May, 2023

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A BNPL Borrower Strategy That Builds Relationships

SWBC's LenderHub

Times may be tough financially, but that does not mean consumers are skimping on necessities or sacrificing luxuries to get by. Many are leveraging a popular lending concept that facilitates short-term split payment options to finance their purchases.

Strategy 148
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Launching a credit union? A recession might help.

American Banker

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Trending Sources

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Breaking Barriers: Exploring How Banks Scale Generative AI for Growth

Accenture

Disclaimer: ChatGPT did not write our post, but we did ask it for title suggestions and picked our favorite one. Thanks, generative AI! We’re at an inflection point. Every day, we see how artificial intelligence (AI) capabilities are mirroring and surpassing human capabilities at generalized skills. Accenture’s recent report, A New Era of Generative AI… The post Breaking Barriers: Exploring How Banks Scale Generative AI for Growth appeared first on Accenture Banking Blog.

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Sometimes banks fail. A system where they can't would be worse.

American Banker

System 81
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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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Legacy Thinking Can Destroy Digital Banking Transformation

The Financial Brand

This article Legacy Thinking Can Destroy Digital Banking Transformation appeared first on The Financial Brand. Digital banking transformation requires not only updating legacy systems, but evaluating legacy processes and thinking. This article Legacy Thinking Can Destroy Digital Banking Transformation appeared first on The Financial Brand.

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All Eyes Are on Bank Deposit and Liquidity Risks

Gonzobanker

Bank leaders are working overtime to defend their performance and relevancy. The historic deposit runs on several niched regional banks have woken up bankers and their investors, regulators and policymakers to the threats that liquidity flows place on the entire industry. Taking a step back and looking into reported financial data for Q1 2023, a few key insights appear: The banking industry lost a remarkable $1.1 trillion or 5.5% of total deposits from March 31, 2022, to March 31, 2023 – obvious

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Fintech settles allegations that payment of tips and donations was a hidden interest charge

CFPB Monitor

A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through its platform. The fintech’s platform offers opportunities for members to act as borrowers or lenders and facilitates loans between its members.

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Walgreens brings crypto-enabled ATMs to stores

ATM Marketplace

Walgreens has deployed more than 1,300 ATMs that not only accept cash but also provide cryptocurrency purchasing/selling and mobile send/receive cash capabilities.

ATM 126
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Labour criticised for giving global banks access to parliament

TheGuardian

Exclusive: HSBC and NatWest staffers seconded to shadow business secretary Jonathan Reynolds’s team Labour has been criticised for giving global banks access to parliament after taking an HSBC staffer into its shadow business team, despite the financial giant coming under fire over its links with China. One senior policy manager from HSBC has been seconded to the team of Jonathan Reynolds, the shadow business secretary, and has been given a parliamentary pass since February.

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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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FICO and Chelsea Football Club to Raise Financial Literacy in U.S.

FICO

Home Blog Feed test FICO and Chelsea Football Club to Raise Financial Literacy in U.S. Strategic partnership between Chelsea FC and FICO aims to make a positive impact on the communities where games are played Tue, 05/16/2023 - 18:46 Saxon Shirley by Nikhil Behl Chief Marketing Officer expand_less Back to top Tue, 05/16/2023 - 18:35 Chelsea Football Club today announced a new partnership with FICO, the world’s leading provider of analytics software, solutions and services.

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PayPal considers Xoom sale: report

Payments Dive

The digital payments company is considering a sale of its Xoom cross-border business, The Information reported, citing an unnamed source.

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Consumer Lenders Still Struggle to Get With the Times

Gonzobanker

Data-driven best practices will help ensure a successful consumer lending transformation. In today’s digital-centric environment, consumers expect faster everything – and turnaround time on a loan application is no exception. However, Cornerstone research and data indicate that most banks and credit unions are simply not in step with customer expectations.

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North Dakota passes mortgage lender and servicer laws

CFPB Monitor

On April 12, North Dakota Governor Doug Burgum signed into law House Bill 1068 , which creates a new statutory licensing scheme in North Dakota covering residential mortgage loan servicing activities. This follows on the heels of the enactment last month of North Dakota Senate Bill 2090 , which overhauled North Dakota’s licensing requirements related to residential mortgage lending. .

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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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PacWest says in talks with potential partners after share plunge

BankInovation

PacWest Bancorp said core deposits have increased since March and confirmed it’s in talks with several potential investors, seeking to calm markets after a 60% stock rout that made it the new focal point of concern over the health of US regional lenders.

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Mortgage Lenders That Do Not Require Tax Returns

Commercial Lending USA

Mortgage lenders that do not require tax returns are a great option for self-employed individuals or those with non-traditional income sources. These lenders typically use bank statements and other financial documents to verify income instead of tax returns.

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FICO World 23: Unleashing the Power of FICO Platform

FICO

Home Blog Feed test FICO World 23: Unleashing the Power of FICO Platform Creating next-generation customer experiences Tue, 05/16/2023 - 17:07 Saxon Shirley by Stephanie Covert EVP, Software expand_less Back to top Wed, 05/17/2023 - 16:25 An Engine for Next-generation Customer Experiences FICO World 2023, is an embodiment of the collective vision and dedication of leaders, change agents, and revolutionaries like our clients, who are shaping the future of customer experiences.

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Consumers use cash to forget, study shows

Payments Dive

New research suggests consumers’ payment method choice can depend on what they’re buying, especially if it’s a guilty-pleasure purchase.

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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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Is self-service killing cash?

ATM Marketplace

Is self-service technology killing cash? Or is cash still relevant? Read more to find out.

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What Robinhood’s performance could signal for rival retail investment apps and their valuations

CB Insights

Robinhood ’s Q1’23 earnings paint a grim picture of the profitability and growth challenges that retail investing apps and other fintechs face today: Net losses are compounding Active users are at a fraction of previous peaks Transaction-based revenues are up and down from one quarter to the next but aren’t growing over time This is old news to the public markets, as Robinhood’s market capitalization is down 77% compared to its exit valuation at IPO in July 2021.

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ACI Worldwide gets certified for the FedNow Service

The Paypers

ACI Worldwide has received certification for the FedNow Service, the Federal Reverve’s new instant payments offering, and integrated Corporate One FCU on its Real-Time Payments Cloud.

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Cover story: The chief risk officer’s critical role

The Banker

With an ever-expanding remit and shouldering more strategic responsibility, the chief risk officer’s job is arguably the most difficult in the C-suite. Joy Macknight reports.

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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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Amid revenue pressures, Truist plans to accelerate streamlining efforts

American Banker

CEO Bill Rogers says the North Carolina bank is contemplating additional business segment changes to improve its efficiency. Investors have been pushing the company to cut costs at a faster clip.

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Convenience chain adds Amazon palm pay

Payments Dive

This is the second convenience store chain to install the palm-scanning technology, which is also being used in sports arenas and Amazon’s own brick-and-mortar retail locations.

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Examining cutting edge ATM software attacks

ATM Marketplace

A new ATM jackpotting variant is on the rise in Mexico. How can operators stop it?

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These 75 embedded insurance companies are transforming digital distribution

CB Insights

Embedded insurance — the integration of insurance into a digital product on a third-party platform or marketplace — is becoming more popular as a way to boost revenues and improve customer experiences. For consumers, these products can provide faster, more convenient, and more accessible insurance options. For insurers, embedded insurance can enable more product personalization (e.g. using payroll provider data for pay-as-you-go workers comp), improve underwriting accuracy (e.g. usin

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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.