Sat.May 15, 2021 - Fri.May 21, 2021

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Integrated Receivables ‘Defined’

Jack Henry

Merriam-Webster's Dictionary defines ‘integrated receivables’ as the aggregation, validation, and normalization of payment data to…wait no, I am not going to start there. Defining a perspective concept is much like trying to hold the wind in your hand; as soon as you think you have it, it has already moved on. Integrated receivables, like most modern-day concepts, is rooted in anticipating unpredictability rather than refined processes.

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Payment Fraud Fears Grow During Pandemic

Banking Exchange

More than half of consumers have become more concerned about fraud since Covid-19 Risk Management Technology Cyberfraud/ID Theft Operational Risk Feature Feature3 Mobile Tech Management Online Cards Security Checks/Remote Deposit Capture Payments.

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How to Build Future-Ready, Intelligent Operations That Drive Customer Experience and Faster Growth

Accenture

In my first blog on the future of banking operations in a post COVID-19 world, I examined why banks must reduce their operational costs dramatically just to stand still. In this follow-up post, I zero in on how to achieve the scale of cost reduction required – while also building the intelligent, growth-enhancing operations function….

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Federal Reserve and Other Banking Agencies Extend Comment Period for Artificial Intelligence

Perficient

Perficient highlighted in a blog more than a month ago that the five federal financial institution agencies – Board of Governors of the Federal Reserve System (The Fed). Consumer Financial Protection Bureau (CPFB). Federal Deposit Insurance Corporation (FDIC. National Credit Union Administration (NCUA). Office of the Comptroller of the Currency (OCC). were seeking public comment to understand the public’s views on the use of AI by financial institutions in their provision of services to cu

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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 May 17, 2021

SWBC's LenderHub

Last Week: It was a wild week for stocks, driven by a rather shocking Consumer Price Index (CPI) print for April on Wednesday. CPI, year over year, rose 4.2%. Market economists were already expecting a significant increase of 3.6%, so the large miss to the upside was huge. With the rising price of just about everything, the specter of inflation grew stronger, punishing stocks--especially growth stocks.

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Three innovative solutions shaping the future of the banking industry

Accenture

The Efma-Accenture Banking Innovation Awards are always a highlight of the year for me—and 2021 promises to be one of the most exciting competitions yet. As my colleague Alan McIntyre mentioned earlier this year, “Banks in 2020 were forced to make years’ worth of technology and business model changes in a matter of months.” So,…. The post Three innovative solutions shaping the future of the banking industry appeared first on Accenture Banking Blog.

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Improving Debt Collections – It’s More Than Just Technology…

Perficient

Our financial services practice is helping banks, credit unions, and other credit providers optimize their collections process by infusing to omni-channel technology, process improvements, and best practices. We’re helping them connect with more customers than ever before, and in new ways, to achieve higher contact rates. Through our work, we’ve found that other opportunities exist…beyond technology.

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ATMIA: Texas ATM human trafficking bill 'based on false premise'

ATM Marketplace

A proposed law to register ATMs in Texas to fight human trafficking has drawn criticism from the ATM industry.

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Information Security and Risk Management: Trends and Threats

Jack Henry

In this blog, I’ll dive into cybersecurity trends that present a significant potential risk and offer some practical advice to help you reduce the overall risk. 2020 Sets the Stage for 2021. Some of the threats in 2020 weren’t new. According to data from IBM Security X-Force, one in four attacks remediated as of September 2020 were linked to good old ransomware.

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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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What post-pandemic business travel teaches us about the new normal

Accenture

Last week, I was lucky enough to spend time at the Regions Tradition golf tournament in Alabama with our good friends from Regions Bank. The event went off without a hitch and was a welcome re-entry into travel in a safe, vaccinated, face-to-face environment. The event was great—and thought-provoking for me, as it was one…. The post What post-pandemic business travel teaches us about the new normal appeared first on Accenture Banking Blog.

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FDIC Proposed Rule and Information Requests Target False Advertising, Use and Misuse of FDIC Name and Logo

CFPB Monitor

The Federal Deposit Insurance Corporation (FDIC) recently issued a notice of proposed rulemaking (NPR) and request for information (RFI) addressing “False Advertising, Misrepresentation of Insured Status and Misuse of the FDIC’s Name or Logo”. Under this NPR, the title of 12 CFR Part 328, currently “Advertisement of Membership” would be changed to “Advertisement of Membership, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo.

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Fintechs and crypto pose a creative threat to traditional banking

Payments Source

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Funding wrap: Fintech investors find their new unicorn in Amount 

BankInovation

Two companies with valuations in the billions attracted investor interest this week. The latest Bank Automation News funding wrap includes one buy now pay later (BNPL) tech firm that has a unique partnership with Barclays US and another fintech that is breaking ground as a trading platform for recurring revenues. Here’s a look at the highlights: Amount: The latest fintech unicorn On Monday, BNPL technology firm Amount closed a Series D capital raise bringing in close to $100 million of additio

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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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IBB Published 92nd Banking Diploma Notice and Timetable

FluentBanking

Even in this amid COVID pandemic IBB has not stopped from taking a banking diploma a professional banking exam. It helps the bankers in a variety of ways from getting knowledge to get promoted. Presently most of the banks making this exam mandatory to pass. On May 04,2021 IBB has published the result of the 91st banking diploma and also published the timetable for the 92nd banking diploma.

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How to teach your kids about money: earning, saving and spending

Qudos Bank

As parents, it’s natural to want your children to have happy, comfortable and fulfilling lives. And you can play a huge role in shaping your little ones’ habits and behaviours to ensure they are set up for success.

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CADFPI announces hiring of Christina Tetreault to lead Office of Financial Technology and Innovation

CFPB Monitor

The California Department of Financial Protection and Innovation announced earlier this month that it has hired Christina Tetreault to lead the new Office of Financial Technology and Innovation. The hiring of Ms.Tetreault is particularly significant because, according to the DFPI’s press release , “[t]he announcement finalizes hiring for the most critical positions needed to stand up major offices and divisions to carry out the California Consumer Financial Protection Law which took effect Jan.

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Google puts tools rivaling Microsoft, Slack at center of I/O

BankInovation

Google unfurled an expansive range of consumer products and gee-whiz research at the kickoff of its marquee annual conference, with announcements spanning quantum computing, garrulous bots, automated photo animations and dermatology screenings. The technology giant bookended the presentation with tools made for workplaces, underscoring the company’s desire to position itself as a leader in the less […].

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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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FDIC Seeks Input on Digital Asset Regulation

Banking Exchange

Corporation is the latest regulator to respond to the rapidly growing fintech market Compliance Technology Feature3 Fintech Blockchain Feature Financial Trends Bitcoin Cryptocurrency Compliance Management Compliance/Regulatory.

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4 Ways to Fine Tune Your Risk Management Strategy Post-Pandemic

Jack Henry

The COVID-19 pandemic sent shock waves through local and world economies, with unprecedented shifts in consumer behavior, employment dynamics, and federal stimulus. Through it all, community banks and credit unions proved that they were up to the task. Having entered the event on much stronger financial footing than the great recession, these institutions met the challenge to respond by helping deliver key aid through the Paycheck Protection Program (PPP) and loan forbearance measures.

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CFPB enters into proposed settlement of lawsuit filed against debt settlement company, alleging deception about fees and disclosures in violation of the TSR and CFPA

CFPB Monitor

On May 17, 2021, the Consumer Financial Protection Bureau (“CFPB”) announced that it entered into a proposed settlement of its lawsuit filed in a Massachusetts federal district court against debt settlement company DMB Financial, LLC (“DMB”), alleging that the company engaged in deceptive acts or practices in violation of the Telemarketing Sales Rule (“TSR”) and the Consumer Financial Protection Act (“CFPA”).

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US Bank bolsters API fintech strategy with new Plaid partnership

BankInovation

U.S. Bank will partner with data integrator Plaid to provide customers with easier access to third-party apps, a move that extends the bank's strategic use of application programming interfaces (APIs). The deal is an indicator of the times as banks begin to signal more fintech partnerships in the coming year. U.S. Bank customers will be […].

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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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Bank 21 Offers Competitive Rewards Checking/Savings In Western MO

BankDeals

Bank 21 (MO) offers its competitive Kasasa Cash, Kasasa Cash Back, and Kasasa Saver accounts in western Missouri. Must be opened in-branch.

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Open banking must incorporate financial inclusion

Payments Source

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Plaintiff in lawsuit challenging CFPB’s rescission of ability-to-repay provisions of 2017 payday loan rule files opposition to CFPB and CFSA motions to dismiss; CFPB and CFSA file replies

CFPB Monitor

The National Association for Latino Community Asset Builders (NALCAB) has filed its combined opposition to the motions of the CFPB and the Consumer Financial Services Association (CFSA) to dismiss NALCAB’s lawsuit challenging the CFPB’s rescission of the “ability-to-repay” (ATR) or “mandatory underwriting provisions” in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).

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Jack Henry looks to digitalize specialty lending

BankInovation

With the recent rollout of its FactorSoft Web Portal in mid-April, Jack Henry Lending, the lending division of core technology provider Jack Henry & Associates, is looking to gain traction in a sector of secured finance where customers can be resistant to new technology. Factoring is a specialty finance model in which a lender advances […].

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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.