Sat.Jul 24, 2021 - Fri.Jul 30, 2021

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A Tale of Two Models: How the Pandemic Affected Allowance Levels Under CECL and Incurred Loss Models

Abrigo

How the pandemic affected the allowance under the two models Abrigo analyzed proprietary loan-level data from FIs operating under the two different models and found contrasting stories of how reserve and provision levels progressed after the pandemic began. Would you like other articles like this in your inbox? Takeaway 1 Allowance levels jumped in Q1 2020 for SEC filers due to the transition to CECL and the start of the pandemic, but FIs began releasing reserves in Q1 2021 as conditions improve

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Achieving Data Democratization in Financial Services (Part 4 of 4)

Perficient

Over the last three blog posts, we discussed the importance of data democratization in financial services. Today, we want to share a few final words. To maximize the value of data resources, they must be discoverable by those who require the information. Once a needed data source is identified, it is best to have an automated approach to request requisite entitlements and a framework to access the information through various means—all while adhering to the firm’s data policy and security constru

Data 309
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What Trends are Driving Branch Closure, Transformation?

ATM Marketplace

In response to changing trends and COVID-19, many banks have to make a choice around whether to close the branch or transform it

Trends 131
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Accelerate your bank’s cloud transformation with the three As

Accenture

Banks around the world right now are racing to the cloud. Are the winners of the race already too far ahead to catch? In my previous posts in this series, we’ve looked at the forces driving most banks to kick their cloud transformation journeys into high gear. We’ve also looked at the talent and people…. The post Accelerate your bank’s cloud transformation with the three As appeared first on Accenture Banking Blog.

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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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Bankers Are Caught in a Revenue Recession

Gonzobanker

Short-term moves to fill earnings shortfalls on the backs of customers will backfire spectacularly. “Remind people that profit is the difference between revenue and expense. This makes you look smart.” – Scott Adams, Dilbert Creator. The nation’s banking professionals have more than just “Zoom gloom” these days. The bottom line is this: folks are working harder than ever and dealing with more daily stress – all to generate less revenue.

Strategy 158

More Trending

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Maryland federal court dismisses putative class action alleged age-related discrimination by landlords based on targeted Facebook advertisements

CFPB Monitor

A Maryland federal district court has dismissed a putative class action lawsuit filed against nine companies that manage apartment buildings in the Washington, D.C. area by a 55-year old prospective tenant who alleged the defendants engaged in unlawful “‘digital housing discrimination’” by routinely and intentionally excluding older people from receiving Facebook advertisements for their apartment complexes in the D.C. area.

Maryland 148
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Market Commentary: Week of July 26, 2021

SWBC's LenderHub

Last Week. Another week, another new all-time high for stocks. Equities plunged at the beginning of the week. The S&P 500 dropped 1.6% on Monday as risk assets reacted to the very real risk of the COVID-19 Delta variant causing havoc and snuffing out the recovery. However, by Tuesday, the buy dip crowd came in like gangbusters, taking both the S&P 500 and the NASDAQ 100 up to new all-time highs by Friday.

Marketing 148
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How branches are embracing next gen technology

ATM Marketplace

Technology is continually advancing as every industry deals with unique challenges. Banks and financial institutions are no exception. Banks are dealing with automation, regulation, digitalization and disruption to meet with the needs of customers. The traditionally slow moving industry is now changing rapidly.

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Slow recoveries, endogenous growth and macroprudential policy

BankUnderground

Dario Bonciani, David Gauthier and Derrick Kanngiesser. Following the global financial crisis in 2008, central banks around the world introduced tighter banking regulations to increase the resilience of the financial sector and reduce the risks of severe financial disruptions during economic downturns. This fact has motivated a large body of literature to assess the role that macroprudential (MacroPru) policies play in mitigating the severity of recessions.

Policies 101
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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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HSBC faces questions over disclosure of alleged money laundering to monitors

TheGuardian

Bank was under supervision by US Department of Justice-appointed team because of previous violations HSBC discovered a suspected money laundering network that received $4.2bn (£3bn) worth of payments, it has emerged, raising questions over whether it disclosed the information to US monitors who at the time were ensuring the bank cleaned up its act. Insiders who spoke to journalists as part of a joint investigation by the Guardian and the Bureau of Investigative Journalism, have suggested that HS

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Listen: How the FDIC and Duke University drive bank innovation

BankInovation

In a strategic partnership to support technological innovation in the banking and financial services sectors, the Federal Deposit Insurance Corporation (FDIC) and Duke University’s Pratt School of Engineering recently announced an agreement to collaborate on artificial intelligence, risk management, quantitative research and cybersecurity at the FDIC and U.S. banks.

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Merchants Financial Group, Inc. Announces Earnings of $18.16 Million through Second Quarter of 2021

MerhantsBanks

Merchants Financial Group, Inc. (MFGI) announced net income of $18,157,527 through the first two quarters of 2021, according to MFGI President & CEO Gregory M. Evans. Performance was driven by the Bank’s active involvement in the origination of Small Business Administration (SBA) Paycheck Protection Program (PPP) loans for small businesses throughout the region and continued […].

Groups 98
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White Paper: Cloud AdNet

ATM Marketplace

"eKassir Cloud AdNet" is an universal digital service that delivers a flexible way to manage advertising content or personal ads at ATMs and kiosks. This service allows bank employees to run target advertising campaigns, to collect statistical data of these campaigns and customize the User Interface promptly without IT specialist support.

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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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Starling Bank attracts switchers as Tesco plans to shut current accounts

TheGuardian

App-based lender emerges as biggest winner in new figures, with Virgin Money also making sizeable gains Starling Bank is proving to be one of the big winners in the battle for current account customers, it emerged this week. And the app-based bank could recruit even more after it was announced on Monday that Tesco Bank is closing all of its customers’ current accounts from the end of November.

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State Street to offer crypto services to private-fund clients

BankInovation

State Street Corp. is set to offer cryptocurrency reporting, reconciliation and processing services to its private-fund clients in the latest sign that digital assets are gaining acceptance on Wall Street. The firm is partnering with Lukka Inc., a provider of middle- and back-office crypto software, for the fund-administration services, State Street said in a statement […].

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New York federal court dismisses six class action cases alleging FDCPA violations in reliance on Hunstein

CFPB Monitor

A New York federal district court has dismissed for lack of Article III standing six class action cases alleging that debt collectors violated the FDCPA by sharing data about the plaintiffs’ debts with mailing vendors. In making these claims, the plaintiffs relied on the Eleventh Circuit’s ruling in Hunstein v. Preferred Collection and Management Services that a debt collector’s transmittal of debt information to its letter vendor could violate the FDCPA’s limits on third party communications.

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Tossing the Paper to Compete

Jack Henry

When was the last time you pulled out a paper roadmap to navigate to your destination? Or the last time you went into an insurance agent’s office for a quote on a policy? Can you even remember? Neither can I! These days, we go online with our computer or smartphone to get instant directions, advice, and pricing whenever we like. Technology has permanently altered what we as consumers want and expect from those we choose to do business with.

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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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Barclays refuses to hand over £4,000 after Brexit account closure

TheGuardian

My mother in Italy was told her account was to be closed after 40 years. Now she can’t retrieve the balance Can you ask Barclays why it refuses to hand over the balance of my mother’s bank account which it insisted she close after 40 years? She is 83 and lives in Italy. She was told last September that the bank was closing her account on 28 December because of Brexit.

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Chatbot Startup Gupshup Raises $240 Million for Growth Push

BankInovation

Messaging bots developer Gupshup raised $240 million in fresh funding, the second cash injection within a few months as the startup accelerates its expansion. Fidelity Management & Research, Tiger Global and Think Investments participated as investors, the company said Wednesday in a statement. The fundraising follows a $100 million round in April — the first […].

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CFPB warns consumers of risks of buy-now-pay-later credit

CFPB Monitor

In a blog post published earlier this month, the CFPB warns consumers of the risks of buy-now-pay-later (BNPL) credit. The blog post was likely triggered by the spike in the use of BNPL during the COVID-19 pandemic referenced in the blog post. In explaining how BNPL works, the CFPB indicates that when making a purchase using BNPL, the consumer selects that option at time he or she checks out online or in an app.

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85+ Companies Reshaping The B2B Payments Tech Landscape

CB Insights

Fintech solutions geared toward businesses of all shapes and sizes are rapidly gaining traction. FREE DOWNLOAD: STATE OF FINTECH q2’21. Q2’21 was the largest funding quarter on record. Download the report to learn more. First name. Last name. Email. Company Name. Job Title. Phone number. Want the full expert post? Become a CB Insights customer.

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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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What are the best debit cards for your kids to spend safely?

TheGuardian

From the new HyperJar service to 1.5m member-strong gohenry, pocket money apps are booming. We assess how they stack up The various lockdowns have meant many youngsters have had less opportunity to go out and spend their pocket money. This week it was claimed that children in the UK have “squirrelled away” £38m during the pandemic, which is waiting to be spent.

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API vulnerabilities exposed for financial services institutions

BankInovation

Attacks that exploit application programming interfaces (APIs) are on the rise, resulting not just in stolen data, but compromised systems and even attacks on accounts, experts say. APIs are commonly used to connect banking applications to fintech and data services. A number of high-profile attacks recently have leveraged API vulnerabilities, Roey Eliyahu, CEO and co-founder […].

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Nevada Governor approves bill requiring translated documents for consumer financial services transactions, including credit cards and auto title loans

CFPB Monitor

A new Nevada law that becomes effective on October 1, 2021 requires translated documents to be provided to consumers by businesses that advertise and negotiate transactions covered by the law in a language other than English (or allow their agents or employees to advertise and negotiate in a language other than English). A knowing violation of the new requirement is deemed a deceptive trade practice under Nevada’s UDAP law and non-compliance allows “the aggrieved party” to rescind the transacti

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Insurance Tech Q2 2021

CB Insights

Global insurtech funding is shattering previous records. In the first half of 2021, insurtechs raised $7.4B — surpassing the $7.1B raised for all of 2020 by more than $300M. In Q2’21, we witnessed the largest quarter-on-quarter funding increase since Q3’18. Specifically, global insurtech funding ballooned to over $4.8B, representing a 89% increase from Q1’21 and a 210% increase compared to the same period last year.

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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.