Thu.Sep 10, 2020

article thumbnail

3 Fundamentals Every Digital Strategy (Still) Needs

Perficient

How will you spend your COVID-19 bonus? No, not a fatter paycheck (sorry). I’m talking about the additional resources your CFO may be freeing up for new digital initiatives. A survey of U.S. executives by Duke’s Fuqua School of Business shows that due to pressures brought on by the COVID economy “nearly 2/3 of companies are shifting resources to create better digital interfaces and more engaging digital experiences.”.

article thumbnail

US banks call for federal data sharing standards

Bobsguide

Federal data protection standards must be created to allow open banking to take off in the US, said Abishek Gupta, head of BBVA Open Platform, BBVA during a Fintech Talents North America panel yesterday. “I agree there has to be some minimum standards across all of those principles to.

US 154
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

NAB, Commonwealth Bank launch no interest cards to counter POS credit trend

Payments Source

As no-cost buy now, pay later (BNPL) financing options apply pressure on traditional issuers, NAB and Commonwealth Bank of Australia (CBA) are rolling out no-interest credit cards.

Cards 149
article thumbnail

California legislature passes bills requiring licensure of debt collectors

CFPB Monitor

As part of California’s recent triad of consumer financial services legislation, including AB-1864 , which creates the Department of Financial Protection and Innovation and the California Financial Protection Law, and AB-376 , which includes a new Student Loan Borrower Bill of Rights. California is also on the cusp of enacting a law requiring licensure of persons who are engaged in the business of collecting, on behalf of themselves or others, debts arising from consumer credit transactions wit

article thumbnail

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

article thumbnail

Why Faster Payments Council is adding Goldman, Netflix and other advisor voices

Payments Source

The pandemic has spurred a major push toward speedier digital transactions, making it an expeditious time for the Faster Payments Council to expand the range of input it gets to expand its mission.

Payments 119

More Trending

article thumbnail

How Colleen Taylor created new rungs in her long payments career

Payments Source

In her steady advance up the payments industry career ladder, Colleen Taylor has pursued a consistent theme of taking on challenging roles at pivotal moments, which has propelled her trajectory.

Payments 116
article thumbnail

Citigroup becomes first big Wall Street bank to be run by female CEO

TheGuardian

Scottish-American banker Jane Fraser will replace Michael Corbat in February Citigroup has appointed the Scottish-American banker Jane Fraser as its next chief executive, the first time a big Wall Street bank will be led by a woman. Fraser, who has worked for the lender for 16 years, will take over from Michael Corbat in February. Continue reading.

US 94
article thumbnail

California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

CFPB Monitor

On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of California’s largest state-licensed auto title lenders, “is evading California’s newly-enacted interest rate caps through its recent partnership with an out-of-state bank.

Utah 78
article thumbnail

Buyer Beware: FinTechs are Taking Over Business Banking

Jack Henry

U.S. small businesses contribute to nearly half of US employment , which means small businesses have been and continue to be the glue that holds communities together. In some cases, generations of families commit their lives to their small businesses. In light of the current pandemic, small businesses have suffered. Yet, anyone who knows a small business owner, knows that at the core of their being is determination, grit, innate knowledge and ongoing fortitude.

Fintech 78
article thumbnail

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

article thumbnail

DOJ has filed over 50 PPP fraud cases

American Banker

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.

Fraud 97
article thumbnail

Live Webinar: Retail banks, rethink the cost of your cash distribution network

ATM Marketplace

ATM Marketplace is hosting a live webinar on Sept.17 that will look at dealing with a "less-cash" society instead of a cash-less one. It's time for retail banks to rethink the cost of cash and drive change. The webinar is sponsored by Perativ, a market leader for cash distribution networks and cash optimization solutions for retail banks.

Retail 79
article thumbnail

Citi picks Fraser to be next CEO as Corbat to retire in February

American Banker

Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.

98
article thumbnail

BMO, Interac team to power faster business billing

Payments Source

With businesses requiring stronger liquidity, BMO will use its online platform and Interac's receivables service to support simultaneous near real-time payment requests to multiple recipients.

Online 80
article thumbnail

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.

article thumbnail

No easing into the job for Citi’s Fraser

American Banker

When Jane Fraser takes the reins of Citigroup in February, she will have to tackle the company’s cards slump, lagging performance metrics and challenges presented by employees’ return to the office.

Cards 85
article thumbnail

Citi picks Fraser to be next CEO as Corbat to retire in February

Payments Source

Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.

75
article thumbnail

COVID-19 to fuel mobile payment adoption, product expansion by nonbanks

BankInovation

The COVID-19 pandemic has boosted mobile payment adoption in the U.S. and led to record growth among multiple nonbank payment providers. Nonbank mobile payment platforms are increasingly resembling broad financial services providers, positioning themselves more and more as potential banking substitutes, though significant differences remain. Banks have been augmenting their own mobile banking offerings and […].

Mobile 75
article thumbnail

Community banks get on board with bots

American Banker

Robotic process automation is normally the province of large banks, but Extraco Banks in Texas and Carter Bank in Virginia are training bots to perform repetitive, mind-numbing tasks.

article thumbnail

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.

article thumbnail

Ambani’s Reliance to offer $20 billion stake in retail arm to Amazon

Payments Source

Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is offering to sell a roughly $20 billion stake in its retail business to Amazon.com Inc., according to a person with knowledge of the matter.

Retail 65
article thumbnail

This week’s podcast: The CFPB’s past and current leadership: a report card

CFPB Monitor

We are joined by Prentiss Cox, a University of Minnesota Law School Professor who formerly worked in the MN AG’s office and served on the CFPB’s Consumer Advisory Board. After discussing whether the CFPB’s structure should change in the wake of SCOTUS’s Seila Law decision, we look at the different approaches of the CFPB’s past and current leadership to the use of its authorities, the merits and drawbacks of such approaches, and the skill sets of possible candidates to serve as the next Director

article thumbnail

Where The Top 25 Property And Casualty Insurers Are Investing

CB Insights

New technologies continue to reshape the massive property & casualty insurance space, a market valued at $670B in the US alone. From property maintenance and geospatial analytics to claims automation and reinsurance syndication, private tech companies are increasingly attracting insurers’ interest — and dollars. Want the full post? Become a CB Insights customer.

article thumbnail

NCUA awards $75K in mentoring grants

American Banker

A trio of small credit unions designated as minority depository institutions have been matched with larger institutions to improve outreach to low-income and underserved consumers.

65
article thumbnail

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.

article thumbnail

BI Build: HSBC’s Anthony Glover talks international client onboarding

BankInovation

HSBC has doubled down on streamlining its international client onboarding. “We have retail networks all over the globe,” said Anthony Glover, executive vice president and head of U.S. retail banking at HSBC, during the fully digital Bank Innovation Build conference today. “Someone in New Delhi or Singapore or Hong Kong may want to come to […].

article thumbnail

Amex hires Wells Fargo's Colleen Taylor to lead U.S. merchant services

Payments Source

American Express hired Taylor to oversee its efforts to entice more U.S. merchants to accept the firm's cards.

Cards 68
article thumbnail

BI Build: Citi’s Colella zeroes in on cybersecurity

BankInovation

Citi Chief Innovation Officer Vanessa Colella has been searching for signals to discern the direction of the $1.95 trillion bank’s innovation and venture funding efforts. These days, the signs point to cybersecurity. “The incredibly rapid global experiment of work from home has just increased the heterogeneity of the networks that we’re all dealing with from […].

article thumbnail

Essential credit union employees in Mich. eligible for education perks

American Banker

A new program will provide tuition-free schooling opportunities for those who stayed on the job during the state's lockdown earlier this year.

article thumbnail

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.