Chris Skinner
APRIL 15, 2020
There’s a great write-up by one of my guest contributors Alex Johnson, about the bad sales culture of most banks. Admittedly, he says it’s partly inspired by my blog of last year about challenger banks, but his write-up takes it further and has a swipe at the whole bank culture … The post Should retail banks be retailers? appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 15, 2020
Banks scrambling to process Paycheck Protection Program loans will soon have to parse borrowers’ spending data to determine whether those loans will become grants. This is a stipulation for small businesses using the funds for approved purposes, such as payroll and rent. “We don’t have guidance from the [Small Business Administration] at this time on […].
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Chris Skinner
APRIL 15, 2020
Things we’re reading today include … The SEC’s Regulation Best Interest — are broker-dealers prepared to comply? Biggest Wall Street banks set aside $25bn for loan losses Wells Fargo, BofA and JPMorgan grant overdraft relief as stimulus checks roll in With confidence shattered, the road to a ‘normal’ U.S. economy … The post Things worth reading: 16th April 2020 appeared first on Chris Skinner's blog.
Bank Innovation
APRIL 15, 2020
Bank of America customers are shifting toward digital tools. According to data released by the bank, supplementing its earnings call today, customers made more than 102 million transactions through Zelle, its peer-to-peer payments tool, during the first quarter of 2020. Paul Donofrio, Bank of America’s chief financial officer, said in a statement that despite the […].
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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
Accenture
APRIL 15, 2020
Both auto and equipment financiers are seeing the impacts of digital transformation, such as the growth of artificial intelligence, connected vehicles in auto and regulatory changes leading to increased system reliance in equipment. As our Technology Vision 2020 report finds, customers are demanding more flexible ownership models, such as pay-per-use.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
APRIL 15, 2020
Key Takeaways Lenders participating in the Paycheck Protection Program (PPP) have obligations after issuing the loan to a small business. Banks and credit unions are seeking guidance on these critical next stages of the PPP. Lenders have had concerns about closing PPP loans, an action that triggers required funding and the forgiveness timeframe for borrowers.
PYMNTS
APRIL 15, 2020
Walmart is hoping customers will sign up for its Walmart MoneyCard to create a direct deposit account to access the government stimulus payments being sent out this week, touting waived fees and quick access, according to an emailed press release. The retail giant said the process would be safe, easy and affordable. The measure could be a boon for customers who don’t have traditional bank accounts and thus wouldn’t be eligible for the IRS’s standard measure of direct depositing
Payments Source
APRIL 15, 2020
IT projects are under scrutiny due to the coronavirus, not only in terms of budgets but also how fast firms can deploy automation for tasks such as business payments for companies that have turned to remote work.
PYMNTS
APRIL 15, 2020
A federal judge has ruled that Bank of America (BoA) can prioritize its own customers in distributing loans for the $349 billion Paycheck Protection Program (PPP), according to a Bloomberg report posted by Yahoo Finance. The decision comes as several Maryland businesses, including a security company, an auto parts maker and a hair salon, sued the bank, alleging that BoA had rejected their applications for loans because they hadn’t dealt with the bank for other loans in the past.
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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
Payments Source
APRIL 15, 2020
Reports from the Singapore office, a coronavirus war room and a hardworking IT staff all helped TD Bank Group get nearly all employees ready to work from home and able to handle a tripling of remote deposit capture activity.
PYMNTS
APRIL 15, 2020
According to the FTC, there have been 18,235 reports of fraudulent activity or fraud attempts related to the coronavirus since Jan. 1. In total, people have lost $13.44 million to fraud. The FTC says the top categories of these scams entail travel and vacation-related items, online shopping and bogus text messaging, along with “all kinds of imposters.” Robocall reports have been down overall, but with the pandemic, several people have reported to the FTC that they’ve received c
ABA Community Banking
APRIL 15, 2020
April is Financial Literacy Month, but with schools closed because of the coronavirus pandemic and social distancing rules in place across the country, bankers are pivoting to video conferencing and virtual formats to deliver financial lessons. The post Podcast: Financial Literacy and Social Distancing appeared first on ABA Banking Journal.
PYMNTS
APRIL 15, 2020
In just over a week, the Paycheck Protection Program (PPP) has approved more than one million loans, for a total gross dollar value, as of April 13, of $247.5 billion. Those loans, the Small Business Association (SBA) stated in the “Paycheck Protection Program Report,” were sourced across 4,664 lenders. In terms of the mechanics of the loans themselves, an important provision of the PPP program is loan forgiveness.
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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.
BankBazaar
APRIL 15, 2020
The COVID-19 pandemic has forced a majority of us to work from home for an indefinite period of time. But how economical is it to work from home and will WFH become the new office post COVID-19? The COVID-19 pandemic has forced us to take a hard look at many aspects of our lives-starting from how we take our house helps for granted to how we can still manage to finish work in the comfort of our homes, without spending hours commuting to work.
PYMNTS
APRIL 15, 2020
While there is no shortage of new things in the world to get used to these days, cybercrime and fraud are, unfortunately, not among them. Long before we started using the terms “social distancing” or “flattening the curve,” cybercriminals were spinning up bot armies, hijacking consumer accounts, constructing synthetic identities, using stolen credit cards, preying on elderly and disabled consumers, and launching phishing schemes and phone scams to siphon bits of personally identifiable informati
CFPB Monitor
APRIL 15, 2020
The CFPB has issued an interpretive rule addressing the application of the Electronic Fund Transfer Act/Regulation E compulsory use prohibition to COVID-19 relief payments made by federal, state, or local government agencies. The prohibition makes it unlawful for any person to require a consumer to establish an account for the receipt of electronic funds with a particular financial institution as a condition of employment or receipt of a government benefit.
PYMNTS
APRIL 15, 2020
It’s becoming a familiar refrain on Wall Street: reserves to cover potential soured loans. On Wednesday (April 15), Goldman Sachs reported earnings that, like other marquee names in banking , showed the firm took reserves amid a worsening macro environment as the coronavirus impact continues. The company’s total net revenues for the first quarter, as measured year over year, were roughly flat at $8.7 billion, better than analyst expectations of $7.9 billion.
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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.
CFPB Monitor
APRIL 15, 2020
A coalition of groups that includes the Consumer Bankers Association, the National Council of Higher Education Resources, and consumer advocates, has sent a letter to House and Senate leadership urging Congress to extend relief to federal student loan borrowers whose loans are not covered by the CARES Act. The borrowers in question are those with Perkins loans or Federal Family Education Loan Program (FFELP) loans that are not federally-owned and instead are owned by financial institutions, non-
PYMNTS
APRIL 15, 2020
China is a notoriously challenging jurisdiction for foreign payment service providers to operate as the nation prioritizes local industry leaders. Gradually, however, and with a focus on expanding access to digital financial services, China has begun to open up its market to non-Chinese PSPs, with PayPal having recently become the first foreign PSP to launch in the country through its acquisition of China-based GoPay, completed late last year.
SWBC's LenderHub
APRIL 15, 2020
In the past decade, financial institutions have had to adapt to growing consumer expectations for interactions that are fast, easy, and secure—in other words, frictionless. Frictionless payment solutions make it easier for consumers to complete transactions in whichever way they find most convenient. This in turn creates a ripple effect of reducing queue sizes and wait times for non-transactional customers, allowing employees to be more attentive and provide better service to their members.
PYMNTS
APRIL 15, 2020
The number of layoffs in the U.S. has skyrocketed as the COVID-19 crisis ravages the economy. At the same time, other companies, such as online retailer Amazon , have been hiring at a brisk pace. Accenture and Verizon have launched a new initiative that aims to bring together the workers whose jobs have vanished overnight and the companies that may be booming in contrast.
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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.
Jack Henry
APRIL 15, 2020
Since the Financial Accounting Standard Board’s (FASB) Current Expected Credit Loss (CECL) standard was announced in 2016, ProfitStars has worked with more than 180 of our clients to implement a CECL model. As we worked with the first of our customers to go live at the end of 2019, we compiled support resources to answer the most common questions. The most frequent support topic by far has been trying to explain the gap from loan loss reserves under Financial Accounting Statement 114 (FAS 114, t
PYMNTS
APRIL 15, 2020
The coronavirus pandemic has interrupted commerce processes ranging from product creation to sales. Countries around the world have temporarily closed factories to enable their employees to stay home and limit the virus’s spread. This has led to reduced inventory production in many sectors, and the resulting shortages have been felt in many industries, including that of medical supplies, which has seen emergency purchasing push demand.
Payments Source
APRIL 15, 2020
While the primary focus for most credit card providers in March was on emphasizing fee forgiveness and payment deferral support, moving forward issuers need to focus on a mix of strategies to retain their cardholders' share of spend, says The Futurist Group's Demitry Estrin.
PYMNTS
APRIL 15, 2020
Amazon will cut commission rates for members of its commission program, which is called Amazon Associates and allows companies to advertise Amazon products in exchange for a percentage of sales. The overture, not directly linked to the coronavirus pandemic, will sweep across a number of industries including home and furniture, grocery and more. The program ends up resulting in strong revenues for companies that link to Amazon products in their content, which means BuzzFeed, The New York Times, V
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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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