February, 2022

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What’s threatening data-driven growth for banks?

Accenture

There’s more data available to banks than ever before. So why aren’t they using it to drive growth? Most commercial banks know that making better use of their data would have a significant impact on their business. As I discussed in my first post in this series, data can be used to improve a bank’s…. The post What’s threatening data-driven growth for banks?

Data 419
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10 Commandments for a Financially Secure Future

BankBazaar

Behold! The 10 commandments that can help you part troubled financial waters so you can walk confidently into the ‘promised land’ – a financially secure future! While there’s no one-size-fits-all approach to building a financially secure future, there are certainly some best practices that can help. Remember that while these cannot be carved in stone, they can certainly help part troubled financial waters so you can confidently walk through to the ‘promised land’ of financial security. 1.

Security 147
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Fintech in a Flash: 11 Big Questions to Help You Develop a Modern Payments Strategy

Jack Henry

Considering the state of the payments industry and the importance of payments to a financial institution’s business model and revenue goals, every bank and credit union needs a modern payments strategy that supports today’s industry-wide threats and opportunities.

Strategy 179
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The Bank Legacy Is Dead: Long Live the Fintech Collision

Gonzobanker

While AOBA 2022 had its share of execs wanting to “fake it until they make it” with future innovation, credit is due to the bankers who are pouring real financial investment into new fintech experiments. It’s been a long two years since bankers and investment bankers nationwide made their annual pilgrimage to the Arizona desert for the Acquire or Be Acquired conference – and ohhh man, a completely different world has emerged since the January 2020 get-together!

Fintech 167
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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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Market Commentary: Week of February 28, 2022

SWBC's LenderHub

Last Week. Last week’s action was punctuated by the shocking Russian invasion of its neighbor, Ukraine, on Wednesday night. While U.S. intelligence services proved to be highly accurate with regard to the intentions of Russia, many market participants were simply not ready for one of the two global nuclear superpowers to conduct major military operations in Europe in complete defiance of the NATO military alliance, an alliance that sits right on the borders of Ukraine and Russia.

Marketing 148

More Trending

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Banking in the metaverse: the next frontier

Accenture

As you read this, the internet is being reshaped. And it’s already transforming banking. We have not witnessed a topic explode quite like the metaverse. While extended reality (XR) technology has been around for some time, the topic’s momentum has recently accelerated with some analysts now predicting the metaverse to be an $8 trillion opportunity.….

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“Powering Hybrid Work” in Financial Services

Cisco

The question that I get asked most often by financial services CXO’s is “how do we move beyond just ‘supporting’ Hybrid Work to ‘powering’ Hybrid Work with the right technology stack so that we can address the challenges of attracting and engaging an evolving workforce and keep the organization moving forward in an agile and sustainable way.”. Throughout the pandemic, financial services firms have been prioritizing health and safety of their employees by implementing hybrid work while abiding by

Security 150
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Data, Data Everywhere. But What Are We to Think?

Jack Henry

Like that parched and ancient mariner surrounded by an undrinkable sea, it’s a special kind of torture to be awash in glorious data and not able to use it. And it stings even more knowing data analytics is critical to being able to serve your accountholders at their moment of need.

Data 148
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What are the biggest ATM security issues?

ATM Marketplace

Physical threats are not the only security concerns for ATMs. Outdated key standards and card skimming are also major issues in the ATM industry. Let's take a closer look at some of these security issues and what causes them.

ATM 136
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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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Market Commentary: Week of February 22, 2022

SWBC's LenderHub

Last Week. It was another wild and crazy one last week as the markets dealt with the dueling narratives of a flight to quality, risk-off reaction to the growing Ukraine crisis in Europe, and continued inflation pressures at home. We ended the week focused on the former as stocks sold off hard. Corporate credit spreads widened only a touch, probably just a touch because there were no forced sellers.

Marketing 148
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Fourth Circuit rules mortgage servicer violated Maryland Consumer Debt Collection Act by charging convenience fees for phone or online payments

CFPB Monitor

The U.S. Court of Appeals for the Fourth Circuit recently ruled that a mortgage servicer violated the Maryland Consumer Debt Collection Act (MCDCA) by charging a $5 convenience fee to borrowers for monthly payments made by phone or online. In Alexander v. Carrington Mortgage Services, LLC , the plaintiffs filed a class action complaint against Carrington, their mortgage servicer, challenging the convenience fees in which they alleged that the servicer had violated Section 14-202(11) of the MCDCA

Maryland 147
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Growth beyond digital banking: A new day dawns

Accenture

It’s time to stop talking about digital banking as though it’s an end game. Today’s digitalization is just the first step in the more holistic transformation to come. In the first of my focused insights on the Future of Banking, I’ll discuss a few of the meaningful changes banks need to undertake in order to…. The post Growth beyond digital banking: A new day dawns appeared first on Accenture Banking Blog.

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What is Swift and what would shutting Russia out of it achieve?

TheGuardian

The UK wants to bar Russia from the international payments network – but others doubt the sanction’s value Russia’s invasion of Ukraine has amplified pressure for tougher economic sanctions on Moscow. The Labour leader, Keir Starmer, was among many to call for Moscow to be shut out of Swift – the world’s main international payments network – with the aim of hitting Russian trade and making it harder for its companies to do business.

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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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6 Tips for How to Improve the Customer & Member Experience (CX)

Jack Henry

In an age when tech giants have made online and mobile processes fast and enjoyably easy, your accountholders want (and expect) the same simplicity and optionality from your financial institution as they do from Netflix and Hulu. More than 50% of consumers surveyed in a global study want an omnichannel banking experience – the ability to seamlessly switch between physical and digital channels; and 61% of “digitally-centric” consumers are more likely to stay with their primary bank or credit unio

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What do banks need to work with Bitcoin ATMs?

ATM Marketplace

While Bitcoin ATMs and cryptocurrency in general is an expanding business, many banks are still reluctant to work with these businesses due to regulatory concerns; however, banks are developing models to determine if they can work with a cryptocurrency or Bitcoin ATM business.

ATM 130
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Meet the New Comrade, Same as the Old Comrade

SWBC's LenderHub

“I never met a man like this,” Kennedy remarked to another reporter, Hugh Sidey of Time magazine. “[I] talked about how a nuclear exchange would kill 70 million people in 10 minutes, and he just looked at me as if to say, ‘So what?’ – President John Kennedy after his first and only meeting with Soviet leader Nikita Khrushchev in 1961.

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FCC Chairwoman proposes ruling declaring ringless voicemails subject to TCPA autodialer prohibition

CFPB Monitor

Although several court decisions have held that ringless voicemails to a consumer’s cell phone constitute “calls” subject to the Telephone Consumer Protection Act (TCPA) autodialer prohibition, the Federal Communications Commission (FCC) has not yet officially weighed in on the question. In 2017, a marketing company filed a petition with the FCC seeking a declaratory ruling that the technology was not subject to the TCPA but the petition was withdrawn.

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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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Transforming banking to adapt to the new world

Accenture

Ten years ago, the word “bank” evoked imagery of long lineups, heavy paperwork and months-long processing time. Fast-track to today, and customers want a one-stop solution to cater for an “on the move” lifestyle. Boundaries between differentiated services have blurred and customers’ expectations of banks go beyond their conventional financial needs to encompass all realms….

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Western powers have realised Russia is largely immune to sanctions

TheGuardian

Analysis: Only the financial equivalent of unleashing a nuclear arsenal will dent Russia’s foreign assets war chest Russia-Ukraine crisis: live news The war against Russia is one western countries want to fight with only economic sanctions, not guns. Russia’s conflict with Ukraine , despite its long gestation and planning by Vladimir Putin and his supporters in the Kremlin, was supposed to end quickly once financial retaliation began.

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An unintended consequence of holding dollar assets

BankUnderground

Robert Czech, Shiyang Huang, Dong Lou and Tianyu Wang. During the March 2020 ‘ dash for cash ’, 10-year gilt yields increased by more than 50 basis points. This huge yield spike was accompanied by the heavy selling of gilts by mutual funds and insurance companies and pension funds (ICPFs). Focusing on the latter group, we argue in a recent paper that ICPFs’ abnormal trading behaviour in this period was partly a result of the dollar’s global dominance: ICPFs invest a large portion of their

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DOOH: A major opportunity for self-service still waiting to happen

ATM Marketplace

Owners and operators of self-serve kiosks, ATMs and vending machines are sitting on one of the biggest business opportunities that they may not even be aware of: digital-out-of-home advertising

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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.

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Market Commentary: Week of February 14, 2022

SWBC's LenderHub

Last Week. It was another week for the ages. On Thursday, the January CPI reading came in much higher than expected (and expectations were pretty high) with price pressure hitting just about every part of the economy. The two-year Treasury note started the morning at about 1.31% and by late morning, post-CPI the note’s yield breached 1.60% before “settling back down” at 1.59 at day's end.

Marketing 148
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Impacts from a new reality drive the need for an enhanced digital identity framework

BankInovation

Since digital payments are becoming increasingly popular, users are perhaps more vulnerable to cybersecurity attacks than ever before. The answer to this increased risk? A self-sovereign identity (SSI)—especially for the financial services sector. What is Digital Identity? Why is it important? First, we need to understand what a digital identity is.

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Concerned about cyber security? It’s time to talk more about cloud

Accenture

A year or so ago, I wrote that moving to cloud was non-negotiable for middle market banks. My reasoning? Cloud enables everything banks want (and need) to do to compete with digital players. Flash forward to today, and most middle market banks have by now dipped their toes in the proverbial “cloud pool”. I’m certainly…. The post Concerned about cyber security?

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Kyiv furious as EU wavers on banning Russia from Swift payment system

TheGuardian

Ukraine foreign minister voices anger as EU leaders likely to decide against blocking Russia from international payments system Ukraine-Russia crisis – live updates The EU faced furious remonstrations from Kyiv as Europe’s leaders looked set to hold back from imposing the potentially most damaging sanction on Russia, even as the Kremlin lay siege to Ukraine via land, air and sea.

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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.