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3 Key Insurance Takeaways from InsureTech Connect 2024

Perficient

The 2024 InsureTech Connect (ITC) conference was truly exhilarating, with key takeaways impacting the insurance industry. Each year, it continues to improve, offering more relevant content, valuable industry connections, and opportunities to delve into emerging technologies. This year’s event was no exception, showcasing the importance of personalization to the customer, tech-driven relationship management, and AI-driven underwriting processes.

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How open banking will shape the future of payments

Payments Dive

The Consumer Financial Protection Bureau released its final open banking rule this month, leading the payments and financial services industries to begin preparing for a new era in data-sharing.

Payments 462
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Challenges shaping North American banks’ payments tech investments

Accenture

The payments industry is evolving rapidly, driven by changing consumer and commercial needs. Payments executives are grappling with rising costs, shrinking margins and emerging technologies like generative AI, prompting a reevaluation of their strategies. The key question is: What tech investments should be prioritized to stay competitive? Our new research, based on insights from 326… The post Challenges shaping North American banks’ payments tech investments appeared first on Accenture Ba

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Mitigating AI-enhanced cybersecurity risks for financial institutions

Abrigo

Helpful info for Cybersecurity Awareness Month Helping financial institutions mitigate AI-enhanced cybersecurity risks is the focus of a recent letter from the N.Y. Department of Financial Services. This article covers these key topics: Cyber threat warnings from New York State 3 Cyber risks posed by AI Strategies to mitigate AI-related cyber risks Cyber threat warnings for banks & credit unions Whether intentionally timed to coincide with Cybersecurity Awareness Month or not, the New Yor

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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.

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Does Scale in Banking Lead to Profitability?

South State Correspondent

There are many experts who claim that to achieve profitability, community banks (banks under $10B in assets) must gain scale by acquiring assets. On the surface that seems reasonable but does scale in banking result in better performance for community banks? The answer to that question can be analyzed both empirically and anecdotally, and we believe that the answer is no – for community banks, there is no material relationship between size and performance as measured by return on assets (ROA)

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Pay-by-bank to be used for bills, Plaid CEO predicts

Payments Dive

Plaid CEO Zach Perret expects consumers to use pay-by-bank services for mortgage and utility payments, but is skeptical they will be used to pay at restaurants or for groceries anytime soon, he said.

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Sweden and Norway rethink cashless society plans over Russia security fears

TheGuardian

Rise in hybrid warfare and cyber-attacks blamed on pro-Russia groups prompt Nordic neighbours to backpedal Sweden and Norway are backpedalling on plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats, and concern for those unable to use them. A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast

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Understanding payment glitches vs bugs

ATM Marketplace

The best way to prevent bugs, defects, or glitches and protect your company, your customers, and your shareholders is by rigorously testing everything.

Payments 108
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Understand This Key Insight Into Bank Efficiency and Profitability

South State Correspondent

In our previous article ( here ) we analyzed the data on community bank M&A and performance, and we concluded that there is no relationship between community bank size and profitability, as measured by return on equity (ROE). While superficially it makes sense that bigger is better, size itself does not lead to better bank performance. Combining two banks may lead to some elimination of overhead, but this gain in efficiency and scale is often overstated.

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The 2024 Lenders Guide to Automating the Complex Loan

Download the latest edition of GoDocs' "The Lender's Guide to Automating the Complex Loan." This comprehensive guide offers financial institutions valuable insights into document automation for complex commercial loans. It unpacks the intricacies of complex loans and showcases how an automation platform like GoDocs — the leading commercial loan closing platform — delivers impressive benefits and ROI to any FI.

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AI Regulations for Financial Services: CFPB

Perficient

Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility. The economic risks of AI to the financial systems include everything from the potential for consumer and institutional fraud to algorithmic discrimination and AI-enabled cybersecurity risks.

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Industry balks at FDX standard-setting monopoly

Payments Dive

Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.

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Asbury challenges industry to ‘caring, courage, commitment’

ABA Community Banking

In his opening remarks as ABA chair, John Asbury spoke to the core values of Atlantic Union Bank—“caring, courageous, committed”—and used them to frame his goals for the year ahead. The post Asbury challenges industry to ‘caring, courage, commitment’ appeared first on ABA Banking Journal.

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5 Halloween Tips to Keep the Spectre of Debt Away

BankBazaar

Halloween may be a festival of all things eerie, but nothing can be more spine-chilling than the spectre of debt. Find out how to keep this particular phantom at bay with these 5 tips from the crypt. It’s that time of the year when all manner of creepy crawlies rise up from their slumber to haunt unsuspecting victims in their sleep. No, it isn’t election time yet; it’s Halloween.

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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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How To Use “Strategic Product Communication” In Banking

South State Correspondent

A survey from the CFA Institute caught our attention on why wealth management clients leave. 47% of the respondents said they left because of the poor portfolio performance. That makes sense. But, do you know what the second highest reason for leaving your wealth manager was? Communication. 43% of the respondents left because of the lack of communication.

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Perficient Named in Forrester’s App Modernization and Multicloud Managed Services Landscape, Q4 2024

Perficient

As new technologies become available within the digital space, businesses must adapt quickly by modernizing their legacy systems and harnessing the power of the cloud to stay competitive. Forrester’s 2024 report recognizes 42 notable providers– and we’re proud to announce that Perficient is among them. We believe our inclusion in Forrester’s Application Modernization and Multicloud Managed Services Landscape, Q4 2024 reflects our commitment to evolving enterprise applications and managing multic

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Visa CEO stands fast against DOJ

Payments Dive

Visa CEO Ryan McInerney took a defiant stance Tuesday regarding the Justice Department’s lawsuit against the card network company.

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Citadel redlining case shows credit unions should be under CRA

American Banker

Leaving credit unions exempt from the Community Reinvestment Act preserves a gaping hole in regulations designed to make sure that financial services firms make loans available in underserved communities across the country.

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3 Ways Managed Device Services Help Community Banks Cut Costs

Community banks seek ways to leverage their technology infrastructure to drive productivity and growth. However, the sheer volume of technology devices, capital constraints, and lack of skilled resources stand in the way. This Strategy Brief explores how a managed device services partner can help bridge this resource gap. Managed device services partners empower community banks to take charge of mission-critical device management activities with: Logistics and installation services to support se

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5 Highlights of Jack Henry Connect 2024 | FinTalk

Jack Henry

This year’s Jack Henry Connect was a remarkable event that captured the spirit of community banking while embracing the continuously shifting world of technology.

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Santander to cut more than 1,400 jobs in UK amid increasing automation

TheGuardian

News of redundancies comes as UK division delays publication of results after car finance court ruling Santander is cutting more than 1,400 jobs across its UK business this year as part of its efforts to reduce costs. The Spanish bank’s chief executive officer, Hector Grisi, confirmed the cuts as its UK division delayed publication of its latest financial results to consider the impact of an influential court ruling linked to commission on car finance.

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FDIC Extends Timeline to Comply with New Digital Signage Requirements

Perficient

The Federal Deposit Insurance Corporation (“FDIC”) recently announced that it is providing financial institutions additional time to get new process and systems in place by extending the compliance date for the new FDIC signage and advertising rule (Part 328, subpart A) from January 1, 2025, to May 1, 2025. The final rule established a new black and navy-blue FDIC official digital sign shown below.

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BofA discloses CFPB probe of Zelle payments

Payments Dive

Bank of America is responding to a Consumer Financial Protection Bureau inquiry related to the bank’s processing of electronic payments through Zelle, the lender disclosed in a regulatory filing.

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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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Fed rate cut draws applause—and caution—from bankers

American Banker

Bank executives and industry advocates welcomed the Federal Reserve's interest rate reduction but warned that careful planning for future drops is necessary to avoid creating market turmoil.

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Give Back at Jack: Making a Difference in Our Communities

Jack Henry

At Jack Henry™, our mission is fueled by three guiding principles: do the right thing, do whatever it takes, and have fun. This commitment is core to our corporate citizenship and philanthropy efforts – particularly our Give Back at Jack campaign.

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Festive Discounts: Should You Take What’s on Offer?

BankBazaar

Navigate festive discounts wisely with thoughtful planning and informed choices, ensuring you celebrate joyfully without financial stress. Enjoy the festivities while maximising savings with smart shopping strategies! As the vibrant festival of Diwali approaches, the excitement in the air is palpable. Alongside the celebrations, retailers are gearing up for one of the biggest shopping seasons of the year, presenting a plethora of festive discounts, cashback offers, and tempting financing options

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AI Regulations for Financial Services: OCC

Perficient

Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility. The economic risks of AI to the financial systems include everything from the potential for consumer and institutional fraud to algorithmic discrimination and AI-enabled cybersecurity risks.

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.