Sat.Sep 18, 2021 - Fri.Sep 24, 2021

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How a long road trip made me a better leader

Accenture

This summer I did something extraordinary. I unplugged. Really unplugged. Over the course of nearly two months, my 11-year-old son Evan and I traveled over 11,000 miles from Charlotte, NC, to the Oregon coast and back hauling a vintage 1971 Airstream camper. No, I’m not unemployed or transitioning between jobs. I lead a major business unit…. The post How a long road trip made me a better leader appeared first on Accenture Banking Blog.

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New Disclosures under CECL: What Banks & Credit Unions Need to Know

Abrigo

CECL disclosure requirements for 2023 filers and others New disclosures are required under CECL in some cases. Here’s how they’re changing for financial institutions. See below for key takeaways of this article. Stay updated on all things CECL. 1. New Disclosures Under CECL CECL disclosures play a central role in the new standard, but many financial institutions begin work on them too late in the process.

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Beyond Texting – Augmented Chat for Banks and Credit Unions

Jack Henry

Text messaging is one of the most popular ways for users to reach friends and family. With its immediacy and simplicity, it seems like an obvious way for banks and credit unions to send alerts, updates, and more. And yet, text messaging has relatively few viable use cases in financial services today. Instead, authenticated, augmented chat has taken center stage as a way for institutions to connect with accountholders quickly and easily.

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Financial trade associations oppose proposed IRS tax reporting requirement

CFPB Monitor

On September 17 th , the Consumer Bankers Association, the American Bankers Association, and a large number of other financial trade associations sent a letter to Speaker of the House Nancy Pelosi (D-CA), Majority Leader Kevin McCarthy (R-CA) and other House Members opposing a proposal under consideration as part of the budget reconciliation package that would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service (IRS) inform

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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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Unlock the promise of Open Banking market infrastructure

Accenture

Open Banking allows customers to share access to their banking data with trusted third parties, which then provide the customer with a better banking experience. Its adoption has been uneven around the world, with some regions quickly introducing it while others take a more cautious approach. Accenture research shows that 76% of banks worldwide expect customer adoption and….

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How to move from transactional to relational banking

ATM Marketplace

If there is one constant need for banks, it is the need to acquire new customers and to convert them into lifelong customers; however, accomplishing this task is no easy feat. A panel at the Bank Customer Experience Summit addressed how to create not just transactional customers, but rather relational.

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Evergrande: will it collapse and what would happen if it did?

TheGuardian

If Chinese property company Evergrande sinks under its $300bn debt its failure would resound across the global economy Evergrande Real Estate – or Heng Da Group in Chinese – owns more than 1,300 building projects in more than 280 cities across China. Continue reading.

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Banking Technology Vision 2021: Key trends for UK and Irish banks

Accenture

For the past 21 years, Accenture’s Banking Technology Vision has pinpointed the emerging tech trends with the greatest potential to disrupt businesses and the industry. I’ve been with Accenture for 16 of those years. Reading this edition of the Banking Tech Vision I felt it stood out from all the previous ones—especially from the perspective of the industry in the UK and Ireland.

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Ex-hedge fund manager’s startup hits $2B value

BankInovation

Advance Intelligence Group, a technology startup led by former hedge fund manager Jefferson Chen, topped $2 billion in valuation after raising more than $400 million from investors led by SoftBank Vision Fund II and Warburg Pincus. Northstar, Vision Plus Capital, Gaorong Capital and EDBI also joined the Series D financing round, the company said in […].

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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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4 experts share digital banking insights at Bank Customer Experience Summit

ATM Marketplace

Digital banking is here to stay, but doing it properly requires the right practices and tools. Four experts at the Bank Customer Experience Summit, held in Chicago from Sept. 13 to 15, shared insights into how to succeed in various areas of digital banking.

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‘Eerie silence’ as Evergrande misses payment deadline

TheGuardian

As debt-laden Chinese property giant enters 30-day grace period, officials look to limit unrest and job losses The embattled Chinese property developer Evergrande is inching closer to the potential default that investors fear, after missing an interest payment deadline. The company, which has total debts of about $305bn (£222bn), has run short of cash and investors are worried a collapse could pose systemic risks to China’s financial system and reverberate around the world.

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Podcast: Breaking Down the Tax Reporting Proposal and Its Path in Congress

ABA Community Banking

The fight on Capitol Hill over the Biden administration's controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine. The post Podcast: Breaking Down the Tax Reporting Proposal and Its Path in Congress appeared first on ABA Banking Journal.

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Plaid partners with digital banking platform Q2

BankInovation

API integration provider and data network Plaid this week announced a new partnership with digital banking platform Q2 to offer customers a secure, reliable means to connect accounts to apps and services. It’s an alliance that will give developers at more than 500 banks and credit unions free access to the technology platform, Plaid spokesperson […].

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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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FICO Facts: Do FICO Scores Consider Telco and Utility Data?

FICO

Do FICO Scores Consider Telco and Utility Data? The unequivocal answer is yes! FICO® Scores have always considered telco and utility payment data that is furnished to the three nationwide U.S. credit bureaus : Equifax, Experian and TransUnion. The inclusion of telco and utility payment information dates back to the release of the very first FICO Scores in 1989.

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Fraud in UK at level where it ‘poses national security threat’

TheGuardian

UK Finance says £754m stolen from bank customers in first half of 2021 as scammers capitalised on Covid Fraud victim scammed for almost £25,000 Coronavirus – latest updates See all our coronavirus coverage Fraud in the UK has risen to a level where it poses a “national security threat”, according to the main banking body, with £754m stolen from bank customers during the first half of this year – a 30% rise on the same period in 2020.

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DOJ enters into consent order with NJ student lending authority to settle claim of alleged SCRA violations

CFPB Monitor

The Department of Justice announced earlier this week that it has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (HESAA) to settle the DOJ’s claim that HESAA violated the Servicemembers Civil Relief Act (SCRA) by obtaining unlawful court judgments against two military servicemembers for amounts owed on student loans.

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A tale of two customer experiences

BankInovation

Perhaps the biggest business trend over the past several decades has been customer centricity, making the customer experience a top priority. Financial institutions continue to invest heavily in technologies that improve customer interactions and help to build long-term loyalty. But in today’s digital-first world where most interactions are increasingly on screen, we no longer have […].

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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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OCC Highlights Concern Around ‘Siloed’ Banks and Inequality

Banking Exchange

‘Perpetuation of inequality is a deepening problem, while pace of technology is increasing’ says Acting Comptroller Compliance Technology Feature3 Feature Fintech Duties Diversity Digital Bank On Initiative.

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Shares in China’s Evergrande plunge again as fears of contagion grow

TheGuardian

Hong Kong stock fell almost 17% amid default fears that are beginning to have a knock-on effect on other markets Shares in the embattled Chinese property company Evergrande have plunged 17% as investors weigh up whether the group’s massive debt problems could trigger a broader sell off across all financial markets. Evergrande plunged to its lowest market value ever in Hong Kong on Monday, dragging the Hang Seng index down to its lowest point for nearly a year.

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Sixth Circuit rules unconstitutionality of 2015 TCPA amendment did not invalidate claims for post-2015 TCPA violations not involving the collection of government debt

CFPB Monitor

The U.S. Court of Appeals for the Sixth Circuit recently ruled that the unconstitutionality of the 2015 TCPA amendment that created an exception to the robocall restriction for calls made to collect debts owed to the federal government did not invalidate the plaintiff’s claims for TCPA violations based on robocalls he received in 2019 and 2020 advertising utility services.

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Wells Fargo to implement nCino’s bank operating system, expand digital capabilities

BankInovation

The $1.9 trillion Wells Fargo has selected banking software provider nCino’s technology platform to streamline loan origination, account opening, business process management, customer engagement and instant reporting. The San Francisco-based bank serves one in three U.S. households and more than 10% of all middle-market companies and small businesses in the United States.

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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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Arvest Bank Hires Digital Banking President, Mid Penn Bank Names New CFO

Banking Exchange

Plus: Technology Credit Union hires chief credit officer, Guggenheim Securities expands consumer and retail investment team, and banking veteran joins Rochelle State Bank Management Feature Human Resources Feature3 Community Banking.

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Fraud victim scammed for almost £25,000: ‘They had detailed information’

TheGuardian

Merrick Anderson was called by someone posing as a member of Lloyds Bank’s fraud department Fraud in UK at level where it ‘poses national security threat’ Merrick Anderson lost almost £25,000 through an authorised push payment fraud in March. The university fellow, who moved to the UK late last year, was called by a scammer posing as a member of the Lloyds Bank fraud department, who told him that the account he held there had been compromised.

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Adam Wright joins CA DFPI’s Office of Financial Technology Innovation; meetings available during weekly office hours

CFPB Monitor

AB-1864, which took effect on January 1, 2021 and significantly expanded the powers of the California Department of Financial Protection and Innovation, required the DFPI to establish a “Financial Technology Innovation Office.”. Adam Wright, Senior Counsel, recently joined the Department’s new Office of Financial Technology Innovation, having previously served as an enforcement attorney with the DFPI.

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Listen: Despite fintech rush, most payment options are still manual

BankInovation

Payments remain an essentially manual process despite the move toward automation, Steve Kramer, vice president of product at billing and payments platform PayNearMe, explains in this week’s episode of “The Buzz.” In this podcast, Kramer sits down with Bank Automation News to discuss how banks can automate payments to reduce customer friction, including options for […].

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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.