Thu.Dec 02, 2021

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Four ways data can improve banks’ bottom line

Accenture

Banks that are mastering data-driven analysis to unlock a detailed understanding of their customers are using that information to drive tenfold returns on investment. Any advantage in knowledge and strategy can be potentially crucial to increasing profits. But customer behaviors are changing so dynamically that most banks don’t get enough access to the right data when they need it, and haven’t mastered the artificial intelligence (AI) tools that can analyze and use the data they receive in

Data 347
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Budget Surplus? 5 Ways to Invest in Your Financial Institution with This Year’s Excess Budget

Abrigo

Spend Leftover Budget Wisely for Growth Financial institutions with surplus budget funds can invest in growth for next year by spending wisely now. Learn how a core deposit analysis helped improve this institution's forecasts. Read more. Takeaway 1 Some financial institutions have a budget surplus this time of year, and these funds can be spent now to help growth in 2022.

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Striking a Balance: Fraud Prevention Versus User Experience in Digital Applications

Jack Henry

When it comes to signing up for a new Netflix account, customers can go from first click to watching movies in minutes. This means that when they open a new account at your bank or credit union, they aren’t thinking about the complex security measures that go into protecting their funds. Instead, they’re thinking of the quick and easy process they’ve experienced with their favorite brands.

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RBC sees 50% leap in digital financial advisory tool use

BankInovation

The Royal Bank of Canada (RBC) saw a 50% year-over-year spike in usage of its digital financial advisory tool for its fiscal year ending Oct. 31. The $1.3 trillion bank's MyAdvisor digital platform has nearly 3 million users, up from slightly more than 2 million users at the same time last year, said RBC President […].

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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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CFPB enters into settlement of lawsuit challenging legality of its Taskforce on Federal Consumer Financial Law; agrees creation of Taskforce violated federal law

CFPB Monitor

The CFPB has agreed to settle the lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel challenging the legality of the Bureau’s Taskforce on Federal Consumer Financial Law. The central allegation in the complaint was that the Taskforce failed to comply with the Federal Advisory Committee Act (FACA), a federal law that governs the creation, operation, and management of advisory committees to federal agencies.

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Federal financial regulators tighten timelines for reporting ransomware attacks

CFPB Monitor

As anticipated, the OCC, Federal Reserve Board, and FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”). The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic. It places new reporting requirements on both U.S. banking organizations, as well as bank service providers. .

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VentureTech 21 – What CUs, Fintechs and Investors need to know about the industry’s showcase

William Mills

A few weeks ago, I attended VentureTech 21 , advertised as a “fintech showcase for the entire credit union industry.” More than 200 people packed the room at Encore at Wynn Las Vegas to watch 14 fintechs give 15-minute demos, intending to secure funding from and/or partnerships with credit unions and CUSOs. The audience included representatives from 48 credit unions, 21 CUSOs, 17 credit union leagues and league service corporations, five venture capital firms and a few journalists.

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This week’s podcast: “The Case For Regulation Through Rulemaking & Guidance”: A discussion of the Consumer Bankers Association’s white paper with special guests Dan Smith, CBA Executive Vice President, and Ebony Johnson, CBA Associate General Counsel

CFPB Monitor

Joined by two CBA representatives who previously served at the CFPB, we discuss the key arguments advanced in the white paper for why rulemaking and informal written guidance are more effective tools than enforcement for the Bureau to use to create new standards and expectations for industry and to carry out its consumer protection mission. We also discuss how CBA plans to use the white paper to address industry concerns that may arise from the CFPB’s expected strong reliance on its enforcement

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Can You Retain And Win All Of Your Bank Account Holders’ Business?

The Emmerich Group

Do you hold the entire relationship for every one of your bank account holders? I hope you do. But maybe you don’t. And maybe your people don’t know how to get effective cross-selling done. If you’re not averaging five, six, or even seven cross-sales on every new relationship that is opened up in your bank. Continue Reading. The post Can You Retain And Win All Of Your Bank Account Holders’ Business?

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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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Digital Account Opening in Finance: What Consumers Want

FICO

All businesses are now managing a tricky balancing act to meet digital consumers’ expectations. We’re an impatient lot and our tolerance for delays is getting shorter, driven in part the ongoing pandemic. Both the onboarding of returning customers and signing in of new visitors requires some form of verification to safeguard them from ID theft, prevent fraud and uphold regulatory requirements.

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Jeeves taps Mastercard for business cards

The Paypers

Jeeves has tapped Mastercard to launch physical and virtual business cards in Mexico that let businesses pay in currencies from any country where Mastercard operates.

Cards 60
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Judge blocks Memphis credit union's acquisition of local bank

American Banker

Memphis 99
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UniTeller and Tranglo partner to expand remittance services in APAC countries

The Paypers

US-based cross-border and remittance payments processors UniTeller has partnered with Malayisian payment service provider Tranglo to expand its services in the Asia Pacific area.

US 53
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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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Europe's homegrown payments network gains momentum

American Banker

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Verto streamlines cross-border payments with Banking Circle

The Paypers

UK-based B2B cross-border payment provider Verto has teamed up with payments bank Banking Circle to streamline international payments for its clients.

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No end in sight for COVID restrictions at banks, credit unions

American Banker

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Singapore and UK sign MoUs

The Paypers

Singapore and the UK have signed three Memoranda of Understanding (MOUs) in the areas of Digital Trade Facilitation, Digital Identities, and Cyber Security between the two governments.

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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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Why Atlanta is setting up savings accounts for kindergartners

American Banker

Atlanta 85
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Mollie reveals 51% increase in BNPL usage on Black Friday

The Paypers

Netherlands-based payment service provider Mollie has shown an increase in popularity for Buy Now, Pay Later usage on Black Friday, Cyber Week, and Cyber Monday.

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Core vendors seek to eliminate barriers in bank-fintech partnerships

American Banker

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CO-OP Springboard enhanced with cross-platform access

The Paypers

US-based financial services co-operative CO-OP has enhanced its CO-OP Springboard, so now issuers can service a more extensive range of member card accounts.

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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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Toronto-Dominion profit tops estimates on Canadian recovery

American Banker

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Mastercard, Mswipe, Samhita-CGF partner to bring small merchants into digital economy

The Paypers

Global payments processor Mastercard has partnered with India-based Mswipe and Samhita-Collective Good Foundation ( Sahmhita-CGF ) to open the digital economy world for 100,000 micro merchants by 2025.

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Michigan credit union expands its field of membership

American Banker

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ACI Worldwide, PayPoint partner for payments innovation

The Paypers

Real-time digital payment software and solutions provider ACI Worldwide has extended its partnership with PayPoint to drive modernisation of its payments business.

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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.