Mon.Dec 06, 2021

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For success, neobanks need to know their “why”

Accenture

If you believe the hype, neobanks are disrupting every corner of the financial services market. The biggest players are signing up tens of millions of customers, with some of them experiencing 150% year-on-year growth in their customer base, according to Accenture research. But as we discussed in our last post on how neobanks can balance…. The post For success, neobanks need to know their “why” appeared first on Accenture Banking Blog.

Marketing 369
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OCC Sets 2022 Assessment Schedule

Perficient

So, you’re the CEO of a national banking corporation or a national savings bank. Therefore, your primary federal bank regulator is the Office of the Controller of the Currency (OCC). The OCC conducts frequent on-site examinations as they investigate, prepare, and then issue its reports of examination. Not only do you and your staff get to experience the joy of hosting the OCC examination teams, but your financial institution also gets to pay for the examinations. 2022 Assessment Schedule.

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Market Commentary: Week of December 6, 2021

SWBC's LenderHub

Last Week. Yet another wild one, last week. The week started with further angst over the new COVID-19 variant, Omicron. While equities rallied Monday after the steep selloff on Black Friday, you could feel that the market was spooked and ready to sell-off.

Marketing 147
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BMO: Digital adoption climbs to 61% in Canada, 52% in US

BankInovation

The Bank of Montreal (BMO) reported its digital self-serve transactions reached 91.8% in 2021, compared with 89.8% in 2021. Digital adoption — measured as customers who have logged in within the past 90 days — clocked in at 61% in Canada for 2021 and nearly 52% in the U.S. , up 2 percentage points year […].

US 97
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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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CFPB Director Chopra warns banks—and bank executives—about overdraft practices

CFPB Monitor

CFPB Director Chopra used the release of two new reports about bank overdraft practices to warn banks—and responsible executives—that they could be at risk if the banks engage in overdraft practices deemed to violate Dodd-Frank’s “UDAAP” prohibition. Prior to the issuance of the two new reports, the Bureau’s most recent report on overdrafts was issued in August 2017 under the leadership of former Director Cordray.

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Banking trade groups file amicus brief with CA Supreme Court in case involving whether FTC Holder Rule’s recovery limit includes attorney’s fees

CFPB Monitor

The American Bankers Association, American Financial Services Association, California Financial Services Association, and Consumer Bankers Association have filed a joint amicus brief with the California Supreme Court in Pulliam v. HNL Automotive Inc. , a case with significant implications for the amount of money a plaintiff can recover when proceeding against a dealer/seller under the FTC Holder Rule.

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Finovate Interview Series: Part 2

William Mills

Welcome back to WMA’s Finovate 2021 video series. This week, we are sharing a discussion between William Mills, CEO of WMA, and Beth Johnson, chief experience officer at Citizens Financial Group. The pair discusses changes in the digital landscape, catering to rapidly evolving customer preferences, and the future of financial services.

Video 82
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Australian businesses say expanding is difficult due to inflexibility of local banks

The Paypers

The findings of a new global survey conducted by YouGov have shown 54% of Australian businesses cite cumbersome legacy banking infrastructure as one of the leading deterrents to trying to break into new markets around the world.

Survey 80
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MP calls for Yorkshire Building Society vice-chair to quit over LV= role

TheGuardian

Chair of parliamentary mutuals group questions commitment of Alison Hutchinson to the sector The vice-chair of Yorkshire Building Society is facing a call to resign over her role pushing through the sale of the fellow member-owned firm LV= to a US private equity buyer , amid concerns that it could kickstart a wave of demutualisation. Gareth Thomas, chair of the all-party parliamentary group for mutuals, said there were serious questions over Alison Hutchinson’s position on the board of the build

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The State of Automation in Financial Services 2024 Report

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

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Facebook Messenger to introduce split-bill option

The Paypers

Facebook Messenger has announced that it is testing a new split payments feature that allows users to share the cost of expenses and bills directly through the app.

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The Benefits of Building a Strong Sales Culture at Your Institution

SWBC's LenderHub

Economists are predicting loan activity to rise at a more modest pace in 2022 than we’ve seen in 2021.

Dallas 78
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Oaza to accept crypto payments with BitPay's help

The Paypers

US-based Oaza Beverages , a healthy better-for-you cold brew coffee company, has announced that they will start accepting cryptocurrency payments with the help of BitPay.

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Hourly Worker Marketplace Shiftsmart Raises $95M — Workiz, When I Work, And 7Shifts Have Also Raised This Year To Match Employers With Shift Workers

CB Insights

Shiftsmart , an hourly worker marketplace, has raised $95M in a Series B round that drew participation from D1 Capital Partners, Imaginary Ventures, S12F, and Spieker Partners, among others. HOW’S THE COMPANY PERFORMING? San Francisco-based Shiftsmart enables hourly workers to find and apply to jobs, manage their schedules across jobs, and gain access to training.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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Why Customer-Centric Debt Collection Is Critical - Video

FICO

Customer-centric collections isn’t a new idea, but in the current environment it has moved from a blue-sky idea to a critical initiative for many lenders. In a presentation last month at the Collections and Vulnerability Conference , I explored this topic. Customer-centric collections is not the same as customer-level collections or customer-level view and product-level collections.

Video 52
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4 risks new tech creates for banks

BankInovation

While some banks are beginning to embrace cryptocurrency and other innovations in the decentralized finance space, financial institutions should be wary of four “disintermediation risks,” meaning the risk of removing financial institutions as a middle man, of emerging technologies. The $653.6 billion Canadian Imperial Bank of Commerce (CIBC) released in its annual report on Thursday […].

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SMBs think the future of retail will be online, Paysafe's research says

The Paypers

New research commissioned by UK-based Paysafe has revealed that merchants have diversified online during the pandemic and contactless payments are becoming more prevalent in the USA.

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The Consumer Credit & Lending Market In Mexico Sees Competition Intensify With Kueski Raising To Take On Fondeadora, Nelo, And Alphacredit

CB Insights

Kueski , a consumer lending and credit startup, has raised $202M — $102M in Series D funding from StepStone Group, Richmond Global, and Angel Ventures Mexico, among others, and $100M in debt funding from Victory Park Capital. How’s the company performing? Mexico City-based Kueski leverages artificial intelligence (AI) and big data to offer BNPL services, personal loans, and interest-free earned wage advances via its Kueski Pay, Kueski Cash, and Kueski Up products.

Lending 54
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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RedTrack announce integration with Shopify

The Paypers

SaaS solution and ad tracking company RedTrack has announced the release of its private Shopify app to help online merchants find which campaigns turn visitors into purchases.

Online 57
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Combatting money-laundering in the EU

The Banker

While some EU jurisdictions have been under the spotlight for lax money-laundering controls, the problem goes much deeper than the headlines, as Anita Hawser reports.

Report 36
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SMBs think the future of retail will be online, Paysafe's research says

The Paypers

New research commissioned by UK-based Paysafe has revealed that merchants have diversified online during the pandemic and contactless payments are becoming more prevalent in the USA.

Online 47
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Why BM Technologies is buying a bank instead of partnering with one

American Banker

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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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.

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MoneyGram, urpay to enable cross-border payments from Saudi Arabia

The Paypers

Saudi Arabia-based digital wallet urpay has tapped MoneyGram ’s API-driven infrastructure and network to enable international transfers from Saudi Arabia.

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The Future of Mobile Banking Beyond Smartphones

The Financial Brand

Smart glasses could be the mobile device of the future, replacing the smartphone as the main way consumers bank and pay digitally. The post The Future of Mobile Banking Beyond Smartphones appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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HyperPay gets regulatory approval to augment ecommerce in Saudi Arabia

The Paypers

Saudi Arabia-based payment gateway HyperPay has obtained a permit from Saudi Payments to enable new ‘mada’ services for its merchants in Saudi Arabia.

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The Future of Conversational AI in Banking

The Financial Brand

Chatbots, with some exceptions, still don't have widespread utility. But the trend points to greater integration of AI in people's lives. The post The Future of Conversational AI in Banking appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.