Payments Dive
MAY 1, 2020
Major banks are reviewing plans to relaunch branch operations after the peak of the COVID-19 pandemic in the U.S., but executives and experts say some key changes in bank operations will likely continue going forward.
Bank Innovation
MAY 1, 2020
BMO Harris Bank and Chicago-based incubator 1871 have unveiled plans for their annual fintech mentorship program, and this year they are shining a light on female-led fintechs. WMN•FINtech is the latest evolution of the Innovation Program, a three-month mentorship program for startups that have created solutions or services in the financial sector; participating startups are […].
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PYMNTS
MAY 1, 2020
With its walk-in business taking a large negative hit due to the coronavirus pandemic and stay-at-home orders, MoneyGram reported 57 percent digital transaction growth for the first quarter of 2020. The money transfer company said performance was driven by high client retention rates, market growth and strong demand for the company’s app. However, Chairman and CEO Alex Holmes said on a Friday (May 1) earnings call that the company’s walk-in business saw a sudden and abrupt impact starting with m
Bank Innovation
MAY 1, 2020
Banks are accelerating their technology projects in light of the coronavirus pandemic. Whether its Happy State Bank pushing out video teller machines or TSB Bank launching a virtual assistant in five days, banks are trying to find new ways to connect with customers during times of social distancing. Legacy banks in the U.S. and Canada […].
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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
PYMNTS
MAY 1, 2020
Businesses have a front-row seat to the market volatility resulting from coronavirus. As governments around the world work with financial institutions to connect these companies to capital, many firms are quickly recognizing just how drastically their financial worlds have been turned upside down. One business client of small business credit scoring company CRIF Realtime experienced this firsthand.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MAY 1, 2020
The shaky coronavirus economy has promoted people to sock money at levels not seen since 1981. A Bureau of Economic Analysis report released on Thursday (April 30) indicated that the savings rate escalated to 13.1 percent in March, with people putting away $2.17 trillion. Comparatively, the savings rate in February was 8 percent. The savings rate peaked at 12 percent in December 2012 but dropped to 5.8 percent in 2013. .
Abrigo
MAY 1, 2020
Key Takeaways The process for how PPP loans will be forgiven is developing, but lenders can look to guidance so far for key information. Borrowers will be able to request forgiveness eight weeks after the loan is funded; they must provide evidence that expenses should be forgiven. A lender has 60 days from receiving an application for borrower forgiveness to make a decision on the request.
PYMNTS
MAY 1, 2020
Facebook Inc. advertisers probably won’t “like” its subpar rating from a media industry watchdog. The Media Rating Council (MRC) review found that the California-based social media giant has failed to address advertisers’ concerns arising from an Ernst & Young audit over how it measures and reports data about video advertisements. . “The Committee felt strongly that the lack of response and detailed action plans by Facebook within 60 days would lead them to take negative action,” according
Bobsguide
MAY 1, 2020
Faster and real-time payments are more relevant that ever says Ed Adshead-Grant, general manager of payments at Bottomline Technologies. “There is both money in and money out so that there are two sides to the transaction and for any economy, any UK PLC to compete, they need beyond doubt.
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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
PYMNTS
MAY 1, 2020
The COVID-19 pandemic could delay the rollout of 5G networks in the U.S. According to a report from The Verge , the warnings come as businesses cited the impact the coronavirus could have on their bottom lines as they reported their quarterly earnings. Analysts say they are waiting for the June data to make a final determination about whether the newest generation of wireless communication technologies that support cellular data networks will be put on hold in the U.S. .
Independent Banker
MAY 1, 2020
“As community bankers, making the next right choice today will ensure we have a strong, flourishing future.”. We have entered a challenging environment, to say the least. Our banks have been dramatically affected by COVID-19, but without a doubt, we will weather this storm, because we build our model on relationships that stand the test of time. Our efforts don’t anticipate immediate gratification; quite the contrary.
PYMNTS
MAY 1, 2020
Tencent Holdings Limited has become a “substantial shareholder” of Afterpay , according to an announcement from the company. The Chinese technology firm purchased a 5 percent stake in the buy now, pay later (BNPL) company valued at approximately A$390 million per a published report. Afterpay’s co-founders, Anthony Eisen and Nick Molnar, said in the announcement, “We feel very privileged to welcome Tencent as a substantial shareholder in our business.
Payments Source
MAY 1, 2020
There is a need and opportunity here to rebuild the aging, legacy infrastructure in payments, at the IRS, and within the banking system. It is not a technology problem. It is an opportunity, says payments consultant Collin Canright.
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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.
PYMNTS
MAY 1, 2020
JPMorgan Chase and Bank of America said they processed almost 500,000 applications totaling roughly $46 billion as part of the Paycheck Protection Program intended to help small businesses struggling to due to the pandemic, according to a report in Fox Business on Thursday (April 30). Less than 30,000 loan applications from both banks combined have been approved by Small Business Administration (SBA).
Bobsguide
MAY 1, 2020
The UK insurance industry is under fire from small businesses and hospitality market participants as details of business interruption pay-outs remain unclear. Some market participants are seeking intervention from the government. On April 29, Hospitality Insurance Group Action (HIGA) launched.
PYMNTS
MAY 1, 2020
Retail is not the same as it was at the beginning of 2020 — in fact, it isn’t the same as it was a mere month-and-a-half ago, given the quick and sweeping changes that COVID-19 has brought in its wake. And what it will look like moving forward is mostly a mystery to even the most experienced and seasoned in the game. It’s undeniable that the world has undertaken a massive shift to digital, Afterpay Co-founder and CEO Nick Molnar told Karen Webster in their latest digital discussion.
PopularBank
MAY 1, 2020
A Message from Chief Operating Officer Manuel Chinea. Dear Customers, Partners and Community Members, Thank you for being part of our Popular Bank family. In these uncertain times, we are all working together to navigate our new normal. As we face the immediate and serious health concerns as a community, we are also seeing a much wider impact on all our lives as well as our local, national, and global economies.
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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.
PYMNTS
MAY 1, 2020
Normal is not coming back, or at least not in the form we all knew it in January 2020. There are many reasons for that, but perhaps the biggest, Ecwid CEO Ruslan Fazlyev told Karen Webster, is consumers who once inhabited that world pre- coronavirus no longer exist. They’ve changed, pushed by the necessity of social distancing to try new things and experiment with new patterns.
Jack Henry
MAY 1, 2020
As we all strive to meet the challenges of the coronavirus pandemic, we find ourselves in a new normal due to the uncertainty surrounding the virus and our ability to respond. The good news is that community financial institutions (CFIs) have plans to deal with disaster events like a pandemic. These plans have provided the foundation for FIs’ pandemic response.
PYMNTS
MAY 1, 2020
The great retail re-opening is now being called the “great resettling” by many observers and J.Crew is its latest victim. According to several sources the preppy retail chain has been negotiating with its lenders since it canceled plans to take its Madewell subsidiary public. Madewell sells women’s apparel online and through brick-and-mortar stores with an emphasis on casual denim.
Payments Source
MAY 1, 2020
American Express Co., long synonymous with premium travel rewards, will now offer a meditation app and credits for streaming services as the coronavirus pandemic forces its customers to stay home.
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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.
PYMNTS
MAY 1, 2020
Nearly 4 million U.S. home mortgages — or 7.3 percent of the total — have entered into “forbearance” programs with their lenders as the COVID-19 economic crisis has left owners unable to pay, figures out Friday (May 1) show. “The forbearance numbers are climbing steadily, day by day,” said Anthony Jabbour, CEO of mortgage technology and data provider Black Knight Inc.
Payments Source
MAY 1, 2020
Adam Levin addresses the threats of cyber fraud and identity theft and what you can do to protect your customers' privacy and credit security.
PYMNTS
MAY 1, 2020
Depending on how you look at it, the pandemic will either slow progress of 5G. Or hasten it. There’s been a shortage of debate over whether the economic headwinds caused by the coronavirus will dampen carrier capital expenditures (CapEx) and infrastructure deployments. On the flip side, of course, we’re doing more than ever before from home, across mobile devices, and with applications and activities that demand speed and bandwidth.
American Banker
MAY 1, 2020
These tech-obsessed consumers still crave human interaction. Banks' challenge: Designing products and services that meet their needs.
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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.
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