Wed.Nov 29, 2023

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Achieving Real-Time Fraud Prevention Across Your Teams

Jack Henry

Discover how innovative technologies are reshaping processes and safeguarding against fraudulent activities in our latest FinTalk blog.

Fraud 97
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PayPal tackles chargeback fraud

Payments Dive

PayPal is attacking illegitimate customer returns with new policies after a rise in e-commerce activity has fueled that type of fraud across the industry.

Fraud 458
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The Recency Trap and Building Deposit Balances

South State Correspondent

One of the lessons that was driven home at the recent American Banker Small Business Banking Conference in Nashville was the difference in marketing between large national banks and community banks, particularly deposit marketing. Most national and regional banks allocate marketing resources to recently acquired customers to get them to build deposit balances and purchase other products, while most community banks do not.

Marketing 195
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Apple seeks to end Goldman Sachs credit-card partnership: reports

Payments Dive

The proposed winddown would entail the entire consumer partnership, including the savings account that was rolled out this year, sources told The Wall Street Journal.

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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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Using A Commercial Step-Up Loan to Increase NIM and Fees

South State Correspondent

Community banks are striving to increase loan yield and maintain their cost of funding (COF). Unfortunately, pressure on COF is expected to remain, and loans will reprice slower than expected as borrowers with below-market rates will wait until the last maturity day to refinance their credits. We have created and used a novel structure to take advantage of the inverted yield curve to allow community banks to increase net interest margin (NIM) and fee income on these existing fixed-rate loans.

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CFPB Language Access Plan for Consumers with Limited English Proficiency

CFPB Monitor

Throughout the past few years, the CFPB has sought input from a range of stakeholders, including community-based organizations and financial institutions, for feedback about how it can improve consumer financial products and services for consumers with limited English proficiency (LEP). As a part of these efforts, the CFPB has taken the following actions: in 2020, it published a Request for Information regarding challenges faced by LEP consumers and hosted a roundtable to discuss these challenge

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Black Friday orders through Klarna jump nearly 30%

Payments Dive

As consumers feel the pinch of inflation, some are turning to installment payment services to stretch their budgets.

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How can banks improve customer communication?

ATM Marketplace

Are banks communicating effectively? How are they reaching underserved populations? Mack Turner, president and owner of Mack Turner Consulting and Insights, discussed this in detail in today's podcast.

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How the Indy 500 Can Help Banks and Credit Unions Improve Efficiencies

Jack Henry

Jack Henry™ Connect 2023 Takeaways Determining how to improve back-office and branch operations is similar to making racing decisions for the Indy 500.

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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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CFPB issues Semi-Annual Report to Congress; CFPB Director Chopra to appear before House and Senate Committees this week

CFPB Monitor

Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2022 and ending March 31, 2023. Today, CFPB Director Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Consumer Financial Protection Bureau.” Tomorrow, he is scheduled to appear before the Senate Banking Committee for a hearing, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”.

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FDIC order against First Fed Bank latest example of third-party scrutiny

American Banker

The Port Angeles, Washington-based bank said it has already invested "significant resources" into enhancing its compliance management for fintech partnerships, after self-reporting a problem last year.

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Transactions: Alkami, Finastra, Temenos Q3 wins

BankInovation

Technology providers Alkami, Finastra and Temenos all brought on new financial institution customers in the third quarter as demand for cloud-based solutions and digital banking rose. “Digital banking is an essential product now for a financial institution.

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Community bankers eke out loan growth. Will it continue?

American Banker

Total loans at U.S. banks with less than $10 billion of assets grew by 1.9% in the third quarter, according to S&P Global Market Intelligence data. That was a slowdown from the previous quarter, and concerns about the viability of commercial real estate lending could dampen activity further.

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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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What’s next for Apple Card: Fintech or traditional FI?

BankInovation

Apple and Goldman Sachs are parting ways on the Apple Card and the tech giant will be in the market for a new issuer — and whether that’s a traditional financial institution or card-issuing fintech is the question now.

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Diane Morais to exit Ally amid transition to new CEO

American Banker

Morais, who leads the auto lender's consumer and commercial banking divisions, is preparing to leave as Ally Financial conducts a search for its next chief executive officer. She had been seen as a potential candidate to replace outgoing CEO Jeffrey Brown.

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LAB Group partners with SuperGuardian

The Paypers

Australia-based regtech and onboarding provider LAB Group has entered the SMSF administration vertical by partnering with SuperGuardian for automated digital onboarding.

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FDIC reports falling bank profits, warns of CRE and other risks ahead

American Banker

Net income at banks fell 4.6% year over year in the third quarter, though it remained above pre-pandemic levels, according to the latest Quarterly Banking Profile. FDIC Chairman Gruenberg cautioned about deteriorating commercial real estate loans and unrealized losses on securities in a high interest rate enviroment.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Paysend raises USD 65 million in funding round

The Paypers

UK-based Paysend has announced the raise of a USD 65 million in funding round, aimed at its development process and improvement of cross-border payments tools.

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Bank consolidation is choking off entrepreneurship in the Midwest

American Banker

Small towns, in which community banks are disappearing, have increasingly little to offer nascent businesses in the way of reliable credit.

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Brighty App launches EU payment platform

The Paypers

Switzerland-based Brighty App has launched Brighty Business, its European B2B payment platform, to simplify financial operations management for businesses.

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Justices sound skeptical about agencies' use of in-house judges

American Banker

The U.S. Supreme Court heard oral arguments in a case that has large stakes for bankers who get into hot water with their regulators. Conservative justices asked tough questions of a Biden administration lawyer who defended agencies' reliance on administrative law judges.

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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.

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XXImo to process payments entirely through AWS Cloud

The Paypers

Corporate mobility payments platform XXImo has announced that it is going all-in on Amazon Web Services as an EU Visa card issuer to process payments entirely through the AWS Cloud in Q1 2024.

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Small shops provide bigger business for Square's buy now/pay later loans

American Banker

Two years after acquiring the installment lender Afterpay, Block, which also owns Square, is seeing the payoff of a strategy that focuses on the sale of specialty items.

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TrueLayer partners with Lendable

The Paypers

UK-based TrueLayer has partnered with Lendable to integrate its Account Information Services (AIS) and Variable Recurring Payments (VRP) products into the latter’s financial ecosystem.

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Charlie Munger's Berkshire legacy mixed banking critique with investments

American Banker

The Berkshire Hathaway legacy of Warren Buffett's longtime business partner includes large checks written to national banks as well as curt remarks about the industry's shortcomings. Munger died on Tuesday, a few weeks before of his 100th birthday.

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Top 10 Benefits of Automating Closing Documents

In the fiercely competitive landscape of commercial lending, where FinTech's digital transformation initiatives take center stage, the complexities of loan documentation are constantly evolving. Today, automating closing documents stands as a crucial component in FinTech's top priorities, addressing challenges from compliance demands to managing fluctuating volumes during uncertain economic times.