Thu.Mar 10, 2022

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New BNPL study raises concern about 'debt spiral'

Payments Dive

Some consumers are charging buy now-pay later installment payments to their credit cards, and that should serve as a "warning flag" to regulators, said three economists who authored the research paper.

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Four steps for a cloud-ready talent system in banking

Accenture

With cloud skills of all kinds in hot demand across many industries, banks are having to come to grips with an uncomfortable truth. Hiring, on its own, will not provide them with the skills they need to maximize the value of the cloud. Our recent Modern Cloud Champions research found that the future cloud leaders…. The post Four steps for a cloud-ready talent system in banking appeared first on Accenture Banking Blog.

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Walgreens joins PayNearMe bill pay network

Payments Dive

Consumers seeking another nearby location to make bill payments in cash can now turn to about 9,000 Walgreens store locations as a result of the new tie-up.

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Fifth Third Bank takes aim at mainframe obstacles

BankInovation

CHARLOTTE, N.C. — Legacy technology is a barrier to automating commercial lending at banks. Mainframe systems, in particular, complicate automation, Daniel Seay, Fifth Third Bank’s senior vice president and director of wholesale transformation, said during the “Modernizing Commercial Lending through Automation” session at last week’s Bank Automation Summit.

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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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This week’s podcast: The CFPB’s inquiry into “junk fees”: what it means for consumer financial services providers

CFPB Monitor

The CFPB’s recently-issued request for information takes aim at what the CFPB labels “junk fees” charged by consumer financial services providers. We discuss the types of fees targeted in the RFI, particularly fees related to deposit accounts and mortgages, and the impact of existing regulatory requirements on the CFPB’s initiative. We also examine the CFPB’s authority to address so-called “junk fees,” consider possible short- and long-term actions the CFPB could take in response to the RFI, o

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EU and UK open antitrust probes into Google and Meta | White House lays out ground rules for digital assets | EU to impose SWIFT sanctions on Belarus

Bussman Advisory

FinTech Ecosystem Insights by Bussmann Advisory is our weekly newsletter with over 40’000 subscribers across different social media channels, summarizing relevant news and reports related to ecosystems around disruptive technologies, highlighting key updates from the industry as well as our portfolio companies: EU and UK open antitrust probes into Google and Meta over 2018 ad deal White House lays out ground rules for digital assets EU to impose new SWIFT sanctions on Belarus this week.

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Delivering the personalization bank customers want

BankInovation

Demand for personalized banking experiences has exploded, and most banks have not capitalized. Last year, Capco surveyed about 1,000 US consumers, and 72% of respondents rated personalization as “highly important.” A December 2020 survey by Salesforce yielded similar results, with 66% of customers indicating they expect their financial institution to understand their unique needs and […].

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Proactive Customer Communication for Fraud Prevention

FICO

I’ve been writing recently about the results of our recent global consumer fraud survey. One of the most interesting takeaways for me is that banks have an opportunity for proactive, personalized customer communication, in the channel of their choice, to provide fraud detection and fraud prevention, as well as to manage fraud cases so that they can be bought to a conclusion more quickly and with a better customer experience.

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Legal talent marketplace Legal.io raises from Tiger Global to take on Axiom Law

CB Insights

Legal.io , an enterprise legal marketplace, has raised $11.6M in a Series A round that drew participation from Tiger Global Management. the state of venture report. Download our free report to get the TL;DR on what you need to know about venture funding and trends in 2021. First name. Last name. Email. Company name. Job Title. Phone number. Want the full post?

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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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SHOPX's NFT-as-a-Service to connect brands to Web3 ecommerce

The Paypers

SHOPX has offered a full suite of Web3-enabled solutions that work together to solve issues for retailers.

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A big bank is in trouble, and no one knows which one or why

American Banker

FDIC 101
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Visa and MLG to make contactless payments accessible across North Africa

The Paypers

Visa and Multi Level Group (MLG) have signed a memorandum of understanding (MoU) to make contactless payments options more accessible across North Africa.

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The Wrong—And Right—Way To Go About Loan Growth

The Emmerich Group

What if you’re going about loan growth in all the wrong ways? Now, you’re probably not doing it all wrong. But there might be some ways that you could be doing it a whole lot better. That’s because all loan growth is not the same. The quality of the deals that you’re bringing in and. Continue Reading. The post The Wrong—And Right—Way To Go About Loan Growth appeared first on Roxanne Emmerich.

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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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Surecomp, GLEIF add legal entity identification capability to cloud-based solutions

The Paypers

Surecomp has partnered with the Global Legal Entity Identifier Foundation (GLEIF) - the Switzerland-based organisation.

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Why PNC plugged into an early wage access marketplace

American Banker

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Shippo launches Shippo for Platforms

The Paypers

US-based multi-carrier shipping software for ecommerce platforms, Shippo , has announced its strategic partnership with Shopify , global provider of essential Internet infrastructure for commerce.

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CEO of nonbank lender arrested for PPP-related fraud

American Banker

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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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Trulioo to support tackling global regulatory and compliance pressures

The Paypers

Digital identity company Trulioo has launched resources to support security professional as they develop safety practices in the digital world.

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Subprime lender OppFi sues to continue making loans in California

American Banker

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Elrond Network acquires Twispay

The Paypers

Elrond Network , a layer 1 blockchain, has acquired Romania-based payments firm Twispay , and with it the approval to issue e-money by the National Bank of Romania.

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Black banks team up on $25 million loan to Major League Soccer

American Banker

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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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Lendai raises USD 35 mln to help foreigners buy US real estate

The Paypers

Fintech startup Lendai has announced it secured a USD 35 million investment in equity and debt seed funding round led by Cardumen Capital and Meron Capital.

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Cherokee Strip Credit Union in Oklahoma names new CEO

American Banker

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in3 secures USD 11.1 mln Series A, partners with Worldline

The Paypers

Netherlands-based BNPL fintech in3 has raised a USD 11.1 million funding round and has launched free BNPL services for consumers through a partnership with Worldline.

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BOK Financial warns of $50 million securities loss tied to inflation, war

American Banker

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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.