Fri.Oct 01, 2021

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Ponce Bank serves the underserved

Independent Banker

Bronx activists and business leaders founded Ponce Bank in 1960. Photo courtesy Ponce Bank. Ponce Bank has brought banking services to minority neighborhoods in the Bronx and greater New York City for more than six decades with a clear focus on community investment. By Roshan McArthur. Ponce Bank was founded in the South Bronx in 1960, a time when many financial institutions were packing up to leave.

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3 bankers share insights on banking hot topics

ATM Marketplace

When it comes to banking, there's no shortage of hot topics and pressing issues. In order to provide insight into these issues, the Bank Customer Experience Summit, held in Chicago from Sept. 13 to 15 had a panel of three bankers to share their opinions.

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Does your bank suffer from Core Technophobia?

Independent Banker

The thought of learning a new core system, making a significant investment, and undergoing another complex conversion process are enough to make someone sick, and we’re not talking about the common cold either. When bankers are not ready or in the right mindset to bring on a new core system, they can start developing Core Technophobia. It’s important to recognize the signs and symptoms and learn how to treat and prevent this ailment before a bank starts experiencing undesired problems and compli

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Digital banking solutions providers ranked in Aite-Novarica Group report

BankInovation

Digital banking solutions provider Backbase was ranked best-in-class in a new evaluation of eight banking point solutions vendors. Aite-Novarica Group's assessment taps the Aite Matrix, which looked at elements including vendor stability, client strength, client services and product features to determine vendors' overall competitive position. Other banking point solutions vendors in the evaluation ?

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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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Beyond Peer Analysis: Adopting a Benchmarking Mindset

Independent Banker

When reviewing their UBPRs, bankers sometimes struggle to find insightful conclusions—If the bank is outperforming peers, this fact receives a mention in the board report. However, if the bank is underperforming peers, the peer group itself is dismissed as irrelevant (“we’re a lot different than those banks anyway…”). Neither of which add much value.

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How Will New Overdraft Strategies Impact Consumers?

Independent Banker

By Cheryl Lawson, JMFA. Recent changes in overdraft fee practices at some banks and new product offerings by fintech providers have made a big splash in the news recently. Bolstered by a renewed interest in consumer protection initiatives by some legislators and some speculation of potential changes in regulations, the idea of a “no fee” overdraft solution as a marketing strategy might seem tempting.

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Responding to Ransomware: Security experts share steps for remediation

BankInovation

Bank Automation News asked six cybersecurity experts how to defend against ransomware attacks, which have been on the rise this year. It’s best to be on offense with a plan before an attack, experts say. Organizations should prepare for a cyberattack by running through scenarios to ensure everyone knows what to do, said Carolyn Crandall, […].

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Chopra confirmed as CFPB Director

CFPB Monitor

By a 50-48 party line vote, the U.S. Senate confirmed Rohit Chopra yesterday as CFPB Director. Mr. Chopra’s confirmation clears the way for the White House to move forward on President Biden’s nomination of Alvaro Bedoya to fill Mr. Chopra’s seat as FTC Commissioner and on the President’s nomination of Acting CFPB Director Dave Uejio to serve as Assistant Secretary for Fair Housing and Equal Opportunity at the Department of Housing and Urban Development.

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Chair of UK open banking body resigns over bullying report

TheGuardian

CMA investigation into claims of sexist and racist behaviour concludes OBIE allowed ‘a culture of intimidation’ The chair of the body that was set up to deliver open banking in the UK has resigned as an investigation into sexist and racist behaviour concluded that the agency allowed “a culture of bullying and intimidation to prevail.” Imran Gulamhuseinwala tendered his resignation as trustee and chair of the Open Banking Implementation Entity (OBIE), as part of a package of remedies meant to add

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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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Chase taps 10x for UK digital bank | Private Equity firm KKR makes first blockchain investment | Starling Bank takes its banking-as-a-service to Europe

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 40’000 subscribers across different social media channels, summarizing relevant news and reports related to ecosystems around disruptive technologies, highlighting key updates from the industry as well as our portfolio companies: JPMorgan Chase taps 10x for UK digital bank Private Equity firm KKR makes first blockchain & DeFi investment Starling Bank takes its banking-as-a-service into Europe.

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Cooperative Teachers Credit Union (TX) Has Competitive 3-Month CD Special

BankDeals

Cooperative Teachers Credit Union (possible easy membership) is currently offering a very competitive rate on its 3-month CD Special. $1k min opening deposit.

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CONSULT HYPERION ANNOUNCES NEW BOARDROOM APPOINTMENTS TO DRIVE NEXT PHASE OF GROWTH

Tomorrow's Transactions

Independent strategic and technical consultancy Consult Hyperion, is pleased to announce the following new appointments: • Steve Pannifer is promoted to Managing Director• Chris Horswell is appointed Chairman of the Board• Howard Hall, Managing Director of CHyp USA Inc., is promoted to the main board. The following are newly appointed to the board: • Gary… Continue reading CONSULT HYPERION ANNOUNCES NEW BOARDROOM APPOINTMENTS TO DRIVE NEXT PHASE OF GROWTH.

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Vikram Pandit invests in eCurrency joining visionary group of investors

The Paypers

eCurrency Mint has announced an investment by Vikram Pandit, former CEO of Citi Group.

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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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Google ends high-profile experiment in embedded banking

American Banker

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CMSPI releases SCA Economic Impact Assessment August 2021 analysis

The Paypers

CMSPI has released the SCA Economic Impact Assessment August 2021 analysis , featuring data that shows the potential sales at risk and overall readiness of the industry.

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DeFi platform mistakenly sends $89 million, CEO begs its return

American Banker

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Nationwide announces new service to give members enhanced scam protection

The Paypers

Nationwide Building Society has announced its support for helping protect members from Authorised Push Payment (APP) scams.

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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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Why this Colorado bank is testing faster payments from both FedNow, RTP

American Banker

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WhatsApp offers QR code payments in Indian stores

The Paypers

Facebook-owned messaging service WhatsApp has announced that the camera icon in its chat composer will allow users to scan QR codes to make payments in Indian stores.

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Why debt limit standoff could be worrisome for banks

American Banker

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Alibaba apps start offering WeChat Pay option after Chinese government order

The Paypers

China-based Alibaba Group has begun offering payment services from Tencent’s WeChat on a number of its apps, after the government ordered tech firms to stop blocking each other’s services and links.

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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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How card issuers inadvertently fueled the buy now/pay later boom

American Banker

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SafetyPay provides alternative payment method to support Betcris' growth

The Paypers

SafetyPay , a US-based payment platform, has partnered with Betcris to provide an alternative payment method for players who make online deposits and cash deposits through banks or cash points.

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Risk of government snooping undermines the case for postal banking

American Banker

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MAS grants DPT services rights to DBS and Independent Reserve

The Paypers

The Monetary Authority of Singapore (MAS) has granted a unit of DBS Bank and an Australian cryptocurrency exchange the right to provide digital payment token (DPT) services.

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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.