April, 2024

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Fed seeks 8,000 financial institutions for FedNow

Payments Dive

About 700 financial institutions have connected to the Fed’s instant payment network since last July, with at least 1,000 more in the pipeline, a FedNow official said this week.

Payments 481
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From Spreadsheet Chaos to Data Strategy Triumph with Perficient

Perficient

Uncovering the Challenge: Relying on Spreadsheets for Portfolio Analysis A leading wealth and asset management firm recently sought our financial services expertise for a critical challenge. Relying on complex spreadsheets for portfolio analysis, the firm faced operational hurdles due to immense computing demands. The Perficient Approach: Transforming Operations through Strategic Consulting Our team embraced the challenge, conducting a meticulous two-week analysis to uncover the root issue: a cu

Strategy 440
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Driving Inclusion Through Effective Communication: 5 Strategies for Financial Leaders

Jack Henry

Diversity, equity, inclusion, and belonging (DEIB) are more than just buzzwords ; they are essential components of a successful and sustainable business. As we celebrate National Diversity Awareness Month, I want to talk about the positive impact leaders can have on DEIB within their organizations.

Strategy 158
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The Holy Quest for CRM in Anytown, USA

Gonzobanker

Once upon a time, First Southern Farmers, Merchants & Community Bank & Trust (or FSFMCBT, for short), a community bank in Anytown, USA, was renowned for its neighborly charm. When Calvin DoRight founded the bank in 1948, delivering exceptional customer service was his dream. Fast forward to modern times, when Thomas B. DoRight, Calvin’s son and present-day CEO, realized that the bank’s growth across counties, states and lines of business had made managing relationships much more involved

System 111
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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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.

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Top banking digital signage trends to watch

ATM Marketplace

Omnichannel experiences are driving behaviors that motivate, inspire, and stir emotions that prompt action in bank branches. Digital signage has emerged as an essential component of these experiences.

Trends 122

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Fed courts nonbanks for FedNow growth

Payments Dive

The Federal Reserve is stressing the importance of fintechs and core providers for the future expansion of its new instant payments system FedNow.

Fintech 476
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Citi focuses on streamlining, automation in Q1

BankInovation

Citigroup is focused on simplifying its infrastructure and overall technology through automation and cloud migration as it upped tech spend 6% year over year to $2.2 billion in the first quarter.

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SBA Loan for Assisted Living That Finances Your Dream Facility

Commercial Lending USA

An SBA loan for assisted living could help you reach your goal of giving seniors the best care possible. According to the U.S. Administration for Community Living, the U.S.

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Quantifying the macroeconomic impact of geopolitical risk

BankUnderground

Julian Reynolds Policymakers and market participants consistently cite geopolitical developments as a key risk to the global economy and financial system. But how can one quantify the potential macroeconomic effects of these developments? Applying local projections to a popular metric of geopolitical risk, I show that geopolitical risk weighs on GDP in the central case and increases the severity of adverse outcomes.

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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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Bank Customer Experience Podcast: How to pull off a successful branch renovation

ATM Marketplace

For the premiere episode of the Bank Customer Experience podcast, Bradley Cooper, editor of ATM Marketplace interviewed Jean-Pierre Lacroix, founder and president of design firm Shikatani Lacroix Design, to learn more about how banks can discover the secret ingredients of branches to deliver the best return-on-experience for customers.

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Why Texas has its own account with the Federal Reserve

American Banker

The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?

Tennessee 101
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Gen Z clings to new payment tools

Payments Dive

Gen Zers will abandon a transaction in one out of two cases if their preferred payment method isn’t available, says an EY payments specialist, citing the firm’s survey results.

Tools 458
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JPMorgan CEO: 70% of applications to be cloud-native by yearend

BankInovation

JPMorgan continues its cloud migration efforts as it works to move its applications and data to the cloud this year. “Getting our tech to the cloud. … It’s essential,” Chief Executive Jamie Dimon said today in his 2023 letter to shareholders. The $3.

Data 117
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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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The Guardian view on globalisation’s discontent: it’s not right for poor countries to fund the rich | Editorial

TheGuardian

Wealthy nations exploit their position as the world’s bankers to siphon off hundreds of billions from the needy Developing nations have long complained that globalisation has enthroned western currencies in such a way as to subsidise living standards in the rich world. Last year , Brazil, Russia, India, China and South Africa – the Brics – even talked of an alternative common currency to replace the dollar.

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Making way for women leaders

ABA Community Banking

How organizations can support the advancement of women to the highest levels The post Making way for women leaders appeared first on ABA Banking Journal.

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Self-service kiosks: Unlocking benefits for banking

ATM Marketplace

Self-service kiosks are becoming vital parts of many businesses, including banking. But what is a self-service kiosk and why is it so important to think about?

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Synchrony hikes interest rates on credit cards to offset late-fee rule

American Banker

The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.

Cards 94
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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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Walmart removes self-checkout from select stores

Payments Dive

The retailer joins Target, Dollar General and other chains in recalibrating a reliance on self-service, and rethinking the whole checkout experience.

Retail 435
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57 questions financial institutions should ask about AI

BankInovation

AI continues to take the financial services industry by storm, but as the mega-big banks implement internal AI councils, hire chief data officers and invest heavily in the tech, many institutions are still asking “Where do we start our AI journey?

Industry 112
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‘Outdated and misleading’: is it time to reassess the very concept of money?

TheGuardian

It’s regularly being created and destroyed – and economic models that don’t reflect that fact are not even slightly useful Get our weekend culture and lifestyle email In the classic 1946 film It’s a Wonderful Life, depositors demand their money from a small-town building society. Its manager, George Bailey (in an unforgettable performance by James Stewart), explains that the money is not in the building society’s vault; it has been lent to other people in the town.

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2024 Bankers as Buyers Highlights Exploding Fintech Scenario, Invisible Technology, Actual Intelligence

William Mills

In the dynamic landscape of finance, where innovation is the currency of the future, it's crucial for industry leaders to not only keep pace but also anticipate the trends that will shape tomorrow's banking experience.

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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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Where are bank branches headed?

ATM Marketplace

Bank branches are decreasing in number across the U.S., but this trend doesn't tell the entire story.

Trends 103
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Republic First fails; Fulton Bank acquires assets, branches

American Banker

The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.

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How Amex is entangled in the Visa-Mastercard settlement

Payments Dive

The settlement gives merchants the ability to surcharge for nearly all Visa and Mastercard credit card transactions, and puts pressure on American Express to allow the same.

Cards 454
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Why JPMorgan’s chief data and analytics officer sits on operating committee

BankInovation

JPMorgan Chase’s chief data and analytics officer sits within its operating committee to keep up with ongoing AI investment and implementation bankwide. Appointed in June 2023, Chief Data and Analytics Officer Teresa Heitsenrether serves on the $3.

Analytics 116
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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.