SWBC's LenderHub
OCTOBER 15, 2020
Increasing non-interest income while staying true to your financial institution's mission can be tricky. Income is obviously necessary to run a successful business, but lenders sometimes feel that seeking out income and fees feels too pushy and runs contrary to their service missions. Some lenders also fear that adding or increasing fees and other charges may drive borrowers to competitors.
Perficient
OCTOBER 15, 2020
The world of modern data and analytics continues to evolve and is very exciting. The change really began in earnest about 10 years ago with the introduction of Hadoop and big data processing. Suddenly corporations could analyze much larger data sets than before and could extract insignts from data that could transform companies and industries. While this explosion of data use cases started on premises, it is most certainly migrating to the Cloud as the primary platform.
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PYMNTS
OCTOBER 15, 2020
As the shift from paper to digital has accelerated the transformation of many a legacy business with aging tech, CEO Woodrow Levin of Extend says it’s important to add extended warranties to that list. Merchants used to have a tiny conversion rate when offering customers extended warranties by paper, and that only got a little better when they switched to POS systems.
Abrigo
OCTOBER 15, 2020
Key Takeaways SBA payments to lenders for forgiven Paycheck Protection Program (PPP) loans are starting to flow. Lenders are continuing to work with other borrowers to apply for forgiveness, and they’re now incorporating the SBA’s newest alternative form: SBA Form 3508S for borrowers who received loans of $50,000 or less. The SBA also clarified that while SBA forms expire Oct. 31, that is not a deadline for borrowers to apply for forgiveness.
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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
OCTOBER 15, 2020
With the current state of economic upheaval, the ongoing pandemic and the great digital shift, corporates and financial institutions are racing to digitize and modernize payment flows and back-end processes. But the transition is one that must consider, and maybe even embrace, several emerging options and payment rails in a bid to move data and money more quickly across borders, and move, decisively, away from paper checks.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
OCTOBER 15, 2020
“The Crypto Cruise Ship” is getting ready to depart from the Mediterranean and anchor in the Gulf of Panama, according to an announcement. The “MS Satoshi,” as the ship is to be named, is 804 feet and was bought rom a cruise ship company, according to the announcement. It will function as a “gathering place” for those interested in digital currencies or those who start businesses in addition to researchers, expats and digital nomads.
Jack Henry
OCTOBER 15, 2020
The US banking industry has been a vital part of our nation all the way back to 1780 when the Bank of Pennsylvania was founded by Philadelphia merchants to fund the American Revolutionary War.
PYMNTS
OCTOBER 15, 2020
A recent hack compromised around 2,000 Robinhood Markets accounts, suggesting the attacks were more widespread than previously realized, Bloomberg reported. After the attack last week, Robinhood only disclosed a few details, saying "a limited number" of customers had been affected and their emails outside of Robinhood had been the way they were hacked, Bloomberg reported.
Payments Source
OCTOBER 15, 2020
The European Payments Initiative sets up a unified and harmonized pan-European payment solution, providing major benefits to both consumers and merchants, says FIME's Arnaud Crouzet.
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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
OCTOBER 15, 2020
When Jumio acquired anti-money laundering (AML) solutions platform Beam last week, the move was more significant than simply adding AML strength to its onboarding platform, Jumio ’s Chief Product Officer Philipp Pointner told PYMNTS in a recent conversation. “We had already identified that we wanted to grow out of being a point solution and become more of an end-to-end compliance and identity proofing platform,” Pointner said.
Payments Source
OCTOBER 15, 2020
Targeting fintechs serving the fast-growing ranks of U.S. gig workers, Mastercard has formed a partnership with a portable-benefits provider Stride to help users find health, dental and vision care.
PYMNTS
OCTOBER 15, 2020
Mastercard is working with portable benefits program Stride in order to help companies offer U.S. workers access affordable healthcare plans, according to a press release emailed to PYMNTS. The release stated this is the first time that "differentiated health, dental and vision benefits will be made available via a payments network." FinTech Mobility Capital Finance (MoCaFi) and Jobble are two of the first companies that will provide workers with healthcare through the partnership, the release s
Payments Source
OCTOBER 15, 2020
With the realities brought on by COVID-19, going digital is no longer optional—it’s necessary.
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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
OCTOBER 15, 2020
Cross-border payments are a necessary, yet often frustrating part of the world economy, with international transactions prone to overlapping government regulations, excessive fees and slow processing times. These difficulties are due to a process called correspondent banking, in which transactions must also be funneled through multiple financial institutions (FIs) before they reach their final destinations.
Matt Wilcox Pro
OCTOBER 15, 2020
It’s not hard to pick out the banker in a Western. Just look for someone sporting sleeve garters and a translucent visor. This is a rare case in which Hollywood actually gets things right. In the late 19th century, sleeve garters served a practical purpose. Back then, you couldn’t walk into Nordstrom and ask for […].
PYMNTS
OCTOBER 15, 2020
Call it silver linings — maybe not yet green shoots. But bank earnings are showing that loan loss reserves were more conservative than needed (at least for now) and that in some cases, consumer spending and card activity might be emerging from the most recent depths spurred by the pandemic. Here’s the earnings roundup … so far. . The state of the consumer, according to banks, per commentary and numbers in earnings season … is … resilient.
MerhantsBanks
OCTOBER 15, 2020
Amanda King has been promoted to Assistant Controller at Merchants Bank, according to Sue Savat, Chief Financial Officer. “Amanda is a cornerstone of the Finance team and continues to grow in her role as our company grows. This promotion is a reflection of her expertise and dedication to serving our staff just as we would […].
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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
OCTOBER 15, 2020
The average United States consumer believes the pandemic will not come to an end until Sept. 19, 2021. That is 339 days from now, and 557 days after the pandemic was first declared on March 11, 2020. Back on March 11, the average consumer expected the pandemic to be over and for their lives to return to normal by July 27, 2020, roughly three months ago.
American Banker
OCTOBER 15, 2020
Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.
PYMNTS
OCTOBER 15, 2020
Stripe is acquiring Paystack , a company that says it processes more than half of online payments in Nigeria. "More than 60,000 businesses in Nigeria and Ghana use Paystack to securely collect online and offline payments, launch new business models, and deepen customer relationships. Incredibly, Paystack already processes more than half of all online transactions in Nigeria," Stripe said in a news release.
TheGuardian
OCTOBER 15, 2020
Bank of England reveals rising rates among lenders in Christmas run-up with plans to restrict loan products soon Banks are expected to increase the cost of credit card borrowing in the run up to Christmas following a recovery in demand for unsecured loans by UK households. The Bank of England said its latest survey of lenders found that banks raised the cost of loans in the third quarter and planned to continue increasing average interest rates in the fourth quarter.
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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
OCTOBER 15, 2020
In a roundup of today’s top retail stories: The automotive market continues its comeback with a digital spin, conversational commerce is the next big pandemic-fueled trend, and Tiffany said that its preliminary sales results for August and September 2020 are positive. Automotive Continues Comeback Leading With Digital-First Tools. Although consumer shopping behaviors are changing, the automotive market continues its comeback, with the digital-first economy playing a lead role.
TheGuardian
OCTOBER 15, 2020
Howard Davies warns of technical and contractual issues if cost of borrowing cut further Britain’s banks are not ready for negative interest rates, according to the chairman of NatWest. “We’re not completely ready for it,” Howard Davies said. “There would be technical issues and many contractual issues.” What would happen to my mortgage? Continue reading.
PYMNTS
OCTOBER 15, 2020
As Europe braces for a dreaded second wave of COVID-19, European Central Bank President Christine Lagarde is pledging to ride to the rescue with a major economic stimulus package if it proves necessary, CNBC reported. Speaking on an IMF World Bank panel, Lagarde told CNBC’s Geoff Cutmore that the ECB is prepared to draw upon “the many weapons we have available,” including interest rates, forward guidance and asset purchase programs.
Payments Source
OCTOBER 15, 2020
Even before the pandemic, retailers were pushing terminal makers to adjust to new trends on the fly. Technology cycles have become even shorter now — if there even are development cycles anymore.
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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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