Accenture
APRIL 27, 2020
We’re living through extraordinary times right now. The COVID-19 pandemic is changing business—and much else—forever. The global payments ecosystem has proven resilient in the face of the pandemic. The general public continues to trust payments systems and providers, and no substantial outages of core infrastructure have been reported. But the industry is far from immune….
Chris Skinner
APRIL 27, 2020
I grew up in a time that was not politically correct. We used to have names for people who did not fit with our thinking, that were often derogatory and rude. Then, as I grew up, the world globalised and inclusion became more the norm. We became connected by easy … The post Does #coronavirus mean being rude to people? appeared first on Chris Skinner's blog.
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Bank Innovation
APRIL 27, 2020
Rising Bank, the digital offshoot of St. Louis-based Midwest BankCentre, gained $130 million in deposits in 2019. With the success of the stand-alone digital bank, which launched in January 2019, Midwest BankCentre is now incorporating new technologies into its traditional online banking. “[Rising Bank] is helping us learn to do business in this digital space,” […].
Chris Skinner
APRIL 27, 2020
Things we’re reading today include … Australia’s NAB taps investors for $2.2 billion as coronavirus halves profit UBS posts 40% first-quarter net profit rise as transaction levels jump UK’s lowest paid most at risk during Covid-19 crisis, report finds How Goldman’s vampire squid gave way to BlackRock HSBC profits halved … The post Things worth reading: 28th April 2020 appeared first on Chris Skinner's blog.
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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 27, 2020
Happy State Bank, which has holdings of $3.8 billion, is prioritizing interactive teller machines (ITM) to help bridge the gap between human interaction and social distancing as it revamps its digital product roadmap to better support customers during the pandemic. “Technology is going to move from that second-tier priority all the way up to a […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
APRIL 27, 2020
Key Takeaways The FFIEC updated four sections of the 2014 BSA/AML Examination Manual. The updates are not revisions nor do they include changes to current regulatory expectations. Your BSA/AML examination should be based on risk as justified in your enterprise-wide risk assessment. . BSA/AML professionals have been anxiously waiting revisions to the 2014 BSA/AML Examination Manual (Exam Manual) published by the Federal Financial Institutions Examination Council (FFIEC) , the interagency body
PYMNTS
APRIL 27, 2020
The latest round of checks under the massive U.S. stimulus program is set to go out in the next few days. The key groups who will receive these payments include people who aren’t required to file tax returns, such as those who receive Social Security, Supplemental Security Income (SSI) and veterans’ affairs benefits. In addition, tax filers who have recently provided bank information to the IRS will get the payments.
South State Correspondent
APRIL 27, 2020
While we discussed our framework for deciding WHEN to call bank employees back to the branch lobbies and workplace ( HERE ), in this article, we cover HOW. The two decisions are interrelated since the sooner you look to reopen, the more risk you take, and the more resources you have to invest in a reopening plan.
PYMNTS
APRIL 27, 2020
Financial institutions’ (FIs’) consumers and business clients expect instant access to needed financial services regardless of which devices they use, but reality can fall short of their expectations. Banks do not always have the budgets or resources to craft cutting-edge online and mobile experiences, although they can no longer afford to put off digital transformations.
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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 27, 2020
The rate that the Federal Reserve pays on bank deposits, called the Interest on Excess Reserve Rate (IOER), is currently at ten basis points and will be the subject of an interesting discussion at the upcoming Fed Open Market Committee Meeting this week. At the end of last week, the Fed Funds effective rate was four basis points which could be a problem.
PYMNTS
APRIL 27, 2020
As consumers shop amid ongoing public health restrictions, they almost invariably reach for their credit cards — whether the physical varieties in their wallets or the digital versions stored on their browsers and mobile devices. Cash and brick-and-mortar transactions were already on the decline, but the pandemic is sure to hasten these trends. More than ever, credit cards are becoming the coin of the realm in the global connected economy.
South State Correspondent
APRIL 27, 2020
While we discussed our framework for deciding WHEN to call bank employees back to the branch lobbies and workplace ( HERE ), in this article, we cover HOW. The two decisions are interrelated since the sooner you look to reopen, the more risk you take, and the more resources you have to invest in a reopening plan.
PYMNTS
APRIL 27, 2020
As the U.S. Treasury rolled out its latest Paycheck Protection Program (PPP) funding to rescue small- to medium-sized businesses (SMBs), the Los Angeles Lakers returned $4.6 million to the fund, the team said on Monday April (27), according to the Los Angeles Times. The Lakers, one of the most profitable sports franchises, secured the coronavirus stimulus loan through the Small Business Administration’s (SBA) PPP.
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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 27, 2020
When Plastiq pivoted its bill-payment services to target cash-strapped SMBs instead of consumers, the startup had no way of knowing how coronavirus would affect its growth.
PYMNTS
APRIL 27, 2020
Friday, May 1 is shaping up as one of retail’s most important days since the COVID-19 crisis went down. It’s that day that several states, and now the federal government, have set as an unofficial day to begin reopening the economy. The pressure on cash-strapped retailers is intense and potentially consequential. At stake are the early returns on some issues that will determine the nature of consumer behavior and spending patterns, which are the lifeblood of retail for any season.
BankBazaar
APRIL 27, 2020
The Central Know Your Customer Registry (CKYC) helps financial institutions skip the lengthy process of on boarding customers by making all relevant information abut potential customers available in one place. Find out more. Opening a bank account is nothing short of an ordeal-from running around gathering documents that date to your school to ensuring that they meet the individual bank’s guidelines in terms of the order, signatures etc.–it can be quite long drawn-out and frustrating
PYMNTS
APRIL 27, 2020
It’s a bird, it’s a plane — it’s a drone? CVS Health Corp. and the United Parcel Service ( UPS ) will deliver prescription medications by drone to a Florida retirement community starting in May, the companies announced in a press release Monday (April 27). The first stop by the Matternet ’s M2 drone system is The Villages in Central Florida. The facility is known as the largest U.S. retirement community with more than 135,000 residents.
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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.
Matt Wilcox Pro
APRIL 27, 2020
Precautions taken by state and local governments during the pandemic have ranged from stay-at-home recommendations to stay-at-home orders, some under threat of citation. Although some groups have erupted in protest, most Americans seem to have willingly placed themselves under a sort of house arrest. There’s no need to recite the long- and short-term economic consequences [.
PYMNTS
APRIL 27, 2020
Amid the retailer’s reported impending bankruptcy, an investor group is intending to provide an alternative to a $600 million financing arrangement for Neiman Marcus Group and pressure it toward a sale. The investor group includes Third Point LLC and Mudrick Capital Management LP, Reuters reported. Mudrick recently turned in a $700 million debtor-in-possession (DIP) financing proposal, per unnamed sources in the report.
CFPB Monitor
APRIL 27, 2020
The OCC has filed its opening brief in its appeal to the Second Circuit from the district court’s final judgment in the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies. In May 2019, the district court denied the OCC’s motion to dismiss and found that the term “business of banking” as used in the National Bank Act (NBA) “unambiguously requires receiving de
PYMNTS
APRIL 27, 2020
The COVID-19 crisis isn’t just hitting the medical profession hard, it’s pummeling the industry on multiple fronts at once. There are the genuine health risks to frontline workers, the endemic shortage of personal protection equipment, concerns that patients will overwhelm the system and a mounting economic crisis that’s facing hospitals and physicians nationwide.
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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 27, 2020
PSD2 and FIDO are among the efforts that could ease adoption for consumer use, says Fingerprints' Jonas Andersson.
PYMNTS
APRIL 27, 2020
Challenger bank Shine , a French startup, has introduced a new program to insure invoices to help make sure they are paid, according to a TechCrunch report. Users of Shine’s mobile banking app will be able to insure their invoices for a total of 2 percent of the invoice, useful in cases where the customer doesn’t think the invoice recipient will pay.
Matt Wilcox Pro
APRIL 27, 2020
Precautions taken by state and local governments during the pandemic have ranged from stay-at-home recommendations to stay-at-home orders, some under threat of citation. Although some groups have erupted in protest, most Americans seem to have willingly placed themselves under a sort of house arrest.
PYMNTS
APRIL 27, 2020
Amazon is battling fraud amid the COVID-19 pandemic by using video conference calls to verify the identity of new merchants, according to a Reuters report on Sunday (April 26). The eCommerce giant is trialing video as an alternative to in-person meetings that were canceled due to the coronavirus crisis. Face-to-face meetings and video calls were being piloted before the pandemic as a way to stop counterfeit merchandise. .
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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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