PYMNTS
MARCH 23, 2020
The way we live — the very ways in which we work, and learn, and spend leisure time, and of course, shop — have shifted markedly over the last several weeks. In the maelstrom of daily life grappling with COVID-19, the rollout of 5G , the fifth-generation network that features downloading speeds reportedly 100 times faster than that of 4G, may accelerate even as economic headwinds gather.
Bank Innovation
MARCH 23, 2020
As customers practice social distancing and financial institutions close branches, banks and credit unions are increasingly helping consumers via video chats. “We can do anything over video that a branch can do except handle cash and coin,” said Tracey Miller, senior vice president of operations at Pioneer Federal Credit Union. The Mountain Home, Idaho-based credit […].
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Chris Skinner
MARCH 23, 2020
Things we’re reading today include … Dollar near three-year peak amid mad cash scramble Markets should brace for ‘full-on’ crisis, warns Waxman Global economy will suffer for years to come, says OECD The Fed is running out of options to stave off a coronavirus depression | Larry Elliott Tipping goes … The post Things worth reading: 24th March 2020 appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 23, 2020
Financial institutions are rushing to reinforce digital channels and ramp up cybersecurity measures as people increasingly work and bank from home, and fears about the longstanding effects the coronavirus on the U.S. economy are top of mind for banking executives, according to fresh data from INV Fintech. The most common long-term concern among financiers accounting […].
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.
PYMNTS
MARCH 23, 2020
A hacking organization tried to breach the World Health Organization (WHO) recently, according to a report by Reuters. WHO Chief Information Security Officer Flavio Aggio said the identity of the hacking group isn’t known, and cyberattacks against the organization have increased exponentially during the coronavirus crisis. The hack was discovered by Alexander Urbelis, a cybersecurity expert and lawyer who looks for suspicious internet activity.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Accenture
MARCH 23, 2020
The growth of India’s digital payments sector in recent years has been phenomenal, and shows few signs of slowing: By 2023, digital payments will total US$1 trillion, a five-fold rise in five years.¹ In part, this growth is due to government efforts to drive financial inclusion and promote a cashless society, as well as regulatory…. The post How to succeed in India’s volatile digital payments landscape appeared first on Accenture Banking Blog.
PYMNTS
MARCH 23, 2020
To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. With passing of the draft legislation, legal adults would receive $2,000 and $1,000 would be provided for each child, Yahoo! Finance reported. . The bills are called the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act” and the “Take Responsibil
South State Correspondent
MARCH 23, 2020
The impact of coronavirus on community banks will be widespread, and, with some borrowers, the restructuring efforts may take a long time and will sap substantial bank resources.
PYMNTS
MARCH 23, 2020
To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. With passing of the draft legislation, legal adults would receive $2,000 and $1,000 would be provided for each child, Yahoo! Finance reported. . The bills are called the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act” and the “Take Responsibil
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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
South State Correspondent
MARCH 23, 2020
Last week we took a look at why and how bankers must triage their credit portfolio first before taking action ( HERE ). We also looked at some initial restructuring steps banks can take in a related article ( HERE ).
PYMNTS
MARCH 23, 2020
After a long period of pulling back, lenders are finally beginning to find value in financing small- and medium-sized businesses (SMBs). But after years of finding SMBs too unprofitable to finance, lenders have to play catch-up to develop better underwriting processes for greater accuracy and efficiency. “Increasingly, many lenders have been starting to focus on [SMBs] and lending to [SMBs],” said Gabriele Sabato, who holds a doctorate in finance and is CEO and co-founder of SMB loan
Gonzobanker
MARCH 23, 2020
In the midst of Coronavirus uncertainty, we must be mindful of what we can control and how we want our story to be read. With a soundtrack of COVID-19 news stories playing nonstop in the background, last week felt like watching a magnitude 9.5 earthquake off the coast of an island: a disaster that we all knew was remotely possible but still felt shocked by with every passing moment.
PYMNTS
MARCH 23, 2020
The travel industry is being decimated by the coronavirus. The cascade effect of multi-state lockdowns has had a chilling effect on any number of verticals, from airlines, of course, to hotels. Then add rental homes — where owners open their doors to vacationers — to the mix. There’s an old line by F. Scott Fitzgerald: The rich are different from you and me.
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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
Payments Source
MARCH 23, 2020
Growing recognition that coronavirus can survive on hard surfaces for up to 72 hours — making it riskier to use PIN pads and touchscreens at the point of sale — is causing merchants around the world to rethink payment technology, especially at supermarkets.
PYMNTS
MARCH 23, 2020
For the airline industry, keeping at least some top line in place to cover enormous fixed costs is a critical strategy as demand for travel has cratered. To that end, American Airlines Group (and a number of peers) said last week that it has shifted some of its passenger jets – where, of course, passengers would have filled the space – and put them to work transporting cargo.
Matt Wilcox Pro
MARCH 23, 2020
Though I blogged about the coronavirus last week, and though right now you could throw a virtual stick and hit dozens of coronavirus stories, I’m going to bring it up again. But with a different spin. Crises have a habit of bringing out the best and worse in us … … so this week I want to [.
PYMNTS
MARCH 23, 2020
Even in times of global crisis, fraudsters will always look for ways to exploit unsuspecting targets. Corporates and government officials have recently been sounding the alarm about coronavirus-related scams, and according to experts , the threat is likely to rise. “This is a moment that a lot of hackers across the world have been preparing for,” said Brian Finch, partner at Pillsbury law firm and co-leader of the company’s coronavirus response team, in are recent Compliance Week report.
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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.
Payments Source
MARCH 23, 2020
Zimbabwe’s severe cash shortage is providing the impoverished southern African country with some relief in the fight against the coronavirus: One less way of spreading the disease.
PYMNTS
MARCH 23, 2020
A good slogan is hard to write, as it needs to be brief, memorable (for good reason) and continuously evocative no matter how often it is used. That is why there are so few additions to the list of all-time classics like “Just Do It,” “Think Different” and “I’m Lovin’ It” — odds are you just thought of Nike, Apple and McDonald’s for a split second upon reading those slogans, whether or not you’ve personally experienced their respective shoes, electronics or Big Macs.
ABA Community Banking
MARCH 23, 2020
Nuts-and-bolts strategies to help banks respond to the coronavirus pandemic . The post Coronavirus Response: Common Practices for Community Banks appeared first on ABA Banking Journal.
PYMNTS
MARCH 23, 2020
Let’s face it, if you’re a supermarket or pharmacy chain that is most likely seeing the same or even more revenue during the COVID-19 crisis, it’s fairly easy to give employees bonuses and commit to their long-term employment. But for non-essential retail, stepping up takes more commitment, risk and money. It’s in the non-essential category that true retail heroes are showing up amid the coronavirus pandemic.
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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.
Payments Source
MARCH 23, 2020
The coronavirus has forced shutdowns and closures of over 90% of U.S. casino properties halting annualized payments of $74 billion in wages and $41 billion in tax revenues.
PYMNTS
MARCH 23, 2020
The Mortgage Bankers Association (MBA) is concerned that deferred and late mortgage payments due to lost jobs and reduced hours caused by the coronavirus could end up triggering a financial debacle for mortgage servicers, according to reports. The Federal House Finance Agency (FHFA) said last week that it had told Fannie Mae and Freddie Mac to suspend all foreclosure actions and evictions for at least 60 days because of the coronavirus national emergency.
Payments Source
MARCH 23, 2020
To get permission to leave China’s coronavirus epicenter and return to his job in Hong Kong, a Chinese banker needed two things: a letter from his company and a green health code from Alipay.
PYMNTS
MARCH 23, 2020
The Department of Justice (DoJ) announced that it has shut down a website fraudulently claiming to have vaccine kits for the coronavirus, according to a release. Attorney General William Barr recently ordered the department to prioritize the “detection, investigation and prosecution of illegal conduct related to the pandemic.” The enforcement action against “coronavirusmedicalkit.com” is the department’s first in conjunction with the new order.
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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.
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