Wed.Sep 08, 2021

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How the New Experience Economy Is Reshaping Insurance (Part 5 of 5)

Perficient

Harvard Business Review defines the New Experience Economy as the fourth evolution of economic value, which includes commodities, products, services, and now, experiences. It is at this point where the product is most differentiated and pricing most premium. In a commoditizing marketplace such as personal lines, a personal experience is an opportunity for carriers to differentiate themselves from one another and create value that the insured will reward with retention and share of wallet.

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Reduced Revolving Debt: A Key Driver of Improved FICO Scores During Pandemic

FICO

We recently shared that the national average FICO® Score increased to 716 (as of April 2021). Our blog post on the subject highlighted that consumers in the lower score ranges were the biggest driver of the upward trend from 708 in the prior year. For example, for those consumers who had a FICO® Score value between 550-599 as of April 2020, their average score went up from 575 as of April 2020 to 596 as of April 2021.

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Automating corporate actions: Data quality and tech standardization are key

BankInovation

There is an urgent need to automate corporate actions but challenges surrounding proprietary and legacy technologies, and data quality are standing in the way of progress. Nearly 40% of respondents to a recent survey of financial stakeholders said they process more than half of all their corporate action messages manually, with nearly 50% saying legacy […].

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CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

CFPB Monitor

(Register for Ballard Spahr’s webinar at the link below). The CFPB issued a consent order against an income share agreement (ISA) provider, Better Future Forward (BFF), in which it concluded that BFF’s ISAs are extensions of credit under the Consumer Financial Protection Act and Truth in Lending Act and are “private education loans” under TILA. In doing so, the CFPB alleged that BFF: Engaged in deceptive acts and practices by representing that its ISAs are not loans and do not create debt; Viol

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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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Gr4vy partners with Banked and GoCardless to streamline ecommerce payments

The Paypers

US-based cloud-native payments company Gr4vy has announced two new partnerships with real-time payments network Banked and UK-based fintech GoCardless , focused on A2A payments.

More Trending

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How a Community Bank Launched a Retail Crypto Platform

ABA Community Banking

Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking. The post How a Community Bank Launched a Retail Crypto Platform appeared first on ABA Banking Journal.

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Mexican Proptech & Real Estate iBuyer Flat Raised $20M To Boost LatAm Presence

CB Insights

Flat, a digital real estate marketplace, has raised $20M in a Series A. The round drew participation from 500 Startups, Expa, Anthemis, and ALL Venture Partners, among others. HOW’S THE COMPANY PERFORMING? Mexico-based Flat facilitates the buying and selling of real estate across the country. The company’s services also include home valuations, property remodeling, property inspection, and legal reviews.

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Automating corporate actions: Data quality and tech standardization are key

BankInovation

There is an urgent need to automate corporate actions but challenges surrounding proprietary and legacy technologies, and data quality are standing in the way of progress. Nearly 40% of respondents to a recent survey of financial stakeholders said they process more than half of all their corporate action messages manually, with nearly 50% saying legacy […].

Data 52
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FDIC: Bank Profits Increase 281% in Second Quarter

ABA Community Banking

FDIC-insured banks and savings institutions earned $70.4 billion in the second quarter of 2021, a 281% increase from a year ago, the FDIC reported today in its Quarterly Banking Profile. The post FDIC: Bank Profits Increase 281% in Second Quarter appeared first on ABA Banking Journal.

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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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PayPal to start charging Canadian users an 'inactivity' fee

The Paypers

Paypal has announced it is about to start charging its Canadian users a fee on accounts that have not been used within a 12-month period.

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The IW Difference

Image Works Direct

image.works isn’t new to the advertising and marketing game – in fact, we’ve been at this since 1995! We have years of experience, lots of creativity and a team that is motivated to help you achieve all your marketing goals. While you might be able to find this expertise at other ad agencies, we set ourselves apart with our unique offerings that go above and beyond.

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ForgeRock announces terms for IPO

The Paypers

US-based ForgeRock , which provides an identity management platform for enterprises, has announced terms for its IPO.

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Wells Fargo applies machine learning, robotics to accounts receivable

American Banker

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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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Customers worldwide hesitant about Open Banking, Mambu study shows

The Paypers

Germany-based banking and financial services platform Mambu has released a study on consumers' attitudes towards Open Banking and its acceptance.

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Banking Achieving Success With Innovation Efforts

The Financial Brand

Building a culture of innovation is at the foundation of success for financial institutions hoping to respond to the new opportunities of the marketplace. The post Banking Achieving Success With Innovation Efforts appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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75 percent of Germans want continuous option for cashless payments, Bitkom study shows

The Paypers

Germany-based digital association Bitkom has released a study showing that amongst the younger generation in Germany, 9 out of 10 are demanding a right to digital payments.

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JPMorgan's Volkswagen deal is a big bet on in-car commerce

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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CoinEx expands in Germany

The Paypers

Hong Kong-based digital coin exchange service provider CoinEx has announced publishing the German version of it’s Digital Currency Exchange website.

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CFPB accuses LendUp of again deceiving borrowers

American Banker

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Trulioo selected by Zolve to provide real-time identity verification

The Paypers

Trulioo , a Canada-based identity verification company, has engaged to offer India-based fintech Zolve verifying and onboarding solutions, while supporting KYC/AML compliance.

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State Street will gain coveted tech in Brown Brothers deal

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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Fiserv, NPCI partner to launch nFiNi

The Paypers

US-based Fiserv a global provider of payments and financial services technology solutions, has entered collaboration with National Payments Corporation of India (NPCI).

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What’s Next in the ‘BankMobile’ Story Since Its SPAC Spinoff

The Financial Brand

Now on its own without a charter, BM Technologies looks to enhance existing partnerships and add new ones, including BaaS for banks. The post What’s Next in the ‘BankMobile’ Story Since Its SPAC Spinoff appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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Mastercard acquires Aiia to expand its Open Banking reach

The Paypers

Mastercard has entered into an agreement to acquire Aiia , an Open Banking technology provider, allowing its customers to develop and launch new digital solutions that meet the needs of everyday life.

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As Meta leadership changes, payments stay in focus

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.