December, 2023

article thumbnail

7 ways gen AI is disrupting financial services jobs

American Banker

Banks, payment companies, mortgage lenders and insurance providers are racing to seize an advantage from generative artificial intelligence. Some have been especially aggressive in deciding which workflows — or entire jobs — can be handed off to AI.

article thumbnail

6 Reasons Financial Institutions Are Embracing Risk and Regulation Tactics

Perficient

In the fast-paced realm of finance, the significance of regulatory risk and compliance management practices cannot be overstated. This blog post delves into the pivotal role these practices play in ensuring the stability and success of financial institutions and banks. By adopting a proactive stance and leveraging technological advancements, financial entities can navigate the regulatory landscape with greater resilience and efficacy.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Financial services trade associations raise concerns with CFPB’s advisory opinion on information requests

CFPB Monitor

Several financial services trade associations wrote to CFPB Director Rohit Chopra voicing their concerns with the Advisory Opinion regarding Section 1034(c) of the Consumer Financial Protection Act. The trade associations include the American Financial Services Association, the Bank Policy Institute, the Consumer Bankers Association, and the U.S. Chamber of Commerce.

Policies 158
article thumbnail

Why the community bank stock rally stalled

American Banker

A small bank stock index posted its biggest gain of the year in early November before that progress faded. What will it take for investors to sustain confidence in the sector?

article thumbnail

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.

article thumbnail

What a liberal-leaning NCUA means for credit unions

American Banker

Tanya Otsuka's confirmation gives the Democrats control of the National Credit Union Administration's board for the first time since 2016. Here's how that will impact its agenda.

More Trending

article thumbnail

20 community banks with the highest returns on average equity

American Banker

The top five community banks averaged a return on average equity of 75.37% as of June 30, 2023.

article thumbnail

Improving self-service cyber security

ATM Marketplace

Cybersecurity needs to be at the top of the agenda for every industry. This is especially the case for the financial institutions which are always in the cross hairs of cyber criminals and fraudsters.

article thumbnail

Gen AI to enhance software development, Mastercard exec says

BankInovation

Financial institutions are looking to generative AI for software development, chatbots and operational efficiencies, and more AI applications are expected to surface in 2024. Gen AI for software development, for one, is expected to be “transformational” in the financial services industry, according to Mastercard’s “Generative AI: The transformation of banking” report, released Dec. 4.

Software 103
article thumbnail

Mastercard ties growth to digital strategy

Payments Dive

The network is advancing technologies to let consumers and businesses more easily use its cards, after doubling the number of merchants that accept them over the past five years.

article thumbnail

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.

article thumbnail

OCC issues guidance on managing risks associated with “buy now, pay later” lending

CFPB Monitor

The Office of the Comptroller of the Currency (OCC) has issued a bulletin (2023-37) that provides guidance on managing risks associated with “buy now, pay later” (BNPL) lending. The BNPL loans addressed in the bulletin are loans that are payable in four or fewer installments and carry no finance charges. The bulletin cautions banks about the risks to banks and consumers associated with BNPL lending. .

Lending 167
article thumbnail

Step aside, gym membership! C&I lending is the New Year’s resolution to keep in 2024

Gonzobanker

It’s time for banks and credit unions to finally execute those C&I lending priority initiatives. Senior bank and credit union executives have ranked commercial and industrial (C&I) loans as a top lending priority over the past several years in Cornerstone Advisors’ annual What’s Going On in Banking research. But further analysis shows the execution is not measuring up.

Lending 156
article thumbnail

Tips To Be A Straight Arrow This Anti-Corruption Day!

BankBazaar

Do you have a toxic aunty in the family? You know, the one that hints around about finances or keeps asking why you’re not married yet? Yes, you know who we’re talking about! Come to think of it, maybe ‘anti’ is derived from the word ‘aunty’! Who knows? So, this ‘AUNTY-Corruption Day ’, here’s a poem to show you how not to be a shady aunty! On this Anti-Corruption Day, here is a tale, Of Credit Cards and scores , with a humorous trail.

Cards 146
article thumbnail

And the winners of the 2023 awards for worst customer service are …

TheGuardian

We celebrate the companies that went the extra mile … to inflate their balance sheets and let down loyal customers These are troubling times for big business. Traders, fighting for survival, need to focus on money. They absolutely do not have the time and resources to hand-hold unreasonable customers who insist on receiving goods and services in return for their outlay.

Resources 144
article thumbnail

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.

article thumbnail

Self-service won't replace tellers, employees

ATM Marketplace

Self-service technology allowed operators to allocate employees to mission-critical tasks while ATMs and cash recyclers handled traditional transactions. Still, the specter of replacing human workers with machines has hung over the self-service trend.

ATM 139
article thumbnail

Google Pay taps Affirm, Zip for BNPL

Payments Dive

The tech giant has linked with the buy now, pay later companies to develop installment payment options to be offered next year.

Google 526
article thumbnail

House votes to override CFPB small Business lending rule

CFPB Monitor

Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32 , the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule). The Senate voted to approve S.J. 32 in October 2023. President Biden is expected to veto the resolution and there is unlikely to be sufficient votes to override his veto. .

Lending 158
article thumbnail

A Letter to Your Future Self

Realwired Appraisal Management Blog

A goal-setting technique is to write a letter to yourself today pretending it’s Q1 2025, reflecting on events as if they’ve been completed. What would you write to your future self? What did you accomplish? Maybe a project you’ve started that you hoped to finish. It brings next-level intention, self-focus and outcomes. Don’t feel foolish.

105
105
article thumbnail

Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

article thumbnail

Is UK monetary policy driving private housing rents?

BankUnderground

Daniel Albuquerque and Jamie Lenney Rent prices have risen by 9% on average in England since the Bank of England’s Monetary Policy Committee (MPC) started raising interest rates in December 2021. Alongside this rise in prices has been a widening in the gap between reported supply and demand in the rental sector, with tenant demand continuing to rise in 2023 amidst falling supply ( RICS survey ).

Policies 100
article thumbnail

UK students launch Barclays ‘career boycott’ over bank’s climate policies

TheGuardian

Campaign at leading universities such as Oxbridge and UCL warns lender it will miss out on top talent if it finances fossil fuels Hundreds of students from leading UK universities have launched a “career boycott” of Barclays over its climate policies, warning that the bank will miss out on top talent unless it stops financing fossil fuel companies. More than 220 students from Barclays’ top recruitment universities, including Oxford, Cambridge, and University College London, have sent a letter to

Policies 111
article thumbnail

ATM, self-service tech wows at Self-Service Innovation Summit

ATM Marketplace

The recent Self-Service Innovation Summit provided examples of payment systems, interactive touchscreens, voice interaction modules, AI-enabled identity verification software, multi-cellular routers, scan engines, security systems, self-service robots and more.

article thumbnail

EPC girds for 2024 CCCA fight

Payments Dive

The Electronic Payments Coalition is “fully funded” for the continuing fight over the proposed Credit Card Competition Act next year, said the organization’s executive chairman.

Cards 433
article thumbnail

Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.

article thumbnail

CFPB and DOJ file lawsuit against land developer alleging predatory lending

CFPB Monitor

The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in which the agencies allege that Colony Ridge engaged in discriminatory targeting of Hispanic consumers with predatory financing and other unlawful conduct. .

Texas 148
article thumbnail

From Novice to Expert: Chief Appraisers’ Journey to Excellence

Realwired Appraisal Management Blog

Some Chief Appraisers were thrown into their role. The role carries significant responsibilities, as it directly impacts a bank’s risk assessment and lending decisions. Some lacked an appraisal background which added a steep learning curve. Also, what does success look like for a new Chief Appraiser?

Lending 105
article thumbnail

Commercial Construction Loans: A Complete Guide to Funding Projects

Commercial Lending USA

Commercial construction loans are a type of financing used to fund the construction of commercial properties such as office buildings, retail centers, industrial facilities and large residential multi units projects.

Retail 98
article thumbnail

Russia warns US and Europe over reports Ukraine may get its seized assets

TheGuardian

Kremlin threatens ‘serious consequences’ if there is an unprecedented seizure of Russian assets held abroad The Kremlin has threatened Europe and the US with “serious consequences”, including tit-for-tat financial seizures or even a break in diplomatic relations, if Russian assets held abroad are given to aid the Ukrainian budget and war effort. A spokesperson for Vladimir Putin told reporters on Friday that if the Biden administration and European leaders planned to seize Russian central bank a

US 111
article thumbnail

How to Stay Competitive in the Evolving State of Martech

Marketing technology is essential for B2B marketers to stay competitive in a rapidly changing digital landscape — and with 53% of marketers experiencing legacy technology issues and limitations, they’re researching innovations to expand and refine their technology stacks. To help practitioners keep up with the rapidly evolving martech landscape, this special report will discuss: How practitioners are integrating technologies and systems to encourage information-sharing between departments and pr