Sat.Aug 21, 2021 - Fri.Aug 27, 2021

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Data Is the Foundation…for Everything in Insurance (Part 4 of 5)

Perficient

Data fuels the engine of the digital economy. Connected experiences, in the context of the customer relationship, are driven by a robust data set that confidently presents integrated, diverse data to enable actionable insights that can be automated across the customer’s journey. Internally, data creates the foundation for increased analytic application of fraud detection, at-risk customer behavior, and improved cross-functional process management.

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What purpose-driven banking leaders do differently

Accenture

It’s an axiom among data-minded people that “In God we trust; all others must bring data.” Today we’re going to apply that idea to the hypothesis that purpose-driven banks outperform their peers. The specific data we’re looking at comes from Accenture research on the subject, which analysed 70 leading banks from around the world using…. The post What purpose-driven banking leaders do differently appeared first on Accenture Banking Blog.

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FinCEN AML/CTF Priorities Part 7: Fraud and COVID-19

Abrigo

COVID-19 creates new opportunities for fraudsters Fraudsters have taken advantage of COVID-19-related fraud schemes with the influx of money from government stimulus and vulnerable individuals. Would you like others articles like this in your inbox? Takeaway 1 COVID-19 has sparked new fraud schemes, and cyber-enabled fraud is on pace to reach new highs.

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Now is the Time to Diversify Revenue Generation

Jack Henry

As many of you are aware, there is a proposal in Congress to cap debit interchange, and it’s likely to pass into law. For institutions with less than $10B in assets, the cap could eliminate 25% to 35% of interchange income. While it’s always a good idea to have multiple healthy income streams, this unfavorable outlook for interchange makes it especially relevant now.

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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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Bolstering Digital Transformation in Banking

Cisco

IDC Uncovers the latest trends and advice for financial services. The events of 2020 will leave a lasting impact on the financial sector as institutions accelerated the shift to a digital environment, both for customers and their employees. Digital transformation has raised the bar for financial services , dictating seamless, personalized interactions during branch visits.

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Independent Loan Review: 3 Advantages for Financial Institutions – Video

Abrigo

Gain an Edge with Loan Review Function Independent loan review helps financial institutions achieve growth goals and win over competitors, Consultant Ancin Cooley explains in this video. You might also like this webinar: "Create & Maintain a Successful Loan Review Function" WATCH . Takeaway 1 Independent loan review might be seen as an irritation or annoyance, but it is vital for financial institutions' growth.

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Harnessing The Power of the Human Connection

Jack Henry

The Human Touch. It’s just another weekday at Mazama’s. As I stand in line, I watch as a woman gracefully moves from one task to another with ease. She makes eye contact and greets every person who comes through the door. She often knows what the person wants before they even ask, as if she reads minds. She asks about your kids by name and asks about your recent vacation.

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Credit Card Issuers Struggle to Meet Evolving Customer Expectations

Banking Exchange

Study finds that midsize credit card issuers report greater drop in customer satisfaction levels compared to national counterparts Retail Banking Financial Trends Feature Feature3 Financial Research Cards Payments.

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As Open Banking gathers momentum, smart banks get ready

Accenture

Today’s steady flow of customer data enables banks, non-banks and fintechs to take advantage of ecosystems and platforms to offer hyper-relevant, personalized products and services. The Open Banking wave is gaining momentum, and banks that try to ride it out using traditional business models risk losing customers and business opportunities. Despite a market that could be worth up….

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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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Market Commentary: Week of August 23, 2021

SWBC's LenderHub

Last Week. A combination of relatively hawkish July FOMC minutes and softer global economic reports gave risk markets a slightly negative tone last week. Additionally, industrial commodities took it on the chin, led by WTI crude, which fell over nine percent. Volatility returned to equities as the VIX rose 20%. The FOMC minutes revealed that QE tapering could come as soon as next month’s FOMC (September 22).

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Credit union uses ITM to handle COVID-19

ATM Marketplace

Banks have struggled to keep branches operational during COVID-19. Credit unions in particular, had major issues adjusting since many unions thrive on that in-person, family environment. However, for one credit union, ITMs helped keep that personal touch alive.

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Financial services businesses charging towards cloud computing technology

Banking Exchange

Increasing use of cloud technology set to transform financial services businesses Technology Outsourcing/Cloud Tech Management Online Feature3 Fintech Feature Financial Trends.

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Listen: Startup seeks to leverage AI, automation to reach unbanked population

BankInovation

In this episode of “The Buzz,” Bank Automation News speaks to Alok Prasad, CEO of startup CashRepublic, about using automation and artificial intelligence (AI) to help communities of color take advantage of banking services. CashRepublic serves the unbanked currently with check cashing, wire transfers and other services at two Florida locations. It plans to launch […].

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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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Extinction Rebellion targets City of London in ‘blood money’ protest

TheGuardian

Activists tour financial institutions to highlight firms they believe to be culpable in climate crisis Extinction Rebellion protesters poured red paint over the entrances of City institutions as they marched through London’s financial district in a protest against the ‘“blood money” on which they say the UK economy is built. In what appeared to be the biggest mobilisation so far this week by the environmental protest group, several thousand demonstrators took a tour of the City, stopping off at

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Bank Customer Experience Summit to address fintech strategies for customer experience

ATM Marketplace

Fintech companies are continually developing innovative strategies to reach out to a changing customer base during uncertain times. The Bank Customer Experience, being held in Chicago from Sept. 13 to 15, will deliver multiple sessions on fintech strategies and how to use them.

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More Than 232 Million US Consumers Can Be Scored by the FICO Score Suite

FICO

Based on the 2020 US Census , the US credit-eligible population (those over 18 years of age) is 258 million people. But how many of those consumers can obtain a FICO® Score? . Calculations by FICO data scientists indicate that more than 232 million US consumers can be scored by the FICO® Score suite. That is 90% of the credit-eligible US population.

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Africa-focused fintechs raise nearly $700 million this week

BankInovation

African-focused fintechs raised nearly $700 million this week in funding rounds for cross-border payments company Zepz and Nigerian mobile-payments startup Opay. Governments and central banks in those regions are investing in enhancements to the payment network infrastructure to enable higher degrees of financial inclusion, Ronak Doshi, vice president at research and consulting firm Everest Group, […].

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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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Extinction Rebellion blocks Whitehall in protest against HMRC and Barclays

TheGuardian

Activists say the bank, which handles government tax accounts, gives billions in funding to fossil fuel industries Hundreds of Extinction Rebellion protesters have blocked Whitehall in a protest against HMRC’s links to Barclays Bank, which handles the government’s tax collection bank accounts. On the second day of the environmental protest group’s latest campaign of protest and civil disobedience, activists from its Welsh chapter locked themselves together in the street in front of the tax colle

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Spend More Time Making Money and Less Time Managing It with Today’s Remote Cash Capture

ATM Marketplace

The continued demand for cash acceptance can trap merchants between a rock and a hard place. Naturally they want to accommodate customers and adhere to regulations. However, this means assuming the considerable costs and risks associated with cash acceptance.

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Plans to Expand Credit Union Authority Criticized by ABA

Banking Exchange

The association objected a bill proposed with the intention to increase credit union memberships Community Banking Consumer Compliance Consumer Credit Feature Feature3 Diversity.

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Technology spend plays role in RBC, BMO and Scotiabank Q3 expense rise

BankInovation

Three of Canada's “Big Five” banks cited increased technology spend while providing insights into how they are each utilizing technology during this week’s third-quarter earnings calls. Here’s a rundown of what the Royal Bank of Canada, Bank of Montreal and Scotiabank revealed during their reports to shareholders: RBC The $1.3 trillion Royal Bank of Canada […].

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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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Mosquito State review – a torrid, original tone poem to late capitalism

TheGuardian

Swarms of bloodsucking insects mirror the volatility of the markets in this thrilling drama of financial crisis This highly original, visually torrid take on Wall Street and last decade’s global financial crisis celebrates the true masters of the universe: mosquitoes. Richard Boca (Beau Knapp), head analyst for investment firm Abbott Werner, is a gauche social misfit tolerated because he developed the algorithms that keep the company ahead.

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Special-Purpose Air Conditioners Cool Electrical Enclosures

ATM Marketplace

Understanding how specialized air conditioning units work can help you decide if they are right for your Kiosk, ATM, or DIgital Signage cooling needs.

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This week’s podcast: NACHA’s Meaningful Modernization Rule: A Close Look at the Changes for Consumer Debit Authorizations and more

CFPB Monitor

In this podcast we cover upcoming changes to the NACHA Operating Rules as part of the Meaningful Modernization rule which takes effect September 17, 2021. We discuss the payments environment leading to the changes, new disclosures for consumer ACH authorizations, use cases and requirements for Standing Authorizations and changes for Oral Authorizations.

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U.S. Bank takes ownership stake in 2 venture capital firms

BankInovation

U.S. Bank has ownership stake in two fintech-focused venture capital firms, the $558.9 billion bank announced today. The VC firms are Fin Venture Capital and Commerce Ventures, which both invest in startups that work alongside banks. David Ness, who leads the fintech engagement group, told Bank Automation News why U.S. Bank chose Fin Venture Capital […].

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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.