Payments 545
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Cloud Takes Center Stage at 2023 Bank Automation Summit

Perficient

Recently, I attended the 2023 Bank Automation Summit , where one of the significant topics of discussion was how banks navigate their transition to the cloud. The ā€œcloudā€ refers to a global network of servers, each with a unique function, that works in tandem to enable users to access files stored within from any approved device. The computing and storage of cloud data occur in a data center, rather than on a locally sourced device.

Training 492
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HUD Finalizes Rule Providing for 40-Year FHA Loan Modifications

CFPB Monitor

The U.S. Department of Housing and Urban Development (HUD) recently issued a final rule extending the maximum term of an FHA loan modification from 30 to 40 years. The rule is effective May 8, 2023. HUD also issued Mortgagee Letter 2023-06 incorporating a 40-year standalone loan modification into FHAā€™s COVID-19 loss mitigation policies for situations in which partial claim funds are not available. .

Policies 148
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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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ICE, Black Knight Selling Empower to Constellation Software: So What?

Gonzobanker

Mortgage lenders may be losing control of their LOS options This week, Intercontinental Exchange (ICE) and Black Knight announced an agreement to sell Black Knight’s Empower loan origination system (LOS) business to Constellation Software, Inc. This all but confirms speculation from lenders that Empower wasnā€™t a major factor in the Black Knight transaction , and lenders on Empower risked a migration to Encompass, ICEā€™s mortgage software platform, if the deal had gone through as-is.

Software 148

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Four strategies for consumer payments growth in 2023

Accenture

The COVID-19 pandemic increased the tempo of change in consumer behaviors and expectations. Payments, characteristically, is at the forefront of the change. In ā€œPayments gets personalā€”strategies to say relevant,ā€ our report on an Accenture survey of 16,000 payments customers across 13 different countries, we revealed how the return of meaningful interest rates is interacting withā€¦ The post Four strategies for consumer payments growth in 2023 appeared first on Accenture Banking Blog.

Strategy 423
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Amex bets on millennials, Gen Z for growth

Payments Dive

As it pursues younger consumers, the company is angling to ensure its high-fee cards offer enough value for millennials and Gen Zers.

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What's the deal with cash recycling?

ATM Marketplace

In a world of increasing competition for customers with neobanks and major staffing challenges at the branch level, banks need to find ways to reduce costs. One method gaining popularity is cash recycling.

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This weekā€™s podcast episode: The Consumer Financial Protection Bureauā€™s proposals to create two public registries for nonbanks: what you need to know, Part II

CFPB Monitor

The CFPB recently issued two proposals that would require nonbanks to register with and submit information to the CFPB for publication in an online, publicly available database. The proposals represent an aggressive attempt by the CFPB to enhance its supervisory and enforcement authorities and carry significant potential implications for nonbanks that would be required to register.

Online 148
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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 overwhelmingā€”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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Banking sell-off intensifies amid renewed global jitters ā€“ business live

TheGuardian

Stock markets slide as banking shares and oil prices tumble; Bank of England governor Andrew Bailey appeals to businesses to avoid price rises because higher inflation ā€˜hurts least well-off in societyā€™ Stock markets are in the red again, with the FTSE 100 index down 67 points, or 0.9%, at 7,431, dragged down by banks NatWest Group , Barclays , Standard Chartered and the insurer Prudential , as concerns over the banking sector persist.

Marketing 102
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Corporate insolvencies reaching record highs: a look under the hood

BankUnderground

Jelle Barkema How concerned should policymakers be as UK business insolvencies have soared to 60-year highs ? This phenomenon has been extensively covered in the media; with media outlets attributing the record-breaking numbers to a ā€˜perfect stormā€™ of energy prices, supply-chain disruptions and the cost of living squeeze. Insolvencies are a popular measure of economic distress because they have implications for both the financial system and the real economy.

Trends 100
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Fintech Enablementā€™s Role in Modernizing Legacy Systems

BankInovation

As core legacy systems become inefficient, slow, and unable to keep up with present day customer expectations, more and more financial institutions are facing the same question: how do we modernize these systems without the high costs and long turnover time? The answer is fintech enablement.

System 98
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Amex shareholders to vote on abortion-related proposal

Payments Dive

The card company sought to block the proposal from facing a shareholder vote at Amex’s annual meeting in May, but the SEC said it must be voted on.

Meeting 459
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The State of Automation in Financial Services 2024 Report

In this report, youā€™ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organizationā€™s current and future use of automation. The reportā€™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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How to Build a Payment Test Automation Strategy for 2023

ATM Marketplace

Automated testing helps to identify and resolve issues faster and more efficiently, leading to improved user experience and increased customer satisfaction.

Strategy 118
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SCOTUS agrees to hear ADA case on standing of website tester

CFPB Monitor

Earlier this week, the U.S. Supreme Court agreed to hear a case in which the question presented is whether an Americans with Disabilities Act (ADA) ā€œtesterā€ has Article III standing to challenge a place of public accommodationā€™s failure to provide disability accessibility information on its website, even if she lacked any intention of visiting that place of public accommodation. .

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Podcast: Building banker skills with cross-generational learning

ABA Community Banking

As a bank leader, Alicia Wade notes that we're at a unique moment that won't recur for many years: having four generations, from Baby Boomers to Gen Z, working alongside each other. The post Podcast: Building banker skills with cross-generational learning appeared first on ABA Banking Journal.

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Claims Automation for Health Plans: Transformation with a Small ā€œtā€

FICO

Home Blog FICO Claims Automation for Health Plans: Transformation with a Small ā€œtā€ By focusing on transformation with a small ā€œtā€ that addresses measurable performance gaps, health plans and administrators can use claims automation to control costs and risk FICO Admin Tue, 07/02/2019 - 02:45 by Paul Crowder expand_less Back To Top Tue, 03/14/2023 - 14:15 Some time ago, I witnessed a plea for help in a global healthcare summit from a Director of Claims Management for assistance in automating thei

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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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ChatGPT not ready for customer engagement in banking

BankInovation

When ChatGPT seemingly burst on the scene late last year, everyone from college students to CEOs took notice. For financial institutions, ChatGPT is just one tool in their digital transformation toolkit.

Tools 98
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Payments players caught in SVB fallout

Payments Dive

As the banking crisis spread, payments players, such as FIS, and venture-backed firms, including Payoneer, were caught in the contagion.

Payments 486
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SVB, Signature Bank collapse raises questions

ATM Marketplace

The collapse of SVB and Signature Bank have raised questions about the economy, the banking system, cryptocurrency and how banks should respond.

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CFPB issues new report on buy-now-pay-later

CFPB Monitor

The CFPB has issued a new report ,ā€œ Consumer Use of Buy Now, Pay Later: Insights from the CFPB Making Ends Meet Survey ,ā€ that looks at the financial profiles of consumers who use buy-now-pay-later (BNPL) products. The report uses data from the CFPBā€™s 2022 Making Ends Meet survey (responses of 2,036 consumers) and the CFPBā€™s Consumer Credit Panel. .

Report 146
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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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Silicon Valley Bank: HSBC rescues SVB UK but market turmoil continues ā€“ business live

TheGuardian

Silicon Valley Bank UK has been sold to HSBC for Ā£1 , in a deal that protects depositorsā€™ money says Treasury and Bank of England Full story: HSBC to buy Silicon Valley Bankā€™s UK operations Why Silicon Valley Bank was so important to UK tech sector Hereā€™s Skyā€™s Ed Conway: Important developments. Continue reading.

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Learn How To Start Fix And Flip Loans No Money Down

Commercial Lending USA

fix and flip loans no money down have become popular with investors because they allow you to use someone else's money to fund your project. That's right.

How To 98
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What is Fintech Enablement?

BankInovation

Many financial institutions struggle to decide where they should focus their strategic modernization efforts. Should they prioritize back-office and core capabilities or more tactical front-end and point solutions? Trying to choose the best option often leads to significant resource use and major inefficiencies.

Fintech 98
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Tandym adds retailers for rewards programs

Payments Dive

The private label digital credit card company is stacking up online retail customers, with plans to add debit options and in-store clients this year.

Retail 459
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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 ā€” to help uncover **new** opportunities and grow their business. The process is quick and easy ā€” 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.