Tue.May 25, 2021

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Five reasons the cloud is a generational opportunity for payments right now

Accenture

The power of the cloud shouldn’t be news for any leader in payments today. Whether public, private, or hybrid, the cloud’s capabilities are widely known and beyond dispute. But cloud transformation is newly urgent. Accenture research has found that modernizing payments is a $300 billion opportunity, with 2.7 trillion cash transactions forecast to move to….

Payments 370
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5 Powerful Statements for Your Debt Collections Call Model

Perficient

When was the last time you revisited the debt collections call model your agents follow? Is it suitable for customers who are late today – versus years ago? Customer contacts made via phone calls must become more than an ask for payment and the total amount due. Here are 5 powerful statements that must be part of your debt collections call model script to convey empathy and improve customer retention: “How can I support you and your family during this time of need?”.

US 294
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Open Banking and CDR: How to adapt your channel strategy

Accenture

In our last post, we ran through some of the monetisation options available to banks as they begin to look beyond compliance with the Consumer Data Right (CDR) to imagine their strategic role in the new open-data economy. Since that post, CDR has progressed significantly. Today, all of the big four Australian banks have gone…. The post Open Banking and CDR: How to adapt your channel strategy appeared first on Accenture Banking Blog.

Strategy 293
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UK banks’ support for deforestation firms topped £900m last year

TheGuardian

MP leads call for amendment to environment bill to root out illegal deforestation from supply chains British banks provided at least £900m in finance last year to companies involved in deforestation overseas, research has shown, putting pressure on the government to include financial institutions in plans to force companies to root out illegal deforestation from their supply chains.

Company 100
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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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Financial services and small business: Building back stronger, together

BankInovation

During COVID-19, the temporary shut-down of businesses devastated US small business. According to a survey in February 2021 from the Federal Reserve Bank, it’s projected that three out of every 10 small businesses in the U.S. say they likely won’t survive 2021 without additional government assistance during the pandemic. Considering there are roughly 30 million […].

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More Trending

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Liquidity Problems? What Liquidity Problems?

SWBC's LenderHub

This past month was a wild one for stocks, particularly in the growth-stock heavy NASDAQ 100. The index was down as much as over 5% as of May 12, before recovering a bit toward the end of that same week. Nevertheless, the remarkable rally the index has experienced from the lows set last March in the face of hopefully a once-in-a-lifetime global pandemic showed signs of coming to an end.

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House Financial Services Committee to hold May 26 and 27 hearings on credit reporting, banking practices

CFPB Monitor

On May 26, 2021, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing, “ Consumer Credit Reporting: Assessing Accuracy and Compliance.” The witnesses include representatives from the “big three” consumer reporting agencies and the National Consumer Law Center. Based on the Committee memorandum, lawmakers are likely to focus on consumer report accuracy and the dispute resolution process.

Report 78
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Let 1,000 Libor replacements bloom

BankInovation

It’s Bring Your Own Benchmark time for financial markets. Efforts to replace Libor — the interbank lending rate off which trillions of dollars worth of financial assets are famously priced — are still ongoing more than a decade after the financial crisis. And while SOFR (the Secured Overnight Funding Rate) has emerged as a frontrunner […].

Lending 87
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Supreme Court Is Asked (Again) to Rule on Whether the FAA Preempts California Public Injunctive Relief Law, But This Time There is an Intervening Conflict in Federal Case Law That Strongly Supports Review

CFPB Monitor

For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “ McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this critically important arbitration issue.

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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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5 best practices for extracting value from bots

BankInovation

The cost for a robotic processing automation (RPA) bot averages between $5,000 to $15,000, according to an oft-cited industry number. Bots can cost much more, however. In fact, when Wells Fargo started its automation program with unattended bots in 2018, the price tag for a bot was as much as $50,000, and Gartner told Bank […].

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2021 ATM Comparison Guide

ATM Marketplace

This guide will help you determine exactly what type of ATM to deploy by providing an in-depth guide on a variety of ATMs from major manufacturers including Diebold Nixdorf, Hyosung, NCR Financial Solutions, Triton Systems and more.

ATM 81
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Interac's journey from debit to digital ID

Payments Source

Cards 169
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Delivering Safe Return to Office & Smarter Customer Interactions

Cisco

Financial Services Bank, Insurance & Wealth industry participants are actively addressing how to balance and deliver a safe return to work, with the right mix between a Secure Remote Workforce and Trusted Workplace to ensure business resiliency for all types of work, independent of work locations. Chris Bottger, Cisco Americas Workplace Experience Strategist indicates Employee Engagement continues to be a challenge as FinServ employers assess a Safe Return to Office strategy.

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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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JPMorgan Chase, ACI to offer multichannel payments in Europe

Payments Source

Payments 139
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Sequoia-Backed Found Raises $12.8M To Scale Its Online Banking Platform

CB Insights

Found , a self-employment online banking platform, has raised $12.8M in a Series A funding round. The round drew participation from Sequoia Capital and undisclosed angel investors. How’s the company performing? California-based Found is a digital bank that offers banking, book-keeping, and taxation services for self-employed people. It has no account fees, minimum balance requirements, account fees.

Online 62
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Sift to acquire Chargeback to stifle e-commerce fraud

Payments Source

Fraud 137
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New ABA Report Examines Americans’ Access to Banking Services

ABA Community Banking

An estimated 124.2 million households were considered “banked” in 2019, with at least one member having a checking or savings account, according to FDIC figures that were highlighted in a new report from the American Bankers Association today on access to the banking system. The post New ABA Report Examines Americans’ Access to Banking Services appeared first on ABA Banking Journal.

Report 58
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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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How to Address Portfolio Risk Volatility Through Economic Uncertainty - Part 2

FICO

If we think of a lending portfolio as a night club, its underwriting policy acts as the doorperson, checking IDs and making sure anyone trying to enter meets documented criteria. Most underwriting policies base acceptance on someone’s attributes and behavior at or before the time of application, considering how other similar applicants have behaved in the past.

How To 52
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Popular Bank Director of National Healthcare Financing Andrew Boland Participates in EBA Panel Discussion

PopularBank

Popular Bank Senior Vice President and Director of National Healthcare Financing Andrew Boland joined fellow industry leaders for the Environmental Banker Association (EBA) panel discussion How COVID Changed Senior Living & Care Underwriting. The panel was hosted on April 29, 2021 and brought together senior housing lending, legal and environmental experts to discuss unique challenges they faced amid COVID-19 disruption and shaping the industry’s future.

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Volante, Deloitte to accelerate payments modernisation

The Paypers

Cloud payments and financial messaging service provider Volante Technologies and Deloitte have partnered to offer clients a service that enables financial institutions to transform how they run their payments business.

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Square's bank accounts lay groundwork for a super app

Payments Source

Fintech 113
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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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RS2 receives E-Money Institution license from the German Federal Financial Supervisory Authority

The Paypers

Malta-based global payments processing and technology provider RS2 has announced that its German subsidiary, RS2 Financial Services, has been granted an E-Money Institution (EMI) license by the German Federal Financial Supervisory Authority.

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Social shopping and new point of sale financing are the new normal

Payments Source

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Goldman Sachs moves a step closer to quantum computing

American Banker

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SoftBank invests USD 250 mln in new fintech unicorn Zeta

The Paypers

UK-based banking tech startup Zeta has secured USD 250 million in Series C funding from the SoftBank Vision Fund 2, valuing the company at USD 1.45 billion, according to AltFi.

Fintech 42
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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.