Bank Innovation
APRIL 13, 2020
The Small Business Administration launched its Paycheck Protection Program loans more than a week ago and banks have been racing to keep up with the volume ever since. Rapidly deployed automation technologies are helping community and regional banks keep up with the deluge of applications. “This has been a complete scramble for banks,” said Victoria […].
Chris Skinner
APRIL 13, 2020
We are all stuck indoors, and I wonder what you are doing? In my case, I’m learning a new language. What are you doing? One of they key things to do, and my other hobby, is keep up with ideas as, during this lockdown, there is still a lot of … The post What are you doing during the #lockdown? appeared first on Chris Skinner's blog.
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Bank Innovation
APRIL 13, 2020
Lenders participating in the SBA’s Paycheck Protection Program are trying to find a balance between speed and diligence. On the one hand, the banks are working under tight timelines to disburse the relief funds to small businesses ravaged by the COVID-19 outbreak — in some cases bank employees worked through the night and weekend to […].
PYMNTS
APRIL 13, 2020
Three months seems a lifetime ago, pre- coronavirus pandemic, pre-recession, pre-lockdown, pre-bailouts. The stark changes in all facets of daily life for the U.S. (and international) consumer and the businesses that serve them will be center stage as earnings season gets underway, starting, as always, with a slew of big banks. This week, Wells Fargo , JPMorgan Chase , Citigroup , Bank of America and Goldman Sachs will report results for the March quarter and are likely to show volatility, to pu
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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
Bank Innovation
APRIL 13, 2020
One week after the Small Business Administration launched its Paycheck Protection Program, banks and fintechs alike are still navigating best practices to get funding into the hands of small business clients. As COVID-19 continues to rattle the economy, startups are launching new products and features to engage customers. Last week’s news wasn’t confined to coronavirus-related […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
APRIL 13, 2020
Things we’re reading today include … A Wall Street Bank’s Hard-Driving Culture Pushes Traders Into the Office Former Barclays banker cleared of fraud hits out at SFO’s powers ‘Banks will behave better this time than during financial crisis’ Millions in UK having to choose between paying rent and eating, poll … The post Things worth reading: 14th April 2020 appeared first on Chris Skinner's blog.
PYMNTS
APRIL 13, 2020
The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Act funds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release. Banks or other government agencies are usually unable to get direct deposits right to consumers if the banks are not in possession of the consumer’s account information.
South State Correspondent
APRIL 13, 2020
The Coronavirus is simultaneously disrupting supply and demand in the world economy. The shock to the economy will have a profound effect on the US economy, and community banks will not be immune from this disruption. It appears that a global recession is inevitable, but the full extent of damage to the banking industry is unclear.
PYMNTS
APRIL 13, 2020
Stores are shut down, restaurants are restricted to carryout and delivery only, professional sports are on hold, most flights are grounded and the fate of summer vacation in 2020 remains a coin toss. In short, the world of mid-April 2020 in the United States looks very, very different from that of January 2020 – in fact, it’s very different from any other time in the country’s history.
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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
South State Correspondent
APRIL 13, 2020
If you are in the military or public safety and have participated in a tactical operation center, you are likely familiar with the "Planning P." The Planning P is a national framework that helps quickly assimilate information and drive to decisions. This is exactly what is needed in any fast-moving event, such as if your bank has been involved in the production of Paycheck Protection Program (PPP) loans.
PYMNTS
APRIL 13, 2020
Jim McCarthy, i2c president, says disasters often breed innovation. “Telecommuting, online education and moving to a cashless and virtual financial system will likely become the norm,” he told PYMNTS. “This most recent black swan is proving that online financial services are a lifeline service.”. The following is an excerpt from Black Swan , contributed by i2c President Jim McCarthy.
Payments Source
APRIL 13, 2020
Central banks are releasing trillions of dollars to bolster economies through the coronavirus pandemic, giving rise to a pair of trends that could push merchants and consumers to embrace digital currencies as a mainstream payment alternative.
PYMNTS
APRIL 13, 2020
At some point after the COVID-19 crisis passes, retailers will need to reckon with artificial intelligence (AI). It may seem like an advanced data application is a galaxy away from current concerns about survival. But if data is the new oil for retail competition, AI is the jet fuel. And if the retail comeback from COVID-19 contains order and purchase spikes, ignoring AI could come at a price.
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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
APRIL 13, 2020
Suneera Madhani, CEO of the digital acquirer Fattmerchant, tells PaymentsSource how the coronavirus pandemic has affected how her employees go to market with new payments technology — and how making the shift to digital helps both the acquirer and its clients.
PYMNTS
APRIL 13, 2020
In what appears to be an unprecedented move, an industry trade association is stepping in to help restart a retail community hit hard by the COVID-19 pandemic. Last week, The Toy Association , which produces the mega-sized New York Toy Fair, announced plans for “ Toy Fair Everywhere.” It will be a series of virtual market weeks to help businesses connect with customers at a time when in-person events are impossible to hold.
Payments Source
APRIL 13, 2020
Under pressure to show they care for fearful employees (and not to mention customers), companies have been devising a playbook that may change the way shopping looks long after the coronavirus has ceased being a global threat.
PYMNTS
APRIL 13, 2020
Square Capital announced Monday (April 13) it’s the latest FinTech to participate in the federal Paycheck Protection Program (PPP). In a tweet , Square Capital Lead Jackie Reses announced the San Francisco-based company, which allows anyone to accept credit card payments using a smartphone or tablet, has been approved to process the U.S. Small Business Administration loans and will collaborate with Celtic Bank of Salt Lake City to launch its program this week.
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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.
Gonzobanker
APRIL 13, 2020
Converting new digital accounts into lasting relationships will take proactive care and feeding. A recent William Mills/Harris Poll asked 1,043 U.S. adults, “During social distancing, how much more or less likely are you to leverage digital banking and digital payments?” Not surprisingly, most people said they would perform more digital activity.
PYMNTS
APRIL 13, 2020
As the coronavirus pandemic continues, Groupon plans to lay off around 2,800 employees, according to a filing with the U.S. Securities and Exchange Commission on Monday (April 13), the Chicago Tribune reported. The layoffs are partly an attempt to keep up with the current economic strife that has left large portions of the country jobless. Chicago-based Groupon, which sells consumers coupons and deals to various retailers and businesses, has not seen its best days due to the stay-at-home orders
Payments Source
APRIL 13, 2020
There is no doubt that many restaurants and merchants are struggling right now. But it makes no sense to hurt consumers and financial institutions by expanding failed policies like the Durbin Amendment, argues Jeff Tassey, chairman of the board for the Electronic Payments Coalition.
PYMNTS
APRIL 13, 2020
The quickly evolving telehealth category has a new business model, with diabetes prevention program (DPP) Fruit Street teaming with meal kit company Purple Carrot to add a retail spin to its health advisory service. Fruit Street’s team of registered dietitians reviews Purple Carrot meals and makes sure they follow dietary guidelines for Type 2 diabetes.
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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.
Payments Source
APRIL 13, 2020
The Consumer Financial Protection Bureau wants to make it easier for those who lack bank accounts to receive pandemic relief payments authorized by Congress.
PYMNTS
APRIL 13, 2020
Payments FinTech WEX is introducing a new corporate payment solutions team as it moves to reorganize its business, the company said in a statement on Monday (April 13). Mark Aquilina was named the senior vice president of product and strategy of corporate payment solutions and will be in charge of product strategy and management for front-end applications and cloud-native processors.
Payments Source
APRIL 13, 2020
As coronavirus puts parameters on how we interact with each other – such as social distancing and other limited services – instant issuance is more important than ever, says Matica's Paul Schwerdtfeger.
PYMNTS
APRIL 13, 2020
In response to some senators’ requests for information, Apple said in a letter that its new COVID-19 website and app would abstain from using any user data later on. Sens. Bob Menendez, Kamala Harris, Cory Booker and Richard Blumenthal were behind the inquiry. The website and app, enacted as part of the tech giant’s response to the coronavirus pandemic, aims to give people accurate information about the virus and to track its spread in the hopes of preventing an even worse infection
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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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