Perficient
JULY 27, 2020
In a previous blog, Digitally Catering to New Customers Post-COVID , I explored the impact COVID has had and is continuing to have on B2B healthcare organizations, specifically in areas such as commerce and site traffic for organizations that sell health/wellness products. I mentioned that there were two scenarios I can see unfolding as COVID continues to shape our new reality.
Chris Skinner
JULY 27, 2020
Things we’re reading today include … Where the founders of Europe’s top 10 digital banks began their careers Deutsche Bank’s pay predicament is a bad omen for rivals. Tumble weeds in finance hubs Not for the faint of heart, is it time to buy bank shares? Thousands of small firms … The post Things worth reading: 28th July 2020 appeared first on Chris Skinner's blog.
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PYMNTS
JULY 27, 2020
Although there are countless ways a cybercriminal can swindle funds from a company — either from the outside or within — it’s often the invoice at the center of the crime. This week’s Data Digest looks at the latest in B2B payments fraud and the invoice’s role in supplier payment redirect scams, credential theft and more. 43 percent of employees admit to mistakes that have caused cybersecurity repercussions, a new study has found, according to OnRec reported.
South State Correspondent
JULY 27, 2020
In the online world, customer reviews and ratings are ubiquitous. Consumers have come to expect them, yet few banks use them. Ironically, sites that rate banks, such as NerdWallet, BankRate, and others, maintain detailed reviews on banks with great success as well as places like Yelp. If your bank is not offering rates, chances are your potential customers are getting their information from elsewhere.
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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
PYMNTS
JULY 27, 2020
The insurance industry has been bogged down by sluggish service and even slower payouts for decades, and while policyholders have certainly weathered their fair share of friction from the sector’s legacy incumbents, those insurance companies themselves have also suffered from a lack of digitization and automation. It’s a landscape that has created an opportune environment for technological innovation.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
JULY 27, 2020
Hackers boasting that they have “cracked” some of the hashed passwords stolen from digital banking aggregator Dave may be one of the most disturbing elements to emerge from the cyberheist that exposed the private information of millions of users, a top expert notes. The FinTech on Saturday (July 25) confirmed the data breach after reports emerged that details involving as many as 7.5 million banking users had been exposed on a forum used by hackers to sell and swap ill-gotten data.
Jack Henry
JULY 27, 2020
Banking has fundamentally changed this year. COVID-19 has put a spotlight on the need for comprehensive digital services, catapulting many expected roadmaps years ahead of their original trajectories. What came as an impressive surprise was the record-breaking speed in which financial services organizations responded, finding meaningful ways to serve their customers and meet their digital expectations.
PYMNTS
JULY 27, 2020
It’s been long said that small- to medium-sized businesses (SMBs) are the backbone of the American economy. That’s hard to argue with considering more than 99 percent of American firms are SMBs, 49 percent of the population works for one and they’re responsible for 46 percent of private-sector output, according to Small Business Administration data.
Bobsguide
JULY 27, 2020
In 2004 it was decided that the previous format of SWIFT’s message type (MT) wasn’t going to be ‘fit for purpose’ for the evolving demands of ambitious payments innovation, and so a new standard was needed. When MT was first created, payment messages didn’t have to.
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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
PYMNTS
JULY 27, 2020
Banks missed out on the first big wave of digital payments, but they don’t have to miss out on the next, Ingo Money CEO Drew Edwards told Karen Webster in a recent conversation. “The entire [digital payments] industry ends up being created outside the banks on products that should have been developed by them,” Edwards said. “The First Datas down to the Stripes built the eCommerce structure and left big banks playing catch-up and to partner.”.
Payments Source
JULY 27, 2020
Checkout-free stores still feel experimental, but the coronavirus pandemic is pushing more retailers to contemplate how to reduce human interaction in larger settings.
PYMNTS
JULY 27, 2020
Pizza sales – and pizza-chain hiring – are both going through the roof during the pandemic. First, No. 2 ranked-chain Domino’s (with 6,296 stores) said it was hiring back 10,000 workers when the pandemic started in March. And on Monday (July 27), No. 4 chain Papa John’s (3,003 stores) announced that it will match that number on top of the 30,000 jobs the company said it’s already added since March.
CFPB Monitor
JULY 27, 2020
The OCC issued a letter last week stating that “a national bank [and a federal savings association] may provide. cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” The letter also reaffirms the OCC’s position that “national banks [and federal savings associations] may provide permissible banking services to any lawful business they chose, including cryptocurrency business, so long as they effec
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Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.
PYMNTS
JULY 27, 2020
The U.S. manufacturing sector increased in viability in June by 7.3 percent, or $14 billion — although the numbers might not hold if the pandemic continues to threaten recovery, according to a report from the U.S. Census Bureau. The number, which values the sector at $206.9 billion, follows a similar rise from May, in which the sector increased by 15.1 percent.
TheGuardian
JULY 27, 2020
New York governor says event featuring Goldman Sachs CEO and Chainsmokers breached Covid-19 rules Coronavirus – latest updates See all our coronavirus coverage New York health authorities are to investigate a charity concert in the Hamptons, which included performances by the Goldman Sachs chief David Solomon and DJ duo the Chainsmokers, over “egregious” social distancing violations.
PYMNTS
JULY 27, 2020
Amazon is launching a revamped Alexa app that will now include a customized homescreen based on what each individual user does the most on the app, CNBC reported. The update is intended to roll out by the end of August on Apple ‘s iPhone and tablets as well as other devices running Google ‘s Android. Amazon’s own Fire tablets will also run the program, CNBC reported.
Banking Exchange
JULY 27, 2020
The pandemic has forced people to embrace contactless and card-based payments – and the trend will only accelerate, research shows Payments Customers Cards Mobile Online Fintech Feature Feature3 Covid19.
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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.
PYMNTS
JULY 27, 2020
“Given the seismic shift to digital, the COVID-19 pandemic is forcing retail to achieve innovation in three to six months that would otherwise have taken three to five years. Payments need to go where consumers expect them now, too.”. Payments have gone beyond mere utility to become enablers of experience. That’s inspiring bold new experiments in commerce as more companies see a future in direct-to-consumer (DTC) engagement.
BankBazaar
JULY 27, 2020
On the occasion of BankBazaar’s 12th anniversary, we asked our co-founders what these 12 years have taught them about work, life, and everything in between. . BankBazaar co-founders Adhil Shetty, Rati Shetty and Arjun Shetty talk about lessons they’ve learnt over the course of the last 12 years, managing and running BankBazaar. Adhil Shetty, CEO.
PYMNTS
JULY 27, 2020
Financial institutions (FIs) are still struggling to respond to the rise in digital banking adoption spurred by the pandemic. Consumers as well as businesses in markets from Europe, Mexico, the United States and the United Kingdom all shifted to online and mobile channels to interact with their existing banks as brick-and-mortar branches closed, putting pressure on banks to keep their digital services quick and seamless as online requests swelled.
CFPB Monitor
JULY 27, 2020
The CFPB has issued its Spring 2020 Semi-Annual Report to Congress covering the period September 30, 2019 through March 31, 2020. The report represents the CFPB’s fourth semi-annual report under Director Kraninger’s leadership and continues the practice of the prior three reports of not providing aggregate numbers for how much consumers obtained in consumer relief and how much was assessed in civil money penalties in supervisory and enforcement actions during the period covered by the report.
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Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.
PYMNTS
JULY 27, 2020
Netflix customers can now see their on-time Netflix payments reflected on Experian, the Dublin-based multinational consumer credit reporting company, CNBC reported. Starting Monday (July 27) consumers can include Netflix payment history on their Experian Boost accounts which can improve their credit scores. “We know consumers are watching more television, and we also know that many consumers are also cutting cable and moving to streaming services, so it’s the right time for us to look at includi
CFPB Monitor
JULY 27, 2020
The CFPB has announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement was made concurrently with the Bureau’s release of a report summarizing its February 2020 symposium on this topic. Section 1033 of the Dodd-Frank Act requires that “[s]ubject to rules prescribed by the Bureau, a covered person shall make available to a consumer, upon request, information in the control or possession of
PYMNTS
JULY 27, 2020
Mastercard has officially enrolled in the Pay.UK ‘s Request to Pay service, which aims to allow customers to view and pay bills in a more streamlined, efficient manner, according to a press release. Request to Pay, according to the company, will put more power in the hands of customers to make payments for mortgage, utility and telecom bills, or council tax payments through multiple payment options, including in full, in part and requests for more time to make a payment.
CFPB Monitor
JULY 27, 2020
On July 29, 2020, the Senate Banking Committee will meet remotely to conduct a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” CFPB Director Kraninger is the only scheduled witness. The next day, July 30, the House Financial Services Committee has scheduled a hearing entitled, “Protecting Consumers During the Pandemic?
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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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