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Shift4 acquires SpotOn unit for $100M

Payments Dive

With the purchase of SpotOn’s sports and entertainment business unit, Shift4 scoops up its rival’s customers in that market.

Marketing 443
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Dreamforce Takeaways for Financial Services: Finance Top 5

Perficient

Dreamforce 2023 is the largest and most anticipated Salesforce event of the year. It’s a place where Trailblazers from all over the world come together to learn, network, and be inspired. One of the key themes of this year’s conference was the future of finance. Salesforce CEO Marc Benioff and others talked about how AI is transforming the finance function and how Salesforce is helping finance leaders achieve their strategic priorities.

Analytics 275
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3 Ways Generative AI Will Transform Banking

Accenture

One year after ChatGPT’s public launch, generative AI is probably still the hottest topic in the world of business—and with good reason. Research suggests gen AI could add almost $7 trillion to global GDP. So what, exactly, will gen AI mean for banks? Much of the conversation today around the technology generates more heat than… The post 3 Ways Generative AI Will Transform Banking appeared first on Accenture Banking Blog.

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LOS Administrators: Champions of Change for Digital Adoption

Jack Henry

A loan administrator’s job is crucial ‒ and hectic. They deal with customer complaints, delinquent loan payments, and other financial headaches and deadlines on a daily basis. But they also get to work closely with applicants, helping them identify and reach their goals. It’s stressful, no doubt, but rewarding.

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Managing Default Rates: A Balancing Act in a Multistate Lending Environment

Unlock the secrets to optimizing returns while navigating complex state regulations. With this webinar, gain exceptional insights from industry leaders, each with vast experience and expertise in commercial lending. They will delve into critical aspects of managing default rates in today’s dynamic lending landscape, including the formidable task of managing default rates across diverse states, each with its own legal intricacies and restrictions.

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Alan Kaplinsky authors American Banker article on CFPB v. CFSA

CFPB Monitor

Tomorrow, the U.S. Supreme Court will hear oral argument in CFPB v. CFSA , in which the question presented is whether the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution. In an article requested by and published today in American Banker’s BankThink , Alan Kaplinsky, Senior Counsel (and former practice group leader) in Ballard Spahr’s Consumer Financial Services Group, argues that the Supreme Court should rule that the CFPB’s funding mechanism is unconstitutio

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On the record with Gen-Z: A report on key loyalty drivers and buying preferences

ATM Marketplace

Gen-Z is the new frontier of the consumer landscape and this study and associated reporting was created in order to help brands proactively prepare for a wave of changing buying preferences.

Report 94
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Unraveling the Mysteries of Complex Investment Terms – A Guide for Real People

Ublocal

At Union Bank, we think making investing accessible to everyone, regardless of your background or experience. That’s why we’re excited to launch our next generation investment management app! This easy-to-use app makes managing your investments simple, approachable and enjoyable. In fact, you can start investing with as little as 10 dollars and it only takes about 4 minutes to get set up, right from your phone, tablet, laptop or PC.

Taxes 94
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Avoid Imposter Scams

Jack Henry

The Federal Trade Commission (FTC) received reports on over 5.2 million cases of fraud in 2022, with imposter scams accounting for 20% of the total losses incurred – a whopping $2.7 billion in losses reported for this scam alone. Imposter scams generally start with an unsolicited phone call, email, text or social media message from someone impersonating people or organizations you would ordinarily trust.

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SCOTUS to Determine When Clock Starts under APA’s Statute of Limitations

CFPB Monitor

Last Friday, the U.S. Supreme Court agreed to decide when a right of action first accrues for an Administrative Procedure Act (APA) challenge to a final rule issued by a federal agency—when the final rule is issued or when the rule first causes injury. In April 2021, the North Dakota Retail Association, North Dakota Petroleum Marketers Association and Corner Post, Inc.

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The ROI of Business Lending Platforms

Financial institutions continue to look to quantify the impact of new technologies. Meanwhile, business lending technologies have grown more popular in the industry. However, understanding the impact of said technologies means understanding how to increase your revenue while decreasing your costs. This is key for the growth of your organization. Biz2X created this eBook to analyze the ROI of business lending platforms and learn about the short-term and long-term benefits of said platforms.

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FTC lawsuit knocks Amazon on payments play

Payments Dive

The FTC alleged in a lawsuit filed Tuesday against the online retail juggernaut that it maintained a monopoly partly through its checkout process.

Payments 418
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The insider: how Michael Lewis got a backstage pass for the fall of Sam Bankman-Fried

TheGuardian

As author of The Big Short and Moneyball, Michael Lewis is perhaps the most celebrated chronicler of his generation. Now he delivers an astonishing portrait of the fallen crypto billionaire. But did he get too close? Right around the time the gales of the financial crisis were tearing up Wall Street in 2009, Meredith Whitney started her own financial research firm.

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Why Visa is investing in artificial intelligence startups

American Banker

The payments company launched a $100 million fund for generative AI, creating a potential group of partners that can build on the card network's global scale.

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4 Ways Digital Transformation Has Improved PFM

Jack Henry

With so much to gain, it’s a great time to reconsider how today’s personal financial management tools can help support your mission of financial advocacy.

Tools 88
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How to Stay Competitive in the Evolving State of Martech

Marketing technology is essential for B2B marketers to stay competitive in a rapidly changing digital landscape — and with 53% of marketers experiencing legacy technology issues and limitations, they’re researching innovations to expand and refine their technology stacks. To help practitioners keep up with the rapidly evolving martech landscape, this special report will discuss: How practitioners are integrating technologies and systems to encourage information-sharing between departments and pr

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CFPB Releases 2022 Mortgage Market Activity and Trends Report

CFPB Monitor

The CFPB recently released a report entitled Data Point: 2022 Mortgage Market Activity and Trends based on 2022 data reported by lenders under the Home Mortgage Disclosure Act (HMDA). The CFPB addresses various 2022 lending results, with many results reflecting changes from 2021 to 2022 based on increases in mortgage interest rates and other economic factors.

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Chase to ban crypto payments for UK customers

Payments Dive

“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.

Payments 370
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Can data science capture key insights in news articles?

BankUnderground

Itua Etiobhio, Riyad Khan and Steve Blaxland The volume of information available to supervisors from public sources has grown enormously over the past few years, including unstructured text data from traditional news outlets, news aggregators, and social media. This presents an opportunity to leverage the power of data science techniques to gain valuable insights.

Data 94
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RBB Bancorp, Gateway Bank in Bay Area call off merger

American Banker

The $23 million deal, signed in 2021 and initially projected to close in the second quarter of 2022, was delayed multiple times amid leadership turnover at the Los Angeles-based RBB.

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Value-Driven AI: Applying Lessons Learned from Predictive AI to Generative

Speaker: Data Robot

Enterprise AI maturity has evolved dramatically over the past 5 years. Most enterprises have now experienced their first successes with predictive AI, but the pace and scale of impact have too often been underwhelming. Now generative AI has emerged and captivated the minds and imaginations of leaders and innovators everywhere. Join our DataRobot experts to reflect on lessons learned from helping hundreds of enterprises grow their AI maturity over the past 5 years.

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FinovateFall 2023: A Glimpse into the Future of Fintech

William Mills

Earlier this month, we had the opportunity to travel to New York City to attend FinovateFall2023. Alongside 2,000+ attendees, 1,000+ financial institutions and 70 emerging technologies coming from both startups and established firms.

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CFPB Releases Updated 1071 Small Business Lending FAQs

CFPB Monitor

On September 14, 2023, the CFPB released Frequently Asked Questions (FAQs) regarding the Small Business Data Collection Rule (the “Rule”). These FAQs are in addition to the set published in June 2023, which are dated. Some, but not all, of the FAQs are discussed below. Covered Credit Transactions A few of the updated FAQs relate to the definition of a “covered credit transaction,” which includes the following topics: Consumer-designated credit: The FAQs reiterate that consumer-designated credit

Lending 88
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Discover, FDIC reach consent agreement

Payments Dive

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

FDIC 259
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How crypto ATMs are revolutionizing retail

ATM Marketplace

Crypto ATMs are driving traffic to convenience stores due to offering convenient access to cryptocurrency.

ATM 101
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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor

During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.

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Northeast Credit Union adds leasing option to fight rising auto prices

American Banker

With multiple economic factors driving up the costs of owning a vehicle, the $1.9 billion-asset institution in New Hampshire is partnering with Credit Union Leasing of America to make car ownership more affordable for members.

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Santander wanted my bedbound father to visit his branch on a trolley

TheGuardian

After his account was frozen, the bank would not accept anything except an in-person visit for an identity check My father had a stroke earlier this year and is bedbound and needs 24-hour care. Last month, two online payments from his Santander account were blocked. He was told to call the helpline and asked various security questions. When he was unable to name a recent transaction, his account was locked and he was told he would have to go into the branch for his identity to be verified.

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CFPB Continues to Expand Its Scrutiny of Higher Education with New Report on College and Postsecondary School Tuition Plans

CFPB Monitor

The CFPB recently released a report regarding higher education tuition payment plans that discusses prevailing practices and highlights certain CFPB concerns regarding consumer impact. The CFPB’s report was based upon (a) a review of hundreds of postsecondary school and college websites that contain publicly available information on tuition plans and related contracts, (b) consumer complaints submitted to the CFPB and Department of Education, and (c) interviews with consumers and meetings with i

Report 88
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States split over gun merchant category code

Payments Dive

California passed a law last week forcing use of a gun merchant code, but other states have done the opposite. Now, maybe Congress will act.

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Transforming Non-Performing Assets With Loan Modification Automation

With the number of loans maturing over the next couple of years, time is of the essence and automation is imperative. Loan modification automation empowers lenders with advanced technology to handle a high volume of loans when needed most. Shifts in the market, combined with over a trillion dollars in commercial loans maturing in 2023, intensify the need for automated documentation solutions.