Fri.Apr 05, 2024

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Virtual marketplaces risk real losses: CFPB

Payments Dive

Virtual worlds “can become a haven for scams, fraud, financial losses, and unanticipated purchases that can deplete a family’s real-world financial assets,” CFPB Director Rohit Chopra said.

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While we focus on Dominic West in a banned advert, the banks are short-changing us all | Hannah Dewhirst

TheGuardian

The fuss over an outlawed commercial threatens to obscure the fact that the industry is reaping record profits for a poorer service It’s been quite the year for Hollywood’s humanitarians. Olivia Colman took on pension funds for their role in fossil fuel expansion, Game of Thrones stars Kit Harington and Rose Leslie challenged high street banks’ role in the same polluting activities, and actor Dominic West starred in a Nationwide advert calling out the banks for their sweeping branch closures.

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EWA shouldn’t be regulated like loans

Payments Dive

“Attempts to regulate EWA as credit threaten worker access to this innovative and consumer-friendly financial tool,” writes one earned wage access industry CEO.

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Credit Unions, Fintechs Pushing the Industry Forward – What We Heard At GAC 2024

William Mills

Branded under its new moniker, America’s Credit Unions (following the recent merger of CUNA and NAFCU), the 2024 Governmental Affairs Conference (GAC) was a successful one, bringing together credit unions from across the U.S. and the service providers and technology partners that are helping them better serve their members.

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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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Whole Foods to pull Amazon’s Just Walk Out technology from stores

Payments Dive

The specialty grocer, which operates the checkout tech at just two stores, will follow the same path as Amazon Fresh stores in the U.S., a spokesperson confirmed Friday.

More Trending

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Podcast: The CEO view from Main Street

ABA Community Banking

What's the CEO-eye view on the U.S. economy, business conditions and the regulatory environment for banks? The post Podcast: The CEO view from Main Street appeared first on ABA Banking Journal.

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How to make ATMs green-friendly

ATM Marketplace

Managing ATMs well and handling cash responsibly can make using cash eco-friendly.

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Digital Federal Credit Union debuts self-service mortgage portal

American Banker

The $12.1 billion-asset DCU launched the loan platform in 2022, and has seen volume jump by close to $600 million from when talks began in 2019 to last year.

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Morgan Stanley installs AI chief

BankInovation

Morgan Stanley, acknowledging the growing importance of AI in the financial services industry, has named Chief Analytics and Data Officer Jack McMillan to the newly created position of head of companywide AI. McMillan is responsible for identifying and prioritizing AI implementation across business units and infrastructure throughout Morgan Stanley, he told Bank Automation News.

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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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As CFO of a billion-dollar company, I couldn't get a checking account

American Banker

In an increasingly cashless society, having a basic bank account ought to be an inalienable right. Instead, we have a system that deliberately prevents millions of Americans from making even the simplest transactions.

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Digital bank OakNorth looks to US expansion

BankInovation

Digital bank OakNorth is expanding its business beyond the United Kingdom and into the United States, exploring a merger and acquisition strategy. “We’ve always been clear that we want to build our business across the U.K. and U.S.,” Chief Executive Rishi Khosla told Bank Automation News.

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Schumer: Banker compensation clawback, cannabis banking, on Senate docket

American Banker

Senate Majority Leader Chuck Schumer, D-N.Y., tapped executive compensation and cannabis banking bills as bipartisan priorities that could see movement in the Senate in the "weeks and months ahead.

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Spot Bitcoin ETFs change the digital asset market | Embedded Finance market to be worth $22bn by 2028 | Ripple to launch U.S. dollar stablecoin

Bussman Advisory

This week’s must-know stories in the FinTech, AI and Digital Asset space: Spot Bitcoin ETFs change the digital asset market, attracting billions in inflows Embedded Finance market to be worth $22bn by 2028 Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether Plus, 12 more exclusive stories to help you stay ahead of the curve!

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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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What's driving mobile-wallet spending at high and low values

American Banker

A digital-payment trend that began during the COVID pandemic is being bolstered by features such as rewards and state ID storage.

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ABA, associations urge lawmakers to bolster funding for CDFI Fund

ABA Community Banking

ABA joined the Community Development Bankers Association, National Bankers Association and two other associations in urging members of the House and Senate appropriations committees to fund the CDFI Fund for fiscal year 2025. The post ABA, associations urge lawmakers to bolster funding for CDFI Fund appeared first on ABA Banking Journal.

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Mastercard to increase credit and debit card fees

The Paypers

US-based payment technology corporation Mastercard has planned to increase fees for credit and debit card transactions by nearly USD 250 million.

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Survey: Customer satisfaction higher when bank branches deliver ‘basic’ services

ABA Community Banking

Customer satisfaction with retail bank branches is much higher than average when banks deliver the fundamentals of customer service, according to a new bank customer satisfaction survey by J.D. Power. The post Survey: Customer satisfaction higher when bank branches deliver ‘basic’ services appeared first on ABA Banking Journal.

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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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Klarna launches Wikipink

The Paypers

AI-powered global payments network Klarna has announced the launch of its Wikipink product, a data hub with information on how UK clients use the company’s solutions.

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NYCB asks shareholders to finalize $1 billion lifeline

American Banker

The Long Island bank is trying to come back from a month-long spiral that sunk its stock price some 80%.

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Skipify partners with Visa

The Paypers

US-based fintech company Skipify has announced its collaboration with Visa through the Visa Digital Commerce Program, intending to improve how consumers transact.

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Does the CFPB have mortgage rate discount points in its crosshairs?

American Banker

In a study posted weeks after it raised concerns about "junk fees," the Consumer Financial Protection Bureau noted that the amount of borrowers paying discount points doubled from 2021 to 2023, with the increase larger among consumers with lower credit scores.

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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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Zip launches new enterprise features

The Paypers

Intake and procurement orchestration platform Zip has announced the launch of additional enterprise features that allow businesses to advance their capabilities.

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First Busey's new acquisition, Stax founders launch credit-scoring tool

American Banker

First Busey closes acquisition of Merchants and Manufacturers Bank; Stax co-founders launch a new credit-scoring tool; UMB's marketing chief takes on consumer banking; and more in the weekly banking news roundup.

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STC Bank launches in Beta

The Paypers

STC Bank has announced the launch in Beta, as the financial institution received formal approval from the SAMA in order to continue its development journey.

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Why Blackrock Opted to ‘Transition’ Socially Responsible Strategies

The Financial Brand

This article Why Blackrock Opted to ‘Transition’ Socially Responsible Strategies appeared first on The Financial Brand. Following backlash, the asset manager has rebranded ESG investing to "transition investing." Does that mean ESG is now a dirty word? This article Why Blackrock Opted to ‘Transition’ Socially Responsible Strategies appeared first on The Financial Brand.

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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.