March, 2024

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Visa, Mastercard reach landmark credit card settlement

Payments Dive

The two biggest U.S. card networks agreed to cap interchange fees for five years, among other terms, to settle merchant litigation that has lasted nearly two decades.

Cards 448
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36 Hours at Fintech Meetup: Three Themes from the Las Vegas Event

Gonzobanker

It happened this week: Fintech Meetup , one of the newer trade events that brought 4,000 or so fintech and banker types to Las Vegas. The striking thing about the conference was not the magician hired to walk around the booths during Monday’s reception or the illustrator seated right next to a sign created by artificial intelligence on Sunday’s welcome gathering, it was the event’s meeting pit: a section in the exhibit hall that was dedicated to taking short meetings that the mobile app as

Las Vegas 158
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Non-bank ATMs have hidden opportunities amid challenges

ATM Marketplace

IADs have taken big hits in recent years, but consumers still want their services. This industry has a lot of untapped potential, if they take certain strategic steps for success.

ATM 114
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DOJ launches whistleblower pilot program and cracks down on artificial intelligence misuse

CFPB Monitor

Following a year of new DOJ policies and guidance designed to incentivize companies to self-report misconduct and to cooperate with government investigations, the DOJ has added a new pilot whistleblower rewards program. In their remarks at the American Bar Association’s 39 th Annual National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco and Acting Assistant Attorney General Nicole Argentieri both explained that the new whistleblower policy is designed to incent

Policies 109
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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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Guest Post: Financial Markets and Economic Update - First Quarter 2024

Jeff For Banks

Four Years Ago It was on March 11 th , four years ago in 2020, that the WHO declared a global pandemic due to the Covid virus threat that originated in China. Our lives changed forever from this whole experience of the government’s declaration of a national emergency, leading to forced shutdowns of businesses and schools, mandated mask wearing, forcing 6-foot distances between people, travel restrictions, fear mongering with case and death counts, and forced vaccines/boosters.

Marketing 145

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Banking apps fall short on fraud protections: report

Payments Dive

Consumer Reports Senior Director Delicia Hand said preventing fraud and scams is "crucial" for traditional and digital banks alike, as more of their customers use their mobile apps.

Fraud 458
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Banks driving increase in global meat and dairy production, report finds

TheGuardian

Financiers providing billion-dollar support for industrial livestock companies to expand leading to unsustainable rise in production Billion-dollar financing is driving unsustainable increases in global meat and dairy production, a report has found. Global meat production rose 9% between 2015 and 2021, the report said, while dairy production increased 13% in that time.

Report 111
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AI's next big step for banking is data processing: First Internet Bank CEO discusses

ATM Marketplace

First Internet Bank CEO David Becker believes that banks should take a "forward looking approach" with AI, especially in the area of data processing.

Data 125
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New money, old money

BankUnderground

David Rule and Iain de Weymarn Technologies such as distributed ledgers create the possibility of new forms of digital money, whether privately-issued ‘stable coins’, tokenised commercial bank deposits, or central bank digital currencies. Authorities are considering a world where digital money circulates alongside existing forms of money. In the past, the nature of money has often changed.

Taxes 100
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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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Fed's Barr working with Powell to find consensus on Basel III

American Banker

The Federal Reserve's vice chair for supervision says the board is discussing ways to address the various concerns banks have raised about the capital reform proposal.

Capital 99
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KeyBank 2-3 years from gen AI features for customers

BankInovation

Both KeyBank and PNC Bank are exercising caution in how they roll out generative AI to their customers. The models need to be refined for accuracy before consumers can be the “prompters,” or questioners, for gen AI-driven features, Dominic Cugini, chief transformation officer at $185 billion KeyBank, said at Bank Automation Summit U.S.

Exercises 112
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Visa spends ‘billions’ battling cybersecurity threats

Payments Dive

“We are all in an arms race to protect this ecosystem, to protect the network,” Visa CEO Ryan McInerney said at an investor conference last week.

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Take it from a former banker: the budget is for ordinary people. The mega-rich look on and laugh | Gary Stevenson

TheGuardian

Whatever Jeremy Hunt says, traders know the rich will get richer and the poor will get poorer. And they’re paid millions to bet on it In May 2010, I lost $8m in a week. I was 23 years old. Back then, I was an interest rates trader for Citibank in Canary Wharf. I had won that job only three years earlier in a card game while I was a maths student at LSE.

Study 112
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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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AI will transform banking

ATM Marketplace

Banks can use AI to improve customer experiences and provide a more personalized touch to their services, to streamline bank branch management and bolster security, creating the bank of the future.

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Time to TikTok?

ABA Community Banking

The popular app is where Gen Z goes for trends, news and even financial advice. Here’s how some banks are using TikTok and platforms like it for education. The post Time to TikTok? appeared first on ABA Banking Journal.

Trends 98
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Banking on AI: How financial institutions are deploying new tech

American Banker

Lack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use AI, according to data from Arizent.

Tools 95
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LemonadeLXP wins inaugural Demo Challenge

BankInovation

NASHVILLE, Tenn. — Digital banking service provider LemonadeLXP won the inaugural Demo Challenge at Bank Automation Summit U.S. 2024. Nine financial services technology startups showcased their latest innovations with technology leaders and executives at the March 19 event.

Nashville 112
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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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Meta’s payment plays may pay off this year: report

Payments Dive

A partnership between tech giants Meta and Amazon “could represent the tipping point of transforming social media into a transaction platform,” Mizuho Securities analysts said in a report this week.

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US banks abandon ‘bare minimum’ environmental standards project, alarming climate groups

TheGuardian

Citi, BofA, JPMorgan Chase and Wells Fargo leave framework that assesses environmental, social and governance (ESG) financing Four of the world’s biggest banks have left the Equator Principles, a set of minimum industry standards and safeguards for financial institutions to address environmental and social risks in countries where they finance fossil fuel and mining projects.

Groups 106
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AI's next big step for banking is dating processing: First Internet Bank CEO discusses

ATM Marketplace

First Internet Bank CEO David Becker believes that banks should take a "forward looking approach" with AI, especially in the area of data processing.

Data 98
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When Data Speaks, Do You Listen? The Power of Data-Driven Storytelling in PR and Marketing

William Mills

In a time where information reigns supreme, the strategic use of proprietary data in PR and marketing is not just an advantage — it's essential. As data-driven storytelling has become a cornerstone for success, PR and marketing professionals must learn how to properly gather, analyze and derive this information to help create stronger messages, bring more credibility, and garner greater media attention for clients.

Data 90
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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.

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A third of banks ban employees from using gen AI. Here's why.

American Banker

False information, job losses, diminishing skills and human interaction, among other concerns, have bankers worried about deploying both generative artificial intelligence, like ChatGPT, and more long-accepted forms of AI like machine learning, according to a new survey of American Banker readers.

Survey 92
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Fifth Third CIO: Chatbot 97% accurate in classifying customer intent

BankInovation

NASHVILLE, Tenn. — Fifth Third Bank says that added efficiencies to its chatbot have boosted its accuracy rate as it leans into generative AI.

Nashville 115
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Cash App enforcement action expected this year

Payments Dive

Federal regulators reviewing whistleblower allegations related to Block’s Cash App may act on the complaints this year, predicted an attorney for the complainants.

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Turkish central bank stuns market by hiking interest rates to 50%

TheGuardian

Hawkish rise 10 days before local elections is seen as a signal of independence from politics Turkey’s central bank unexpectedly raised interest rates to 50% on Thursday, citing a deteriorating inflation outlook and pledging to tighten further if it looks like inflation is significantly and persistently worsening. The hawkish move came 10 days before local elections and was seen by analysts as a signal that the central bank was independent from any political constraints and determined to tackle

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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.