Sat.Feb 05, 2022 - Fri.Feb 11, 2022

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5 major trends impacting the financial services industry

BankInovation

The COVID-19 health crisis has forced organizations to pivot to new ways of working. Companies and government agencies are fighting to maintain business continuity while helping their customers, employees and other stakeholders cope with the stress of a health crisis. For banks and financial services institutions, the pandemic has had a major impact on both […].

Trends 98
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The Bank Legacy Is Dead: Long Live the Fintech Collision

Gonzobanker

While AOBA 2022 had its share of execs wanting to “fake it until they make it” with future innovation, credit is due to the bankers who are pouring real financial investment into new fintech experiments. It’s been a long two years since bankers and investment bankers nationwide made their annual pilgrimage to the Arizona desert for the Acquire or Be Acquired conference – and ohhh man, a completely different world has emerged since the January 2020 get-together!

Fintech 167
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Transforming banking to adapt to the new world

Accenture

Ten years ago, the word “bank” evoked imagery of long lineups, heavy paperwork and months-long processing time. Fast-track to today, and customers want a one-stop solution to cater for an “on the move” lifestyle. Boundaries between differentiated services have blurred and customers’ expectations of banks go beyond their conventional financial needs to encompass all realms….

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7 Takeaways: “How GM Financial Elevates the Customer Experience With Journey Science”

Perficient

Perficient’s Kevin Colletti recently joined forces with Srini Alagarsamy and Patrick Daly from GM Financial, as well as Adobe’s Chris Young to present the webinar, “How GM Financial Elevates the Customer Experience with Journey Science.” In the webinar, the panelists discussed how having a firm grasp on journey science can help personalize the customer experience.

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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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FASB: No Delay for CECL Implementation Date

Abrigo

Firm deadline for CECL implementation set As expected, the FASB agreed to uphold CECL’s 2023 implementation date. You might also like " CECL Streamlined: A Webinar Series for 2023 Adopters". Register. Takeaway 1 The FASB agreed to uphold the 2023 implementation date for those that haven’t yet adopted the CECL standard. Takeaway 2 Some financial institutions had hoped for a delay, but a majority of members voted for a consistent accounting standard on schedule.

Resources 195

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Growth beyond digital banking: A new day dawns

Accenture

It’s time to stop talking about digital banking as though it’s an end game. Today’s digitalization is just the first step in the more holistic transformation to come. In the first of my focused insights on the Future of Banking, I’ll discuss a few of the meaningful changes banks need to undertake in order to…. The post Growth beyond digital banking: A new day dawns appeared first on Accenture Banking Blog.

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Market Commentary: Week of February 7, 2022

SWBC's LenderHub

Last Week. The best way to describe last week is, “the week of the hawk." On Thursday, the Bank of England became the first of the major central banks to raise policy rates 25 basis points with four members of the BOE’s committee calling for a 50-basis point hike. Not to be outdone, the uber-dove ECB signaled its readiness to remove extraordinary monetary accommodation, setting off a rout in European Government Bonds.

Marketing 147
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Beneficial Ownership & Due Diligence: Stepping Up Your Institution’s Information Collection Practices

Abrigo

AMLA will see changes in 2022 Now is an optimal time to evaluate the effectiveness of your beneficial ownership and due diligence program. . You might also like this webinar on the changes related to the AMLA. WATCH. Takeaway 1 In the aftermath of the Pandora Papers, AMLA heightened measures to discourage bad actors. Takeaway 2 Current beneficial ownership requirements emphasize the importance of knowing your customers.

Training 195
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“Powering Hybrid Work” in Financial Services

Cisco

The question that I get asked most often by financial services CXO’s is “how do we move beyond just ‘supporting’ Hybrid Work to ‘powering’ Hybrid Work with the right technology stack so that we can address the challenges of attracting and engaging an evolving workforce and keep the organization moving forward in an agile and sustainable way.”. Throughout the pandemic, financial services firms have been prioritizing health and safety of their employees by implementing hybrid work while abiding by

Security 150
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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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Closing the cloud value gap with FinOps

Accenture

Cloud adoption across all industries accelerated during the COVID-19 pandemic as organisations were forced to rapidly adjust their businesses and workplace models. As they move from a capital expenditures (CAPEX) model of IT spending to a more scalable and elastic operating expenses (OPEX) model, new functions and capabilities—as well as changes in culture—are required to….

Capital 251
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DOOH: A major opportunity for self-service still waiting to happen

ATM Marketplace

Owners and operators of self-serve kiosks, ATMs and vending machines are sitting on one of the biggest business opportunities that they may not even be aware of: digital-out-of-home advertising

ATM 130
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10 NBFI AML Compliance Essentials

Abrigo

What NBFIs Should Know About Their AML Programs NBFI AML compliance requirements are top of mind in today's regulatory environment. Here are 10 basics to ensure a sound program. You might also like this downloadable Customer Due Diligence Checklist. DOWNLOAD . Takeaway 1 NBFIs are agile and innovative and are competing head-to-head with traditional financial institutions.

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Ben Ottum Joins Merchants Bank as Mortgage Lender

MerhantsBanks

Ben Ottum has joined Merchants Bank as a Mortgage Lender, according to Larry Accola, President for Merchants Bank in Eau Claire. “Having someone with Ben’s experience and knowledge of the local housing market on our team will be a huge benefit to our customers looking to fulfill their home dreams through buying or building,” said […].

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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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Banks need impactful new ideas they can execute

BankInovation

Digital transformation, digital innovation, future proof — the list of buzzwords for the digitization of banking keeps growing. But banks are heavily regulated and typically saddled by legacy technology and processes. As a result, they simply can’t innovate like startups can and shouldn’t try. When people hear the word innovation they imagine a world-changing invention. […].

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Examining the current state of payments, labor for ATMs in 2022

ATM Marketplace

A lot has changed in the past 50 years since the ATMs first came to market, especially in the last two years with the pandemic.

ATM 111
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FICO Fact: How Alternative Data Enhances the Accuracy of Consumer Credit Profiles

FICO

When we talk about alternative data, we focus on how it can help bring millions more people into the mainstream credit ecosystem. An important benefit of finding new broad-based data sources and incorporating them into widely-used credit scoring models is the ability to provide greater visibility into the overall profile of an applicant population. FICO® Score XD 2 allows for exactly that.

Data 98
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UK online shoppers face more identity checks as new anti-fraud rules kick in

TheGuardian

Under changes coming in on 14 March, retailers will have to verify customer is who they claim to be Online shoppers in the UK can expect more identity checks – and probably more card-declined messages – over the coming weeks, as retailers get ready for new anti-fraud rules that come into force on 14 March. Buyers have already started seeing more requests to verify their ID as payments providers and retailers adopt the new strong customer authentication (SCA) rules.

Fraud 97
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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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Mass digital and mobile banking fosters surge in account takeover fraud

BankInovation

The surge in digital and mobile banking adoption has led to an increase in fraudsters deploying more account takeover (ATO) attacks. Digital is a low-risk, high-reward environment for cyberattacks, Andy Renshaw, senior vice president at fraud and risk management company Feedzai, told Bank Automation News. Account takeovers increased threefold between 2019 and 2021, according to […].

Fraud 98
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CFPB highlights changes in VA medical debt credit reporting practices as precedent for broader healthcare industry

CFPB Monitor

In a blog post , the CFPB reported that the Department of Veterans Affairs (VA) has announced a change to when it will report information on outstanding medical bills to consumer reporting companies. Under the new VA rule, the VA will only report medical debt that meets all of the following standards: The VA has exhausted all other debt collection efforts, The VA has determined the individual responsible is not catastrophically disabled or entitled to free medical care from the VA, and.

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Consumer Credit Is on the Rise—What It Means for Your Borrowers

SWBC's LenderHub

As we kick off 2022, pandemic blues are still very much part of our daily lives and many Americans are contributing to the economic recovery by spending their feelings. They’re buying more cars (or trying to, with current semiconductor shortages), finally taking COVID-rescheduled vacations, and returning to retail shops and movie theaters.

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Easy Hacks To Master Your Money This Year

BankBazaar

The journey to mastering your money starts with the first step – smart saving. Take those baby steps today with these simple practices. A penny saved is a penny earned as the saying goes. However, if this is easier said than done for you, here are a few easy ways to start taking those baby steps towards building your savings this year. If you’re someone who is regularly turning out your bare pockets towards the end of every month and eagerly awaiting a fresh infusion of cash in the form of your

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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KeyBank extends long-term partnership with migration to Google Cloud

BankInovation

KeyBank will use automations to migrate its platforms and applications to Google Cloud. The multiyear partnership announced last week will give the bank access to Google’s advanced data and artificial intelligence (AI) technologies. Migrations come with challenges, but the $186.3 billion bank already has established a program with several workstreams to manage aspects of the […].

Google 98
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CFPB and other federal agencies address appraisal discrimination

CFPB Monitor

The CFPB’s Fair Lending Director, together with senior officials from other federal agencies, have sent a letter to The Appraisal Foundation (TAF) commenting on proposed changes to the Uniform Standards of Professional Appraisal Practice (USPAP). (TAF is a private, non-governmental organization that sets professional standards for appraisers.) The other agencies joining in the letter are the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation

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Sluggish deposit rates and the effects of monetary policy

BankUnderground

Alberto Polo. Could the slow response of deposit rates to changes in monetary policy strengthen its impact on the economy? At first look, the answer would probably be ‘no’ Imperfect pass-through of policy to deposit rates means that the rates on a portion of assets in the economy respond by less than they could. But what if this meant that the rates on other assets responded by more?

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Will countries adopt bitcoin as official currency?

ATM Marketplace

Will countries begin to adopt bitcoin as official currency? Some already are making the leap.

Bitcoin 105
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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.