Tue.Jan 18, 2022

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Are You Already Planning to Reforecast Your Loan Loss Projections for 2022?

Perficient

Everywhere you look and read, we are reminded of the key drivers behind the rising debt and delinquencies Americans face, as well as indications there’s much more to come: Inflation increased at the fastest rate in 40 years over the last twelve months, exceeding expectations, the Labor Department announced on January 12, 2022. Used vehicles , which have become a top leader for the current inflationary environment, have increased 37% over the past year.

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Crypto Exchange BitMEX to Buy 268-Year-Old German Bank to Deliver ‘Banking 2.0’

PYMNTS

The CEO and CFO of the BitMEX cryptocurrency derivatives exchange announced today that they have reached an agreement to purchase a 268-year-old German bank in order to establish “a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland.”. The purchase of Munich-based Bankhaus von der Haydt, established in 1754, is a vital step in its goal of creating “a regulated crypto products powerhouse in the heart of Europe,” said BitMEX Group CEO Alexander Höptner in a blog post.

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How to Improve Branch Performance & Streamline Branch Operations Processes

Jack Henry

The last two years have called for undeniable change in the financial industry. They’ve called for forced branch closures, highlighted the importance of contact centers, and accelerated adoption of digital channels. They’ve shined a spotlight on the need for banks and credit unions to have technology in place that will improve branch performance so they can offer the service their accountholders deserve.

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Onbe: 2021 Was the Year of Adaptability

PYMNTS

Last year saw workers around the world move out of survival mode and dedicate themselves to finding solutions to meet the needs of our new reality. Onbe CEO Bala Janakiraman expects that innovation to continue as more organizations embrace the digital transformation that working remotely requires. Read his thoughts in the PYMNTS eBook , “In a Word: 50 Thought Leaders Sum Up 2021.”.

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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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Market Commentary: Week of January 18, 2022

SWBC's LenderHub

Last Week. Last week was “all inflation all the time," with a little bit of disappointing large bank earnings thrown in. On Tuesday, we got the headline CPI number for December printing at an optically ugly (but anticipated) seven percent. CPI, excluding Food and Energy, did surprise to the upside, coming in at 5.4% year over year.

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Why ABA Invested in NYDIG: Supporting Banks as They Help Customers Access Cryptocurrency

ABA Community Banking

As more customers engage with cryptocurrency, they are increasingly looking to banks to help them safely hold these assets. Banks are responding to this new customer demand. The post Why ABA Invested in NYDIG: Supporting Banks as They Help Customers Access Cryptocurrency appeared first on ABA Banking Journal.

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Citigroup touts 5,500 more tech workers, increased tech spend in 2021

BankInovation

Citigroup added 5,500 technology workers and increased its tech spend 10% to about $10 billion in 2021. The $2.9 trillion bank reported $3.3 billion in net income for the fourth quarter of 2021, down from $4.3 billion in Q4 2020. Tech and communications spending reached $2.1 billion in Q4, a 3% year-over-year increase and 4% […].

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Creating a Culture of Compliance: Ultimate Business Growth

Banking Exchange

Pseudo-anonymity and decentralization are main characteristics of cryptocurrencies Compliance Compliance Management Compliance/Regulatory Feature3 Feature Bank Performance Cryptocurrency Bitcoin Blockchain Cyberfraud/ID Theft Security.

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Wells Fargo to enhance mobile banking for consumers and small businesses

BankInovation

Wells Fargo will continue to drive its digital capabilities in 2022, building around an enhanced mobile banking suite and rapid growth in real-time payments during the previous year. The $1.95 trillion bank reported fourth-quarter 2021 revenue of $20.9 billion, up 13% year over year. Net income clocked in at $5.8 billion, up 86% year over […].

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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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Bankers at Goldman Sachs reap rewards as profits more than double to $27bn

TheGuardian

Pay and bonuses for each employee averaged just over $400k for 2021, up $75k on the year before Goldman Sachs paid its 43,900 bankers more than $17bn (£12.5bn) last year, a 33% increase on 2020 as the investment bank celebrated a more than doubling of pre-tax profits to $27bn thanks to frenzied dealmaking on both sides of the Atlantic. The pay and bonuses hike works out at about $403,000 for each employee on average, up from about $328,000 a year ago.

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Listen: Banks expect digital banking product delivery to see most innovation

BankInovation

In this episode of "The Buzz" podcast, hear how executives in retail digital banking are least confident in their organizations' ability to create a well-defined innovation strategy and measure the results. Over the next five years, banks expect most innovation to happen in product delivery. Bank Automation News digs into a study from digital banking […].

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Examining future ATM trends in 2022

ATM Marketplace

Where are ATMs headed in 2022? Read to find out!

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EBA discusses payment fraud under PSD2 directive

The Paypers

The European Banking Authority (EBA) has published a Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive (PSD2).

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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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Lift and Replace: How SHAZAM Pivoted and Found New Success with OperationsBridge™

ATM Marketplace

SHAZAM embarked on a lift and replace software journey with ESQ Business Services, Inc. The goal was to find an innovative ATM/self-service monitoring and management platform that would offer its clients a better experience for their ATM fleet management operations.

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Envestnet | Yodlee and The Pension Lab join forces to view all pensions in one place

The Paypers

Data aggregation and analytics platform Envestnet | Yodlee has partnered with British pension fintech provider The Pension Lab to provide aggregated financial data to all employees looking to know more about their pensions.

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Small banks set to go live with bitcoin trading

American Banker

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EBA Clearing augments its STEP2 SEPA transactions processing

The Paypers

France-based EBA Clearing has announced it will augment its payment system to process SEPA transactions around the clock and provide settlement results to participating banks in minutes.

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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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Regulators give conditional approval to SoFi’s bank purchase

American Banker

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Leonteq partners with Swissquote for the issuance of structured products

The Paypers

Switzerland-based structured investment products company Leonteq and banking group Swissquote have entered into a cooperation agreement for the issuance and distribution of structured products.

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BNY Mellon expects fee income boost from rate hikes

American Banker

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Bitcoin dominance is fading, report says

The Paypers

Bitcoin's dominance in making cryptocurrency payments appears to be fading as are starting to use other crypto coins to make cross-border payments, service provider BitPay says.

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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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Truist joins industry's pivot away from overdraft fees

American Banker

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Netbank to support payments innovation and ecommerce in the Philippines

The Paypers

Philippines-based Netbank has rolled out a service that allows international payment companies to support trade and transactions in the Philippines.

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Wells Fargo taps longtime executive as its next chief risk officer

American Banker

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Inpay and Eurogiro launch PostalPay for international remittances

The Paypers

Denmark-based cross-border payments provider Inpay has partnered with payments network Eurogiro to allow people in Bangladesh to send and receive remittances with lower fees.

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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.