Fri.Mar 17, 2023

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Friday briefing: How to understand Credit Suisse, Silicon Valley Bank and fears of a new crisis

TheGuardian

In today’s newsletter: We’re far from financial crisis territory, but share crashes have caused some fright in the markets. This is why Sign up here for our daily newsletter, First Edition Good morning. If keeping the budget , unnerving airborne collisions , and the travails of Gary Lineker straight in your head feels like more than enough for a week, another story has been bubbling away that may be more consequential than any of them: the start of what some fear could be a global, slow-rolling

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If Only Yankee Stadium II Had Been Built With Blockchain

Perficient

In the Bronx, NY in April of 1998, it was the best of times, and it was the worst of times. The Yankees had won a World Series two seasons prior and had started their 1998 season with their young shortstop, Derek Jeter, on his way to his first All-Star game. The Yankees would win a then-record 114 regular season games and added 11 more in the postseason, sweeping the World Series over the Padres led by Tony Gwynn.

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BNPL firms snag consumers at checkout: J.D. Power

Payments Dive

As buy now, pay later use rises, consumers are learning about the payment option at checkout, more so than from social media or family and friends.

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What's the deal with cash recycling?

ATM Marketplace

In a world of increasing competition for customers with neobanks and major staffing challenges at the branch level, banks need to find ways to reduce costs. One method gaining popularity is cash recycling.

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Managing Default Rates: A Balancing Act in a Multistate Lending Environment

Unlock the secrets to optimizing returns while navigating complex state regulations. With this webinar, gain exceptional insights from industry leaders, each with vast experience and expertise in commercial lending. They will delve into critical aspects of managing default rates in today’s dynamic lending landscape, including the formidable task of managing default rates across diverse states, each with its own legal intricacies and restrictions.

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Brex, other fintechs stand by troubled banks

Payments Dive

After a week of several high-profile bank failures and near-failures, some fintechs don’t see jumping ship as an option.

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Credit Suisse hit by legal action from US investors amid banking turmoil

TheGuardian

Complaint claims bank made ‘materially false and misleading statements’ in 2021 annual report Business live – latest updates How to understand Credit Suisse, SVB and fears of a new crisis US investors in Credit Suisse have hit the beleaguered Swiss bank with legal action, claiming that it overstated its prospects before this week’s shares crash. The lender suffered a rapid sell-off, with shares plunging on Wednesday by as much as 30% at one point after comments from Credit Suisse’s largest share

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CUNA GAC 2023, The Largest Advocacy Event for Credit Unions

William Mills

I recently had the opportunity to attend Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C. The event is the credit union industry’s premier event bringing together leaders from across the movement to rally around a united case – to tell policymakers how their lawmaking affects credit unions and their more than 130 million members.

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Markets on alert after US banks join forces to rescue First Republic – business live

TheGuardian

Global shares rise as $30bn lifeline for US bank eases fears of imminent collapse and US Treasury Secretary Janet Yellen says US banking system ‘is sound’ BP is the top riser on the FTSE 100, up nearly 4%, as oil prices have strengthened, with Brent crude, the global benchmark, rising to $75 a barrel. Shell is 3.2% ahead while mining companies Glencore and Antofagasta are also among the biggest risers.

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Will former SVB UK clients turn to neobanks?

BankInovation

LONDON — HSBC acquired Silicon Valley Bank UK earlier this week, but will those tech clients stay with HSBC or will they turn to neobanks? That was a question from Chris Skinner, chief executive of The Finanser, on Tuesday at the FinovateEurope event in London.

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The ROI of Business Lending Platforms

Financial institutions continue to look to quantify the impact of new technologies. Meanwhile, business lending technologies have grown more popular in the industry. However, understanding the impact of said technologies means understanding how to increase your revenue while decreasing your costs. This is key for the growth of your organization. Biz2X created this eBook to analyze the ROI of business lending platforms and learn about the short-term and long-term benefits of said platforms.

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Silicon Valley Bank said it was too small to need regulation. Now it’s ‘too big to fail’ | Rebecca Burns and Julia Rock

TheGuardian

Student debts and underwater mortgages are private burdens, but corporate losses are matters of urgent public interest Silicon Valley Bank was supposedly the type of institution that would never need a government bailout – right until its backers spent three days on social media demanding one, and then promptly receiving it, after the bank’s spectacular collapse last week.

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Letter from the editor

BankInovation

March 17, 2023 Dear Reader, Royal Media has embarked on an experiment to incorporate artificial intelligence into our editorial endeavors. This is an exciting initiative for us, although we recognize that it comes with uncertainty. But we have always experimented and explored new technologies, business models and strategies.

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Silicon Valley Bank’s parent company files for bankruptcy

TheGuardian

SVB Financial Group files for chapter 11 protection but failed Silicon Valley Bank, now under FDIC control, is not part of it Silicon Valley Bank’s parent company filed for bankruptcy protection on Friday, a week after the tech lender was taken over by federal regulators following a 36-hour surge of depositor withdrawals that triggered the worst bank collapse since the financial crisis.

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Morgan Stanley invests in early-stage companies, diversity

BankInovation

LONDON — Morgan Stanley is changing the way it looks at inclusivity and diversity in financial services through its Inclusive Ventures Lab.

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How to Stay Competitive in the Evolving State of Martech

Marketing technology is essential for B2B marketers to stay competitive in a rapidly changing digital landscape — and with 53% of marketers experiencing legacy technology issues and limitations, they’re researching innovations to expand and refine their technology stacks. To help practitioners keep up with the rapidly evolving martech landscape, this special report will discuss: How practitioners are integrating technologies and systems to encourage information-sharing between departments and pr

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What is happening in financial markets and could there be a global crisis?

TheGuardian

Banking system is reeling from a series of shocks but is in better shape than at time of 2008 crash The global banking system is reeling from a series of shocks over the past week, prompted by the collapse of California’s Silicon Valley Bank. That has stoked fears that this is the start of another banking crisis, posing big questions for central banks as they try to fight inflation while ensuring financial stability.

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Mastering the art of storage automation for your enterprise

Dataconomy

Storage automation involves utilizing software and tools to automate storage tasks, which results in decreased manual labor and improved efficiency. In today’s era of data-driven business, managing storage infrastructure can be a complex and time-consuming process.

Data 56
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Credit Suisse shares continue to fall despite efforts to calm nerves

TheGuardian

Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns Silicon Valley Bank’s parent company files for bankruptcy Credit Suisse hit by legal action from US investors Credit Suisse shares came under renewed pressure on Friday, despite fresh attempts by central banks and politicians to calm fears about a crisis in the global banking industry sparked by the collapse of two US banks this week.

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Envestnet to unveil product to help banks avoid an SVB scenario

BankInovation

Envestnet is rushing to release a product Monday that is designed to help financial institutions avoid a “Silicon Valley Bank situation.

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Transforming Non-Performing Assets With Loan Modification Automation

With the number of loans maturing over the next couple of years, time is of the essence and automation is imperative. Loan modification automation empowers lenders with advanced technology to handle a high volume of loans when needed most. Shifts in the market, combined with over a trillion dollars in commercial loans maturing in 2023, intensify the need for automated documentation solutions.

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UBS in talks to take over all or part of Credit Suisse as share prices fall – report

TheGuardian

The troubled bank continued to see its price fall despite a $54bn cash infusion from the Swiss national bank Swiss banking giant UBS is in discussions to take over all or part of Credit Suisse, it was reported late Friday, after a day in which the troubled banking giant continued to see its share price fall despite a $54bn cash injection on Thursday.

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Can Komo AI be the alternative to Bing?

Dataconomy

Komo AI has started to gain traction due to its many useful features. A chatbot, social search, and conventional search are all available through Komo AI. So the question is, can it be an alternative to Bing AI ? The rise of AI search engines continues! Generative AI has been changing our habits in various areas of our lives for some time now, including our online searches.

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Biden calls for tougher punishments for executives of failed banks

American Banker

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Mastering the art of storage automation for your enterprise

Dataconomy

Storage automation involves utilizing software and tools to automate storage tasks, which results in decreased manual labor and improved efficiency. In today’s era of data-driven business, managing storage infrastructure can be a complex and time-consuming process. With the growing volume and complexity of data, manual storage management tasks are becoming increasingly challenging, which can lead to inefficiencies, errors, and increased costs.

Data 36
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ABM Evolution: How Top Marketers Are Using Account-Based Strategies

In times of economic uncertainty, account-based strategies are essential. According to several business analysts and practitioners, ABM is a necessity for creating more predictable revenue. Research shows that nearly three-quarters of marketers (74%) already have the resources needed to build successful ABM programs.

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An early FedNow participant plans its next step

American Banker

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Can Komo AI be the alternative to Bing?

Dataconomy

Komo AI has started to gain traction due to its many useful features. A chatbot, social search, and conventional search are all available through Komo AI. So the question is, can it be an alternative to Bing AI ? The rise of AI search engines continues! Generative AI has been changing our habits in various areas of our lives for some time now, including our online searches.

Google 36
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Silicon Valley Bank customers deluged with scams

American Banker

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Can Komo AI be the alternative to Bing?

Dataconomy

Komo AI has started to gain traction due to its many useful features. A chatbot, social search, and conventional search are all available through Komo AI. So the question is, can it be an alternative to Bing AI? The rise of AI search engines continues!

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Value-Driven AI: Applying Lessons Learned from Predictive AI to Generative

Speaker: Data Robot

Enterprise AI maturity has evolved dramatically over the past 5 years. Most enterprises have now experienced their first successes with predictive AI, but the pace and scale of impact have too often been underwhelming. Now generative AI has emerged and captivated the minds and imaginations of leaders and innovators everywhere. Join our DataRobot experts to reflect on lessons learned from helping hundreds of enterprises grow their AI maturity over the past 5 years.