April, 2021

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The Retail and Tech Firms That Could Upend Mainstream Banking

Payments Source

Fintech Retailers Digital payments Gig economy

Retail 201
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How To Claim Tax Break On An ELSS SIP While Switching Jobs

BankBazaar

If you’re worried that your ELSS SIP may be impacted because of a switch in your job, read on. If you’re tired of slogging away at your job and getting paid peanuts for it, a job switch can hold the answer to your work woes. Not only does a job switch present an opportunity for career advancement and diversifying your skill set, the rise in income will help you step up your investments in Mutual Funds , Fixed Deposits etc. over the years.

Taxes 179
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Banks enhance UX by accelerating investment in digital technologies

Bobsguide

The pandemic has accelerated digital transformation in banking, leading banks to faster adopt new digital delivery models. The rise of neo and digital banking became the new normal, with an emphasis on mobile banking services.

UX 179
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Five Ways to Use Advanced Analytics to Drive Revenue

Gonzobanker

Financial institutions should make data analytics a key component of their revenue growth strategies. In 2020, almost all financial institutions saw record growth in Small Business Administration lending with the Paycheck Protection Program, mortgage origination and home equity loans, and deposits. A slowdown in that momentum is already evident in 2021, especially with more traditional lending and interchange revenue.

Analytics 172
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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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CFPB Delays Mandatory Compliance Date of New General Qualified Mortgage Rule

CFPB Monitor

The CFPB recently issued a final rule delaying the mandatory compliance date for the new general qualified mortgage (QM) rule based on an annual percentage rate (APR) limit from July 1, 2021 to October 1, 2022. The final rule is effective on June 30, 2021. The CFPB also issued an executive summary of the final rule. In December 2020, the CFPB issued the new general QM rule to replace the original general QM rule based on a strict 43% debt-to-income (DTI) ratio.

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Greensill scandal: ex-civil servant had $8m stake in lender

TheGuardian

Bill Crothers met Cabinet Office official several times after leaving post and becoming a director at failed lender A former top civil servant who went on to serve as a director of scandal-hit Greensill Capital is facing questions over a string of meetings he held with the head of the Cabinet Office after leaving Whitehall, as a Guardian investigation shows he had a shareholding in Greensill potentially worth $8m before the lender collapsed.

Meeting 137
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'Open Banking' is What 'Banking' Has Rapidly Become

Payments Source

Fintech Digital payments Payment processing APIs

Fintech 188
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A surge in payments trends: FIs forced to pivot quickly during pandemic

Bobsguide

The increased demand for contactless payments during the pandemic meant financial institutions had to pivot quickly to asses market structures and what features and products to prioritise, according to Sajni Shah, co-head of product at Starling Bank. The first quarter of 2020 saw a larger shift.

Trends 158
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The Real Story on Bank Branch Closures

ABA Community Banking

Some branches are closing but that doesn’t mean reduced access to banking services, especially in lower-to-moderate-income neighborhoods. The post The Real Story on Bank Branch Closures appeared first on ABA Banking Journal.

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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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What matters to firms? New insights from survey text comments

BankUnderground

Ivan Yotzov, Nick Bloom, Philip Bunn, Paul Mizen, Pawel Smietanka and Greg Thwaites. Text data is often raw and unstructured, and yet it is the key means of human communication. Textual analysis techniques are increasingly being used in economic and financial research in a variety of different ways. In this post we apply these techniques to a new setting: the text comments left by respondents to the Decision Maker Panel (DMP) Survey, a UK-wide monthly business survey.

Survey 105
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Are Bitcoin ATMs the right choice for retailers?

ATM Marketplace

Bitcoin ATMs or BTMs are already spreading across the U.S. and the world. Retailers however, might be wondering if Bitcoin ATMs are right for them. To uncover the answer to that question, we need to take a look at the origins of BTMs, some challenges they have dealt with and what opportunities they provide.

ATM 141
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Greensill inquiry chairman sits on board of private bank linked to Tory party

TheGuardian

Questions raised over Nigel Boardman’s appointment given role at Arbuthnot Banking Group, which also employs former civil servants The man appointed by Boris Johnson to rule over the Greensill lobbying scandal is on the board of a private bank that has close ties with the Conservative party and has a number of former civil servants in its ranks, the Guardian can reveal.

Groups 137
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Tech giants risk squeezing out banks, French watchdog warns

Payments Source

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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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Q&A: Reconciliation solutions aiming to step up travel & tourism recovery

Bobsguide

BG:What prospects do the travel & tourism industry face in the post-pandemic recovery period? IP: Business heavily suffered during the pandemic lockdowns. The broad travel & tourism segment has been among the hardest hit, some exited the business. Air transportation, holiday reservation.

Industry 157
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Chase builds out digital and product leadership team, Citi hires new compliance chief

BankInovation

This month saw investment in digital leadership and compliance, as C-suite positions were filled with new faces at JPMorgan Chase, Citi and Independent Financial, as well as at MoneyGram and Fiserv. Notable hires from April include: Chase grows its consumer and community banking digital and product leadership team JPMorgan Chase brought three new recruits into […].

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Decomposing changes in the functioning of the sterling repo market from 2014 to 2018

BankUnderground

Rupal Patel. Repo markets form part of the plumbing of the financial system. They allow participants to borrow cash against collateral and buy back this collateral at a higher price at the end of the transaction. When there is a blockage in repo it has repercussions on financial markets. Since 2014 there have been significant changes in repo functioning, causing policymakers to question why these changes are happening and what it means for financial stability.

Marketing 104
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Business interrupted: How the pandemic is still affecting the payments industry

ATM Marketplace

The pandemic has forced the payments industry to find new ways to do business, and a year later we are still dealing with changes, according to Josh Cyphers, president of Nvoicepay.

Industry 138
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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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JP Morgan given lower sustainability rating after funding failed European Super League

TheGuardian

Standard Ethics downgrades US bank from ‘adequate’ to ‘non-compliant’ in light of ESL backing A sustainability rating agency has downgraded JP Morgan Chase after the US bank was revealed to be funding the failed European Super League (ESL) breakaway attempt. Six of England’s richest clubs, including Manchester United, Liverpool and Arsenal, were among the 12 European teams that hoped to gain permanent membership of a new tournament.

US 132
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One-Year Anniversary of Reg D Change - Impact to Savings Accounts

BankDeals

One year after the Fed announced the Reg D change, I thought it would be interesting to review the latest policies of a few popular banks and credit unions.

Policies 101
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One of America's oldest wine sellers starts taking crypto

Payments Source

America 195
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Citizens Bank and Trust banks on Fiserv and APIs  

BankInovation

Alabama’s Citizens Bank and Trust is upgrading its core account processing platform to offer real-time payments and better automate with the help of third-party providers — a move that more banks may pursue, given Fiserv’s first-quarter earnings report of increased sales today. The $700 million community bank is pivoting to Fiserv’s DNA core, which uses […].

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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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Safaricom’s Ethiopia License Bid

Bankelele

This week marked the deadline for bids for two new Ethiopia telecommunication licenses on April 26. Two offers were received in Addis Ababa; one by MTN (Mauritius) and the other for a “Global Partnership for Ethiopia”, a consortium by Vodafone, Vodacom, Sumitomo and Safaricom. This is part of an overdue privatization push by Ethiopia that […].

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BitPay joins COPA in fight for innovation

The Paypers

US-based BitPay , a provider of Bitcoin and cryptocurrency payment services, has announced a partnership with the Crypto Open Patent Alliance (COPA).

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Extinction Rebellion to step up campaign against banking system

TheGuardian

Group aims to highlight financial sector’s role in climate crisis through escalation in tactics this week Extinction Rebellion is planning to step up its campaign against the banking system with a series of direct action protests and debt strikes in the coming weeks aimed at highlighting the financial sector’s role in the escalating climate crisis. Last week the group targeted Barclays Bank’s headquarters in London and the Bank of England as well as high street branches across the UK as part of

System 106
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The numbers behind global AML trends

The Banker

More jurisdictions around the world are levying punishing fines for money laundering breaches, but criminals are always innovating to avoid controls.

Trends 78
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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.