Thu.Jul 29, 2021

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Accelerate your bank’s cloud transformation with the three As

Accenture

Banks around the world right now are racing to the cloud. Are the winners of the race already too far ahead to catch? In my previous posts in this series, we’ve looked at the forces driving most banks to kick their cloud transformation journeys into high gear. We’ve also looked at the talent and people…. The post Accelerate your bank’s cloud transformation with the three As appeared first on Accenture Banking Blog.

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Bankers Are Caught in a Revenue Recession

Gonzobanker

Short-term moves to fill earnings shortfalls on the backs of customers will backfire spectacularly. “Remind people that profit is the difference between revenue and expense. This makes you look smart.” – Scott Adams, Dilbert Creator. The nation’s banking professionals have more than just “Zoom gloom” these days. The bottom line is this: folks are working harder than ever and dealing with more daily stress – all to generate less revenue.

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Chatbot Startup Gupshup Raises $240 Million for Growth Push

BankInovation

Messaging bots developer Gupshup raised $240 million in fresh funding, the second cash injection within a few months as the startup accelerates its expansion. Fidelity Management & Research, Tiger Global and Think Investments participated as investors, the company said Wednesday in a statement. The fundraising follows a $100 million round in April — the first […].

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New York federal court dismisses six class action cases alleging FDCPA violations in reliance on Hunstein

CFPB Monitor

A New York federal district court has dismissed for lack of Article III standing six class action cases alleging that debt collectors violated the FDCPA by sharing data about the plaintiffs’ debts with mailing vendors. In making these claims, the plaintiffs relied on the Eleventh Circuit’s ruling in Hunstein v. Preferred Collection and Management Services that a debt collector’s transmittal of debt information to its letter vendor could violate the FDCPA’s limits on third party communications.

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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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API vulnerabilities exposed for financial services institutions

BankInovation

Attacks that exploit application programming interfaces (APIs) are on the rise, resulting not just in stolen data, but compromised systems and even attacks on accounts, experts say. APIs are commonly used to connect banking applications to fintech and data services. A number of high-profile attacks recently have leveraged API vulnerabilities, Roey Eliyahu, CEO and co-founder […].

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Citizens faces tech integration challenges in $3.5B Investors purchase

BankInovation

In its $3.5 billion acquisition of Investors Bancorp that was announced yesterday, Citizens Financial Group said it sees greater market penetration in the Northeast. Citizens will also see a notable technology integration project, according to an analysis by Bank Automation News of the banks’ tech stacks via FI Navigator. Citizens has $185 billion of assets […].

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Nevada Governor approves bill requiring translated documents for consumer financial services transactions, including credit cards and auto title loans

CFPB Monitor

A new Nevada law that becomes effective on October 1, 2021 requires translated documents to be provided to consumers by businesses that advertise and negotiate transactions covered by the law in a language other than English (or allow their agents or employees to advertise and negotiate in a language other than English). A knowing violation of the new requirement is deemed a deceptive trade practice under Nevada’s UDAP law and non-compliance allows “the aggrieved party” to rescind the transacti

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Tossing the Paper to Compete

Jack Henry

When was the last time you pulled out a paper roadmap to navigate to your destination? Or the last time you went into an insurance agent’s office for a quote on a policy? Can you even remember? Neither can I! These days, we go online with our computer or smartphone to get instant directions, advice, and pricing whenever we like. Technology has permanently altered what we as consumers want and expect from those we choose to do business with.

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Insurance Tech Q2 2021

CB Insights

Global insurtech funding is shattering previous records. In the first half of 2021, insurtechs raised $7.4B — surpassing the $7.1B raised for all of 2020 by more than $300M. In Q2’21, we witnessed the largest quarter-on-quarter funding increase since Q3’18. Specifically, global insurtech funding ballooned to over $4.8B, representing a 89% increase from Q1’21 and a 210% increase compared to the same period last year.

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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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Lloyds Banking Group records £2bn profit after pandemic slump

TheGuardian

Bank announces one of biggest acquisitions and restart of dividend payments Lloyds Banking Group has announced one of its biggest acquisitions since returning to full private ownership and restarted dividend payments after receding Covid risks helped the bank return to profit in the second quarter. Britain’s biggest retail bank said pre-tax profits across the group surged to £2bn in the three months to the end of June, marking a sharp improvement from the £676m loss it reported during the same p

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This week’s podcast: The CFPB’s Summer 2021 Supervisory Highlights: A close look at deposit, auto servicing, and payday lending issues

CFPB Monitor

We discuss the practices found to be unlawful by CFPB examiners in the areas of deposits, auto servicing, and payday lending, identify practical takeaways for avoiding criticism by the “new CFPB,” and share our thoughts on what the findings signal for future scrutiny in these areas by the “new CFPB.”. Ballard Spahr Senior Counsel Alan Kaplinsky hosts the conversation, joined by Chris Willis, Co-Chair of the firm’s Consumer Financial Services Group, and Jason Cover, a partner in the Group.

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We Florida Financial Offers High Yield EarnMore Checking Account

BankDeals

DA has been tracking We Florida Financial’s rewards checking account, EarnMore Checking, for about two years. The top rate has remained very competitive.

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This Goldman Sachs-Backed Company Raised $110M To Launch Its Buy Now, Pay Later Service In The US

CB Insights

Zilch , a fintech platform, has raised $110M in a mix of debt, from Goldman Sachs Asset Management, and equity in an extended Series B round with participation from dmg ventures. HOW’S THE COMPANY PERFORMING? UK-based Zilch is a buy-now-pay-later (BNPL) application that enables customers to buy products online from more than 5,000 stores with an option to split payments over time with zero interest.

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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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Measuring Financial Resilience: Edinburgh Scoring Conference

FICO

The last time I attended the Credit Scoring and Credit Control Conference at the University of Edinburgh in August 2017, my colleague Gerald Fahner and I spoke about two ostensibly different topics. In my presentation, “ IFRS 9 – Comply and Compete ,” I discussed how lenders could improve decisions across the consumer lifecycle by managing drivers of expected credit loss under the (then) new IFRS 9 international accounting standard.

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Top CD Rates at MyUSA Credit Union in Ohio

BankDeals

Ohio-based Heartland Federal Credit Union and MidUSA Credit Union recently merged and have rebranded as MyUSA Credit Union (MyUSA).

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Ripple launches On-Demand Liquidity service in Japan

The Paypers

Ripple , a provider of enterprise blockchain and cryptocurrency solutions for global payments, has launched RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan, in collaboration with SBI Remit.

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Mastercard fleshes out its crypto strategy

American Banker

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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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BnkToTheFuture partners Celsius and First Digital Trust to launch digital asset retirement

The Paypers

BnkToTheFuture has partnered with Celsius and First Digital Trust to launch a digital asset retirement plan to gain exposure to the growth of Bitcoin and the wider crypto markets.

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Zelle becoming linchpin in faster payments as its traffic grows

American Banker

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Qoobiss launches fully automated KYC solution

The Paypers

Romania-based digital identity verification startup Qoobiss has launched a fully automated Know-Your-Customer (KYC) solution, according to the official press release.

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Banking bills doomed in Congress still credited with fostering change

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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PayU integrates with Visa Direct to enable push payments

The Paypers

PayU , an online payment service provider for emerging markets operating on four continents, has announced that it will enable push payments in partnership with Visa.

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4 Reasons Why Digital Banking Teams Struggle to Innovate

The Financial Brand

Having innovation as a priority is the first step, but it rarely goes further without first overcoming common roadblocks. The post 4 Reasons Why Digital Banking Teams Struggle to Innovate appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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Fintech Slice raises USD 10 mln

The Paypers

India-based fintech startup Slice has announced that it has raised 10 USD mln in funding in from multiple financial institutions.

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Diane Reyes, HSBC’s highest-ranking woman in U.S., retiring this year

American Banker

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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.