Sat.Mar 16, 2024 - Fri.Mar 22, 2024

article thumbnail

A third of banks ban employees from using gen AI. Here's why.

American Banker

False information, job losses, diminishing skills and human interaction, among other concerns, have bankers worried about deploying both generative artificial intelligence, like ChatGPT, and more long-accepted forms of AI like machine learning, according to a new survey of American Banker readers.

Survey 92
article thumbnail

Now is the time to reimagine wealth management

BankInovation

The Music is Starting to Stop Recent years have been extremely lucrative for wealth advisors; both the independents and full-freight firms. Low cost of capital, booming public markets, and a growing desire to diversify into new products are all ways wealth management firms can grow AUM and, as a result, grid payouts.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Points Guy on the Credit Card Competition Act: ‘It’s ridiculous’

ABA Community Banking

The new routing mandate would reduce the revenue that banks receive for processing credit card transactions, forcing banks to reduce the popular rewards and benefits that revenue supports. The post The Points Guy on the Credit Card Competition Act: ‘It’s ridiculous’ appeared first on ABA Banking Journal.

Cards 52
article thumbnail

3 technologies that are disrupting finance

Payments Dive

Soon, all payments will begin and end with software. Which innovations should companies prioritize now?

article thumbnail

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

article thumbnail

Charm Pricing in Banking: How To Use The Left Digit

South State Correspondent

Most banks completely ignore odd digit pricing. Instead of offering that competitive commercial loan for 7.00%, you offer the loan for 6.99%. Conversely, in a non-competitive situation, instead of offering a 6.20% rate, you offer a 6.23% rate and pick up three basis points per year. However, those banks that do are religious about it and as a result, it ends up increases their product acceptance rate and increasing margin.

How To 195

More Trending

article thumbnail

DOJ launches whistleblower pilot program and cracks down on artificial intelligence misuse

CFPB Monitor

Following a year of new DOJ policies and guidance designed to incentivize companies to self-report misconduct and to cooperate with government investigations, the DOJ has added a new pilot whistleblower rewards program. In their remarks at the American Bar Association’s 39 th Annual National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco and Acting Assistant Attorney General Nicole Argentieri both explained that the new whistleblower policy is designed to incent

Policies 109
article thumbnail

Fed banks analyze consumer use of card promos

Payments Dive

New research from the Philadelphia and Boston Feds finds that consumers are cycling through low APR credit card offers.

article thumbnail

Are U.S. banks ready for a major ACH outage?

American Banker

In a simulation exercise hosted by the Global Resilience Federation on Tuesday, banks and credit unions tested their ability to withstand an industrywide wiperware attack.

article thumbnail

Cross-Selling and Upselling – 2 Drivers of Relationship Profitability

South State Correspondent

In two previous articles ( here and here ) we discussed how loan size and loan term affect the profitability of commercial loans. We continue this theme of major drivers of loan and bank profitability and discuss the importance of cross-selling and upselling, and its impact on bank performance. In this article, we consider the common features of upselling and cross-selling.

article thumbnail

New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.

article thumbnail

Perficient Recognized in Forrester’s Automation Fabric Services Landscape, Q1 2024 Report

Perficient

In an era where automation plays a pivotal role in reshaping businesses, selecting the right partner for automation fabric services is critical. Forrester’s report, The Automation Fabric Services Landscape, Q1 2024, offers insights into the evolving landscape and recognizes notable providers in the industry. Perficient is listed among these notable providers as a large automation fabric consultancy, with an industry focus in financial services, healthcare, and manufacturing/production of c

Report 275
article thumbnail

Digital wallets to overtake debit cards in stores: report

Payments Dive

Having already dominated e-commerce transactions, digital wallets are projected to overtake at least one traditional form of payment in stores, according a Thursday report by Worldpay.

Report 435
article thumbnail

Guest Post: Financial Markets and Economic Update - First Quarter 2024

Jeff For Banks

Four Years Ago It was on March 11 th , four years ago in 2020, that the WHO declared a global pandemic due to the Covid virus threat that originated in China. Our lives changed forever from this whole experience of the government’s declaration of a national emergency, leading to forced shutdowns of businesses and schools, mandated mask wearing, forcing 6-foot distances between people, travel restrictions, fear mongering with case and death counts, and forced vaccines/boosters.

Marketing 146
article thumbnail

KeyBank 2-3 years from gen AI features for customers

BankInovation

Both KeyBank and PNC Bank are exercising caution in how they roll out generative AI to their customers. The models need to be refined for accuracy before consumers can be the “prompters,” or questioners, for gen AI-driven features, Dominic Cugini, chief transformation officer at $185 billion KeyBank, said at Bank Automation Summit U.S.

Exercises 113
article thumbnail

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

article thumbnail

AI will transform banking

ATM Marketplace

Banks can use AI to improve customer experiences and provide a more personalized touch to their services, to streamline bank branch management and bolster security, creating the bank of the future.

article thumbnail

Meta’s payment plays may pay off this year: report

Payments Dive

A partnership between tech giants Meta and Amazon “could represent the tipping point of transforming social media into a transaction platform,” Mizuho Securities analysts said in a report this week.

article thumbnail

Banks driving increase in global meat and dairy production, report finds

TheGuardian

Financiers providing billion-dollar support for industrial livestock companies to expand leading to unsustainable rise in production Billion-dollar financing is driving unsustainable increases in global meat and dairy production, a report has found. Global meat production rose 9% between 2015 and 2021, the report said, while dairy production increased 13% in that time.

Report 111
article thumbnail

LemonadeLXP wins inaugural Demo Challenge

BankInovation

NASHVILLE, Tenn. — Digital banking service provider LemonadeLXP won the inaugural Demo Challenge at Bank Automation Summit U.S. 2024. Nine financial services technology startups showcased their latest innovations with technology leaders and executives at the March 19 event.

Nashville 111
article thumbnail

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.

article thumbnail

Fed's Barr working with Powell to find consensus on Basel III

American Banker

The Federal Reserve's vice chair for supervision says the board is discussing ways to address the various concerns banks have raised about the capital reform proposal.

Capital 99
article thumbnail

3 pieces of modern infrastructure needed to manage tech-disrupted finance flows

Payments Dive

Soon, all payments will begin and end with software. Which innovations should companies prioritize now?

article thumbnail

Turkish central bank stuns market by hiking interest rates to 50%

TheGuardian

Hawkish rise 10 days before local elections is seen as a signal of independence from politics Turkey’s central bank unexpectedly raised interest rates to 50% on Thursday, citing a deteriorating inflation outlook and pledging to tighten further if it looks like inflation is significantly and persistently worsening. The hawkish move came 10 days before local elections and was seen by analysts as a signal that the central bank was independent from any political constraints and determined to tackle

article thumbnail

Fifth Third CIO: Chatbot 97% accurate in classifying customer intent

BankInovation

NASHVILLE, Tenn. — Fifth Third Bank says that added efficiencies to its chatbot have boosted its accuracy rate as it leans into generative AI.

Nashville 113
article thumbnail

Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

article thumbnail

Banking on AI: How financial institutions are deploying new tech

American Banker

Lack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use AI, according to data from Arizent.

Tools 95
article thumbnail

FreedomPay doubles down on gateway focus

Payments Dive

The company, which provides point-of-sale payments and other technology services to merchants, isn’t interested in handling acquiring, said President Chris Kronenthal.

article thumbnail

HSBC urges investors to back AGM vote opening way to higher bonuses

TheGuardian

London-headquartered lender wants to take advantage of UK’s decision to scrap bonus cap Business live – latest updates HSBC is urging shareholders to back a vote at its annual meeting that would open the door to bigger bonuses for its highest-earning bankers. The London-headquartered lender wants to take advantage of the UK’s decision to scrap the banker bonus cap , which was introduced after the 2008 financial crisis and limited bonuses at twice an individual’s base salary.

Meeting 87
article thumbnail

Bank of America’s CashPro Chat reaches 60% adoption

BankInovation

NASHVILLE, Tenn. — CashPro, Bank of America’s business banking platform, is seeing increased adoption as features and services are added.

Nashville 108
article thumbnail

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