Sat.Feb 26, 2022 - Fri.Mar 04, 2022

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IRIS and Revolut team up

The Paypers

IRIS Software Group (IRIS) has partnered with Revolut to give employees access to their salaries when they want and need.

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Digital Banking Commandment: Respect Your Customers’ Data!

FICO

Following the highly successful The 11 Commandments of Digital Banking eBook , we are kicking off a series of 5 deeper dive blog posts that group the 11 Commandments below into common themes. Digital lift-and-shift is not a strategy! Friction – not inherently good or evil. Be personable in this impersonal channel. Respect the data. Engage me, teach me – feed my TikTok obsession.

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Trending Sources

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BNPL popularity shows no signs of slowing, FIS report says

Payments Dive

The Jacksonville, Florida-based payments company expects buy now-pay later to be the fastest-growing e-commerce payment method through 2025 in the U.S. and Canada.

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2022 Dodd-Frank Stress Test Scenarios Released

Perficient

The Office of the Comptroller of the Currency (OCC) recently released the economic and financial market scenarios that will be used in the upcoming stress tests for covered institutions. Federal bank regulators work together to design Comprehensive Capital Analysis and Review (“CCAR”) stress tests that are designed to ensure that even in the case of a severe recession, significant banks can lend to households and businesses.

Capital 294
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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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How Community Financial Institutions Can Regain the Small Business Lending Market

Abrigo

In today’s banking world, community banks are focused sharply on shareholders’ expectations for growth in earnings and return on equity. So, how can community banks support earnings and ROE growth in the face of intense regulatory scrutiny and competitive pressures on profitability? By leveraging their strengths in relationship lending and their access to technology in order to grow the small business loan portfolio profitably.

Lending 195

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Charles Potts: Unlocking better customer connections

Independent Banker

By Charles Potts, ICBA. Innovation is a priority for ICBA. That’s why we’ve spent the past three years educating community bankers on the why of innovation: why bankers should be thinking about innovation, why innovation is a top priority in a digital-first environment and why now is the time to act. We are now exploring the how: how ICBA can help community bankers drive growth through innovation, and how community bankers can better engage new and existing customers.

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CFPB issues compliance bulletin on auto repossession

CFPB Monitor

In a move intended “ to thwart illegal repossessions in the heated auto market ,” the CFPB has issued a compliance bulletin that describes conduct related to repossession that it has found to be an unfair, deceptive, or abusive act or practice (UDAAP) and sets forth the Bureau’s expectations for actions entities should take to prevent UDAAPs. In the bulletin’s background discussion, the Bureau expresses concern that the strong demand for used automobiles and accompanying rise in used automobile

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Synthetic Identity Fraud: Prevention & Detection Tips for Financial Institutions

Abrigo

Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Would you like other articles like this in your inbox? Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.

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Our ARC Lending Tactic For Quality Loan Growth

South State Correspondent

In our article last week ( HERE ), we discussed how the yield curve is currently flat between the three and 20-year points. This makes term loan pricing between three years and 20 years virtually identical. Banks that cannot offer competitively priced term loans out to 20 years may be at a significant disadvantage when competing or retaining top-quality customers.

Lending 195
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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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Market Commentary: Week of February 28, 2022

SWBC's LenderHub

Last Week. Last week’s action was punctuated by the shocking Russian invasion of its neighbor, Ukraine, on Wednesday night. While U.S. intelligence services proved to be highly accurate with regard to the intentions of Russia, many market participants were simply not ready for one of the two global nuclear superpowers to conduct major military operations in Europe in complete defiance of the NATO military alliance, an alliance that sits right on the borders of Ukraine and Russia.

Marketing 148
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CFPB issues report on medical debt

CFPB Monitor

A new CFPB report titled “ Medical Debt Burden in the United States ,” takes aim at medical debt collections, with the CFPB indicating that it intends to “[d]etermine whether policies should be implemented to eliminate unpaid medical billing data on credit reports altogether.”. The CFPB found that as of 2021, medical debt was the most common debt collection tradeline on credit reports, constituting 58% of all third-party tradelines.

Report 147
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Lindsay LaNore: The impact of rewards and recognition

Independent Banker

By Lindsay LaNore, ICBA. In the last of our three-part look at the three Rs ( recruit , retain and reward), we’re exploring the importance of having a reward or recognition program. It’s something, says Valerie Utsey, ICBA’s executive vice president and chief human resources officer, that’s essential to any organization. The reward doesn’t have to be money, she explains: “It could be a plaque on the wall or a parking space, but it should be something that acknowledges that that person has done s

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Looking at Bitcoin ATM connectivity lessons

ATM Marketplace

Bitcoin ATMs are becoming more common across the globe, with 45,000 in North America alone. Wayne Vandekraak, CSO of OptConnect shared some guidance at how to handle Bitcoin ATM connectivity.

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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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Meet the New Comrade, Same as the Old Comrade

SWBC's LenderHub

“I never met a man like this,” Kennedy remarked to another reporter, Hugh Sidey of Time magazine. “[I] talked about how a nuclear exchange would kill 70 million people in 10 minutes, and he just looked at me as if to say, ‘So what?’ – President John Kennedy after his first and only meeting with Soviet leader Nikita Khrushchev in 1961.

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Podcast: Seeing Results from Community Bank Advocacy

ABA Community Banking

On the latest episode of the ABA Banking Journal Podcast, Ohio bank CEO Mike Vynalek discusses his own journey in community bank advocacy and how he's getting emerging leaders at his bank involved in advocacy. The post Podcast: Seeing Results from Community Bank Advocacy appeared first on ABA Banking Journal.

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Can fintechs enhance your bank’s marketing campaign?

Independent Banker

Kathy Strasser of IncredibleBank is evaluating marketing campaign management platforms. Photo by Janimal Photography. Customized, well-thought-out interactions—especially in the online banking space—are integral to wooing new customers and retaining existing ones. We asked several banking leaders how they’ve employed fintech to ramp up their marketing campaigns, hone their analytic strategies and gain new patrons in the process.

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Can ATMs go cashless?

ATM Marketplace

ATM companies are beginning to feel the heat as cashless tech is continuing to advance. Can ATMs offset these losses by adopting cashless solutions?

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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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This week’s podcast: The business of cryptocurrency: a discussion of key regulatory issues

CFPB Monitor

In addition to discussing what cryptocurrency is, we look at some of the regulatory rules that apply to this increasingly popular but complicated financial instrument, including registration and compliance program requirements, and consider how crypto exchanges, financial institutions, and other businesses should address crypto transactions involving unhosted digital wallets and requirements for the identification and reporting of counter-parties to transactions.

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The impact of shipping costs and inflation

BankUnderground

Tugrul Vehbi, Serdar Sengul, Daniel Christen, Lucio D’Aguanno and Tom Wise. Shipping costs have increased sharply since the onset of the pandemic, to a magnitude perhaps only a few would have predicted. In this post, we examine the likely drivers and impact of this increase. We argue that (i) both demand and supply factors are responsible for these developments with the former playing a relatively bigger role historically; (ii) shipping costs feed through to consumer prices with a lag; and (iii)

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How to collect positive customer reviews

Independent Banker

When customers look up businesses online, reviews are one of the first things they see. These community bankers share how they collect positive reviews, and how to respond to negative ones. By Jen A. Miller. Word of mouth isn’t always enough to keep a business shining in the spotlight anymore. “Your digital footprint outside of your own properties is increasingly how decisions are made,” says Rob Birgfeld, executive vice president and chief marketing officer for ICBA.

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Banking’s Multicultural Moment

ABA Community Banking

Banks get deliberate about multicultural markets as a path to financial inclusion—and growth. The post Banking’s Multicultural Moment 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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London Stock Exchange suspends trading in 27 firms with strong links to Russia

TheGuardian

Energy and banking giants Gazprom and Sberbank plus EN+, Lukoil and Polyus among firms Ukraine Russia war: latest updates The London Stock Exchange has suspended trading in 27 companies with strong links to Russia, including energy and banking giants Gazprom and Sberbank. The LSE said it was moving to block trading in the companies, which also include EN+, Lukoil and Polyus, with immediate effect “in light of market conditions, and in order to maintain orderly markets”.

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BMO taps document AI for lending workflow automation

BankInovation

CHARLOTTE, N.C. — Unstructured data in documents is an automation focus for the Bank of Montreal. The $773 billion bank is employing artificial intelligence-based (AI) document handling as a chief technology, Atul Verma, BMO’s CIO of U.S. personal and business banking said Tuesday during the Bank Automation Summit 2022. Intelligent document processing using technologies such […].

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Developing leaders in mortgage lending – Navigating uncertainty with leadership strategies

Independent Banker

A favorable outlook is emerging as the economy continues to recover following the COVID-19 pandemic. The question is whether financial institutions will feel the positive impact of the current indicators or if uncertainty and volatility in the mortgage market will prevail. While the U.S. economic growth rate is predicted to settle upwards of 2.5 percent through 2024—a number above the long-term growth rate of 2 percent–what should be of interest to lenders during this time is the direction of in

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FTC issues annual ECOA report to CFPB

CFPB Monitor

On February 4, 2022, the FTC sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B. The Bureau includes the FTC’s annual letter in its own annual report to Congress on the ECOA. The FTC has authority to enforce the ECOA and Regulation B with respect to nonbank financial service providers within its jurisdiction.

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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.