Sat.Dec 25, 2021 - Fri.Dec 31, 2021

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Rebeca Romero Rainey: The spirit of innovation

Independent Banker

Photo by Robert Severi. A spirit of innovation and can-do attitude will serve you well this year, helping you remain ahead of the curve and address issues that arise. “Dream big. Start small. But most of all, start.” This sage advice from best-selling author Simon Sinek is the motivation we need to navigate the new normal of this new year. With the aftereffects of the pandemic still at hand, community banks are facing an unparalleled level of uncertainty.

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CA DFPI provides assurance of no action to debt collection license applicants experiencing NMLS delays

CFPB Monitor

The California Department of Financial Protection and Innovation (DFPI) has published a notice on its website concerning delays that debt collectors and buyers seeking to comply with the new licensing requirement in the state’s Debt Collection Licensing Act are currently experiencing. The new law, passed in September 2020, requires debt collectors and buyers to apply for a DFPI license by December 31, 2021.

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How AI, self-service applications are transforming customer behavior

ATM Marketplace

As consumers become used to using self-service technology, technology providers are offering more tool such as artificial intelligence and data analytics in combination with self service. Retailers, financial institutions and other businesses are beginning to embrace these technologies with tools ranging from self-service kiosks to enhanced ATMs.

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Five economic flashpoints to beware in 2022

TheGuardian

From a new Covid variant to rampant inflation, the global economy faces some daunting risks in the new year After the turmoil of the past two years, the consensus among economic pundits is that 2022 will be calmer. But in late 2019, when the first reports of a new coronavirus started to filter out from Wuhan in China, few imagined within months that the world economy would be flattened by a pandemic.

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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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Robert Fisher: The nimbleness of community bankers

Independent Banker

Photo by Heather Esposito. Let’s rediscover what it means to be community bankers. Let’s exercise our nimble natures to exceed customer expectations. Because as community bankers, it’s what we do. Nimble. That just may be community bankers’ word of the year. Because during this time of continuous change, our agile natures are the key to our continued success.

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ATM tech, security, Bitcoin ATMs earn top spots in 2021 blogs

ATM Marketplace

Every year we at ATM Marketplace get qualified blogs from thought leaders in the ATM and financial technology industries. 2021 was no exception as bloggers covered topics ranging from Bitcoin ATMs to skimmers to biometrics.

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And the awards for the worst customer service go to …

TheGuardian

Covid, Brexit and computers combined in 2021 to leave customers trapped in a Kafkaesque nightmare Once upon a time there was a mouse mat. A mouse mat that threatened to undermine global efforts to avert nuclear warfare. The sales photo on Etsy showed a blameless-looking rubber rectangle, hand made in Leicester, with a Persian rug motif. But PayPal decided that it violated international sanctions and suspended the account of the unsuspecting purchaser.

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Community Bank CEO Outlook 2022: Your priorities for the new year

Independent Banker

Illustration By blindSALIDA. If 2020 was the year no one expected, 2021 was a year of resetting expectations. Between a smoldering pandemic, the divisive political landscape and strong, albeit uneven, growth, there was a lot to account for in 2021, and some uncertainty remains. What changes will 2022 bring? Independent Banker ’s annual Community Bank CEO Outlook survey reveals how community bank leaders plan to leverage today’s deposit-laden banking environment to grow this year.

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Top 5 crypto stories of 2021: Riding the crypto wave

BankInovation

There can be no doubt it's been a huge year for cryptocurrency and its underlying blockchain technology as an increasing number of banks consider how to get involved — and whether it's wise to do so. But decentralized finance (DeFi) and its underlying technology can't be ignored. Following the money, Bank Automation News notes that […].

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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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2021 | The Year That Was…

BankBazaar

The pandemic touched our lives in some way or the other bringing both good and bad. As we enter 2022, here’s a look back at 2021. Explore BankBazaar. The post 2021 | The Year That Was… appeared first on BankBazaar - The Definitive Word on Personal Finance.

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Santander bank pays out £130m in Christmas Day blunder

TheGuardian

Scheduling issue leads to about 75,000 people and companies being paid a second time in error The high street lender Santander accidentally paid out £130m to thousands of individuals and businesses in a Christmas Day blunder. About 75,000 people and companies who received one-off or regular payments from 2,000 businesses with accounts at the bank were inadvertently paid a second time on 25 December.

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Lindsay LaNore: Revisiting recruitment

Independent Banker

Photo by laflor/iStock. By Lindsay LaNore, ICBA. There’s much talk these days about talent acquisition and retention, with the three Rs—Recruit, Retain and Reward—taking center stage. Let’s start the year by looking at Recruit. To that end, we asked Valerie Utsey, ICBA’s chief human resources officer, to pinpoint some key areas we can all consider. Focus on your brand.

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Lessons learned from the Paycheck Protection Program

BankInovation

Nearly 18 months ago, Congress, the White House, and the financial services industry undertook an unprecedented joint effort to inject hundreds of billions of dollars into the economy through loans to millions of small businesses. The Paycheck Protection Program (PPP) would eventually distribute over $800 billion in just 13 months with the disbursement of 80% […].

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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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This week’s podcast: What every CEO and General Counsel needs to know about new CFPB Director Chopra, with special guest Raj Date, Managing Partner of Fenway Summer LLC

CFPB Monitor

Having previously worked closely with CFPB Director Chopra while he served as the CFPB’s Acting Director and its first Deputy Director, Mr. Date provides a unique perspective on Director Chopra’s views and likely actions as CFPB Director. We discuss how the CFPB is likely to approach key areas under Mr. Chopra’s leadership, including fair lending and digital redlining, technology/fintech, and mortgage lending and servicing.

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How to Throw A Pocket-Friendly New Year Party

BankBazaar

Want to usher in 2022 in style without busting your bank account? This one’s for you! It’s New Year’s Eve and you expect to count down to midnight with your best buds. Going out to a fancy club or a party has become an expensive affair, and given that the year end is also the end of the month (well, duh!), plus the ongoing pandemic, it’s only normal to aspire for a budget-friendly party plan.

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Charles Potts: Challenging the status quo

Independent Banker

ICBA has preached the importance of innovation, not as a project or something to silo inside a department but as an inclusive cultural and philosophical endeavor that should be part of an organization’s DNA. By Charles Potts, ICBA. By investing in small businesses and creating jobs, community banks are helping support local economies throughout our nation.

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Santander Rushes to Recoup £130 Million Mistakenly Paid Out to U.K. Accounts

BankInovation

Banco Santander SA is racing to retrieve 130 million pounds ($175 million) paid out to thousands of British customers in a Christmas Day slip-up. Spain’s biggest lender accidentally made a second payment on Dec. 25 to about 75,000 people and firms who had been due for one-off or programed payments from 2,000 businesses with accounts […].

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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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CFPB enters into settlement with purchaser of structured settlements

CFPB Monitor

The CFPB recently announced the terms of a stipulated judgment and order in its lawsuit filed in November 2016 against (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers and two related companies (Access); (3) three individual principals of Access; and (4) an attorney who purported to provide advisory services to consumers who sold structured settlements to Access.

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3 New Year’s Resolutions To Raise Your Credit Score In 2022

BankBazaar

Here are three New Year’s resolutions that you should make to improve your Credit Score in 2022. It’s that time of the year again when most of us try to take stock of our situation on various fronts, be it relationships, career or personal finances. At a time when credit plays an important role in our lives, here are three New Year’s resolutions that you should make to improve your Credit Score in 2022.

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Trust and tax services: Worth offering?

Independent Banker

Photo by Shapecharge/Getty Images. To satisfy the banking needs of some commercial and high-net-worth clients, some community banks provide trust and tax strategy services. These banks report that specialized services are a way to deepen their already close customer relationships. By Don Sadler. Launching new services to cross-sell to existing customers is one path to organic growth for a community bank.

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Blockchain-based startup figure creates platform for raising equity

BankInovation

Figure Technologies Inc., the startup co-founded by Mike Cagney, created a platform to help private companies raise and trade equity using its blockchain technology. Figure Equity Solutions has already helped manage, raise and trade more than $4.7 billion in equity, the company said Wednesday in a statement. The business has done two secondaries now with […].

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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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Credit Union Industry Stats and Performance Trends: Q3 2021

SWBC's LenderHub

Each quarter, CU Data releases a statistics and trends report. The report gives our team insights into what the industry is experiencing and how that will impact our clients and their members. In this blog post, I’d like to share some highlights and notable KPIs from the Q3 2021 report.

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FTC bans phantom debt collectors from industry

CFPB Monitor

On December 13, 2021, the Federal Trade Commission (FTC) announced that, under the terms of a settlement , a group of phantom debt collectors were permanently banned from the debt collection industry. The term “phantom debt” is generally used to refer to debt that doesn’t exist or has already been paid. In its related complaint , the FTC alleged that the defendants collected on debt that was not owed or that the defendants had no right to collect.

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Apex Bank’s support after the Tenn. storm

Independent Banker

When storms hit Waverly, Tenn., community bankers at Apex Bank jumped into action to help their neighbors. Photo by Mark Humphrey / The Associated Press. In August, a devastating storm rocked Tennessee’s Humphreys County. In the city of Waverly, Apex Bank employees not only rescued their neighbors but helped affected families rebuild their lives and grieve for their loved ones.

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Top 5 bank automation stories of 2021

BankInovation

2021 proved to be a landmark year for the financial services automation sector as banks employed robotic process automation (RPA), machine learning (ML) and artificial intelligence (AI) to drive major technology overhauls. Following is a look at the most popular Bank Automation News automation stories of 2021: No. 5: Yearend Libor phaseout to require automation […].

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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.