Tue.Nov 22, 2022

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FIS may cut thousands of workers, Bloomberg reports

Payments Dive

The news report on workforce reductions at the payments processor follows its announcement earlier this month that it would embark on a $500 million cost-cutting program.

Report 386
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The Few, the Proud, the Protected — Provisions in SCRA That Financial Institutions Must Be Aware Of

Perficient

SCRA stands for the Servicemembers Civil Relief Act. The history of the SCRA can be traced back to a Civil War moratorium that protected Union soldiers and sailors from collection actions, divorce proceedings, and other legal issues during wartime. These protections resurfaced in 1918 with the Soldiers’ and Sailors’ Civil Relief Act. The Act was revisited frequently in the 20 th Century and became the Servicemembers Civil Relief Act in December 2003.

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Demand for credit cards climbed this year

Payments Dive

Consumer demand for credit cards rose this year over prior years, and card issuers increasingly approved their applications despite the worsening economic climate.

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The Crypto Brat Pack Just Earned Themselves Regulation

Gonzobanker

Now is the time for bankers to engage lawmakers in how the crypto and digital asset market shapes up. Picture a 1970s mom making a sarcastic statement to her irresponsible son, “ Well you’ve just earned yourself a weekend of chores.”. Remember back to the creepy Mr. Vernon from the Breakfast Club who, growing tired of Bender (Judd Nelson) talking back to him, declared, “Congratulations, you just bought yourself another Saturday detention.”.

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8 Signs Your Accounting Team Is Ready to Automate Month-End Close

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

How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.

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Afterpay, Expedia link for travel BNPL

Payments Dive

The buy now-pay later provider and the travel booking company are teaming up to allow consumers to spread out payments for flights and hotels.

Payments 397

More Trending

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BNPL connected to overdraft charges, card fees: study

Payments Dive

Heavy users of buy now-pay later ? which researchers said inspires consumers to spend beyond their means — showed larger declines in financial health, a recent academic study determined.

Study 221
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Stewart: Rising rates hit borrowers but bring ‘real money’ for savers

ABA Community Banking

While borrowers are getting pinched by rising interest rates, senior savers are seeing meaningful returns for the first time in decades, former ABA Chair Laurie Stewart said in an interview on NPR’s “Marketplace” program last night. The post Stewart: Rising rates hit borrowers but bring ‘real money’ for savers appeared first on ABA Banking Journal.

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JPMorgan’s crypto wallet trademark is approved

Payments Dive

The green light comes more than two years after the bank submitted paperwork to the U.S. Patent and Trademark Office, and is at odds with some statements by its CEO.

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G4S strike prompts fears of festive cash shortages at banks and shops

TheGuardian

More than 1,000 staff who deliver money to firms such as Barclays, Asda and Tesco to take action More than 1,000 security workers who deliver cash and coins to some of the UK’s biggest banks and supermarkets have voted to strike in December, raising the prospect of potential cash shortages in the run-up to Christmas. The 48-hour strike by 1,156 members of the GMB union who work for the security company G4S is due to take place from 3am on 5 December, after a 97% vote in favour of industrial acti

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Transforming Lending: Understanding the Power of Digital Platforms

Digital platforms can provide you with plenty of solutions, yet many are still intimidated by them. It's time to end that worry and embrace what could make a major difference for your bank. Understanding how they work and how to best utilize them for your banks is key toward success. In this article, Biz2X breaks down all things digital platforms, including the many advantages of embracing them.

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How AI revamps financial services and the banking experiences

Dataconomy

We witness more and more artificial intelligence applications in financial services in the post-pandemic era. With the help of artificial intelligence, the banking and finance industries now have new options to satisfy customer expectations for smarter, safer, and more practical ways to access, spend, save, and invest money. The financial.

Industry 101
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Treasury report on bank/fintech relationships includes recommendations for CFPB supervision of non-bank installment lenders and data aggregators

CFPB Monitor

The Treasury Department has released a report entitled “ Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets.” The report was issued in response to President Biden’s July 2021 Executive Order on promoting competition. That Order directed the Secretary of the Treasury to issue a report assessing how the entry of large technology firms and other non-banks into consumer finance markets has affected competition.

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Video: How to Avail No-Cost EMI on Amazon

BankBazaar

Here’s a quick video tutorial that will show you how to avail no-cost EMI offers on Amazon using your YES Bank-BankBazaar FinBooster Credit Card or your RBL Bank BankBazaar SaveMax Credit Card. Ready to explore no-cost EMI offers on top electronics with your Credit Card and pick out your favourite? Just click the link below: Shop With Your YES Bank Card >> Shop With Your RBL Bank Card >> The post Video: How to Avail No-Cost EMI on Amazon appeared first on BankBazaar - The Definit

Video 78
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CFPB Releases Analysis of Consumer Complaints Related to Crypto-Assets

CFPB Monitor

Pointing to a growth in consumer complaints related to crypto-assets, on November 10 th , 2022, the Consumer Financial Protection Bureau (the “CFPB”) released a Complaint Bulletin , which analyzed in excess of 8,300 consumer complaints that the CFPB had received related to crypto-assets. The CFPB reviewed complaints submitted to it during the period of October 2018 to September 2022, but noted that the majority of the complaints it received were submitted over the last two years, with the great

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6 Alternative Lending Strategies for a Shifting Landscape

In the ever-evolving commercial lending landscape, adaptability is key to survival and growth. As lenders navigate the challenges and opportunities presented by the state of the market, alternative lending strategies have emerged as powerful tools for success. We will explore six strategies with the potential to transform lenders’ business. Understanding alternative lending strategies is crucial.

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Best FD Interest Rates in November 2022

BankBazaar

If guaranteed returns are in your short-term or long-term financial goals, a fixed deposit is what you may be looking for. Opting for a fixed deposit is a sure-shot way of creating wealth without the risk of fluctuating interest rates that occur due to changing economic and market conditions. …and because we have your best ‘interest’ at heart, we have done the research so you can make an informed decision while planning an investment portfolio.

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Arizonans Approve Decrease to Maximum Interest Rate on Medical Debt and Increases to Homestead and Other Exemptions

CFPB Monitor

With 72% voting in favor, Arizonans approved Proposition 209 decreasing the maximum lawful annual interest rate on “medical debt” from 10% to 3%, and increasing the amount of the homestead and other exemptions. These changes, which are effective immediately following certification of the vote and issuance of a proclamation by the governor (the governor does not have the authority to veto), only apply prospectively.

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Congress bill aims to address ATM crime with heftier penalties

ATM Marketplace

A bill in Congress aims to address ATM theft by putting independent ATMs under federal purview.

ATM 112
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Inside Marketing: 3 Things Credit Unions Can Learn From Lionel Messi

William Mills

The 2022 World Cup is quickly approaching, and many soccer legends are participating in their final world cup games. One of them is Lionel Messi —a soccer (or football, for those not in the U.S.) professional that has inspired millions of soccer fans around the globe.

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The Blueprint for a Customer-Centric Digital Lending Experience

Creating a winning digital lending experience requires plenty of focus on the needs of customers and more. Biz2X Chief Product Officer Aaron Traub covers everything from how to create such an experience, areas to hone in on, pitfalls to avoid, and plenty more in this insightful article. Discover how to utilize new technology without alienating existing customers, what to emphasize when working on your platform, and how to utilize the data at your disposal while not becoming overly reliant on it.

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MyHeritage AI Time Machine lets you travel to the most iconic historical eras

Dataconomy

MyHeritage, a global platform for finding your heritage, released the MyHeritage AI Time Machine, which is a cutting-edge and entertaining feature that uses text-to-image AI technology to produce photos of a person in various historical eras. Have you ever imagined how you might have looked if you were a Viking? Now you.

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Bank and VC consortium to invest in emerging fintechs

BankInovation

Community banks and venture capital firms are joining forces through the newly launched BTech Consortium to help smaller financial institutions (FIs) invest in emerging fintech technologies to the tune of $100 million. Through the consortium, banks will collectively invest funds to help power various technology initiatives, Cummings said, noting the current pool sits at […].

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Red states are where the anti-ESG action is

American Banker

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Listen: How FIs can improve CX through site search personalization

BankInovation

Raleigh, N.C.-based First Citizens Bank is leveraging the services of a fintech to offer search personalization and improve the customer experience. The $108 billion bank has a search bar in the middle of its homepage for easy navigation. The search option brings answers to client questions “without clicking a bunch of blue links,” Shane Closser, […].

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

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Top Retail Banking Innovation Trends for 2023

The Financial Brand

This article Top Retail Banking Innovation Trends for 2023 appeared first on The Financial Brand. Banks are better positioned to generate positive results from innovation initiatives. But legacy cultures and processes continue to impede progress. This article Top Retail Banking Innovation Trends for 2023 appeared first on The Financial Brand.

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Truist CIO Bryce Elliott joins Bank Automation Summit US 2023 speaker faculty

BankInovation

Bryce Elliott, executive vice president and chief information officer for wholesale and enterprise payments technology at Truist, joined the speaker faculty for the Bank Automation Summit U.S. 2023 and will be part of the panel “Solving data expandability issues through cloud” on Thursday, March 2, at 9:15 a.m. ET. The panel discussion will dive into […].

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Wells Fargo charged borrower $40,000 in excessive legal fees, judge rules

American Banker

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The Answers To Financial Marketing Social Media Questions in 2023

The Financial Brand

This article The Answers To Financial Marketing Social Media Questions in 2023 appeared first on The Financial Brand. Should you zero in on one social platform or juggle them all? Is TikTok worth trying? Here are insights guiding social strategies in 2023. This article The Answers To Financial Marketing Social Media Questions in 2023 appeared first on The Financial Brand.

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Managing Default Rates: A Balancing Act in a Multistate Lending Environment

Unlock the secrets to optimizing returns while navigating complex state regulations. With this webinar, gain exceptional insights from industry leaders, each with vast experience and expertise in commercial lending. They will delve into critical aspects of managing default rates in today’s dynamic lending landscape, including the formidable task of managing default rates across diverse states, each with its own legal intricacies and restrictions.