Fri.Apr 21, 2023

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Profits slip for Amex, Discover

Payments Dive

In light of rising charge-offs, the card companies on Thursday each reported adding to credit loss provisions. That put a dent in their first-quarter profits.

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Loan review: Continuous monitoring vs. targeted monitoring

Abrigo

Focus loan reviews on risk in the portfolio Continuous loan review monitoring helps banks and credit unions ensure credit review systems support safe and sound lending. You might also like this webinar, "Return to basics: Asking the right credit risk questions." WATCH Takeaway 1 Continuous monitoring for loan review helps create and support a system for independent credit risk review.

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FedNow won’t bring ‘tidal wave’ of change

Payments Dive

“Payments solutions reach scale when they provide better usability, affordability, and security,” write partners at a San Francisco venture capital firm.

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Apple dives into banking: How can banks respond?

ATM Marketplace

Apple is offering a savings account with a 4.15% interest rate. How can banks respond?

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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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Consumer Bankers Association Challenges CFPB Proposal to Lower Credit Card Late Fees

CFPB Monitor

On April 17, the Consumer Bankers Association (CBA) issued a news release responding to the CFPB’s proposal to lower the credit card late fee safe harbor amount to $8. The CFPB claims that, even though Congress banned excessive credit card late fees, credit card companies have exploited a regulatory loophole “to escape scrutiny for charging an otherwise illegal junk fee.” .

Cards 78

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CFPB pushes the ECOA coverage envelope again

CFPB Monitor

The CFPB has filed a Statement of Interest in a case pending before a Florida federal district court in which the plaintiffs allege that the defendant engaged in discriminatory targeting in violation of the Equal Credit Opportunity Act (ECOA). In Roberson v. Health Career Institute LLC , the plaintiffs are students at a for-profit nursing school who allege that the school engaged in various unfair and deceptive practices and other unlawful conduct in connection with enrolling students in and ope

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ACCC to probe whether banks use saver’s profession to determine interest rate

TheGuardian

As part of inquiry into pricing practices, consumer regulator will assess the criteria banks use when making rate decisions Follow our Australia news live blog for the latest updates Get our morning and afternoon news emails , free app or daily news podcast The competition regulator will test whether banks and other lenders use a person’s profession, or other demographic information, to determine what savings rate they receive, amid growing concerns over pricing practices.

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Discover tech investment jumps 31% in Q1

BankInovation

Discover Financial Services increased its technology spending 31% last quarter to focus on four areas of investment: machine learning and AI, core systems, and network and compliance management systems. The company made the disclosure during its first-quarter earnings report released Thursday.

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FHLBs: Meeting liquidity needs in all market conditions

ABA Community Banking

The Federal Home Loan Banks play a critical role in market functioning—especially during periods of volatility. The post FHLBs: Meeting liquidity needs in all market conditions 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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Huntington mitigates spending in Q1

BankInovation

Huntington Bancshares continued its efficiencies push during the first quarter, saying it plans to keep expenses at a 1% to 3% increase over each quarter to offset upcoming economic uncertainty. THE BIGGER PICTURE: The $189 billion bank’s noninterest expenses increased 3% year over year to $1 billion, according to the bank’s earnings supplement.

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Leveraging DDA Data in Consumer Lending to Stay Competitive

FICO

Home Blog FICO Leveraging DDA Data in Consumer Lending to Stay Competitive Q&A with Dale Robinson, credit risk executive at Ameriprise Financial Services, Bluestem Brands, HSBC and USBank FICO Admin Thu, 12/19/2019 - 16:29 by Sharon Tilley expand_less Back To Top Fri, 04/21/2023 - 15:00 Dale Robinson is an early adopter of consumer-permissioned demand-deposit account (DDA) data and scoring in retail credit, and an independent financial services consultant with over 20 years of experience as a cr

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KeyBank on track for 2023 cost reduction

BankInovation

KeyBank is on track to cut costs in 2023 as the bank worked to make room for investments in customer acquisition technology and embedded banking in the first quarter. In Q1, KeyBank’s noninterest expenses increased by 4% to $428 million, according to the bank’s earnings supplement.

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Miura rolls out Android Smart POS payment device

The Paypers

UK-based payment hardware provider Miura Systems has announced the launch of its new Miura Smart Android POS (MSAP) payment device.

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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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N26 is facing a 67% valuation cut. What does this mean for other challenger banks’ prospects?

CB Insights

N26 , one of the top-funded fintech companies in Europe, is facing mounting pressure. Allianz X , the venture arm of Allianz and one of N26’s biggest backers, is reportedly looking to sell its stake in the challenger bank at a valuation of $3B — a steep discount from the $9.2B valuation N26 earned in 2021. It’s not a great look for the sector.

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Ukraine embraces the EU's new cryptocurrency regulations

The Paypers

Ukrainian regulators have stated publicly that they plan to adopt the European Union’s Markets in Crypto-Assets ( MiCA ) regulation.

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Regions Bank undergoes tech transformation

BankInovation

Regions Bank is trimming expenses to make up for its technology transformation enhancements.

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Unlimint expands payment services to Nigeria

The Paypers

Global fintech Unlimint has announced expansion plans into Nigeria following the receipt of its Payment Solution Service Provider (PSSP) licence from the Central Bank of Nigeria (CBN).

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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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Banks knock CBDC as a potential drain on deposits

American Banker

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Cart.com partners Nuvei for payments

The Paypers

Canada-based fintech Nuvei has partnered with ecommerce software and service provider Cart.com to provide retail brands with its payments tech to accelerate their growth.

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Wise adds partners as fintechs battle for cross-border payments

American Banker

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Wix partners with Square

The Paypers

SaaS platform Wix has announced an extended integration with payments platform Square to improve operations for restaurant owners in the US, Canada, the UK, Ireland, and Australia.

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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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Community bank, loan marketplace pilot transaction-based underwriting

American Banker

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Amazon announces Anti-Counterfeiting Exchange to combat retail counterfeits

The Paypers

Amazon has announced the Anti-Counterfeiting Exchange (ACX), an industry collaboration designed to make shopping safer and more difficult for counterfeiters to sell their goods.

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More loan growth for small banks, but can it last?

American Banker

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Lockstep augments payment acceptance with Self-Service portal

The Paypers

US-based accounting network Lockstep has announced that its new Self-Service portal allows companies to accept payments online using Stripe, PayPal, or the processor of their choice.

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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.