Mon.Dec 13, 2021

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Winning the last mile of cloud transformation

Accenture

As banks turn to the cloud to transform their operations and catalyze growth, many are still searching for silver linings. Our multi-sector survey, Modern Cloud Champions, found that 65% of banks are not capturing the full value they expect from the cloud. Some of the most common barriers banks run into on the way to cloud transformation are talent and ways of….

Survey 454
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Market Commentary: Week of December 13, 2021

SWBC's LenderHub

Last Week. Equity markets decided to look at the glass as half full, last week—keying in on initial reports that the Omicron Covid variant might be very contagious but not as lethal as Delta—and got their rally on. The tech-heavy NASDAQ managed to defy the narrative that it trades with positive interest rate duration, heading up 3.6% in the face of rising rates.

Marketing 148
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Banking with personality: Advice for CMOs from Thrivers

Accenture

Everything has changed with the pandemic. Now is the moment for bank marketers to evolve, meeting new expectations and finding meaningful ways to connect to their customers. According to The Great Marketing Declutter, nearly 70% of marketing executives say the past year has completely exhausted their teams. However, a small group — 17% of the…. The post Banking with personality: Advice for CMOs from Thrivers appeared first on Accenture Banking Blog.

Meeting 249
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NatWest fined £264m after admitting breaching anti-money laundering rules

TheGuardian

Bradford jeweller deposited £365m with bank over five years, some of it delivered in bin bags NatWest has been fined more than £264m after admitting breaching anti-money laundering regulations. The Bradford jeweller Fowler Oldfield’s predicted annual turnover was £15m when first taken on as a client, but it deposited £365m with the bank over a five-year period, including £264m in cash, some of which was brought to a branch in bin bags.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Chime users can now make deposits at Walgreens for free

BankInovation

Financial-technology firm Chime said customers can now deposit cash at more than 8,500 Walgreens Boots Alliance Inc. locations, another example of non-banks pushing deeper into consumer finance. Users of Chime accounts won’t have to pay any fees for the service, the San Francisco-based company said in a statement Monday. The firm, which partners with banks […].

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Listen: CEO warns banks must adapt security posture for instant payments

BankInovation

Fraudsters in 2020 and 2021 had their best years ever, SentiLink co-founder and CEO Naftali Harris tells Bank Automation News in this episode of “The Buzz” podcast. In 2020, combined fraud losses cleared $56 billion and fraud opportunities were exacerbated by COVID-19. Harris discusses how the rise in automated payments adds gravity to the identity […].

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Acting Comptroller Encourages Banks to ‘Explore Opportunities’ of Special Purpose Credit Programs

Banking Exchange

SPCP’s could help address racial and ethnic homeownership as well as wealth gaps Compliance Duties Feature Feature3 The Economy Community Banking.

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4 challenges in moving to multicloud networking

BankInovation

Financial institutions are implementing solutions from multiple cloud service providers, but the resulting networks can be inconsistent and problematic. That is a key takeaway from a report commissioned by Santa Clara, Calif.-based Prosimo, whose machine learning-driven platform enables multicloud infrastructure. The report polled more than 400 IT decision-makers in the U.S. and U.K. at financial […].

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US Banks Continue to Decline in Number

Banking Exchange

Assistant vice president of bank says decline is due to few new banks being chartered and increase in mergers Community Banking The Economy Financial Research Feature Financial Trends Feature3.

US 78
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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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Jack Henry partners with major financial data exchange platforms

BankInovation

Jack Henry’s digital banking platform now integrates with four leading data aggregation services — Yodlee, Plaid, Akoya and Mastercard’s Fincinity. The core provider on Dec. 2 secured its most recent agreement with Envestnet’s Yodlee as a new partner in its digital banking ecosystem. The four providers are key to an open banking strategy, Jack Henry’s […].

Data 98
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Using Authentic Communication to Help Identify Your Borrowers’ Needs

SWBC's LenderHub

After almost two years of Teams meetings and Zoom calls, we’ve probably all seen elements of our co-workers’ normal lives playing out in the background of their video screens. Seeing a toddler’s hand reach across the screen or a cat trying to jump onto a keyboard while someone is giving a presentation, makes you realize we’re all humans who have a lot going on.

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CFPB Fall 2021 Supervisory Highlights looks at credit cards, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittance transfers

CFPB Monitor

The CFPB has released the Fall 2021 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of credit card account management, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittances that were completed between January 2021 and June 2021. Accordingly, the majority of examinations discussed in the report would have taken place under the leadership of former Acting Director Uejio.

Lending 78
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Valley Bank Names New President and First Farmers and Merchants Bank Appoints Chairman and CEO

Banking Exchange

Plus: Regions Bank appoints financial services group leader Management Human Resources Feature Feature3.

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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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Uber teams with Paymob for in-app payment solutions in Egypt

The Paypers

US-based transport company Uber has partnered with payment service provider Paymob to expand payment options on the Uber app and drive financial inclusion in Egypt.

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11 tips for a more sustainable Christmas

Qudos Bank

Christmas is a special time of year for people all over Australia and this year, we need a celebration more than ever. However, Christmas can also be hard on the environment, with Australians producing up to 30% more waste 1 than usual over the holiday. Luckily, it’s easy to have a more sustainable and environmentally friendly Christmas. To help you do just that, we’ve come up with eleven tips for celebrating sustainably - from shopping locally to cutting down on waste.

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Credit Kudos: Open Banking adoption in lending to hit 70% in next two years

The Paypers

Open Banking credit reference agency Credit Kudos has published a report to demonstrate the pandemic’s impact on lenders’ appetite to invest in Open Banking technology.

Lending 69
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Will 2022 start to drive the future of Interoperability and Inclusion?

Tomorrow's Transactions

Our overriding theme of this year’s Live5 is interoperability which will lead to inclusion. Whether this is in payments or transit, identity or as a generalised trend what we’re seeing is a collapsing of the barriers between silos. In some areas this is happening more quickly than in others. We believe that the technology changes… Continue reading Will 2022 start to drive the future of Interoperability and Inclusion?

Trends 39
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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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Finastra, Liquid to help banks integrate cryptocurrency services

The Paypers

Finastra and Liquid have announced plans to make Liquid’s Quick Exchange (QEX) app available through Finastra’s open developer platform and app store, FusionFabric.cloud.

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Credit union ads take aim at 'big-bank bullies'. Why now?

American Banker

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Wells Fargo, FurnitureDealer.Net, and Versatile Credit announce partnership

The Paypers

Versatile Credit , Wells Fargo Retail Services , and FurnitureDealer.Net have partnered to offer Furniture Marketing Group (FMG) dealers tools and technology to deploy consumer financing solutions to shoppers.

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More women of color are becoming entrepreneurs. Banks are missing out.

American Banker

Lending 90
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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.

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EBA CLEARING completes migration of RT1 technical account to TIPS

The Paypers

EBA CLEARING has announced the migration of the RT1 technical account from TARGET2 to TIPS.

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Buy now/pay later pioneers defend their turf as banks move in

American Banker

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PAYSTRAX partners with Sentinels to enhance AML transaction monitoring

The Paypers

European-based intelligent transaction monitoring platform Sentinel and Lithuanian-based PAYSTRAX have partnered to improve the anti-money laundering (AML) process in Europe.

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Chime users can now make deposits at Walgreens for free

American Banker

Fintech 86
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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.