Perficient

JANUARY 31, 2022

We shouldn’t be that surprised. A couple of weeks ago, Crypto.com, one of the fastest-growing cryptocurrency platforms, was hacked on January 17, 2022. One area mentioned by the company as an issue was a gap in its multi-factor authentication (MFA) system. A statement issued by Crypto.com on January 20th said, “transactions were being approved without the 2FA authentication control being inputted by the user,” and the company allowed the transactions to go through without the users providing the

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Independent Banker

JANUARY 31, 2022

Southern Bancorp partners with other community banks to increase loan accessibility and financial literacy to low-income customers. Photo by Dero Sanford. As CEO of Southern Bancorp, Darrin Williams wants to promote relationships between community banks and CDFIs to create more prosperous communities. By Judith Sears. Name: Southern Bancorp. Assets: $2 billion.

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SWBC's LenderHub

JANUARY 31, 2022

Last Week. What do you get when you cram a historic FOMC meeting, a geopolitical crisis, and a global pandemic into one week? A bloody mess, that’s what!

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Independent Banker

JANUARY 31, 2022

Photo by Pogonici/iStock. With consumer expectations seeming to evolve faster every year, community banks could consider partnering with a fintech to keep up with technological innovation. By Elizabeth Judd. Quick Stat. 71%. of bankers are either strongly interested in or already working with fintechs in digital account opening. Source: Cornerstone Advisors.

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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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BankInovation

JANUARY 31, 2022

Customers using the Financial Data Exchange (FDX) API more than doubled in 2021, rising to 28 million during fall 2021 from 12 million in fall 2020. FDX is a non-profit devoted to standardizing financial data sharing as U.S. financial institutions adopt open banking. The API supports open finance and open banking data sharing. In addition: […].

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BankInovation

JANUARY 31, 2022

UBS Group AG has become an investor favorite in recent years as a reliable beacon of profitability. For Chief Executive Officer Ralph Hamers, such stability poses a challenge: how to fix something that isn’t visibly broken. Coming from ING Groep NV, the Dutch lender he’s credited with transforming, the Dutchman’s mission statement is to pull […].

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Independent Banker

JANUARY 31, 2022

Despite the large number of PPP loans distributed to small businesses, funding didn’t always reach those who needed it the most. These community banks are working to fix that through microlending programs. By Beth Mattson-Teig. One of the harsh realities revealed by the flood of Paycheck Protection Program (PPP) money distributed in 2020 and 2021 is that many businesses and entrepreneurs in need of small-balance loans fell through the cracks.

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Lending Community Community Bank Compliance 150

BankInovation

JANUARY 31, 2022

Amala Duggirala joined banking, insurance and investment firm USAA in early January as executive vice president and enterprise chief information officer. She reports to CEO Wayne Peacock. Duggirala leads a team of 6,000 that spans technology, data, security and third-party management. She is also heading the company’s technology transformation, according to an announcement by $200 […].

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Independent Banker

JANUARY 31, 2022

ICBA has a growing network of people and resources community banks can tap into as they continue their innovation journeys. The ThinkTECH Accelerator is one of several initiatives underway this year to foster community bank-enabled fintech partnerships. By Charles Potts, ICBA. The collaborative process is critically important to what we do at ICBA and to the future of community banking.

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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

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BankInovation

JANUARY 31, 2022

Banks must fully commit to the cloud in their digital banking strategies while also using cloud adoption as a rallying point for end-to-end automation. Paul Taylor, chief executive of cloud core provider Thought Machine, tells Bank Automation News this and more in today's episode of “The Buzz” podcast. In the wake of COVID-19, many banks […].

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Strategy Digital Banking 98

Independent Banker

JANUARY 31, 2022

The Federal Reserve’s new payments rail launches in one year. Photo by Traveler1116/iStock. The FedNow Service is launching in early 2023, giving community banks about a year to plan. Here’s how community bankers, payments experts and fintech vendors suggest using the time to prepare. By Colleen Morrison. The clock is ticking. With less than a year until the scheduled launch of the FedNow Service, community banks are still awaiting updates on specifics.

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Community Bank Community Resources Fraud 91

TheGuardian

JANUARY 31, 2022

Multimillionaire politician and family to forfeit funds arising ‘from criminal conduct and money laundering’ A multimillionaire Azerbaijani politician and his family have been ordered to hand over £5.6m of suspect funds brought into the UK via a complex money-laundering scheme nicknamed the “Azerbaijani laundromat”. A judge on Monday ordered that Javanshir Feyziyev and his family forfeit £5.63m held in various bank accounts after ruling the funds “arise from criminal conduct” and “money launderi

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Independent Banker

JANUARY 31, 2022

Bridgeport, Ill., is home to both Pulaski Savings Bank and the Bridgeport Art Center, which is housed in a historic 1911 building. Photo by Jim Roberts. Pulaski Savings Bank has been serving the diverse people of Chicago’s Bridgeport neighborhood for more than 130 years. Due to its dedication to community and loyal employees, the community bank has become a well-known pillar of the city.

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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

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Banking Exchange

JANUARY 31, 2022

Proposed rule could strengthen transparency and quality of executive compensation disclosure says SEC chair Compliance Duties Feature Human Resources Management Feature3 Financial Research ESG.

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Resources Compliance Management 78

Independent Banker

JANUARY 31, 2022

In this challenging labor market, how do you make sure you retain new talent? Employee retention starts with powering up engagement, and here are some key issues to consider. By Lindsay LaNore, ICBA. Last month, we dove into the subject of talent acquisition and retention by exploring the first of the three Rs, Recruit. This month, we look at the second, Retain, with more advice from Valerie Utsey, ICBA’s chief human resources officer.

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Lending Community Millennials Training 91

Banking Exchange

JANUARY 31, 2022

Bank has created risk management policies to prevent recurrence says Moody’s Risk Management Feature Feature3 Retail Banking Compliance Lines of Business Compliance Management Operational Risk Compliance/Regulatory.

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Risk Management Compliance Policies Management 78

Independent Banker

JANUARY 31, 2022

Photo by Heather Esposito. From new competition and new technology to new regulation, we have adapted and continued to offer the relationship-centric experience that our communities, customers and missions depend on. I was recently reminded of this quote from Canadian prime minister Justin Trudeau: “The pace of change is faster than it’s ever been, but it’s never going to be this slow again.

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Community Bank Community US Regulation 91

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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.

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CFPB Monitor

JANUARY 31, 2022

The New York Senate has confirmed Governor Hochul’s nomination of Adrienne Harris to serve as Superintendent of the state’s Department of Financial Services. Ms. Harris has been serving as Acting Superintendent since the departure of her predecessor, Linda Lacewell, in August 2021. Ms. Harris previously served as a Senior Advisor in the Treasury Department during the Obama Administration.

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SWBC's LenderHub

JANUARY 31, 2022

What’s on the horizon for credit unions, lenders, and other financial institutions in 2022? Our experts weigh in with a product outlook for payments in the coming year.

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Payments 78

CFPB Monitor

JANUARY 31, 2022

Recently, the CFPB issued a “ Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services.” Comments on the RFI must be submitted by March 31, 2022. On February 17, 2022, from 2:30 p.m. to 3:30 p.m. ET, Ballard Spahr will hold a webinar, “The CFPB’s Inquiry into “Junk Fees”: What It Means for Consumer Financial Services Providers.

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Cards Regulation National Payments 78

TheGuardian

JANUARY 31, 2022

Stacey Macken sued BNP Paribas after years of unequal pay and belittlement by male colleagues A City banker who had a witch’s hat left on her desk by drunken male colleagues has won more than £2m in compensation for sexual discrimination. Stacey Macken, 50, sued French bank BNP Paribas after being belittled by her boss who kept telling her “not now, Stacey” – a phrase he used so often that colleagues even copied it.

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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.

Lending

CB Insights

JANUARY 31, 2022

Veriff , an AI-based identity verification company, has raised $100M in a Series C round that drew participation from Accel, Alkeon Capital Management, Institutional Venture Partners, and Tiger Global Management. How’s the company performing? Estonia-based Veriff provides identity verification as well as AML & KYC compliance solutions. The company’s customer base reportedly grew by 150% in 2021, and it also experienced an 8x increase in global verification volumes.

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Compliance Capital Management US 62

TheGuardian

JANUARY 31, 2022

‘Lifeline’ agreement confirmed for millions who rely on branches for services after bank closures Customers of the UK’s biggest banks and building societies will be able to continue to use Post Office counters to pay in and withdraw cash, after an important arrangement was renewed. Following months of negotiations, the Post Office has announced that it will continue to offer basic banking services to most UK bank customers for a further three years.

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Alex Jimenez

JANUARY 31, 2022

Recently, I wrote two articles with a similar theme. In the first article, published by The Financial Brand, I described how an organization that is otherwise very strategic fell for the Shiny Object Syndrome. They added AI as a strategic imperative, without defining the problem that they wanted to address with AI. Artificial intelligence is not just a fad, but implementing it wastes time and money if financial institutions don't clearly identify what specific problem AI will help them solve.

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ABA Community Banking

JANUARY 31, 2022

The outgoing FDIC chairman discusses bank innovation, FDITech, post-COVID exams and the agency's COVID response in part one of this interview. The post Podcast: Exit Interview with Jelena McWilliams, Part 1 appeared first on ABA Banking Journal.

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FDIC Innovation Taxes Community Bank 52

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