South State Correspondent
JUNE 20, 2023
For the first time in ten meetings and the first time in 15 months, the Federal Reserve left its fed funds rate unchanged at 5.00–5.25%. However, far from settling future interest rate moves, the “Fed Pause” creates several perplexing future monetary scenarios. While the Fed did pause, it increased its terminal rate forecast by another 50 basis points.
BankInovation
JUNE 22, 2023
Bank of America’s Amanda Sorensen, senior vice president of the Business Information Security Office, is focused on risk mitigation, staying ahead of cybercriminals and monitoring cyberattacks at the $3.1 trillion bank. The Charlotte, N.C.-based bank announced that it had increased its projected technology spend by $400 million for 2023 to $3.
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Payments Dive
JUNE 20, 2023
The bills introduced last week aim to protect Americans’ right to use cash, and to address privacy concerns regarding a cashless economy.
South State Correspondent
JUNE 22, 2023
In the last article, we covered the basics of EOS ( HERE ), the Entrepreneurial Operating System, and how some banks use it to improve productivity. EOS is a comprehensive business system that empowers a leadership team to run a more successful bank. EOS comprises a series of tools and concepts that guide leaders in managing and optimizing their operations.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Abrigo
JUNE 23, 2023
A unified data platform helps banks organize without the headaches Abrigo Connect offers an alternative to data warehousing that lets financial institutions more easily put their data to use. You might also like this on-demand webinar on the new CFPB small business data collection rule Watch Takeaway 1 Banks and credit unions often face challenges implementing data warehouses and are not pleased with the result.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JUNE 21, 2023
Canadian e-commerce company Shopify is upgrading its integration with Dutch fintech Adyen in an effort to serve larger merchants in North America, and on the international stage.
Gonzobanker
JUNE 21, 2023
What’s the #1 search engine for Gen Z consumers? Mary Wisniewski invites Tony DeSanctis to chat about what works and doesn’t to influence and engage a Gen Z audience. Could financial institutions, not traditionally known for making emotional connections with customers, be doing a better job? Watch the video Social clips cited: [link] [link] [link] The post Want to Get Gen Z’s Attention?
ATM Marketplace
JUNE 21, 2023
The sheriff claims his office acted appropriately in seizing cash from the machine and returning it to the victim of a ransomware scam. BItcoin Depot claims legal procedure was not followed.
CFPB Monitor
JUNE 23, 2023
On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report , which analyzes consumer complaints received from servicemembers, veterans, and their families for the prior year. This year’s report highlights an increasing number of complaints received from servicemembers regarding payment apps and the heightened risks associated with identity theft and unauthorized use for military consumers.
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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
Payments Dive
JUNE 22, 2023
“B2B organizations have been slow to adapt to the changing demands and expectations of Gen Z,” writes a payments company vice president. “This is a huge mistake, and it can cost them dearly in the long run.
BankInovation
JUNE 23, 2023
Amid strong competition for deposits, Seattle Bank’s CD Valet, which assists customers in finding the most competitive certificate of deposit rates, this month added digital account opening capabilities to the platform.
ATM Marketplace
JUNE 20, 2023
Cryptocurrency took a major hit this month, as the Securities and Exchange Commission opened lawsuits against popular exchanges Binance and Coinbase.
ABA Community Banking
JUNE 23, 2023
Banks can use low-code no-code tools to drive innovation and customize and automate workflows even if they don’t have staff with highly technical coding experience. The post Low-code no-code: A visual approach to tech innovation for banks appeared first on ABA Banking Journal.
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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
Payments Dive
JUNE 23, 2023
Fees and interest incurred on financial services, including credit cards, rose 14% last year, the Financial Health Network reported.
BankInovation
JUNE 23, 2023
Plaid is looking to fight fraud with its Thursday launch of a network-based tool to help financial institutions take a collective approach to a problem that cost consumers nearly $8.8 billion in 2022, according to the Federal Trade Commission.
CFPB Monitor
JUNE 23, 2023
On June 21, 2023, the American Financial Services Association (“AFSA”) asked the House Appropriations Committee to include language in the Financial Services and General Government appropriations bill that would prevent the Federal Trade Commission (“FTC”) from finalizing or implementing the Motor Vehicle Dealers Trade Regulation Rule (the “Proposed Rule”).
ABA Community Banking
JUNE 21, 2023
Affordable housing is an old problem in search of new solutions. As banks develop creative, sustainable programs to help close ever-widening wealth and homeownership gaps in underserved communities, they know there’s more to be done. The post Housing affordability: In the pursuit of equity appeared first on ABA Banking Journal.
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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.
Payments Dive
JUNE 23, 2023
The online broker said it agreed to acquire the credit card business for $95 million. X1 doesn’t charge card holders annual or late fees, but does charge interest.
BankInovation
JUNE 20, 2023
Discover has pledged $36 million toward its Discover Financial Health Fund, an initiative launched last week to support startups that promote the financial well-being of traditionally underserved populations.
CFPB Monitor
JUNE 23, 2023
Today, the U.S. Supreme Court held in a 5-4 decision that an appeal of the denial of a motion to compel arbitration automatically stays lower court proceedings pending the outcome of the appeal. The decision in Coinbase, Inc. v. Bielski resolves a split between the Third, Fourth, Seventh, Tenth, Eleventh, and D.C.
BankBazaar
JUNE 20, 2023
Introducing the one and only Sainath, the Music Maverick who is on an escapade to conquer the ivories. Having passed Grade 1 of piano from Trinity College London, he is currently preparing to shine at the next level! Now, Sainath is not just the master of the keys! He has also conquered the world of keywords and uses his in-depth knowledge of SEO to help BankBazaar optimize website content and demystify the mysteries of website traffic.
Advertiser: Data Robot
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.
Payments Dive
JUNE 23, 2023
Can ATMs justify their existence in an increasingly cashless world?
BankInovation
JUNE 23, 2023
Tech giant Google launched an anti-money laundering tool backed by AI on Wednesday for financial institutions to detect nefarious activities. The tool uses machine learning (ML) to help financial institutions (FIs) identify risky transactions efficiently while driving down operational costs and improving consumer experience by using first-party data by the FI, according to Google’s release.
CFPB Monitor
JUNE 22, 2023
The U.S. Court of Appeals for the Ninth Circuit, in a 2-1 decision, recently affirmed the district court’s decision denying the plaintiffs’ motion for a temporary restraining order and preliminary injunction to block enforcement of Nevada Senate Bill 248 (S.B. 248). S.B. 248, which took effect on July 1, 2021, was enacted in response to the COVID-19 pandemic and requires debt collectors to provide written notification to debtors 60 days “before taking any action to collect a medical debt.”.
The Paypers
JUNE 21, 2023
US-based Mastercard has filed a trademark application for several cryptocurrency and blockchain-related tools reinforcing the company's interest in the crypto sector.
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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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