Accenture
NOVEMBER 6, 2015
In today’s heavily regulated financial climate, banks and financial institutions are relying more heavily on models—to help measure and manage their exposure to risk, and to help manage the overall business. These models are used in every aspect of risk. Read more.
Abrigo
NOVEMBER 30, 2015
By Ryan Himmel, CPA, Founder & CEO, TaxResearchPro By now, many accounting firms have a website. Firms are motivated to have a site because other firms in the area have one and most clients expect it. Still, saying you have a website is not enough. You should be able to assess whether or not it is actually helping your firm grow. What's the purpose of your website?
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South State Correspondent
NOVEMBER 30, 2015
It is December, which means many travelers will be taking last minute flights in order to make sure they qualify for the next loyalty tier. Just as airlines have perfected customer engagement through loyalty tiering, so to can banks.
Celent Banking
NOVEMBER 30, 2015
Fintech is booming. In 2013, according to a report by Accenture and CB Insights , total investment into Fintech was just less than $4 billion. By 2014 it ballooned to more than $12 billion globally, with 750 deals. Many are claiming the death of traditional banks, but I´m not sure these claims have merit. Banks are surely slow to move with trends, but the barriers to entry act to partially insulate the industry from rapid disintermediation.
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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
Finer Points
NOVEMBER 30, 2015
The following op-ed originally appeared Nov. 9 on American Banker’s BankThink blog. It is no wonder that the banking industry strongly opposes the Financial Accounting Standards Board’s proposed reforms to loan-loan loss reserve calculations. The proposal would force community banks, in particular, to completely overhaul their approach to lending. Even some FASB members and more […].
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Accenture
NOVEMBER 9, 2015
Forty-six percent of consumers have already used peer-to-peer (P2P) payments, according to our recent 2015 North America Consumer Payments Survey. As adoption and usage trends evolve in the coming years, what forces will influence more widespread consumer preference for P2P. Read more.
Abrigo
NOVEMBER 24, 2015
Add FDIC Chairman Martin J. Gruenberg to the list of regulators and industry officials warning about growing credit risks in the U.S. In prepared remarks for the release of the FDIC’s third-quarter version of the Quarterly Banking Profile , Gruenberg said growing interest-rate risk and credit risk warrant “timely attention” by banks and will “continue to be a focus of supervisory attention.
South State Correspondent
NOVEMBER 24, 2015
We have laughed about it for years at banking conferences, but rates at one bank, have in fact, gone negative. While earning interest on deposits has been a long held precept in banking, the Alternative Bank Schweiz (ABS), a community bank in Switzerland, is the first bank in history that has moved an entire product line to negative rates. As of this week, retail customers get charged 12.5 basis points for short-term deposits and 75 basis points on deposits above 100k Swiss Francs ($98,202).
Celent Banking
NOVEMBER 18, 2015
Today we announced that we are extending the deadline to submit nominations for Model Bank 2016 awards until December 11th. Thank you to all of you who already submitted, and to those who told us that you are working on your submissions. We appreciate that this is a busy time of the year for everyone, and we hope that the extra time will make it easier for you and your clients to submit the initiatives.
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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
Finer Points
NOVEMBER 23, 2015
While many Americans are gearing up for the holiday season, ICBA and community bankers are gearing up for a bustling couple of weeks in Washington. Three top-priority industry initiatives are coming to a head in roughly as many weeks: blocking a backdoor tax hike on Federal Reserve members, modifying a dangerous rewrite of accounting standards, […].
Independent Banker
NOVEMBER 24, 2015
Current best practices in fighting wire fraud. By Cheryl Winokur Munk. With wire fraud on the rise, community banks have to step up precautions to protect themselves and their customers. Wire fraud incidents nearly doubled to 27 percent in 2014, from 14 percent a year earlier, according to the 2015 AFP Payments Fraud and Control Survey. What’s more, 20 percent of the companies that suffered financial losses from payment fraud said their biggest losses stemmed from wire transfer fraud, up from 9
Accenture
NOVEMBER 20, 2015
Compliance with Anti-Money Laundering (AML) regulations can be a struggle for banks—and it can also mean higher costs. Our experience and industry analysis indicate costs for AML compliance have risen an estimated 50 percent in the past three years. And. Read more.
Abrigo
NOVEMBER 20, 2015
The auditing process is mechanical in its function but requires a curious mind to prevent and detect misstatements that can hurt a business. Each year, leaders in the industry gather together to discuss ways to make the craft of an audit more deliberate and structured. As a result of these discussions The Center for Audit Quality communicates important processes for firms to follow when performing an audit.
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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.
South State Correspondent
NOVEMBER 23, 2015
As we look ahead for 2016, we are noticing that there are some key trends emerging in financial services that banks can take advantage of. As the economy strengthens, the confirming of status is emerging as a key motivator and can be used by banks to drive behavior. We first reported on this trend when we discussed turning your bank into a night club ( HERE ) and today we talk about the application of exclusivity at the customer level.
Celent Banking
NOVEMBER 17, 2015
I’ve spent much of my career in and around the financial services sector focused on small business banking. In the US, small business customers get bounced around like Goldilocks—they are too small to be of interest to commercial relationship managers and too complex to be easily understood by retail branch staff. I applaud those banks that make a concerted effort to meet the financial needs of small businesses.
CFPB Monitor
NOVEMBER 30, 2015
Barbara S. Mishkin. Director Cordray is scheduled to be a panelist at the Financial Inclusion Forum to be held in Washington, D.C. on December 1, 2015. Hosted by the U.S. Department of the Treasury and the U.S. Agency for International Development, the forum is intended to “explore ways to foster greater access to safe and affordable financial services for everyone.” Director Cordray’s panel will address “How Government Can Support Financial Inclusion.” The forum
Independent Banker
NOVEMBER 24, 2015
Deciding which mobile features and functions to offer. By Katie Kuehner-Hebert. Certain mobile functions and features are essential to the success of a community bank’s mobile banking offerings. But which ones? Newfangled mobile capabilities could help community banks stand apart from their competitors. Other functions may sound spiffy but might not generate enough value or use to justify their additional cost, at least for now.
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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.
Accenture
NOVEMBER 18, 2015
Everyday devices like appliances, wearables and cars can connect to the Internet thanks to tiny sensors embedded inside. Some of these smart devices have cutting-edge digital payments capabilities that allow them to initiate payments on consumers’ behalf. This is connected. Read more.
Abrigo
NOVEMBER 19, 2015
For years, the banking industry has been talking about mergers and acquisitions (M&A). While some consolidation has occurred, it still hasn’t reached levels that many expected. Bank Director’s 2016 Bank M&A Survey , sponsored by Crowe Horwath, was recently released and offers insight on current M&A trends in the banking industry. The survey comprised 260 current and former directors, CEOs and other senior bank executives, with 76 percent having greater than $250 million in total asse
South State Correspondent
NOVEMBER 19, 2015
Last week, we broke down how a quantitative bank may look at credit in order to get more accurate on their credit grades. Most banks do this to make sure they have their loan loss reserve levels correct. However, the better reason to invest in your credit model is to win more loans from the competition, while not being adversely selected. Today, we look at one of those two strategies that a bank might employ to drive out their competition from the marketplace or at least protect themselves from
Celent Banking
NOVEMBER 11, 2015
CBS’s 60 Minutes ran a story recently about the hottest new Broadway musical – Hamilton (go to the 14 minute mark). It turns out that some of the research for the show was conducted at the site our Innovation and Insight Day – The Museum of American Finance. This biography underscores why we chose the Museum for our next Insight and Innovation Day (to be held April 13, 2016).
Advertiser: Data Robot
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.
CFPB Monitor
NOVEMBER 30, 2015
Barbara S. Mishkin. The CFPB has published notices in the Federal Register announcing that it is making no change to three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2016 through December 31, 2016, these exemption thresholds remain as follows: Smaller loans exempt from the appraisal requirement for “higher priced mortgage loans,” $25,500.
Independent Banker
NOVEMBER 24, 2015
Previewing an easier-to-use format of the FFIEC’s IT security assessment. By Ellen Ryan. Good news: The FFIEC Cybersecurity Assessment Tool is still voluntary. Bad news: In its original form, it’s awkward to use—and may become part of those dreaded IT security exams. Better news: In October, the Financial Services Sector Coordinating Council completed a user-friendlier Excel version, called the FSSCC Automated Cybersecurity Assessment Tool, which the Federal Financial Institutions Examination Co
Matt Wilcox Pro
NOVEMBER 26, 2015
Not everyone has access to a toddler consultant In the 1970s, banks tended to limit marketing themthar newfangled ATMs to people around 30 years old and younger, aka Boomers. The reasoning was that interfacing with not just a machine but a computer (!) would intimidate if not terrify anyone much older than that. They weren’t [.
Abrigo
NOVEMBER 13, 2015
Banks involved in ag lending understand that the volatility of the industry – unpredictable weather patterns, variable commodity prices and more – can often lead to higher amounts of risk compared to other concentrations. Given recent news about decreasing ag incomes , combined with increasing demand for ag loans , banks need to evolve in this area of lending.
Advertiser: Trellis
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