Sat.Apr 30, 2022 - Fri.May 06, 2022

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3 ways banks can get great ROI from the cloud

Accenture

Before making a big investment (of both money and effort) in their journey to cloud, most banks want to know what kind of return they’ll get on that investment. Is there a solid business case for moving to cloud? I discuss the areas that see the best return on investment (ROI) from cloud with Keri…. The post 3 ways banks can get great ROI from the cloud appeared first on Accenture Banking Blog.

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10 Top Banking Podcasts You Should be Listening to

Abrigo

Podcasts for Bank & Credit Union Execs & Staff Are Plentiful; Here Are 10 Good Ones These banking podcasts discuss current events, strategic and policy issues, competition, digitalization advice, and more. And all release a new episode at least monthly. Would you like other articles like this in your inbox? Takeaway 1 An estimated 38% of Americans 12 and older listen to at least one podcast each month, .

Community 195
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Is commercial lending on the rise?

Independent Banker

Ashley Horner (right), senior vice president and SBA loan administrator, shown with portfolio manager Melanie Elmore, says Summit Bank is on track to make $30 million in SBA loans this year. Photo: Jon Christopher Meyers. Loan providers share an infectious enthusiasm and growing optimism for one vertical’s prospects in 2022: commercial lending. Here’s how community bankers can take advantage of various sectors—including SBA lending—over the next 12 months.

Lending 158
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What Your Digital Commerce Strategy Means to Your Company

Perficient

Last week, we introduced our blog series on insurance commerce. We discussed the need to consider all the commerce activities that take place before the customer engages in a purchase. First, You’ll Need a Strategy. There are many versions of the famous quote that says, “Strategy without execution is a dream, and execution without strategy is a nightmare,” but the intent is clear – a sound strategy is required to achieve expected results.

Strategy 491
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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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Cannabis payments companies focus on compliance, creativity

Payments Dive

In the cannabis business, federal illegality has kept many banks and payments companies on the sidelines. That's opened the door for young companies that are using the ACH network to facilitate cannabis payments in states where it’s been legalized.

Company 455

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Create and Maintain an Effective Loan Policy

Abrigo

Confident Risk Management Begins with Sound Loan Policy A risk-based approach to loan policy can effectively improve your institution's profitability. You might also like this webinar on loan policy best practices. WATCH. Takeaway 1 Loan policy is the foundation of a risk-focused financial institution, and it requires regular updates and monitoring to be effective.

Policies 195
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Perficient Included in IDC Market Glance: Lending Digital Transformation Strategies

Perficient

While it was once expected and acceptable for lenders to enforce standardized payment due dates and policies, COVID-19 brought the impracticality and ineffectiveness of a “one-size-fits-all” approach to credit and lending to light. Two-plus years later, banks and credit unions continue to feel the pressure to transform their credit and lending operations.

Lending 354
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FTA pushes for remittance fee reform

Payments Dive

"We urge Director Rohit Chopra to update the CFPB’s outdated remittance rule and take on the high cost of international payments," the Financial Technology Association says in this op-ed piece.

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Market Awaits FOMC Decision and Powell’s Comments

South State Correspondent

Market Awaits FOMC Decision and Powell’s Comments. It’s not so much the 50bps rate hike we expect from the Fed this afternoon, but how Powell frames expectations for the meetings to come that will be the focus for investors. That will have to come mostly in the post-meeting press conference since we won’t see refreshed economic or rate forecasts until the June meeting.

Marketing 195
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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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Lessons Learned from ICBA’s Karen Thomas

Independent Banker

By Lindsay LaNore, ICBA. Karen Thomas. This year, after almost 30 years at ICBA, Karen Thomas is retiring. As the leader of our government relations and advocacy team, she has built an exceptional legacy and garnered industrywide admiration for the depth of her knowledge and her remarkable humility. As her departure approaches, we sat down to discuss her path to leadership and her advice to others.

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Creating a Deposit Advance Product to Boost the Customer Experience

Perficient

According to industry research, 73% of all people point to customer experience as an important factor in their purchasing decisions. Moreover, customers in the financial services industry are increasingly interested in using their go-to firm to cover more of their needs, rather than using multiple providers. To meet the needs of their customers, banks are creating a plethora of new products and services.

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Congressman calls for increased digital wallet protection

Payments Dive

Consumers may "not understand that funds kept in digital wallets or by payment apps may not be insured and protected to the same degree as their bank accounts,” a congressional report says.

Report 432
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This Week Should Provide Some Key Answers for Investors

South State Correspondent

This Week Should Provide Some Key Answers for Investors. By the time we get to the weekend, we should have a lot more information in hand in regards to both the economy, the labor market, and monetary policy. The FOMC meeting’s rate decision on Wednesday is the highlight of the week, and the question is not so much the hike itself that day but how hawkish the Fed will be which will guide investors’ expectations for hikes to come.

Meeting 195
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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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Brad M. Bolton: Educating future leaders

Independent Banker

Photo by Chris Williams. Focusing on the ‘whys’ helps employees see how decisions fit together in a perfect puzzle for high-performing success, and it motivates them to be contributors to that success. In community banking, we’re not ones to rest on our laurels. We’re always raising the bar for ourselves, our teams and our communities to ensure we provide the best possible services to our customers.

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Why Attracting and Retaining Talent is Not Good Enough

Gonzobanker

A focused plan for the development of next generation talent is no longer optional. Every year, Cornerstone Advisors conducts a survey of community-based financial institution CEOs that asks what their top concerns are. The 2022 survey produced the biggest one-year change we have ever seen. A full 63% of executives identified the ability to attract qualified talent as a key concern, up from just 19% the year before (Cybersecurity and new customer growth were #2 and #3 at just over 40%).

Training 157
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BNPL players' losses grow as costs soar

Payments Dive

Buy now-pay later providers are having to pay a hefty price to keep up with surging consumer demand for their financing services, spending large sums to add new technology and more employees. As a result, their expenses are rising at a much faster rate than their revenue, meaning most of the major players are posting losses despite the BNPL mania.

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Forecasting Cost of Funds Given Fed Moves

South State Correspondent

Based on the futures market, the Federal Reserve is expected to raise the Fed Funds rate to 3.00% at its December 2022 meeting. The Fed will also aggressively shrink its balance sheet to tame unwanted inflation. These two Fed moves, along with the economic environment and customer behavior will impact your forecasting of your cost of funds. In this article, we analyze the industry’s cost of funding earning assets (COF) and track how community banks’ COF behaves relative to larger banks.

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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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Fighting fire with funding

Independent Banker

Plumas Bank CEO and delegate for ICBA’s Federal Delegate Board Andrew Ryback (right) assesses the Dixie Fire’s damage to downtown Greenville, Calif., with Donavon Beatty from Beatty Construction. Photos courtesy Plumas Bank. In the wake of the devastating Dixie Fire in northeastern California, Plumas Bank partnered with a local community foundation, forming the Dixie Fire Fund with a $50,000 bank donation.

Community 150
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Remote notarization delivers branch transformation

ATM Marketplace

It's no surprise that bank branches have had to make adjustments and add new services due to constantly changing circumstances. One such service is remote notarization, a tool that banks can use to notarize documents online.

Tools 155
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Durbin proposes card fee reforms, not legislation

Payments Dive

Sen. Dick Durbin pushed for a handful of reforms of credit card fee practices at Wednesday's Senate Judiciary Committee hearing on "excessive swipe fees," but didn't offer plans for new legislation. He also questioned Visa and Mastercard representatives about recent fee increases and took testimony from consumer advocates who slammed the hikes.

Cards 415
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ICE to Buy Black Knight – So What?

Gonzobanker

ICE should take care to ensure that this deal does not slow the speed to market of both companies. New York Stock Exchange-parent Intercontinental Exchange (ICE.N) just announced it will acquire Black Knight (BKI.N) in a deal valuing the mortgage-lending software and data analytics firm at $13.1 billion or about 9 times 2021 revenue. This is the same ICE that owns Encompass, the mortgage loan origination system formerly owned by Ellie Mae, in use by over 1,350 U.S. banks and credit unions for th

Lending 148
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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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3 business payments trends to watch

Independent Banker

Photo by Ridofranz/iStock. Mobile transactions. Multichannel experiences. Heightened data privacy awareness. As consumers’ changing preferences prompt community banks to deliver new technologies, here are some of the top trends to keep your eye on. By Mary Yerkes. From contactless payments to the digitization of business-to-business (B2B) payments, trends in business payments are shifting to meet customer preferences, making this space one to watch for community banks.

Trends 144
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Recent small business and consumer finance developments at the Federal Trade Commission, with special guest Malini Mithal, Associate Director, FTC Division of Financial Practices

CFPB Monitor

We discuss the industries and practices that have been the subject of recent FTC enforcement focus, including: marketing, servicing, and collection practices involving small business financing such as merchant cash advances; auto add-on product sales practices; product endorsements and reviews; dark patterns; marketing practices of for-profit schools; lead generation; and COVID-related fraud.

Fraud 148
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Grubhub launches corporate pay card

Payments Dive

Employers with a Grubhub Corporate Account can set parameters on when workers can use the pay card or choose to give them a daily or weekly credit to use when ordering from partner restaurants on the delivery marketplace.

Cards 396
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Market Commentary: Week of May 2, 2022

SWBC's LenderHub

Last Week. It is hard to imagine anybody went home for the weekend happy. The rout in both the equity markets and the bond market continues to pick up intensity. Global inflation continues to build as the supply of just about everything needed to make the world clothed, sheltered, and fed is experiencing major problems.

Marketing 148
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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.