PYMNTS
AUGUST 27, 2020
Tens of thousands of stolen Fortnite accounts are being sold on the black market in a $1 billion a year trade, according to Bloomberg. The news outlet cited a report from Night Lion Security , which looks into companies' vulnerable points. It found that criminals are using automated tools to mass-check for Fortnite accounts from hordes of stolen identities from recent data breaches.
Abrigo
AUGUST 27, 2020
Key Takeaways FinCEN and federal regulatory agencies have been increasingly transparent in the first three quarters of 2020. Regulatory agencies understand that these are different times and are prepared to be more flexible in their examination. Regulators have determined there are five top hot topics that institutions should expect during their next exam.
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PYMNTS
AUGUST 27, 2020
Some major New York City retail properties — including the shopping center at Hudson Yards — are only producing 50 percent of pre-pandemic rent, the CEO of major Big Apple landlord Related Cos. said Thursday (Aug. 27), according to CNBC. "Retail is obvious struggling," Jeff Blau said on CNBC's "Squawk Box." "We expect that will pick up post [re]opening.".
Abrigo
AUGUST 27, 2020
Key Takeaways FinCEN and federal regulatory agencies have been increasingly transparent in the first three quarters of 2020. Regulatory agencies understand that these are different times and are prepared to be more flexible in their examination. Regulators have determined there are five top hot topics that institutions should expect during their next exam.
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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
PYMNTS
AUGUST 27, 2020
Freshly , which works in manufacturing fresh, prepared meals for the U.S., introduced a new B2B platform, Freshly for Business , which is centered around feeding company teams in any place, according to a press release published by Food Industry Executive. In 2020, Freshly is set to deliver 50 million meals to over 200,000 zip codes in the country, which the release stated will be a lifeline during the current pandemic.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
AUGUST 27, 2020
Commonwealth Bank of Australia (CBA) has introduced a new digital service that expedites the distribution of pandemic-related loans, allowing small- to medium-sized businesses (SMBs) to access money "within minutes," according to a report from News.com.au. With the bank's new BizExpress Online, existing SMB customers can apply for loans of up to $50,000 through the bank's NetBank and CommBank apps.
Payments Source
AUGUST 27, 2020
One thing that many parents are finding unusual this year is the amount of money being spent on school supplies during the coronavirus crisis — it’s actually going up.
PYMNTS
AUGUST 27, 2020
Mitek , which offers digital identity verification services, has partnered with Lightico , which works in the field of identity verification and eSignatures, to provide a new way to complete transactions over a text message, a company blog post stated. Lightico, using a secure platform, can allow businesses to "collect forms, documents, eSignatures, photos and payments, consent to disclosures and verify identities instantly via text, even while the customer is on the phone," the post stated.
BankBazaar
AUGUST 27, 2020
You’ve been loyal to your plastic friend for close to a decade now, but are increasingly beginning to feel that it’s not giving you as much in return. Here are clear signs that you need to switch to a different Credit Card. You’ve been dependent on your Credit Card for close to a decade now and have gone the distance in making payments on time, and monitoring your statements to keep them free from errors and suspicious charges.
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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
PYMNTS
AUGUST 27, 2020
Crypto exchange ShapeShift is suing former engineer Azamat Mukhiddinov for allegedly stealing $900,000 in bitcoin via programs he installed on their servers, CoinDesk reported. Executives said on Thursday (Aug. 27), in a request for a jury trial, that Mukhiddinov's reported theft was discovered May 21 as a hole in the balance sheet, traced back to him in a matter of days, the report stated.
SWBC's LenderHub
AUGUST 27, 2020
Maintaining auto insurance coverage is what most would consider “old news.” For borrowers and lenders alike, it is a necessary investment that protects all invested parties from experiencing loss. Specifically for lenders, getting borrowers to comply with the terms of their auto loan contract is particularly critical as a breach of contract could have an adverse effect on your bottom line.
PYMNTS
AUGUST 27, 2020
Bill.com , which works in cloud-based software to simplify payments through automation, has partnered with KeyBank to introduce Key CashFlow sm , which aims to help small to medium-sized businesses (SMBs) and commercial customers with online banking, a press release says. Key CashFlow is scalable and centralized, and is designed to integrate seamlessly with accounting programs, the press release says.
Payments Source
AUGUST 27, 2020
There’s never been a better time, nor better technology available, to make cardholders safe from card-not-present fraud, says Keyno's Robert Steinman.
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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.
PYMNTS
AUGUST 27, 2020
Walmart is selling two of its online brands in a continuing goal to concentrate on its website. Bloomberg reported Thursday (Aug. 27) that the Arkansas-based retail giant is scrapping Shoes.com and Bare Necessities, the intimate apparel brand. CriticalPoint Capital, a Los Angeles merger and acquisition advisory and investment bank, will acquire the shoe website while the lingerie platform will be purchased by Delta Galil Industries, an Israeli manufacturer and marketer of branded and private lab
Payments Source
AUGUST 27, 2020
One banks journey of taking an AI idea from inception to experience. How organizations can ensure the shift from pilot projects to full-scale AI fluency goes right.
PYMNTS
AUGUST 27, 2020
Asian-American cuisine restaurant operator Panda Express , which has 2,000 eateries across the United States, is running a new digital gift card program using services provided by Blackhawk Network , Blackhawk announced today. "The partnership allows Panda Express to provide a seamless eCommerce experience for customers in digital channels across devices," Blackhawk said in a prepared statement announcing the arrangement, which launched in June.
Payments Source
AUGUST 27, 2020
Even as the bank’s sales practices faced intense government scrutiny following the Wells Fargo scandal, senior leaders in Oregon were fostering a culture that valued credit-card sales above all else, according to several former employees.
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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.
Matt Wilcox Pro
AUGUST 27, 2020
Popular movies like American Hustle, Dirty Rotten Scoundrels, The Sting, and Catch Me If You Can show that audiences like a good con artist story. The films even manipulate—con?—us into rooting for the bad guy, our consciences somehow assuaged by marks who deserve or at least can afford the loss. The deserving-mark trope entertains, but in real life cons hurt […].
Jack Henry
AUGUST 27, 2020
“It is not the strongest of the species that survives, not the most intelligent that survives. I t is the one that is the most adaptable to change.” ? Charles Darwin. The COVID-19 pandemic continues to illustrate the importance of adaptability for survival. For credit unions waiting for the right time to pursue digital banking transformation -- it’s now or never.
Payments Source
AUGUST 27, 2020
The need to quickly streamline business payments isn’t possible through manual processing, says Medius’ Daniel Saraste.
CFPB Monitor
AUGUST 27, 2020
The CFPB has issued a new request for information about the credit card market that seeks comment on two related, but separate, reviews. One review is a review of CARD Act rules pursuant to Section 610 of the Regulatory Flexibility Act, which requires the CFPB to review certain rules within 10 years of their publication and consider the rules’ effect on small entities.
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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.
American Banker
AUGUST 27, 2020
Betsy Cohen, formerly of The Bancorp Bank, and venture capitalist Ryan Gilbert have created a vehicle to raise hundreds of millions of dollars, purchase a technology company and expand it.
CFPB Monitor
AUGUST 27, 2020
On August 21, 2020, the CFPB announced the issuance of a consent order against Go Direct Lenders, Inc. (Go Direct). This follows consent orders discussed in a previous blog post , that were announced on July 24, 2020 against Sovereign Lending Group, Inc. (Sovereign) and Prime Choice Funding, Inc. (Prime Choice). The CFPB indicated in the Go Direct announcement that the consent order is the third to originate from a number of CFPB investigations into companies allegedly using deceptive direct ma
BankDeals
AUGUST 27, 2020
Customers have had to change up their banking habits amid the coronavirus pandemic. Read on to find out how consumer behavior has changed in recent months.
American Banker
AUGUST 27, 2020
New analysis from S&P found that only two of the of the top 20 credit unions that participated in the Paycheck Protection Program loans had assets of less than $1 billion.
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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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