Thu.Feb 22, 2024

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Small Business Lending Is Crucial in Fighting the Deposit Wars

Gonzobanker

The right talent and tools can equip bankers to take advantage of opportunities in the small business market. As bankers continue to fight the deposit wars, they must move past the polite talk and build a true go-to-market plan to capture the lucrative U.S. small business market—a segment of 32 million small-to-medium businesses (small businesses) with less than $10 million in annual revenue with funding needs of loans between $5,000 and $1,500,000.

Lending 78
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OCC’s Hsu calls for federal payments licensing

Payments Dive

The head of the OCC called on Congress to replace the current state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.

Payments 244
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How to Set Your Strategic Planning Time Horizon

South State Correspondent

Banks consistently produce under their cost of capital. For example, at present, return on equity performance is about 12% for the average community bank. However, for the average bank, their cost of capital is between 9% and 14% depending on the bank’s equity liquidity with an average of 12.5%. Why is that? One answer is that banks have the wrong strategic planning time horizon.

How To 195
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What FIs are most concerned about when it comes to fraud

Abrigo

Check fraud prevention is at the forefront for financial institutions Banks and credit unions report that check fraud is impacting their institution more than any other threat. Read on for cutting-edge prevention methods. You might also like this upcoming webinar on Homeland Security fraud investigations. Register Takeaway 1 Check fraud prevention is top-of-mind for nearly 75% of financial institutions, with many reporting significant increases last year.

Fraud 195
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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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Affirm sheds workers

Payments Dive

The buy now, pay later provider has cut about 6% of its employees, joining other payments companies that have trimmed workforces this year.

Payments 261

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The CARS Rule: What you need to know about the Federal Trade Commission’s final motor vehicle dealer trade regulation rule, Part II

CFPB Monitor

Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance and insurance industry. In December 2023, the FTC announced its final Combatting Auto Retail Scams Rule, otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers. .

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Nvidia’s data center revenue up 409%

BankInovation

Chip manufacturing behemoth Nvidia posted record revenue in the fourth quarter as companies across industries look to develop and deploy generative AI. The Santa Clara, Calif.-based company posted data center revenue of $18.4 billion, up 409% year over year, according to the company’s earnings report.

Data 72
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Ballard Spahr partner Michael Guerrero authors article on buy now pay later

CFPB Monitor

Michael Guerrero, a partner in Ballard Spahr’s Consumer Financial Services Group and co-leader of the firm’s Fintech and Payment Solutions Team, has authored an article on buy now pay later (BNPL) that will be published in the March—April 2024 issue of ABA Risk and Compliance. Titled “ Buy Now Pay Later…in an Era of Increased Scrutiny of Economic Headwinds ,” the article discusses the evolution of BNPL, regulatory and compliance considerations, and what is ahead for BNPL.

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Banks must look past their zero-sum mindset and embrace collaboration

American Banker

Strategic alliances are a viable avenue leading to risk reduction and higher profits — provided that bankers can learn to embrace them.

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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 Bank to reduce costs by $1.5B in 2024

BankInovation

Lloyds Bank is modernizing its technology and expects to save 1.2 billion pounds ($1.5 billion) through the efforts in 2024. The London-based bank’s focus on technology aims “to increase the pace and efficiency of change,” Chief Executive Charlie Nunn said today during the bank’s fourth-quarter earnings call.

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JPMorgan Chase, TD draw AI talent through research labs

American Banker

The New York bank's AI research group has published 400 papers, according to new research from Evident; TD Bank Group's Layer 6 unit published 14 last year. These groups work to solve real-life problems in the business units.

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Binance facing bans in The Philippines and Nigeria

The Paypers

Following struggles to comply with local regulations, Binance is facing bans in The Philippines. Nigeria is also on the offensive against Binance and similar crypto firms.

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How bankers are reacting to the blockbuster Capital One-Discover deal

American Banker

In the wake of the largest U.S. bank deal in more than 15 years, industry executives offered mixed views about the prospects for more big acquisitions. They also spoke about the deal's impact on competition in the credit card business.

Capital 71
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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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FIS leader talks M&A, tech integration

BankInovation

Institutions approaching mergers and acquisitions must consider how to combine cultures, business models in addition to their tech stacks.

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How Google is accelerating Worldline's push into AI

American Banker

The payment company is working with Google Cloud to develop new forms of machine learning on a larger scale.

Google 88
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Mike Ashley victim of ‘abuse’ by US bank Morgan Stanley, high court hears

TheGuardian

Frasers Group suing over $900m cash demand linked to bets placed on shares in German retailer Hugo Boss The billionaire businessman Mike Ashley has claimed he was the victim of “abuse” by Morgan Stanley amid a high court dispute over the investment bank’s decision to impose a near $1bn (£790m) cash demand. Ashley’s Frasers Group is taking legal action against the US investment bank Morgan Stanley and Denmark’s Saxo Bank over the May 2021 move linked to bets placed on shares in the German retaile

US 43
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This Virginia bank wants to rewrite the rules for banking as a service

American Banker

MainStreet Bancshares in Fairfax says it can succeed where others have run into some thorny regulatory problems by cutting out the middleware and linking fintech partners directly to its core.

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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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Silent Eight partners with HSBC

The Paypers

Artificial intelligence economic sanctions enforcement provider Silent Eight has expanded its partnership with HSBC to deliver transaction screening solutions.

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Discover to pay Capital One $1.38B if it accepts another offer

American Banker

The two companies in the largest bank merger since the 2008 financial crisis released details of their agreement. It leaves the door open for Discover to field better offers, though the payments company would pay a break-up fee of 4% if it accepts one.

Capital 41
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Numeral launches Swift payments

The Paypers

Numeral has announced that it now supports Swift payments, allowing companies and financial institutions to automate cross-border payments with partner banks.

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Credit card issuers' APR margins hit record 14.3% in 2023, CFPB says

American Banker

Lenders collected an estimated $25 billion in additional interest income last year by raising the average margin on annual percentage rates, or the amount above the prime rate, according to the Consumer Financial Protection Bureau.

Cards 36
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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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Acronis updates its cybersecurity product

The Paypers

Switzerland-based cyber protection provider Acronis has announced the launch of an updated version of its product, Acronis Cyber Protect 16.

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First Horizon CFO says loan growth is still difficult for regionals banks

American Banker

CFO Hope Dmuchowski said investors are growing increasingly nervous about banks that expand their loan portfolios too quickly after the collapse of Silicon Valley Bank and other regional lenders last year.

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Valid8 Financial launches fraud investigation solution

The Paypers

Cloud-based Verified Financial Intelligence (VFI) platform Valid8 Financial has announced the launch of Stories, a feature that enables users to improve financial fraud investigations.

Fraud 41
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Are Banks Missing the Revenue Potential of Instant Payments?

The Financial Brand

This article Are Banks Missing the Revenue Potential of Instant Payments? appeared first on The Financial Brand. Faster payments are here, but banks and credit unions could lose out to fintechs and big techs if they don't play it smart. This article Are Banks Missing the Revenue Potential of Instant Payments? appeared first on The Financial Brand.

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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.