August, 2023

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FedNow: Now what?

BankInovation

The Federal Reserve launched its much-awaited FedNow real-time payments channel on July 20, and experts say it can be revolutionary for the payments industry.

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Help banks make more loans with confidence

Realwired Appraisal Management Blog

The appraisal department is a pivotal player that can bridge the gap between sound collateral protection and lenders making more loans safely. What if there was a way to harmonize these two seemingly divergent objectives? Let’s find a way. Now, imagine if our appraisal department could wear both hats effectively.

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Trending Sources

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Why on-demand pay lures employees

Payments Dive

Employers can better compete for gig workers, and other employees, by offering instant payment of wages, one fintech president argues.

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Courts split on whether cryptocurrency is a security

CFPB Monitor

To understand the regulatory requirements for cryptocurrency, one must first ask the question what is money. This question is of paramount importance because the federal law definition of “money transmitting” depends in large part on state law definitions and regulator interpretations, and there is no uniform legislation that defines cryptocurrency as money for the purposes of state licensing requirements. .

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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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Agile and DevOps in banking today

BankInovation

In the rapidly evolving world of banking and financial services, Agile and DevOps methodologies have emerged as essential tools to drive innovation and stay ahead of the competition.

More Trending

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Consumer spending rose 4% in July: Fiserv

Payments Dive

The retail sector drove overall card spending growth, but average ticket sizes have dipped due to declining inflation, Fiserv said in its latest consumer spending report.

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5 questions with … Citizens Bank CIO Michael Ruttledge

BankInovation

Citizens Bank Chief Information Officer Michael Ruttledge is focused on AI, training and employee retention as the bank continues its digitalization. In the second quarter, the $222 billion bank explored use cases for generative AI to identify added efficiencies, Ruttledge previously told Bank Automation News.

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Bank layoffs, trade group mergers: Top banking news for August 2023

American Banker

In August's roundup of American Banker favorites: The true cause of Heartland Tri-State Bank's failure, increased industry-wide frugality among banks, two prominent credit union trade groups announce plans to combine and more.

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Ultimate 5-Step Guide to Transitioning from Google Optimize

Perficient

Ready for your Google Optimize sunset replacement? Strategies for Seamless Migration and Accelerated Experimentation Growth The upcoming Google Optimize sunset has made it crucial for businesses to find reliable replacements. In today’s data-driven environment, the functionality of data experimentation tools is paramount. Relying on A/B testing tools for measuring and enhancing website optimization is key to increasing user satisfaction and conversion rates.

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How a Managed Services Partner Can Reduce the Friction in Your RDC Program

Treasury teams at community banks face an ongoing challenge of delivering frictionless customer experiences as they support treasury products – especially RDC. This infographic focuses on the efficiencies community banks gain when partnering with a proven managed services provider. You’ll see the advantages you can gain when a managed services partner leverages online tools, skilled customer and technical support personnel, and fulfillment and logistics capabilities to streamline RDC fulfillment

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How banks can reimagine a winning loyalty strategy

Accenture

How loyal are your customers? And do they feel truly rewarded for their ongoing relationship with your bank? According to recent Accenture research, banking customers view loyalty as a two-way street: they are open to being loyal to one primary bank, but they want their bank to recognize and reward this loyalty. And while the… The post How banks can reimagine a winning loyalty strategy appeared first on Accenture Banking Blog.

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Trade associations urge CFPB to pause effective date and tiered compliance dates of small business lending rule

CFPB Monitor

A group of trade associations has sent a letter to CFPB Director Chopra urging the CFPB to address the disparity that has resulted from the order entered by the Texas federal district court in the lawsuit challenging the CFPB’s small business lending rule that granted preliminary injunctive relief only to the plaintiffs and their members. .

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Google joins Open Wallet Foundation

Payments Dive

"We look forward to working closely with other OWF members to advocate for solutions that ensure we’re building a privacy-forward wallet for everyone,” Google Wallet Vice President Jenny Cheng said.

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The Banking Crisis of 2023 is Over — Time to Get Back to the Crisis of the ’20s

Gonzobanker

This decade-long crisis touches banks’ products, technologies, people, processes and the political climate. In an article titled Is the Banking Crisis Over? We Are About to Find Out , the Wall Street Journal identified three concerns that could determine if the banking industry is out of the crisis or still in one: Deposit costs. High interest rates have forced many banks to pay more to retain deposits (often via brokered deposits), while many institutions have seen deposits flee to higher-yield

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Budget Playbook for Commercial Lenders — Bank and Credit Union Edition

Amid market uncertainty, banks and credit unions are faced with critical decisions about the future of their commercial lending. With fluctuating interest rates and rising competition from non-bank lenders, it's critical to allocate your 2025 budget strategically to optimize lending operations. Our Budget Playbook for Commercial Lenders delivers key strategies to help you navigate these challenges, ensuring your institution is well-positioned for the coming year.

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Leveraged and inverse ETFs – the exotic side of exchange-traded funds

BankUnderground

Julian Oakland Exchange-traded funds (ETFs) are supposed to be simple and straightforward, and for the most part they are, but one group punches well above its weight when it comes to market impact. In this post, I show that leveraged and inverse (L&I) ETFs generate rebalancing flows that: (1) are always in the same direction of the underlying market move; (2) grow significantly with both increasing and inverse leverage ; and (3) must be transacted towards the end of the trading day.

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Perficient Named in Forrester’s Digital Transformation Services Landscape, Q3 2023

Perficient

In today’s rapidly advancing technology landscape, businesses face a profound revolution in operations, customer interactions, and innovative endeavors. Partnering with the right digital transformation service provider is vital to thrive in this digital age. A proven track record of guiding businesses through digital complexities is crucial for unlocking their full potential, driving efficiency, and ensuring exceptional customer experiences, leading to long-term success.

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Barclays head of markets digital strategy joins Bank Automation News webinar

BankInovation

Barclays Head of Markets Digital Strategy Jennifer Warren will join the Bank Automation News webinar Global Ideas for Better Banking AI on Thursday, Sept. 14, at 11 a.m. ET. With more than 20 years of experience in financial markets, Warren specializes in spearheading step-change business growth and innovation strategies.

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Nebraska enacts new licensing requirement for small dollar loans

CFPB Monitor

Nebraska Governor, Jim Pillen, signed into law Legislative Bill 92 on June 6, 2023, which amended the Nebraska Installment Loan Act (the “Act”) effective June 7, 2023 (the “Effective Date”). As amended, the licensing requirement under the Act includes “any person that is not a financial institution who, at or after the time a loan [of $25,000 or less with rates exceeding the Nebraska general usury limit] is made by a financial institution, markets, owns in whole or in part, holds, acquires, ser

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Is Your Current Card Platform Holding You Back?

Have you ever felt the pain and loss of a client suddenly going silent, leaving you questioning everything? Ghosting can cause heartbreak; in business, it drains resources, and emotionally, it shatters your confidence. A modern credit card program can give you the tools to deliver the digital-first experiences your customer’s demand. Our eBook, “5 Signs Your Credit Card Offering Needs an Upgrade,” will help you identify key indicators that your current card platform may be holding you back and w

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Global Payments adds hybrid payment service for ISVs

Payments Dive

The payments processor launched a service during the second quarter aimed at affording ISVs the benefits of being a payment facilitator without the drawbacks associated with such a designation.

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Digital Lag in Banking: Overlooking the Appraisal Department

Realwired Appraisal Management Blog

The term “digital transformation” has been a buzzword in the banking sector for quite some time. While the industry has largely embraced technology, particularly in areas such as lending and fintech, there is one sector that often gets overlooked: the appraisal department.

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How do firms pass energy and food costs through the supply chain

BankUnderground

Hela Mrabet and Jack Page The rise in commodity prices after Russia’s invasion of Ukraine had a direct and noticeable impact on consumers’ bills for energy and food. But firms also felt the brunt of higher costs. How did firms pass on these cost shocks through the supply chain and all the way onto consumer prices? How much and how quickly can firms pass through such large cost shocks?

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PayPal’s new CEO faces these 3 big challenges | Meta, OpenAI &Anthropic A.I. models all make stuff up | Sotheby’s sued over Bored Ape NFT sales

Bussman Advisory

Join our community of 50,000+ subscribers and stay informed on the latest trends and news in the FinTech & AI world with the weekly newsletter provided by Bussmann Advisory. Gain insights into disruptive technologies, industry updates, and success stories from our portfolio companies. This week’s must-know stories: PayPal’s new CEO faces these 3 big challenges Meta, OpenAI, Anthropic and Cohere A.I. models all make stuff up Sotheby’s sued over Bored Ape NFT sales Plus, 9 mo

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

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IBM automates AI model training for banks with watsonx

BankInovation

IBM has automated the training model process to allow enterprise clients, including financial institutions, to use generative AI in a safe and compliant way that can be implemented and scaled quickly. “Conventional machine learnings, as good as they are, take a huge amount of time.

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DOJ proposal to increase accessibility of government websites and mobile apps could guide accessibility for places of public accommodation

CFPB Monitor

On August 4, 2023, the U.S. Department of Justice (“DOJ”) released its highly anticipated proposed changes to the regulations implementing Title II of the Americans with Disabilities Act (“ADA”). Title II prohibits state and local governments from discriminating against individuals with disabilities. The regulations aim to increase accessibility of websites and mobile applications by clarifying how these public entities can meet their ADA obligations on a technical level. .

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Discover finds tech upskilling model in Chicago hub

Payments Dive

The card issuer looks at the Chatham call center and technology hub as a model for site selections, hiring procedures, customer service experience and community development.

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Appraisal Department More Than Just Necessary

Realwired Appraisal Management Blog

A Chief Appraiser friend of mine sometimes laments that the C-suite and lenders perceived him as a regulatory hurdle to overcome rather than a valuable resource. But, he and his team were determined to change that perception. Seth Godin’s book, Purple Cow: Transform Your Business by Being Remarkable reminds us not be invisible.

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Breaking New Ground: Managing Innovation Fatigue With Effective Automation

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.