Wed.Nov 04, 2020

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Let’s Talk About Our Relationship (and Pharmacovigilance)

Perficient

Due to social distancing, many of us found ourselves with extra time during COVID-19. Recently on a sunny day, I was prepping some of my beehives for the upcoming winter. (By the way, anyone who thinks beekeeping is easy, please come and help! It’s hot, heavy, complicated, and completely rewarding. It’s the perfect mix of art and science.). The preparation process reminded me of hectic weeks working with my team.

Groups 309
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Onyx CEO On Blockchain, The JPM Coin And Simplifying Payments

PYMNTS

From concept to pilot to corporate payment game changer. Umar Farooq , CEO of J.P. Morgan ’s Onyx , told Karen Webster that peer-to-peer (P2P) private blockchain networks can help streamline information flows tied to cross-border payments and remove the complexities tied to legacy systems. The conversation took place against the backdrop where, late last month, J.P.

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Payments firms see green as more states legalize pot

Payments Source

One area of certainty in the 2020 election is the momentum for legalizing cannabis, as a string of ballot box victories makes it harder for banks to avoid working with dispensaries and other legal marijuana businesses.

Payments 182
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Prop 22: California Voters Side With Uber And Lyft, Nix AB 5 Gig Worker Law

PYMNTS

California voters passed Proposition 22, which exempts tech platforms like Uber, Lyft, and DoorDash from state law AB 5, which forced them to reclassify gig workers as employees, according to a Wall Street Journal report on Wednesday (Nov. 4). The three app-based tech companies were joined by Postmates and Instacart in the financial support of Proposition 22, which upholds the independent contractor status for gig economy workers.

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Digital Transformation: Accelerating ROI and Growth in Commercial Lending

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

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Understanding Powers of Attorney to Protect Seniors

ABA Community Banking

Americans don’t like to talk about money. But when a serious and sudden health event takes place, powers of attorney are a critical step to help families prepare for potential caregiving needs. The post Understanding Powers of Attorney to Protect Seniors appeared first on ABA Banking Journal.

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Contactless pay is more than a pandemic response

Payments Source

Consumers will still prefer minimizing physical contact, while relying on digital payments and looking forward to adopting smarter methods that are secure, convenient, and less time-consuming, says Global Market Insights' Vinisha Joshi.

Security 118
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LendingClub Q3 Loan Volume Snaps Back 80 Pct

PYMNTS

LendingClub , the country’s top provider of personal loans, said in earnings results Wednesday (Nov. 4) that demand for borrowing snapped back 80 percent in the third quarter, while the performance of its pre-pandemic portfolio continued to be resilient. The San Francisco-based loan marketplace operator also said it’s well-positioned to navigate the current environment and complete the acquisition next year of Radius Bancorp , which LendingClub management called its “top strategic priority.”.

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Podcast: Believing in What Banking Can Do

ABA Community Banking

After a long career as a commercial banker in St. Louis, more than a decade ago Alex Fennoy joined Midwest BankCentre. He helped transform the community bank into one that has won awards—including a 2019 ABA Foundation Community Commitment Award—for its responsiveness to local needs. The post Podcast: Believing in What Banking Can Do appeared first on ABA Banking Journal.

St. Louis 116
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COVID Spawns Local SMB Loans, Mask Shortages And More Suburban Starbucks

PYMNTS

With federal COVID-19 stimulus programs dried up for the moment and talks to renew them stalled, local communities are looking to fill the void by providing loans to SMBs that have been slammed by the coronavirus. For instance, Muskegon County, Michigan is offering so-called “ recovery loans ” of up to $20,000 to local businesses with fewer than 25 employees.

Michigan 249
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The State of Automation in Financial Services 2024 Report

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

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Visa deployed local teams to help small shops in early COVID-19 days

Payments Source

As the coronavirus pandemic unfolded in early 2020, Visa deployed street-level teams in 66 cities across the U.S. to meet with small-business owners to help them transition to a digital-first world.

Meeting 87
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Get, Keep And Grow: Why Subscription Retention Is All About Slick And Personal

PYMNTS

With holiday shopping getting underway amidst a challenging economic climate, the timing and importance of retaining subscription -based customers could be the difference for businesses looking to have a strong finish to an otherwise challenging year. Although there are growing concerns that a large number of consumers might cancel some of their subscriptions, Vindicia Global Vice President Solution Evangelist Michael Daley told PYMNTS that acquisitions are still outpacing cancellations.

Data 240
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Bank of America builds out Erica to support live chat

BankInovation

Bank of America is rewiring its internal systems and adding APIs to create a seamless hand-off between its virtual chatbot Erica and live chat backed by agents. “Erica has now become, effectively, on mobile, our gateway to service. And the way we always contemplated that from the outset was. Erica is your first line […].

America 98
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China’s Ant IPO Suspension Likely Came From Top

PYMNTS

China’s move to suspend Ant Group’s anticipated blockbuster initial public offering (IPO) likely came from the top echelon of the Chinese government, according to a report in the Financial Times. The suspension came just two days before shares of Ant Group were to go live on the Hong Kong and Shanghai stock markets. An order of such magnitude is likely to have come from the upper reaches of the Chinese government and possibly even President Xi Jinping, FT reported, citing two sources familiar wi

Lending 240
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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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.

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Four UK companies announce job losses totalling 4,200

TheGuardian

John Lewis, Clarks, Lloyds Banking Group and Do & Co add to grim UK employment picture Coronavirus – latest updates See all our coronavirus coverage More than 4,200 workers are set to lose their jobs as retailers John Lewis and Clarks, Lloyds Banking Group and a caterer for British Airways added to the already grim picture for the UK’s employment prospects.

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Regulators Line Up For Trade Finance Modernization

PYMNTS

Trade finance is an area of financial services that is notorious for its continued use of paper and legacy systems. Some FinTech leaders say that this lack of modernization is at least partly to blame for the estimated $1.5 trillion trade finance gap that continues to plague the global market. At the very least, outdated tools and workflows slow down the process of getting capital into the hands of exporters and importers that need funding to fuel business.

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CFPB Private Education Loan Ombudsman issues annual report

CFPB Monitor

The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 5,000 federal student loan complaints, 1,900 private student loan complaints, and 1,700 debt collection complaints related to private or federal student loans submitted by consumers between September 1, 2019 and August 31, 2020. The report notes that total student loan debt is now $1.677 trillion and is second only to home mortgages in outstanding household debt.

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DOJ Seizes $24M In Crypto As Part Of Brazilian Internet Fraud Probe

PYMNTS

The Department of Justice (DOJ) has seized $24 million in virtual currency on behalf of the Brazilian government, according to a press release. The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. It involved the defrauding of tens of thousands of Brazilian residents for over $200 million, the release stated.

Fraud 234
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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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A Fed digital currency looks inevitable. So do the problems.

American Banker

A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider.

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Deep Dive: How Offering Greater Digital Payment Choice Can Help QSRs Meet Consumers In Any Channel

PYMNTS

Many of the numerous ordering and payment methods that today’s QSR customers enjoy have taken time to evolve and catch on. Calling local pizzerias or Chinese food restaurants to place takeout orders was once seen as a revolutionary development in the space, for example, and drive-thru service followed as the next big step. . Various digital methods have since joined these options as consumers have embraced smartphones and other electronic devices, but the COVID-19 pandemic has been accelerating

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Lloyds to cut a further 1,070 jobs despite £1bn third-quarter profits

TheGuardian

Bank urged to put restructuring plans on hold because of Covid second wave Lloyds Banking Group plans to cut a further 1,070 jobs despite reporting better-than-expected profits on the back of a UK mortgage boom less than a week ago. The bank, which announced the cuts to staff on Wednesday morning, said the job losses were part of restructuring plans meant to simplify the business.

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Payment Tech Firm Epos Now Teams With BigCommerce

PYMNTS

International software and payments technology firm Epos Now has rolled out a significant partnership with American eCommerce firm BigCommerce , according to an announcement. The tie-up connects one of the globe’s top online shopping platforms with one of the globe’s top cloud point-of-sale (POS) firms, according to the announcement. As a result, the retail clients of Epos Now will be able to tap into the worldwide jump in eCommerce sales demand and diversify their sales channels at a key moment

Payments 222
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Top 10 Benefits of Automating Loan Modifications for Commercial Lenders

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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Financing will take the spotlight as health care payment costs rise

Payments Source

The uncertainty from the pandemic has made costs unpredictable, says Ally Lending's Hans Zandhuis.

Lending 97
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Holiday Shopping Could Take Hit As Presidential Election Results Drag Out

PYMNTS

Could a cliff-hanger of a presidential election turn out to be a buzz killer for the holiday shopping season? A recent survey by Adobe Analytics found that just over a quarter of consumers surveyed – 26 percent – said the election would impact their holiday spending. There is traditionally a short dip in spending the day after Election Day, experts say.

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Cannabis and gambling: State ballot measures that matter to banks

American Banker

Referendums that legalized marijuana and sports wagering in several states could incentivize banks to do business with companies in these sectors. Payday loan and privacy measures that passed Tuesday also have implications for the industry.

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The Resilience Of Subscription Commerce And Auto Sales 

PYMNTS

The automotive market is surging amid COVID-19, and companies such as Carvana are reaping the benefits. Carvana has been an innovator in the space, with its high-profile vending machines in multiple major markets. And in recurring payments, the subscription commerce sector appears to be weathering the economic storm, and could even emerge more formidable when the pandemic recedes.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

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.