Accenture
DECEMBER 13, 2021
As banks turn to the cloud to transform their operations and catalyze growth, many are still searching for silver linings. Our multi-sector survey, Modern Cloud Champions, found that 65% of banks are not capturing the full value they expect from the cloud. Some of the most common barriers banks run into on the way to cloud transformation are talent and ways of….
Perficient
DECEMBER 15, 2021
Bank of America is ready to compete with Venmo by introducing a Zelle widget. The Zelle widget can be added to the home screen of a mobile device, similar to a weather widget, so that bank customers can send money. While the widget eliminates the need to open BofA’s mobile banking app, users must have the BofA mobile app installed and authenticate their identity through biometrics or passwords.
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Abrigo
DECEMBER 17, 2021
Components of an effective fintech partnership If leveraging new technology is a priority for your FI, ensure these three elements are present for an effective fintech partnership. . Learn top best practices for leading a successful software implementation. DOWNLOAD WHITEPAPER . Takeaway 1 Having a cohesive vision from the top down is critical to a culture of innovation and the successful adoption of new software. .
Gonzobanker
DECEMBER 17, 2021
“Accomplishing the impossible only means that it will get added to your regular duties.” –Doug Larson. Gonzo readers, 2021 was just plain schizophrenic. It was a very mixed year in terms of change, expectations, and results. Covid was supposed to be controlled, except it wasn’t. It accelerated the customer move to digital and the employees’ move to some kind of work-at-home arrangement, at least in part.
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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
Accenture
DECEMBER 15, 2021
The fintech revolution is here: Over $34 billion of venture-capital funding went to fintechs in the second quarter of 2021. As technology continues to disrupt the traditional way of doing things and innovation moves at an increasing pace—some say a “frenetic” pace—the leaders of the financial services industry will need to move fast to respond.…. The post Innovation with techquisition: Getting it right appeared first on Accenture Banking Blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
DECEMBER 17, 2021
Prepare for Future Staffing Needs Now As we transition to 2022, now is the perfect time to analyze current staffing levels at your financial institution. . Would you like other articles like this in your inbox? Takeaway 1 Strengthen your financial institution's culture of compliance through a staffing assessment. Takeaway 2 Now is the time to analyze staffing levels and the risk of losing valuable members of your team. .
Jack Henry
DECEMBER 14, 2021
As we continue marching towards final adoption of FASB’s ASC-326 (a.k.a., Current Expected Credit Loss, or CECL for short) in January 2023, community banks and credit unions are fully engaged. When CECL was first released back in 2016, the prevailing thought was that achieving compliance basically meant choosing a model and filling it with data. Everyone thought the biggest challenge would be figuring out how to bridge the gap between the allowance for loan and lease losses (ALLL) calculated by
Accenture
DECEMBER 14, 2021
The small-and medium-sized enterprises (SMEs) landscape has been significantly altered over the last two years. Many businesses struggled, others adapted and innovated, and many new SMEs were born during the pandemic. Regardless of whether they thrived or neared failure, all of them are now counting on banks to help build for the future as the…. The post How can banks support small business recovery??
CFPB Monitor
DECEMBER 16, 2021
The FTC’s recently updated rule implementing GLB standards for safeguarding customer information replaces the flexibility previously given to financial institutions in developing an information security program with new prescriptive requirements. Our discussion topics include what these new requirements mean for specific aspects of such programs, assigning employee responsibility, conducting risk assessments, installing access controls, using encryption, and who is covered by the rule.
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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
ATM Marketplace
DECEMBER 14, 2021
Payments have gone through a transformation in the last two years. With COVID-19, customers have increasingly adopted other payments methods such as digital wallets; however, these payment options come with a variety of challenges for retailers and businesses such as fraud.
BankUnderground
DECEMBER 15, 2021
Before Bank Underground goes off on its Christmas holidays, it’s time for the Annual Bank Underground Christmas Quiz! We hope you enjoy testing your knowledge on our festive themed questions on economics, finance and all things central banking…. 1) The G-funk classic ‘Regulate’ was a 1994 hit for whom? Please view this post in your web browser to complete the quiz. 2) Ebenezer Scrooge’s creditworthiness at which Square Mile financial institution is mentioned in the opening lines of Charles Dicke
Accenture
DECEMBER 15, 2021
As a child of the ’80s, I loved the “choose your own adventure” books. The idea that, as a child, I could control the outcome of the story I was reading was simply mind-blowing. Therefore, with ’80s-themed nostalgia seemingly everywhere at the moment, I thought I would add my own personal ’80s reference and apply…. The post Choose your own adventure: A digital lending story appeared first on Accenture Banking Blog.
TheGuardian
DECEMBER 13, 2021
Bradford jeweller deposited £365m with bank over five years, some of it delivered in bin bags NatWest has been fined more than £264m after admitting breaching anti-money laundering regulations. The Bradford jeweller Fowler Oldfield’s predicted annual turnover was £15m when first taken on as a client, but it deposited £365m with the bank over a five-year period, including £264m in cash, some of which was brought to a branch in bin bags.
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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.
ATM Marketplace
DECEMBER 17, 2021
With 2022 upon us, we have to ask: what role will bank branches play in the new year? And what role will self-service solutions like ATMs play in these branches?
BankInovation
DECEMBER 17, 2021
HSBC and Wells Fargo are performing Payment vs Payment (PvP) foreign exchange trade settlements using distributed ledger technology. The system had settled $250 million as of close of business Wednesday, according to Mark Williamson, global head of FX Partnerships and Propositions at HSBC. The solution can settle in as little as three minutes, according to […].
Accenture
DECEMBER 13, 2021
Everything has changed with the pandemic. Now is the moment for bank marketers to evolve, meeting new expectations and finding meaningful ways to connect to their customers. According to The Great Marketing Declutter, nearly 70% of marketing executives say the past year has completely exhausted their teams. However, a small group — 17% of the…. The post Banking with personality: Advice for CMOs from Thrivers appeared first on Accenture Banking Blog.
BankDeals
DECEMBER 13, 2021
Advia Credit Union has raised the rates on its 48-month and 60-month Advantage Plus Reward CDs to excellent levels. $500 min opening deposit, with no stated balance cap.
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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.
TheGuardian
DECEMBER 15, 2021
If a bank involved in initiative decides to close a branch, it will inform ATM network Link Major UK banks have agreed to join forces and share services to help people and businesses to continue to be able to access cash. Barclays, HSBC UK, Lloyds Banking Group, Nationwide building society, NatWest, Santander UK, TSB and Danske Bank have agreed to the new approach, with some other firms also considering joining up.
BankInovation
DECEMBER 17, 2021
Bitcoin white-label service provider NYDIG announced Tuesday that it raised $1 billion in a private equity round, propelling the firm to a $7 billion valuation. The funding round comes on the heels of partnership announcements with a range of companies, including with core providers FIS, Fiserv and Jack Henry, and digital banking platforms such as […].
Accenture
DECEMBER 14, 2021
Today’s world of operational risk for banks is much different from what it was two years ago. More complex. More volatile. And moving faster, according to our global risk research. In fact, 77% of risk leaders we surveyed believe that complex, interconnected new risks are emerging more rapidly than ever before. Yet fewer than a…. The post Navigate risk and thrive with intelligent banking operations appeared first on Accenture Banking Blog.
Banking Exchange
DECEMBER 13, 2021
SPCP’s could help address racial and ethnic homeownership as well as wealth gaps Compliance Duties Feature Feature3 The Economy Community Banking.
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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.
CFPB Monitor
DECEMBER 15, 2021
In the last two weeks, both the CFPB and OCC have been critical of bank overdraft practices and the CFPB has warned of enhanced supervisory and enforcement scrutiny. The potential costly impact that such increased scrutiny could have on private litigation is demonstrated by the recent proposed settlement in Lowe v. NBT Bank, N.A. , a class action lawsuit pending in a New York federal district court.
BankInovation
DECEMBER 16, 2021
The digital ledger technology hits keep coming this month as HSBC and IBM today announced they’ve successfully used distributed ledger technology to conduct wholesale central bank digital currency (CBDC) transactions, including foreign exchange settlements and end-to-end securities transactions. The initiative started in March as part of a program sponsored by Banque de France, the central […].
Jeff For Banks
DECEMBER 15, 2021
Chris Nichols from Southstate Bank Correspondent Bank Division recently wrote an excellent piece about branch profitability, a subject near and dear to my heart because it is one of our core competencies at my firm, The Kafafian Group, Inc. In that piece, titled Branch Profitability in 7 Steps Using Data, Step 1 was start with Potential Branch Profitability.
Banking Exchange
DECEMBER 15, 2021
Small businesses rely heavily on loans or lines of credit for capital funding, research suggests Community Banking Feature3 Feature Financial Trends Lines of Business PPP Small Business.
Advertiser: Data Robot
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.
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