September, 2022

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Will biometrics be the future of payments?

Payments Dive

The use of biometrics to authenticate payments is poised to bring more security and speed to transactions, but some say broad adoption on the part of consumers and merchants is still far from reach.

Payments 459
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Two key factors for a successful fintech integration

Accenture

As promised in our last post, today we are diving deeply into why a technology integration strategy is a critical enabler for a successful fintech acquisition and for fostering (and, ideally, for accelerating) the growth of the fintech. Historically, the banking industry has been slow to modernize. This makes it challenging for most incumbent banks….

Fintech 393
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Running Up That Bill: Collections Lessons from Stranger Things

SWBC's LenderHub

In season four of Stranger Things, Eleven and the crew battle an ambiguously undead supervillain and his cadre of squelching vines and vampiric bats in the Upside Down to save the world.

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CFPB Issues RFI on Mortgage Refinances and Forbearances

CFPB Monitor

The CFPB recently issued a Request for Information Regarding Mortgage Refinances and Forbearances (RFI ) Comments on the RFI will be due 60 days after publication in the Federal Register. In the release announcing the RFI, the CFPB states that the RFI “is an example of the CFPB’s new approach to promoting competition and new products.” “Rather than providing special regulatory treatment of individual firms, the CFPB will seek to identify stumbling blocks for those seeking to challenge the statu

Marketing 148
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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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What can ATMs learn from kiosks?

ATM Marketplace

Whether at the self-checkout, doctor's office or QSR, most consumers have had interactions with self-service kiosks. In fact, kiosks have become an essential part of the customer experience journey. That being said, what can the ATM industry learn from the rise of kiosks?

ATM 119

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Who’s afraid of FedNow? Not Visa

Payments Dive

Visa's CFO on Wednesday brushed off any concerns about the threat of new competition from FedNow, or any other real-time payments system.

System 514
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Liz Truss faces backlash over plan to lift cap on bankers’ bonuses – UK politics live

TheGuardian

Latest updates: Kwasi Kwarteng’s plan to lift cap criticised as ‘very bad timing’ during cost of living crisis In its response to the legal proceedings launched by the EU over the Northern Ireland protocol (see 11.54am) , the UK government has said that it has unilaterally decided to continue suspending border checks on farm produce and other goods entering NI from Great Britain, my colleague Lisa O’Carroll reports.

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Protecting Your Borrowers’ Income in the Event of a Disability

SWBC's LenderHub

One of the most common ways your borrowers can suffer significant loss of income is through a disability. While many disabilities cause only temporary loss of income, the average long-term disability lasts 31.2 months.

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Trade groups react to FTC’s proposed Motor Vehicle Dealers Trade Regulation Rule as public comment period closes

CFPB Monitor

Expressing a range of concerns, several key industry groups submitted comments to the Federal Trade Commission (“FTC”) last week regarding its proposed rule that would impose new substantive and disclosure obligations on auto-dealers in the auto finance process. The public comment period for the notice of proposed rulemaking (“NPRM”) regarding the Motor Vehicle Dealers Trade Regulation Rule (the “Rule”) closed on September 15, 2022 after the FTC declined in August to extend it.

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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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Bank execs share innovative services at BCX Summit

ATM Marketplace

Four presenters shared elevator pitches for innovative banking services products at the Bank Customer Experience Summit, held in Chicago from Aug. 31 to Sept 1.

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Corporate One Federal Credit Union Provides More Than 750 of America’s Credit Unions New Digital Solutions at Scale

BankInovation

Corporate One Federal Credit Union is a leading wholesale financial services provider for more than 750 of America’s credit unions. Recognizing that credit unions found core banking systems costly and slow to customize, Corporate One sought a technology partner with which to launch digital services that members could consume and adapt at speed and scale. […].

System 98
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Gun merchant code approved for card purchases

Payments Dive

An international standards body approved a new merchant code that will apply to gun sellers for transactions using credit card networks like Visa and Mastercard.

Cards 459
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‘We will likely lose our dream house because of Kwarteng’s actions’

TheGuardian

Three homebuyers on how they have been affected by the collapsing mortgage market Frances, 30, works in the healthcare sector and has been trying to sell her house in Cambridge in order to buy a bigger home in Bristol. In the past couple of weeks the chain for her house sale has collapsed twice, forcing her and her husband into a third attempt to upsize.

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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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Bank of Russia to legalise cross-border payments in crypto

The Paypers

The Bank of Russia , the country’s central bank, has admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions.

Payments 101
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CFPB expresses concern about the potential credit impact of high vehicle costs for consumers

CFPB Monitor

In a blog post on Monday , the CFPB advised that it is concerned about the impact of rising car prices on consumer’s financial health, particularly consumers with sub-prime or near prime credit scores. The most recent Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York concluded that the total dollar value of outstanding auto loans rose to $1.5 trillion last quarter, an increase of $33 billion from Q1 to Q2 this year.

New York 147
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What's the future for bank branches?

ATM Marketplace

The future of bank branches will be interesting, according to Stephen K Griffin, SVP and director of the Retail Distribution Planning Group at Regions Bank. Griffin shared his insights in an opening keynote at the Bank Customer Experience Summit held in Chicago from Aug. 31 to Sept 1.

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US Bank eyes growth with multilingual AI offerings

BankInovation

NEW YORK CITY — U.S. Bank is exploring additional language options for its voice-enabled Smart Assistant over the next three to five years. “Something we’re just getting into is multilingual,” Sierra Fontana, user experience designer of the Smart Assistant at U.S. Bank, said during the panel discussion “AI in Action: How Smart Players are Harnessing […].

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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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Extra costs biggest reason shoppers ditch online carts

Payments Dive

With cart abandonment costing online retailers up to $136 billion annually, Coresight Research’s findings suggest they might want to focus on total purchase price more closely matching shopper expectations.

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Banks among biggest beneficiaries of Kwarteng’s mini-budget

TheGuardian

From scrapping the cap on bonuses to slashing red tape, the chancellor unveils a raft of policies he says will boost economic growth Banks will be among the biggest beneficiaries of Kwasi Kwarteng’s mini-budget after he announced a raft of policies to help costs, boost profits, lure staff, fuel house prices and slash red tape. Continue reading.

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Ripple and Travelex Bank to introduce crypto-enabled payments in Brazil

The Paypers

US-based Ripple , an enterprise blockchain and crypto solutions provider, has partnered with Travelex Bank to introduce crypto-enabled payments in Brazil.

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FTC enters into consent order with Credit Karma to settle deceptive practices claims in connection with pre-approvals

CFPB Monitor

The Federal Trade Commission has entered into a consent order with Credit Karma, LLC to settle the FTC’s claims that Credit Karma engaged in deceptive acts and practices in violation of Section 5 of the FTC Act by making false or misleading claims that consumers were pre-approved for certain credit products. The order requires Credit Karma to pay $3 million to the FTC, which sum “may be deposited into a fund administered by the Commission or its designee to be used for relief, including consume

Training 148
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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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4 experts deliver banking inspiration at Bank Customer Experience Summit

ATM Marketplace

Four experts shared thought provoking talks on various topics in the banking world at the Bank Customer Experience Summit held in Chicago from Aug. 31 to Sept 1.

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Reskilling, rethinking to embrace cloud technology

BankInovation

SEATTLE — Cloud engineers are in high demand as financial institutions seek to digitalize their cores and update their processes, but finding talent comes down to resources and mindset. Training digital engineers on cloud infrastructures is surprisingly costly and time-consuming, said Victor Tung, U.S. chief technology and operations officer and chief information and operations officer […].

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CFPB mulls rules for BNPL

Payments Dive

The Consumer Financial Protection Bureau is weighing new rules and guidance for the fast-growing buy now-pay later industry after wrapping up a comprehensive report on it.

Industry 396
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Truss tax cuts will hand big banks and insurers £6.3bn, study says

TheGuardian

Figures compiled by House of Commons Library measure impact of freezing corporation tax and cutting banking surcharge Liz Truss’s government has been criticised for lining up tax cuts that will help big banks and insurers save more than £6bn over the next two years. The figures, compiled by the House of Commons Library, come as the chancellor, Kwasi Kwarteng, prepares to freeze corporation tax as part of the government’s mini-budget on Friday.

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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.