Thu.May 18, 2023

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Generative AI – 7 Lessons That Tate Taught Us

South State Correspondent

This month, we rolled out “Tate,” our generative AI chatbot driven by ChatGPT that was designed to increase the productivity of our employees and allow us to become familiar with large language models. It’s been two weeks since its introduction, and we have already learned more than we bargained for. As one of the first banks to bring this to production, we break down the seven most important lessons we have learned so far in hopes of making your institution’s path easier.

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Considering the scope and depth of loan review roles and processes

Abrigo

How to evaluate loan review processes based on their scope and depth A closer look at loan review can help your institution determine what steps to take to please regulators and streamline processes. You might also like this webinar, "Return to basics: Asking the right credit risk questions." WATCH Takeaway 1 Scope and depth are useful evaluation benchmarks for your financial institution's loan review process.

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Worldpay spin-off hands FIS mixed bag

Payments Dive

The payments processing and technology company will keep a stake in the Worldpay unit, but take on higher-interest-rate debt.

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CFPB Issues Small Business Lending Rule Compliance Guide

CFPB Monitor

The Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide (“Guide”) covering the amendments to the Equal Credit Opportunity Act (ECOA) and Regulation B, which implement requirements of Section 1071 of Dodd-Frank. These amendments require that financial institutions compile and report certain data regarding certain business credit applications, as explained in our blog.

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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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ACI boots chief technology officer

Payments Dive

ACI Worldwide has fired its chief technology officer just as it’s gearing up for the FedNow real-time payments system.

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Which Risk Management Program Is Right for Your Loan Portfolio?

SWBC's LenderHub

Across the board, the largest asset a financial institution has is its loan portfolio. But each financial institution is unique regarding its business goals and borrower demographics; therefore, finding the right loan risk management program can be elusive. Financial institutions should carefully evaluate their current and future exposures to risk, internal systems and resources, and legal considerations when choosing the right one.

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The Changing Forces of Fintech - Observations from Fintech Nexus

William Mills

Fintech Nexus completed its metamorphosis. In 2022, the show launched its transition from LendIt into a namesake focused on industry connections. The two-day show remained in New York, gathering a good crowd of fintechs, venture capitalists, banks, credit unions, media and influencers. While there were still strong lending echoes from the vendors in the exhibit hall, the agenda this year was balanced with a wider focus on payments, embedded banking, security, consumer data and more.

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By The Numbers: Just 12% of consumers would convert to digital banking

BankInovation

While banks continue to invest in their digital capabilities, most consumers are not ready to fully commit to a digital bank with no physical presence. A survey by research company UserTesting found that just 12% of consumers say they would use a fully digital bank.

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Podcast: The anatomy of a community bank ransomware attack

ABA Community Banking

The cover story of the latest issue of the ABA Banking Journal features an unprecedentedly transparent look into what happens inside a financial institution during and after a ransomware attack. The post Podcast: The anatomy of a community bank ransomware attack 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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Truist Long Game hits the app store

BankInovation

Truist Financial’s innovation division, Truist Foundry, launched financial literacy app and game Truist Long Game on Wednesday to help clients build financial awareness while rewarding them for saving. Fintech Long Game was acquired by the Charlotte, N.C.

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Dock Stops Over USD$50m a Month in Fraud Using FICO Technology

FICO

Home Blog Feed test Dock Stops Over USD$50m a Month in Fraud Using FICO Technology Brazilian fintech platform enhances pay-as-you-go fraud solution and wins FICO ® Decisions Award for Fraud Management Fri, 05/12/2023 - 08:33 Saxon Shirley by Nikhil Behl Chief Marketing Officer expand_less Back to top Thu, 05/18/2023 - 12:00 Innovative Pay-as-you-go Fraud Solution Dock , a global technological platform for financial services, is using FICO fraud prevention technologies to stop more than USD$50 mi

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Crypto.com adds improvements to its DeFi wallet

The Paypers

Singapore-based cryptocurrency exchange Crypto.com has introduced several improvements to its DeFi wallet, making it easier for users to buy crypto.

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Lawmakers urge SBA to delay new rules that could let fintechs into 7(a)

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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Persona rolls out Know Your Seller solution

The Paypers

US-based provider of verified identity infrastructure Persona has launched a Know Your Seller (KYS) solution to help marketplace businesses comply with the INFORM Consumers Act.

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Big banks quietly game plan in event of debt-ceiling breach

American Banker

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i2c expands Access Finance's Juzt credit programme to the US

The Paypers

US-based payment service provider i2c has partnered with credit card provider Access Finance to extend the latter’s Juzt Mastercard credit programme to the US.

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Banks should adopt an 'empathy-first' attitude toward the struggling

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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MODIFI partners with Airwallex to augment cross-border B2B payments

The Paypers

Germany-based fintech MODIFI has partnered with payments platform Airwallex to launch Global Account Solutions for transferring money across multiple regions.

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WesBanco will change CEOs months ahead of schedule

American Banker

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Revolut Business launches in Australia

The Paypers

Global financial superapp Revolut has announced the launch of its Revolut Business product in Australia to support SMBs amidst the cost-of-living crisis.

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A debt-ceiling breach could cause chaos for payments

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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Stripe enables bank payments for Airbnb's guests

The Paypers

US-based payments processor Stripe has enabled Airbnb ’s guests to use Stripe Financial Connections to add their bank account as a payment method.

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How merging banks can avert technology disaster

American Banker

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Airwallex partners Expedia to simplify business travel

The Paypers

Global payments and financial platform for businesses Airwallex has partnered with travel tech company Expedia Group to simplify global business travel.

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What Bankers Need to Know About Higher Credit Card Spending & Consumer Debt

The Financial Brand

This article What Bankers Need to Know About Higher Credit Card Spending & Consumer Debt appeared first on The Financial Brand. For the first time in 40 years, banks must factor sustained inflation into their consumer credit strategy. This article What Bankers Need to Know About Higher Credit Card Spending & Consumer Debt appeared first on The Financial Brand.

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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.