Thu.Apr 28, 2022

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Fidelity debuts 401(k) bitcoin option

Payments Dive

Fidelity Investments said it is seeing growing interest in digital assets from plan sponsors. The offering will be widely available to employers mid-year.

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Understanding Your Core Deposit Study: Reading Between the Lines

Abrigo

How Core Deposit Analytics Help Banks and Credit Unions Plan For Rising Rates Core deposit analytics provide a wealth of information for strategic planning, deposit pricing, product development, and more. How to get the most out of a core deposit study. You might also like this webinar, "Analyzing Core Deposits for Risk Management & Loan Growth." watch.

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Clover revenue growth boosts Fiserv earnings

Payments Dive

During a Wednesday presentation on first quarter earnings, Brookfield, Wisconsin-based payments company Fiserv said global revenue for its Clover operating system for small and medium-sized businesses grew 39%.

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Using a Business Banking Strategy to Keep Accountholders | Fintalk

Jack Henry

Community and regional banks and credit unions have created strong accountholder loyalty for decades, based on service, trust, and relationships. They’ve handled everything from a child’s first passbook account to a teen’s first checking account. It wasn’t uncommon for a long-term banker to follow a customer or member through major life milestones – whether it was applying for their first car loan, first mortgage, or maintaining a retirement account.

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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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PayPal cuts back growth plans, again

Payments Dive

The digital payments pioneer reduced its revenue growth targets for the second time this year when it reported first-quarter earnings Wednesday. CEO Dan Schulman took responsibility for not delivering, blaming macroeconomic factors affecting the company.

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More Trending

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Trudeau’s Tory rival vows to ban Bank of Canada digital currency

BankInovation

The front-runner in the race to lead Canada’s main opposition Conservative Party took aim at the Bank of Canada by pledging to increase parliamentary oversight of the central bank and halt its work on a digital currency. Pierre Poilievre, a 42-year-old lawmaker and cryptocurrency enthusiast, blamed soaring consumer prices on Prime Minister Justin Trudeau’s deficits […].

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Coping with Financial Stress: Do’s & Don’ts

BankBazaar

Feeling overwhelmed with financial stress? Mental health and financial health are more interconnected than you may realise. Irrespective of the circumstances, we’re here to lend a helping hand and help you gain control of your finances. If you’re anxious about your finances, you’re not the only one. Many of us, from all walks of life, have dealt with or are dealing with financial stress especially during this pandemic.

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Chase, Wells Fargo focus on automating auto lending, from couch to funding

BankInovation

SAN DIEGO — Wells Fargo plans to automate auto loan decisioning through to funding, while Chase Auto will focus on creating a digital journey that allows customers to buy a car from anywhere … even their couch. “Next year, we are in this journey to automate decisioning all the way through funding,” Puneet Chandra, head […].

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Barclays warns inflation and cost of living crisis is hurting customers

TheGuardian

Bank puts aside extra cash to cover potential loan defaults amid fears over effects from Ukraine war Barclays has become the latest UK bank to warn over the impact of the cost of living crisis, saying that its customers were already facing “harder conditions” as a result of surging inflation. It came as the bank put aside an extra £141m to cover potential defaults on its loans in the first quarter, nearly three times the amount put aside during the same period in 2021, but lower than the £299m t

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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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Movers and Shakers: Bankers switch teams, fintech startup looks to banking talent

BankInovation

This month, a startup that works with fintechs and banks looked to a banking executive to build out its C-level team, while bank executives at Bank of America and Bank of New York Mellon accepted outside offers. Bank of America names new regional presidents The $3.2 trillion Bank of America named Susan Rabinowitz president of […].

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This week’s podcast: A look at new privacy litigation targeting the sharing of consumer personal data

CFPB Monitor

We discuss the growing trends in privacy litigation, particularly litigation targeting company practices regarding the sharing and sale of consumer personal data, plaintiffs’ liability theories, including the right of publicity, and best practices for companies to consider in order to reduce the risk of privacy claims. Aliza Karetnick, a Ballard Spahr partner and Leader of the firm’s cross-practice Consumer Products and Retail Team, leads the conversation, joined by Phil Yannella, a Ballard part

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DOJ anti-trust push creates fresh concerns for banks, large fintechs

BankInovation

The Department of Justice (DOJ) is ramping up its anti-trust efforts, creating new challenges for large fintechs entering traditional bank spaces. The DOJ has recently brought forth several criminal cases challenging wage fixing and “no poach” talent agreements between large companies. While these cases were not fintech-specific, growing non-bank financial institutions will likely face similar […].

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NatWest avoids rebellion as shareholders back executive pay overhaul

TheGuardian

Advisory firm Glass Lewis had recommended investors vote against the plan, which could see CEO Alison Rose earn £5.2m NatWest executives have avoided a shareholder rebellion despite a controversial new pay policy that could net its chief executive, Alison Rose, as much as £5.2m a year. The bank’s new pay policy – which was put to a shareholder vote on Thursday afternoon – will see Rose’s potential bonus payouts increase by 25%, and result in a 43% rise for finance chief, Katie Murray, by 2023.

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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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GM Financial launches phone option for virtual assistant Nanci

BankInovation

SAN DIEGO – GM Financial has added phone to the capabilities of its virtual assistant, Nanci, said Michael Beste, senior vice president for reporting and research, during the Auto Finance Innovation Summit on Monday. GM Financial launched Nanci in late 2019 to digitally handle consumers’ common requests and frequently asked questions. Nanci uses artificial intelligence […].

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Fidor announces biometric payment card launch

The Paypers

Germany-based online bank Fidor Bank has announced plans to issue biometric payment cards in collaboration with GNC TCS.

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State of Payments Q1’22 Report

CB Insights

Following 2021’s record year, global payments deal activity in Q1’22 reached the highest quarter on record at 261 deals. Meanwhile funding remained elevated YoY but fell 17% QoQ. <span data-sheets-value='{"1":2,"2":"<div class="cbi-cta-shortcode-wrapper"><div class="cbi-cta-shortcode-content"></div><div class="cbi-cta-shortcode-forms" ><div class="cta has-desktop"><div class="

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Western Union and Zain Cash partner to facilitate cross-border payments

The Paypers

Global platform for cross-border, cross-currency money movement Western Union has partnered with Jordan-based Zain Cash , a mobile telecom operator in the Middle East to facilitate cross-border money transfer in Jordan.

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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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Fincen needs more funding to speed up AML overhaul, acting director says

American Banker

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WhatsApp Pay enables cashback for its payments

The Paypers

Social media app for instant messaging, through its payment service WhatsApp Pay, introduces cashbacks for its payment features, in an attempt to cap some of its competitors’ clientele, including PhonePe, Google Pay, and Paytm.

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Four worries bank cybersecurity experts face

American Banker

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CBN offers AML guidance for the financial service sector

The Paypers

The Central Bank of Nigeria (CBN) has released guidance on anti-money laundering and combating the financing of terrorism for financial institutions.

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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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PayPal cuts growth forecast amid economic uncertainty

American Banker

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Investing platform Change acquires Dutch licence

The Paypers

Change has acquired a new Dutch licence, enabling the business to provide services with traditional and new-age financial assets EU-wide.

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Small banks doubt the Fed can avert a recession

American Banker

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Aldi makes visible swipe tax on contactless payments

The Paypers

Global grocery superstore chain Aldi admits it charges a 0.5% fee for all credit card purchases, also known as a swipe tax.

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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.