Sat.Aug 28, 2021 - Fri.Sep 03, 2021

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How intelligent prospecting will grow commercial banking

Accenture

When I started as a commercial banking relationship manager (RM) in the early ‘90s, a big part of my job was prospecting for new customers. This was an era when public information on privately held, mid-sized companies was extremely limited. The filings book I used to search for information—a thick paperback known as the Uniform…. The post How intelligent prospecting will grow commercial banking appeared first on Accenture Banking Blog.

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FinCEN AML/CTF Priorities Part 8: Drug Trafficking Organizations

Abrigo

Drug Trafficking Organizations (DTOs) are a key concern From drug cartels to street gangs, the illegal drug market has been a constant money-maker for DTOs. . Would you like others articles like this in your inbox? Takeaway 1 Identifying and reporting drug trafficking organizations (DTOs) are a staple of the Bank Secrecy Act. Takeaway 2 Criminals turn their illicit gains into usable tender, most commonly through trade-based money laundering (TBML).

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7 ways community banks can boost profitability

Independent Banker

Photo by Paper Boat Creative/Getty. A profitability strategy has a lot to factor in given today’s uncertain market. Here’s what community bankers need to know when planning their budgets for the next year. By Cheryl Winokur Munk. Quick stat. 53%. of digital banking customers said they switched to digital banking because of the pandemic. Source: 2021 Provident Bank survey.

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The Unthinkable Has Occurred – Can You Recover Your Data?

Jack Henry

Although ransomware has been a threat for organizations across diverse industries for decades, we are all aware that recently it has reached a prominence on the international stage never seen before – with multiple headlines and supply chain disruptions that affected millions of Americans. Not surprisingly, both bankers and regulators have taken up a renewed interest in how financial institutions can better protect themselves from this nightmare scenario.

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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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Four actions for banks to prepare for the Open Banking wave

Accenture

Compared with challenger banks, some traditional banks have been slow to adopt Open Banking. This is perplexing, given the potential $416-billion market opportunity Open Banking represents and the growth we expect to see over the next three years. Some banks have had understandable reasons to be hesitant about adopting Open Banking—but they won’t for much longer.

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Rebeca Romero Rainey: Use your voice

Independent Banker

Photo by Robert Severi. [There is a] need for strong voices to weigh in on how new regulation will affect our communities and the customers we serve. This month’s issue of Independent Banker focuses on regulation and compliance, which continue to be costly and important topics for our industry. A 2020 U.S. Government Accountability Office report concluded that a “very small” community bank could spend up to 2.4% of operating expenses on Bank Secrecy Act (BSA) work alone.

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Quandary 2021: Responding to Competitive Shifts in Overdraft Fees

Gonzobanker

News of waiving overdraft fees may sound like a big win for consumers. But it comes with a pile of unintended consequences. Checking fee income is facing extreme downward pressure during 2021, influenced by competitive factors and the specter of greater future regulation. For an America that’s benefited from more than $5 trillion of stimulus money, news of waiving overdraft fees may sound like another big win for the consumer.

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4 servitization models: the future of auto and equipment financing

Accenture

The auto and equipment finance sector is evolving to address new customer expectations for bundled services and pay-per-use plans. For lenders and lessors, it’s time to think about whether a traditional financing model will continue to serve them adequately. We think adopting a servitization model could give your business a competitive advantage. In our latest….

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China's Olive Revolution May be a Great Thing

SWBC's LenderHub

Investing in China—once viewed as a no-brainer way to riches by some of our most popular and successful investment managers—has gotten quite treacherous this year. From the cancelation of Jack Ma’s ANT (China’s largest digital payment platform) IPO and its subsequent surrender to the regulatory arm of the People’s Bank of China, to the neutering of Didi, China’s version of Uber, to declaring the multi-billion-dollar school tutoring industry non-profit with the stroke of a pen.

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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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3 Ways Savvy Bank Leaders Are Competing on Digital Experience

Banking Exchange

Accelerating digital capabilities in order to win, serve, expand, and retain customer relationships has become priority #1 Technology Tech Management Feature3 Fintech Feature Digital Customers Mobile Online Covid19.

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Lindsay LaNore: Lake rules for the workplace

Independent Banker

By Lindsay LaNore, ICBA. Summer is winding down, and the nights are drawing in. The kids are heading back to school, and those of us who are parents are settling into a new routine. It’s time for a return to structure, schedule, discipline—and rules. Going back to school is, of course, the ideal time for teachers to go back over classroom rules, but this time of year is also a great opportunity for leaders to revisit workplace rules, perhaps now more than ever.

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Video banking aims to restore personal touch for banking

ATM Marketplace

Branches have struggled to maintain a personal touch with customers while also delivering innovative technology. Video banking can help bridge the gap between these two worlds.

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Doctors stage XR die-in outside JP Morgan offices in London

TheGuardian

Sixty medical professionals including nurses hold protest to highlight fossil fuel investments Sixty doctors, nurses and other health professionals have staged a die-in protest outside JP Morgan’s Canary Wharf headquarters in London to highlight the bank’s investment in fossil fuels. The protest on Friday was organised by one of Extinction Rebellion’s groups, Doctors for Extinction Rebellion.

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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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When the Truth About Credit Unions Hits Close to Home

ABA Community Banking

The unequal tax treatment of credit unions is driving acquisitions of community banks—making it more attractive in many instances for a bank to choose a credit union as its buyer. The post When the Truth About Credit Unions Hits Close to Home appeared first on ABA Banking Journal.

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How to navigate payments trends

Independent Banker

Photo by Jorg Greuel/Getty. The payments space can be dizzying for even the most enterprising community bank. How do you navigate the constant churn of innovations or disruptors? Experts point to a strategy built on customer input and relationship-building. By Colleen Morrison. Banking-as-a-service (BaaS). Faster payments. Cryptocurrency. Central bank digital currency (CBDC).

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Financial services firms face high incidence of phishing attacks

BankInovation

As financial institutions lean on digital channels to keep pace with customer requirements during the pandemic, cyberattackers have multiplied their efforts to gain access to user credentials via phishing attempts. Financial services accounted for eight among the top 25 firms targeted most often by such attacks, according to a recent report from cybersecurity firm Vade […].

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I sent a £40,000 loan to my son by mistake and he spent it

TheGuardian

I accidentally put in the incorrect account number for a Nationwide second mortgage I am about to lose my home and don’t know where to turn. My partner and I took out a second £40,000 mortgage through Nationwide last year. It was to be paid into my partner’s account, but it didn’t arrive. I made several calls to Nationwide, which stated that the money had been paid, but refused to confirm the recipient’s details, citing data protection.

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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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2 reasons to register now for the Bank Customer Experience Summit

ATM Marketplace

When it comes to any industry, those that stand out not only understand the trends, they also set the trends. And by attending the Bank Customer Experience Summit, you will get a chance to meet these trendsetters first hand. This year's summit will be held from Sept. 13 to 15 in Chicago, so you will need to act fast to join in.

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Robert Fisher: A legacy of good

Independent Banker

Photo by Heather Esposito. It’s our responsibility to help make our communities better places to live, to help pull people out of poverty and address issues they’re facing. When I consider what differentiates us as community bankers, I’m immediately drawn to the legacy of good we create. We care for those in our communities not because we have to, but because they are our friends, neighbors and relatives.

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Big Canadian banks dismissive of potential risks from open data regime

BankInovation

The big five banks of Canada faced questions about their preparedness for the risks of open banking during last week’s earnings calls, on the heels of news the ruling Liberal party would support a proposed road map for an open banking regime. Leaders at the $1.4 trillion Toronto-Dominion (TD) Bank, $1.3 trillion Royal Bank of […].

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WWF office sit-in enters second day as XR keeps up London protests

TheGuardian

Extinction Rebellion members march through Westminster and target offices of JP Morgan An occupation of the offices of the environmental group WWF by a protest in solidarity with indigenous people in Africa has continued into its second day, as Extinction Rebellion’s actions continued in London on a smaller scale. About a dozen activists organised under the banner WTF WWF occupied the WWF offices in Woking, Surrey, on Tuesday morning.

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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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Adrienne Harris nominated to serve as Superintendent of the NY Department of Financial Services

CFPB Monitor

New York Governor Kathy Hochul announced this week that she has nominated Adrienne Harris to serve as Superintendent of the state’s Department of Financial Services. If confirmed by the New York Senate, Ms. Harris would succeed Linda Lacewell whose last day at the DFS was August 24. Ms. Harris previously served as a Senior Advisor in the Treasury Department during the Obama Administration.

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Will D&I requirements change this year?

Independent Banker

Some lawmakers on Capitol Hill are increasingly interested in diversity and inclusion (D&I) compliance requirements for financial institutions. Here are the key areas of D&I policies and practices that community banks may need if these requirements change or become mandatory. By Mary Thorson-Wright. How does your bank’s diversity and inclusion (D&I) compliance program compare with the regulatory standards for D&I policies and practices?

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ESG: It’s not easy being green

BankInovation

Maybe it’s the pandemic, or millennials’ superego manifesting upon the collective consciousness. Maybe it’s the zeitgeist. Whatever the reason, environmental, social and corporate governance (ESG) programs are increasingly finding favor with financial institutions. That’s especially true now, said Mukund Rao, chief business officer for banking, financial services and insurance for IT services and outsourcing company […].

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Business confidence in UK at four-year high but staff shortages a concern

TheGuardian

Greater optimism among companies in August about post-Covid recovery, says Lloyds See all our coronavirus coverage UK business confidence has hit a four-year high, thanks to growing optimism about the post-Covid recovery, but companies highlighted concerns about staff shortages, which could push up pay in the coming months. The vaccine rollout, removal of lockdown restrictions and changes to self-isolation rules all contributed to greater optimism among firms in August, according to the latest s

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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.