Sat.Apr 15, 2023 - Fri.Apr 21, 2023

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Personalized Marketing: What Banking Customers Really Want

Perficient

The Landscape According to Forbes Advisor: 2022 Digital Banking Survey , as of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website. That’s a whole lot of consumers, all of whom come with unique expectations, needs, and data. And those consumers desire digital experiences that are personalized and meaningful. In fact, Gartner shares that brands risk losing 38 percent of customers from poor personalization efforts.

Marketing 294
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The ‘five Cs’ approach to managing risk

The Banker

A simple framework could help senior financial services leaders embed organisational resilience and proactively navigate the evolving risk landscape, according to Torry Berntsen.

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How To Improve Uninsured Deposit Performance

South State Correspondent

Focusing on uninsured deposit performance is a hot topic among investors, analysts, and regulators. The concern is grounded in data as higher balance accounts are more interest rate and risk-sensitive than lower balance accounts. While every bank is now tracking the general metric, only a few banks monitor deposit performance in the category. That is a mistake, as this segment is likely the segment where you can quickly improve deposit performance.

How To 195
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Credit card processor Nexway to pay $650K fine for fraud

Payments Dive

A court initially imposed a $49.5 million judgment against a group of Nexway companies over processing payments tied to tech support scams, but they’ll ultimately pay the smaller fine for defrauding consumers.

Fraud 367
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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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The Concentric Relationship Strategy in Banking

South State Correspondent

In recent articles ( here and here and here ), we discussed why banks that take risks to earn higher revenue demonstrate lower performance as measured by return on assets (ROA). Empirical evidence, historical bank failures, and common sense teach us that many risks do not translate to higher yields. We analyzed why pay-for-risk does not lead to higher performance, whether that risk is credit or interest rate risk.

Strategy 195

More Trending

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U.S. Treasury releases report and recommendations regarding vulnerabilities in decentralized finance

CFPB Monitor

On April 6, 2023, the U.S. Department of the Treasury released a report examining vulnerabilities in decentralized finance (“DeFi”), including potential gaps in the United States’ anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) regulatory, supervisory, and enforcement regimes for DeFi. The report concludes by making a series of recommendations, including the closing of “gaps” in the application of the Bank Secrecy Act (“BSA”) to the extent that certain DeFi ser

Report 148
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Same-day ACH payments soar

Payments Dive

The dollar value of same-day ACH payments nearly doubled in the first quarter as the volume increased 20.7%, Nacha said this week in a quarterly update.

Payments 545
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Bank Customer Experience Summit to tackle innovative banking/customer trends

ATM Marketplace

The Bank Customer Experience Summit will analyze the cutting edge of customer and banking trends and will be held in tandem with the Interactive Customer Experience Summit in Charlotte, North Carolina from Sept. 11 to 13.

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Pay Heed To The Markup In The Home Loan Interest Rate!

BankBazaar

The Reserve Bank of India (RBI) paused the repo rate at 6.50% this month. This is a good time to calculate the difference between the repo rate and your Home Loan rate. That number is essentially the markup on your Home Loan. Interest rates have been rising in lockstep with the repo rate. But the markup on those loans have fallen to a three-year low.

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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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Consumer Bankers Association Challenges CFPB Proposal to Lower Credit Card Late Fees

CFPB Monitor

On April 17, the Consumer Bankers Association (CBA) issued a news release responding to the CFPB’s proposal to lower the credit card late fee safe harbor amount to $8. The CFPB claims that, even though Congress banned excessive credit card late fees, credit card companies have exploited a regulatory loophole “to escape scrutiny for charging an otherwise illegal junk fee.” .

Cards 78
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NCR recovering from ransomware attack

Payments Dive

The payments processor hasn’t disclosed how many customers were potentially impacted by a ransomware attack that began affecting systems last week. NCR says more than 100,000 restaurant locations currently use its platform.

System 367
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Apple dives into banking: How can banks respond?

ATM Marketplace

Apple is offering a savings account with a 4.15% interest rate. How can banks respond?

Apple 132
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Home Loan spread & how it can lower your EMI

BankBazaar

As Home Loan rates continue to spike, borrowers need to understand all aspects of the Home Loan process to lower their EMI burden. In this article, we will discuss what a Home Loan spread is, and how it can affect your debt burden. Having a house of one’s own is something many of us aspire to. The BankBazaar Aspiration Index survey, the largest study of India’s aspirations through the lens of personal finance, also affirms the sentiment that homeownership is, indeed, a top priority among Indians

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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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CFPB pushes the ECOA coverage envelope again

CFPB Monitor

The CFPB has filed a Statement of Interest in a case pending before a Florida federal district court in which the plaintiffs allege that the defendant engaged in discriminatory targeting in violation of the Equal Credit Opportunity Act (ECOA). In Roberson v. Health Career Institute LLC , the plaintiffs are students at a for-profit nursing school who allege that the school engaged in various unfair and deceptive practices and other unlawful conduct in connection with enrolling students in and ope

Florida 78
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Synchrony signals openness to Walmart

Payments Dive

Despite a somewhat troubled past with Walmart, the card issuer appears to be raising its hand if the retailer is looking for a new credit card partner.

Cards 370
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The gravity of cross-border syndication ties in financial services trade

BankUnderground

Luke Heath Milsom, Vladimír Pažitka, Isabelle Roland and Dariusz Wójcik Exports of financial services decline with geographical distance at a rate comparable to that for international trade in goods (eg, Portes and Rey (2005) ). This is surprising since there are no transportation costs involved. The consensus is that distance is a proxy for information frictions.

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RBI Keeps Repo Rate Unchanged at 6.50% – Key Takeaways For The Common Man

BankBazaar

The Reserve Bank of India’s Monetary Policy Committee has decided to maintain the status quo on the key policy rates. The repo rate, which was at 6.50 has been left unchanged in today’s bi-monthly meeting, which is a welcome move. After increasing the repo rate by 250 basis points since May 2022, to curb inflation, the RBI has pressed pause on the repo rate hike to check the central bank’s progress thus far, sending positive sentiments across sectors.

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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 episode: A close look at generative artificial intelligence and what it means for the consumer finance industry, with special guest Alex Johnson, founder and author of Fintech Takes newsletter

CFPB Monitor

Our discussion focuses on generative artificial intelligence, a new and emerging category of AI. We first discuss what generative AI is, its use of large language models, and the role of supervised training in developing generative AI models. We then discuss the potential benefits and limitations of generative AI in the following use cases in the consumer finance industry: marketing, fraud management, underwriting, collections, customer service, and back office functions. .

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FedNow spurs industry intrigue

Payments Dive

Financial institutions, payments players and other businesses are being drawn in by FedNow, according to survey results presented at the Nacha Smarter Faster Payments conference.

Industry 261
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Game of Thrones stars challenge big banks over fossil fuel links

TheGuardian

Kit Harington and Rose Leslie attend ‘couples therapy’ in Richard Curtis film for Make My Money Matter The Game of Thrones stars and real-life couple Kit Harington and Rose Leslie are co-starring in a Richard Curtis short film highlighting the “toxic relationship” between UK high street banks and the fossil fuel industry. The Couples Therapy film is part of Curtis’s Make My Money Matter campaign to raise awareness of how consumers’ cash may be financing industries that are destroying the planet.

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How to get a Credit Card with a higher credit limit and attractive reward programs

BankBazaar

Before applying for any credit product, remember to check your eligibility and keep the required documents ready! Credit Cards are a hugely popular and convenient way of making payments. But how easy or difficult is it to get one? That depends on several factors. If you have a good Credit Score and a stable income source, you may get approved for a Credit Card with a high credit limit and attractive reward programs.

Cards 78
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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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Opt-Out Deja Vu? Pending Colorado legislation would opt out of federal law allowing interest rate exportation by state banks

CFPB Monitor

Legislation to opt out of a 43-year-old federal law allowing FDIC-insured state banks to “export” interest on interstate loans to the same extent as their national bank counterparts is quietly, but swiftly, working its way through the Colorado legislature. The bill has passed the House and is expected to be the subject of a hearing next week before a Senate Committee.

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Profits slip for Amex, Discover

Payments Dive

In light of rising charge-offs, the card companies on Thursday each reported adding to credit loss provisions. That put a dent in their first-quarter profits.

Cards 274
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India and Nepal to sign cross-border mobile payments agreement

The Paypers

The governments of India and Nepal have drawn up an agreement to launch the service that will let visitors to Nepal use Indian digital wallets for payments.

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Pay Heed to the Markup in the Home Loan Interest Rate!

BankBazaar

The Reserve Bank of India (RBI) paused the repo rate at 6.50% this month. This is a good time to calculate the difference between the repo rate and your Home Loan rate. That number is essentially the markup on your Home Loan. Interest rates have been rising in lockstep with the repo rate. But the markup on those loans have fallen to a three-year low.

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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.