Accenture
APRIL 23, 2020
In the first blog in this series, I shared some of the observations from a white paper I co-authored with Finastra on corporate APIs. In this blog I would like to discuss how the proliferation of APIs affects banks’ business models. In our view, banks’ future business models will emerge from three main strategies: 1.…. The post New business models for a new banking environment appeared first on Accenture Banking Blog.
Chris Skinner
APRIL 23, 2020
Looking back, the world should have locked down when China did in January. The reason we didn’t? Economics, business, commerce and the financial metrics. If we had? Well, we wouldn’t be suffering nearly as much now. But hey, hindsight is a great thing, isn’t it? One of the things that … The post The politics of pandemics (#coronavirus) appeared first on Chris Skinner's blog.
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PYMNTS
APRIL 23, 2020
The biggest benefactor of the Paycheck Protection Program (PPP) is a Dallas, Texas-based hotelier named Monty Bennett, who has received $59 million from the program intended to help small or medium-sized businesses with the economic crisis. Bennett is the chair of Ashford Hospitality Trust , which manages a number of hotels including Atlanta’s Ritz Carlton and the Marriott Beverly Hills.
Bank Innovation
APRIL 23, 2020
AvidXchange is eyeing additional acquisitions and scalability after scoring an additional $128 million in equity capital on the heels of its $260 million funding round in January, CEO Michael Praeger told Bank Innovation. The company automates invoicing and outgoing payments for the B2B market. Using accounts payable software, the Charlotte, N.C.-based AvidXchange integrates with common […].
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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
Chris Skinner
APRIL 23, 2020
Things we’re reading today include … Credit Suisse earnings boosted by tax windfall Why the euro is more durable than it looks China aims to launch the world’s first official digital currency How to think about moral hazard during a pandemic Developing world economies hit hard by coronavirus For SoftBank’s … The post Things worth reading: 24th April 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.
PYMNTS
APRIL 23, 2020
Financial institutions (FIs) are feeling the pressure to offer increasingly personalized, digital-first services to keep customers satisfied. Crafting the seamlessness customers want means FIs are overhauling their digital infrastructures to enable access to fast, interactive and engaging banking experiences. More banks are therefore moving away from legacy core systems to embrace cloud-native architectures to power automation and meet the speed expected by consumers, securely.
Bobsguide
APRIL 23, 2020
The European Commission’s ruleset on artificial intelligence (AI) may be delayed until well after the end of the year due to the pandemic. Regulations were expected to be proposed by the European Commission (EC) by the end of 2020, but coronavirus may delay these regulations. With proposals.
PYMNTS
APRIL 23, 2020
Companies that received Paycheck Protection Program (PPP) loans could face investigations if they did not meet the criteria for coronavirus relief, U.S. Treasury Secretary Steven Mnuchin said on Wednesday (April 22). “I think a lot of these big companies, it is questionable whether they could make that certification,” Mnuchin told FOX Business. “I think they should review it.”.
Payments Source
APRIL 23, 2020
Merchant acquiring is a very face-to-face, sales-oriented business. And that culture has to change before any acquirers can convince their clients that they know how to adapt to the coronavirus pandemic.
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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
APRIL 23, 2020
In some ways, the rapid onset of the coronavirus pandemic in the U.S. and around the world has meant massive changes for the gig economy — both for the platforms that power it and the workers that staff it. But the effects of those changes complex and nuanced, Wonolo Head of Supply Monica Plaza noted during PYMNTS’s latest On The Agenda conversation with Payoneer CEO Scott Galit; Roadie Founder and CEO Marc Gorlin; and Karen Webster.
Payments Source
APRIL 23, 2020
The payments landscape for U.K. farmers has long been fraught with inefficiencies at the best of times, particularly when it comes to the government’s processing of financial support payments. Now, with coronavirus wreaking havoc with administrative departments, farmers across the land are bearing the brunt of the crisis.
PYMNTS
APRIL 23, 2020
Branch visits are vital to customers’ financial lifestyles, despite mobile and online banking’s growing popularity. All generations, including 64 percent of baby boomers and 56 percent of those from Generation Z, largely prefer opening accounts in person rather than doing so online, for example, meaning in-branch experiences at financial institutions (FIs) need to be just as advanced as their online offerings.
Payments Source
APRIL 23, 2020
Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.
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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
APRIL 23, 2020
Expedia Group has announced a new CEO and said it has agreed to a buyout, according to The Wall Street Journal. Vice Chairman Peter Kern will take the helm of Expedia, which contains Travelocity, Orbitz and Vrbo under its umbrella, and has been without a CEO since last December. Acting Chief Financial Officer Eric Hart will now serve in his role permanently.
Gonzobanker
APRIL 23, 2020
Financial institutions struggling with the SBA’s Paycheck Protection Program can expect an even rougher road in the aftermath of COVID-19. Many financial institutions are sitting on heavy concentrations of commercial real estate (CRE) portfolios that are going to need workout-like assistance in the next six to 12 months. Without significant help, borrowers that were on the brink before COVID-19 will not survive.
PYMNTS
APRIL 23, 2020
The coronavirus has forced a reckoning with daily financial life, with belt-tightening and budgeting. And as tens of millions of Americans stay at home, work from home, shop from home (and have things delivered), and as the kids are learning at home – cars and vans and trucks sit idle in driveways and on side streets. It stands to reason that the risk of accidents declines when the vehicles (and the drivers piloting them) are off the roads.
ATM Marketplace
APRIL 23, 2020
As restrictions start to ease slightly across the country on the coronavirus pandemic lockdown, being prepared ahead of time to head back to work can be essential not just for your business, but for the health of you and your employees.
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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
APRIL 23, 2020
Business payment and accounting solutions provider Gilded said that digital currency data provider CoinMarketCap has implemented its cryptocurrency payment technology, according to an announcement. CoinMarketCap had reached out to Gilded to provide a solution that would automate invoicing as well as crypto payments, while bringing more payment options for clients.
CFPB Monitor
APRIL 23, 2020
The U.S. Court of Appeals for the Ninth Circuit recently ruled in Gilliam v. Levine that a loan made to an individual trustee to finance repairs on residential property owned by the trust was a “consumer credit transaction” for purposes of the Truth in Lending Act, the Real Estate Settlement Procedures Act, and California’s Rosenthal Act. In the case, which the Ninth Circuit described as “present[ing] an issue of first impression under federal and state regulation of consumer credit transactions
PYMNTS
APRIL 23, 2020
A new app is letting users earn digital currency via Zoom amid the coronavirus pandemic, which is making it easier for businesses to earn money, CoinDesk reported. The SmartSessions paywall, which was created by 2key New Economics, lets “solopreneurs” and companies tap into digital currency payments as they provide services via the videoconferencing software.
CFPB Monitor
APRIL 23, 2020
Massachusetts , New Jersey , Connecticut , and Illinois have announced that they are participating in a multi-state initiative to provide relief to borrowers whose student loans are not covered by the CARES Act through agreements with certain student loan servicers. Other states identified in the announcements that are also participating in the initiative are California, Colorado, Vermont, Virginia, and Washington.
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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
APRIL 23, 2020
Hard times are hitting many people where it hurts – right in the credit cards they carry in their wallets or eWallets. Customer spending limits are being cut by top credit card companies. It’s a response to the COVID-19 pandemic that is crashing the economy and taking away the jobs of millions of Americans, according to Bloomberg News. Discover Financial Services said in a regulatory filing that more of its customers are asking to skip payments.
CFPB Monitor
APRIL 23, 2020
The Montana Supreme Court, in Bratton v. Sisters of Charity of Leavenworth Health System, Inc. , has ruled that a health care provider’s use of prepaid cards to make refunds to patients did not violate Montana law. In the lawsuit, the plaintiff alleged that SCL Health (SCL), her healthcare provider, violated Montana law by directing its bank to issue two prepaid cards to the plaintiff to refund credit balances on her account with SCL.
PYMNTS
APRIL 23, 2020
Can software providers — independent software vendors (ISVs) and payment facilitators (PayFacs) among them — help their merchant clients pivot as they scramble to reinvent themselves amid the continuing coronavirus pandemic? In an interview with PYMNTS, RS2 Software Chief Commercial Officer Bjorn Ovick said ISVs and PayFacs can “fast track” value for their merchants by leveraging data in new and proactive ways.
BankBazaar
APRIL 23, 2020
The COVID-19 crisis has dealt a huge blow to the economy. This means we’re looking at job losses and reduced income. Here are some important financial takeaways from the crisis. . To say that 2020 has been a whirlwind would be an understatement. The COVID-19 pandemic along with the economic recession and oil crisis that it has brought along with it only spells despair.
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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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