Chris Skinner
MARCH 25, 2020
I don’t do many interviews on The Finanser, but had been planning a massive book launch over the next month, touring the world and spending $1000s on media engagement. Ah well. That’s all on hold until this coronavirus thing ends … Meantime, one of the major sponsors of the book launch is … The post An interview with Mike Heffner, Appian appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 25, 2020
As the novel coronavirus forces social distancing and shelter-in-place mandates, many small businesses are being bled dry as they close their doors. Digital-only banking startups that serve small business clients, meanwhile, are figuring out what actions they can take to help their struggling customers. “Many of our customers are seeing a huge, immediate drop in […].
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Chris Skinner
MARCH 25, 2020
I got into an online argument as I said that the coronavirus was God’s way of letting Extinction Rebellion and climate activists win. Seeing his creation of humanity destroying his creation of everything, it took divine intervention to force us to stop flying, stop manufacturing and stop messing up our … The post Extinction Rebellion wins? Coronavirus and Climate Change appeared first on Chris Skinner's blog.
Bank Innovation
MARCH 25, 2020
U.S. Bank is taking steps to achieve autonomous banking, or “the nirvana” of banking, according to Doug Nielson, the bank’s senior vice president of innovation research and development. “The nirvana, if you will, of banking would be truly autonomous banking, like the autonomous car,” Nielson said during a fireside chat today at Banking Transformation Week, an online conference focusing on banking, finance and […].
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.
Chris Skinner
MARCH 25, 2020
Things we’re reading today include … Credit Suisse slashes ousted CEO’s bonus by almost £2m Banks warned against profiteering from UK coronavirus crisis India’s huge outsourcing industry struggles with work-from-home scenario Banks under fire for coronavirus loan tactics Banks and business caught out by emergency measures How to pay for … The post Things worth reading: 26th March 2020 appeared first on Chris Skinner's blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
MARCH 25, 2020
Key Takeaways Banking regulators say short-term, COVID-19-related loan modifications shouldn't automatically be categorized as TDRs. FASB affirmed this guidance for borrowers who were current prior to relief. The guidance makes it more palatable for institutions seeking to help borrowers affected by the coronavirus crisis. Regulators also announced other guidance tied to reporting and risk-based capital rules.
PYMNTS
MARCH 25, 2020
Walmart ‘s coronavirus response will include waiving rent for the more than 10,000 businesses that operate from within the walls of Walmart Supercenters and Sam’s Clubs, according to CNBC. The virus, which swept across the U.S. in the past two weeks, has forced businesses to close due to fear of spreading the virus, and numerous workers have found themselves without jobs due to the lack of business coming in.
Gonzobanker
MARCH 25, 2020
Financial institutions need to talk about the impact of the Coronavirus – when they finally come up for air. In our nearly 20 years of existence at Cornerstone Advisors , we have never seen a crisis like the one we have experienced in the last 30 days. We have also seen the most abrupt change ever in assumptions, goals, impact planning and strategic focus.
PYMNTS
MARCH 25, 2020
Nexo , the digital currency lending platform, is now letting retail investors utilize PAX Gold as loan collateral, Cointelegraph reported. Last year, an experimental program had been restricted to institutional customers and reportedly experienced instant demand for its credit lines backed by gold. Now, the program’s growth to encompass retail clients lets anyone use those assets as collateral on the platform of the company.
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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
Bobsguide
MARCH 25, 2020
The delay to the launch of the Securities Financing Transactions Regulation (SFTR) will lead to further aggregation of regtech solutions, some providers argue. But the delay also exposes weaknesses in investment firms’ regulatory infrastructure, adding to market instability. Mikkel.
PYMNTS
MARCH 25, 2020
Supermarkets Sainsbury’s and Aldi are joining the growing number of retailers pledging to reduce the time it takes to pay suppliers as the coronavirus pandemic continues, according to a KamCity report. The retailers follow in the path of others like Tesco and Morrisons in trying to make things easier on everyone as jobs are disappearing, markets plunge and some essential businesses like grocery stores are overrun as people panic.
CFPB Monitor
MARCH 25, 2020
Businesses such as banks and other financial institutions that are exempt from state-wide or local orders requiring business closures because they are considered “essential” or “life-sustaining” may want to consider providing letters to their employees regarding the business’s exempt status. Employees of businesses that remain open who need to travel to and from their workplaces and/or other locations could encounter questions from individuals such as law enforcement officers or security guards
PYMNTS
MARCH 25, 2020
The initial jobless claims report to be released Thursday (March 26) is predicted to show that due to the coronavirus pandemic, the largest number of Americans ever will have filed for unemployment benefits in such a short time, according to CNBC. Different firms are predicting anywhere from 1 million to 4 million people filing for unemployment benefits, which would be much higher than the around 700,000 peak in 1982.
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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
Bobsguide
MARCH 25, 2020
The clock is ticking on the European Union (EU)’s Shareholder Rights Directive II (SRD II), which comes into force on 3 September 2020.
PYMNTS
MARCH 25, 2020
The rise, and spread, of COVID-19 has had a global impact, where the human toll has been significant, the economic cost unquantifiable and at this point, perhaps, unfathomable. And where business relationships, based on contracts, are concerned, legal (and financial) liabilities tied to disruption, to cancellations, to a grinding halt of everyday life are perhaps murky at this point.
Payments Source
MARCH 25, 2020
The standard is playing a foundational role for banks in the transformation of their infrastructures, with the rich messaging format delivering business benefits and enabling enhanced customer propositions, says Icon Solutions' Lauren Jones.
PYMNTS
MARCH 25, 2020
OfferUp has been winning recently, closing out a $120 million funding round and acquiring its top competitor, letgo , according to a blog post on the company’s website. The funding round ended with support from leader OLX Group as well as previous OfferUp investors, including Andreessen Horowitz, GGV Capital and Warburg Pincus. OLX Group is the top investor for letgo, which led to the latter company being acquired by OfferUp, according to TechCrunch.
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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 25, 2020
By embracing technology such as magnetic stripe when it seemed modern, the U.S. has been slower to catch up with much newer digital innovation, argues MSTS' Brandon Spear.
PYMNTS
MARCH 25, 2020
The former chairman of the Federal Reserve, Ben Bernanke , said he thinks the coronavirus -influenced recession will be a short one, and recovery will happen quickly, according to a report by CNBC. “It is possible there’s going to be a very sharp, short, I hope short, recession in the next quarter because everything is shutting down of course,” he said.
Jack Henry
MARCH 25, 2020
Trust. A firm belief in the reliability, truth, ability, or strength of someone or something. In business, trust is cultivated and built from the ground up – through perseverance and hard work. And when trust is achieved, the payoff is both emotionally fulfilling and financially rewarding.
PYMNTS
MARCH 25, 2020
A postponement is not a cancellation. But when the time comes for the Olympics to be held, after a year’s delay, the bills tied to getting, and keeping, everything ready will have mounted. There will be plenty of sunk costs – and no guarantees that the coffers of various businesses and sponsors will be filled as readily as they might have been if all had gone according to plan.
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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 25, 2020
For a growing number of people, the coronavirus has disrupted their daily lives in how they work, where they eat and how they spend their money. This drastic change has caused a boom in some sectors of the economy and a bust in other areas.
PYMNTS
MARCH 25, 2020
Online delivery platform Bringg has announced the early release of its new BringgNow solution to help with speedy online deliveries. The solution wasn’t supposed to be released until later in 2020, but due to the coronavirus pandemic necessitating speed in delivery of essential items like groceries, Bringg opted to roll it out early for free. With BringgNow, business owners will be able to quickly load incoming orders, dispatch deliveries to drivers or crowdsourced fleets, and deliver item
Payments Source
MARCH 25, 2020
Alliance Data Systems, which has substantial exposure to the mall-based retail sector, sought Tuesday to assuage investors' fears about the impact of the COVID-19 outbreak.
PYMNTS
MARCH 25, 2020
American farmers, spurred by the coronavirus ‘ upending of American normality, have begun making home deliveries of fresh food in areas where popular apps like Instacart might not be available, according to a report by Reuters. The move comes as people are trying to stay inside more often to avoid the highly contagious virus. At popular grocery stores, people fear the virus due to the volumes of shoppers that frequent the stores.
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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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