Sat.Aug 14, 2021 - Fri.Aug 20, 2021

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Strategies to accelerate cloud adoption

Accenture

Banking on the skills to support cloud To stay competitive and effectively drive digital transformation agendas, banks must dramatically accelerate their move to the cloud. At the same time, they must grapple with key issues such as the critical need for next-generation skills and talent management at scale, innovating delivery models and mastering new ways….

Strategy 338
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FinCEN AML/CTF Priorities Part 6: Transnational Organized Crime (TOC)

Abrigo

Transnational Organized Crime Reaches Far and Is Growing One of FinCEN's first priorities for AML/CFT policy is to combat transnational organized crime (TOC). Would you like others articles like this in your inbox? Takeaway 1 Transnational organized crime includes phishing, trafficking, illicit firearm sales, and more. . Takeaway 2 The U.S. in 2001 began outlining strategies to combat transnational organized crime.

Training 195
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What’s a Digital Lending Ecosystem and Why Should Banks Care?

Gonzobanker

Financial institutions aiming for long-term success need to revamp the way they think about digital transformation. There’s a great line in the movie The Princess Bride: “You keep using that word. I do not think it means what you think it means.”. “Inconceivable” is the word the movie character was referring to, but if we were to apply this quote to the banking industry then the word that is constantly being used is “digital transformation” — and based on Cornerstone Advisors’ research, most ban

Lending 178
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File Integrity Monitoring: What It Is and Why You Need It in Your Cybersecurity Arsenal

Jack Henry

What is File Integrity Monitoring (FIM)? FIM is a technology that monitors and detects changes in files that may indicate a cyberattack. Unfortunately, for many banks and credit unions, FIM mostly means noise: too many changes, not enough context around these changes, and very little insight into whether a change actually poses a risk. FIM is a critical security control, but it must provide sufficient insight and actionable intelligence.

Security 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 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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Market Commentary: Week of August 16, 2021

SWBC's LenderHub

Last Week. Treasury auctioned off three-year, 10-year, and 30-year notes for a grand total of $126 billion in new issuance. The highlight was the stupendous showing of the 10-year note on Wednesday. The new note stopped through pre-auction yield three basis points, while all the measures of auction performance were very solid. It is interesting to note, earlier in the day, July CPI posted a 5.4% year-over-year increase.

Marketing 148

More Trending

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Reviewing Bitcoin ATMs: LibertyX

ATM Marketplace

Bitcoin ATMs are making a big splash, but how do they line up when it comes to customer experience? In this series, we will take a look at Bitcoin ATMs, starting with LibertyX's line.

ATM 133
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Corporate bankers turn over a new leaf with data-driven intelligent automation

BankInovation

Amid sweeping disruptions instigated by Covid 19 globally, the banking diaspora has its task cut out. Unlike the financial crises of yesteryears, the pandemic has imposed a unique predicament by creating an indefinite physical barrier between the banks and their customers, owing to social distancing norms. As the situation continues to take a toll on […].

Data 98
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Lloyds plans big move into UK rental market with 50,000 homes

TheGuardian

Banking group joins other high street names seeking a fresh income at a time of record low interest rates It is already the UK’s largest mortgage lender, and now Lloyds Banking Group aims to become one of its biggest private landlords, with a target of buying 50,000 homes in the next 10 years. Lloyds is the latest big name on the high street to move into the property market: last month it emerged that the retailer John Lewis was considering plans to build 10,000 rental homes over the next decade

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Average U.S. FICO® Score at 716, Indicating Improvement in Consumer Credit Behaviors Despite Pandemic

FICO

The FICO® Score is the lingua franca, or common language, for the credit scoring industry. It serves as a broad-based, independent standard measure of credit risk. It is relied upon by stakeholders across the entire lending ecosystem – from regulators, investors and boards to consumers, lenders, and brokers – as a baseline metric for assessing credit risk that is fair to both lenders and consumers. .

Report 98
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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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Webinar addresses next stage of ATM software

ATM Marketplace

ATM software is about to enter a new stage of innovation with the launch of the XFS4IoT standard. A free webinar, hosted on ATM Marketplace and sponsored by KAL ATM Software, focused on the standard and what it means for the industry.

ATM 117
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Listen: Separating AI cybersecurity hype from reality

BankInovation

In this episode of “The Buzz,” Bank Automation News speaks with cybersecurity research analyst Micah Musser of Georgetown University’s Center for Security and Emerging Technologies, and a co-author of the recent report, “Machine Learning and Cyber Security: Hype and Reality” about the use of artificial intelligence (AI) and machine learning (ML) in creating sophisticated attacks. […].

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Youths Participate in Banking Basics Webinar with Popular Bank and NPRDP

PopularBank

90 Recipients of the 2021 National Puerto Rican Day Parade Scholarship Program Learn How to Manage Their Finances. Popular Bank proudly supported the National Puerto Rican Day Parade (NPRDP) and made a $25,000 gift toward the 2021 NPRDP National Scholarship Program. The NPRDP Scholarship Program rewards outstanding students of Puerto Rican descent with scholarships of $2,000 as they pursue higher education.

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Monetary policy, sectoral comovement and the credit channel

BankUnderground

Federico Di Pace and Christoph Görtz. There is ample evidence that a monetary policy tightening triggers a decline in consumer price inflation and a simultaneous contraction in investment and consumption (eg Erceg and Levin (2006) and Monacelli (2009) ). However, in a standard two-sector New Keynesian model, consumption falls while investment increases in response to a monetary policy tightening.

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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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Want to get your finances under control? There’s an app for that

TheGuardian

Your smartphone is the gateway to a host of budgeting apps to track spending, saving and investing Keeping track of your spending on the go has never been easier. If you have a mobile phone there are apps that can tell you how much you’ve spent on coffee in the last month, how many subscriptions you have, or even use an algorithm to automatically put money away into a savings account.

Mobile 96
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Jack Henry CEO David Foss shares technology wins for fiscal year

BankInovation

An automated database migration for core platform Episys and a toolkit with APIs for third-party solutions for digital banking suite Banno were among the technology deliverables touted by Jack Henry CEO David Foss during Wednesday’s earnings call. At the top of Foss’ list was an automated data migration delivered by Symitar, a division of Jack […].

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New Cybersecurity Legislation Sparks Concerns Among Financial Trade Groups

Banking Exchange

Groups claim the legislation would hinder, rather enhance, current efforts toward cybersecurity Compliance Technology Duties Cyberfraud/ID Theft Cybersecurity Feature Feature3.

Groups 78
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CFPB Releases 2020 HMDA Data Report

CFPB Monitor

The CFPB recently released a report entitled Data Point 2020: Mortgage Market Activity and Trends addressing 2020 Home Mortgage Disclosure Act (HMDA) data. Among various highlights, the Report provides that 4,472 financial institutions reported at least one closed-end loan in 2020, which is down by 18.8 percent from 5,505 financial institutions that reported in 2019.

Report 78
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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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Nationwide to pay £125 to existing members who switch current account

TheGuardian

Existing customers to receive larger reward than new ones, in move that follows HSBC and Virgin Money Nationwide has entered the battle to persuade savers to change their current account provider, offering a cash incentive that rewards those customers who already use one of its services over new ones. Following in the steps of HSBC and Virgin Money, Britain’s biggest building society will pay £125 to existing customers, such as mortgage borrowers, if they also switch their current account to Nat

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BofA gets record patents as lender focuses on machine learning

BankInovation

Inventors at Bank of America Corp. kept originating ideas, leading to a record-setting first half of the year, even while continuing to work from home. The U.S. Patent and Trademark Office granted the lender 227 patents in the first six months of 2021, up 23% from a year earlier, Bank of America said in a […].

America 98
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Inflation Fears Rife Among US Bankers

Banking Exchange

Although bankers remain positive about the future economic conditions, many are concerned the spike in housing prices poses a serious risk to the US economy Risk Management Feature3 Financial Research Feature Financial Trends The Economy.

US 78
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This week’s podcast: A look at the enforcement challenges facing lenders arising out of the federal paycheck protection lending program (PPP), with special guest Louis Bruno, a partner in EisnerAmper’s advisory practice

CFPB Monitor

In this podcast, we discuss: the compliance challenges that could give rise to enforcement actions against PPP lenders and current and potential future investigatory activity; fair lending guidance for PPP lenders, key fair lending risks, and steps to mitigate fair lending risk; the status of examinations and reviews related to PPP loans; sources of compliance risk for PPP lenders; and suggested best practices for risk mitigation.

Lending 78
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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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Facebook digital wallet Novi is ready for market launch

The Paypers

Facebook has announced it will launch the Novi digital wallet tied to the Diem blockchain-based payment system, having received the necessary regulatory clearances.

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Robinhood technology and development costs surge 248% YOY

BankInovation

Trading app Robinhood’s technology and development spend is up 248% year over year to $156 million or 28% of total net revenues, the company reported during Wednesday’s earnings call. The Menlo Park, Calif.-based Robinhood also reported record total net revenues of $565 million in Q2, up 131% year over year. A chunk of that was […].

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North America Leads the Charge in Cloud-Based Banking

Banking Exchange

Survey by Harris Poll and Google Cloud reveals global take-up of cloud computing technology Technology Financial Trends Feature3 Feature Financial Research Outsourcing/Cloud.

America 78
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CA DFPI issues draft rules to implement CCFPL provisions on complaint handling, UDAAP definition for commercial transactions

CFPB Monitor

The California Department of Financial Protection and Innovation (DFPI) has issued an invitation for comments from interested parties on draft rules to implement certain provisions of the California Consumer Financial Protection Law (CCFPL) which became effective on January 1, 2021. The CCFPL provisions that the draft rules would implement deal with (1) procedures for a covered person or service provider to respond to consumer complaints and inquiries , and (2) the definition of unfair, decepti

CA 78
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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.