May, 2024

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Debit cards face rising digital wallet competition

Payments Dive

Roughly 72% of consumers say they swipe, dip or tap a debit card at the point of sale, a larger portion than credit cards, checks and digital wallets, according to a consumer survey by research firm J.D. Power.

Cards 435
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The time for generative AI in commercial banking is now

Accenture

Spring is a time when most people, bankers included, take a fresh look at the challenges they face and tackle them with renewed vigor. Commercial banking should be on this year’s spring-cleaning list. While it is often the bank’s largest revenue generator, its processes continue to be highly manual, constraining the potential for profit growth.… The post The time for generative AI in commercial banking is now appeared first on Accenture Banking Blog.

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Digital Banking Metrics: Adoption, Usage, and Impact of Digital on Banks and Credit Unions

Gonzobanker

Digital metrics at banks and credit unions are not all trending up and to the right. But there are some bright spots. A new report on digital banking metrics and the impact that digital banking is having on banks reveals some positive developments, but also a host of troubling trends that should give bank executives cause for concern. The fourth edition of the Digital Banking Performance Metrics study from Cornerstone Advisors, commissioned by Alkami, captures digital banking metrics from banks

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Inside TD Bank’s gen AI pilots

BankInovation

TD Bank is exploring the use of generative AI within its institution through pilot programs. “Understanding how generative AI can be used to augment the work of our colleagues has always been our focus,” Imran Khan, head of TD Invent, the bank’s innovation arm, told Bank Automation News.

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Case Study: First Mid Bank Fast-Tracks New Market Entry in Commercial Lending

Discover First Mid Bank's Expansion Success with Our Case Study! Discover how First Mid Bank & Trust fast-tracked market expansion through advanced automation and compliance solutions. This case study reveals their journey from facing challenges in Texas' complex legal landscape to achieving rapid market entry with GoDocs' innovative commercial closing platform.

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Four ways DORA compliance is an opportunity for financial services organizations to accelerate digital transformation

Cisco

The Digital Operational Resilience Act (DORA) offers financial service institutions the chance to enhance operational resilience and competitive advantage through compliance, with Cisco providing a comprehensive suite of solutions to support FSIs in meeting these new regulatory requirements.

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The Problem With Customer Opinion Surveys and Strategy

Alex Jimenez

For the past few years I’ve noticed that more and more banking and banking technology articles about the future of banking seem to be informed by dubious claims. The writers derive these claims from customer opinion polls and immediately jump to conclusions without understanding survey methodology. Some researchers and consultants conduct customer opinion surveys with biased questions and limited responses.

Survey 87
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What's the future of ATMs, ITMs?

ATM Marketplace

The future of ATMs lies not as machines that just dispense cash, but rather as multifunctional banking kiosks,

ATM 125
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Are 25-year UK mortgages a thing of the past?

TheGuardian

Younger homebuyers are turning to ultra-long loans, prompting fears over the risk to their finances and the wider economy For a long time the traditional length of a UK mortgage has been 25 years, but runaway house prices and, more recently, dramatically higher borrowing costs are prompting more and more people to “go long” on their home loans. On Monday, the former pensions minister Steve Webb revealed that younger homebuyers were increasingly being forced to gamble with their retirement prospe

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Are digital wallets safer than debit cards?

Payments Dive

Research shows young people see digital wallets as a more secure option than debit and credit cards. Cybersecurity professionals mostly agree, despite caveats.

Cards 487
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Exploring the Liability Shift: A Comprehensive Guide to Fraud Loss Responsibility and Mitigation

Shifting liability for digital fraud losses represents a significant challenge for financial institutions and payment service providers. In response to the global surge in digital fraud, regulators are introducing policies that transfer the cost of fraud from defrauded customers to financial institutions. ThreatMark’s newly released white paper, "The Liability Shift: Understanding Fraud Losses Responsibility and Mitigation," provides an in-depth analysis of this shift, its implications, and stra

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Modernize or Optimize? That Is the Core System Question

Gonzobanker

It’s “leave your emotions at the door” time when making a core system decision. Esteemed Gonzo readers, let’s get right to one of the core challenges in banking. Every financial institution needs to get real, tangible returns on every technology investment it makes, and core systems are a critical piece in increasing or hurting these returns.

System 133
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JPMorgan identifies 3 gen AI uses

BankInovation

JPMorgan Chase has identified three uses for generative AI to boost efficiency. “AI, and particularly large language models, will be transformational,” Chief Operating Officer Daniel Pinto said during the bank’s Investor Day on May 20, noting that the bank has been investing in AI for “a number of years.” The $3.

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What is a DSCR Loan? Real Estate Investor's Guide

Commercial Lending USA

DSCR loans, "Debt Service Coverage Ratio loans," are financing for real estate investors that put the property's cash flow ahead of standard creditworthiness checks. This makes them a valuable tool for investors who want to grow their portfolios.

Tools 111
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How vertical integration elevates customer journeys to new heights

ATM Marketplace

At a time when a seamless customer journey is more important than ever, vertical integration allows organizations to prioritize customization, increase connectivity and develop software and hardware systems that keep customers happy and engaged.

Software 123
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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Selling England (no longer) by the pound: currency-mismatches and the dollarisation of UK exports

BankUnderground

Marco Garofalo, Giovanni Rosso and Roger Vicquery Most international trade is denominated in dominant currencies such as the US dollar. What explains the adoption of dominant currency pricing and what are its macroeconomic implications? In a recent paper , we explore a rare instance of transition in aggregate export invoicing patterns. In the aftermath of the depreciation that followed the Brexit referendum in 2016, UK exporters progressively shifted to invoicing most of their exports in dollars

Data 106
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Visa preps for US pay-by-bank services

Payments Dive

The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.

US 459
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More than 120 acts quit Great Escape music festival in solidarity with Palestine

TheGuardian

Brighton event’s opening showcase scrapped after performers join Massive Attack and Brian Eno in boycott of sponsor Barclays More than 120 acts have pulled out of the Great Escape music festival in Brighton as part of a Palestine-related campaign against the event sponsor Barclays that has been supported by Massive Attack, Idles and Brian Eno. The festival’s opening showcase and a keynote speech have been scrapped after performers joined Bands Boycott Barclays, a campaign that claims Barclays Ba

Company 111
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Chase for Business approaches innovation in phases

BankInovation

JPMorgan Chase considers customer needs, competition and time to market when approaching product launches for small-business clients. “We really try to keep the small-business owner at the center of all of that innovation process at Chase for Business,” Jameson Troutman, head of product for small business at JPMorgan Chase, told Bank Automation News.

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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 survey: Military families cite low income, inflation as financial product challenges

ABA Community Banking

Roughly 30% of military families cite low income and lack of stability as a “primary challenge” they face with their current financial products and services, according to a new survey by the Fort Leavenworth, Kansas-based Armed Forces Bank. The post Bank survey: Military families cite low income, inflation as financial product challenges appeared first on ABA Banking Journal.

Survey 97
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How can banks maintain a good CX in light of layoffs?

ATM Marketplace

Bradley Cooper, editor of ATM Marketplace discussed bank layoffs in light of CX with Mack Turner, a 30 year veteran of the financial services industry,

ATM 107
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Vibrant Credit Union in Illinois explores a blockchain-based future

American Banker

The $1.1 billion-asset Vibrant is working with the San Francisco-based distributed ledger development firm Metallicus through its Metal Blockchain Banking Innovation Program to examine use cases.

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Klarna uses AI to cut marketing costs

Payments Dive

The Stockholm-based buy now, pay later company said more than a third of its first-quarter savings on sales and marketing expense was attributable to artificial intelligence.

Marketing 397
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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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Banks have given almost $7tn to fossil fuel firms since Paris deal, report reveals

TheGuardian

Among world’s top 60 banks those in US are biggest fossil fuel financiers, while Barclays leads way in Europe The world’s big banks have handed nearly $7tn (£5.6tn) in funding to the fossil fuel industry since the Paris agreement to limit carbon emissions, according to research. In 2016, after talks in Paris, 196 countries signed an agreement to limit global heating as a result of carbon emissions to at most 2C above preindustrial levels, with an ideal limit of 1.5C to prevent the worst impacts

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BMO leans into cloud modernization, AI in Q2

BankInovation

BMO continued to deliver on its digital-first agenda during its fiscal second quarter 2024 with AI, data and overall modernization at the forefront of its efforts.

Analytics 120
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Insights from the 2024 Bankers as Buyers Report: Preparing your Financial Institution for the Future

William Mills

In a constantly evolving world and financial landscape, understanding today’s trends will guide future decision making and allow banks and credit unions to prepare their financial institution for the future.

Report 90
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Is biometrics the answer to ATM security issues?

ATM Marketplace

When asked by a reporter why he robbed banks, Willie Sutton famously replied: "Because that's where the money is." Can biometrics prevent would-be-thieves from stealing from ATMs?

ATM 89
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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.