Sat.May 25, 2024 - Fri.May 31, 2024

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Debit cards face rising digital wallet competition

Payments Dive

Roughly 72% of consumers say they swipe, dip or tap a debit card at the point of sale, a larger portion than credit cards, checks and digital wallets, according to a consumer survey by research firm J.D. Power.

Cards 435
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Exploring Industry Shifts in Banking Compliance at XLoD

Perficient

Our banking risk and regulatory experts are excited to attend the upcoming XLoD Global event in New York on June 11th. What is XLoD Global? The world’s leading financial institutions and regulators come together at XLoD to discuss the future of non-financial risk and control. Representatives from all three lines of defense—operational management, risk management/compliance, and internal audit—attend to present, discuss, and learn about industry shifts that are impacting risk and regul

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Elder fraud: Preventing elder financial exploitation at your institution

Abrigo

Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. Would you like other articles on BSA/AML training in your inbox? Takeaway 1 Elder abuse, exploitation and fraud continue to rise as the baby boomer generation ages. Takeaway 2 Learn to recognize common types of elder abuse and the red flags that may accompany them.

Fraud 222
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ERC for Banks – Told You Are Not Eligible? Find Out

South State Correspondent

In discussing ERC (Employee Retention Credit) with banks over the last year, we discovered a common theme. Most banks have either been told they are not eligible or come to this conclusion on their own because they did not experience a decrease in revenues. Many banks performed better than expected during the pandemic due to offering paycheck protection program (PPP) loans.

Georgia 195
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Case Study: First Mid Bank Fast-Tracks New Market Entry in Commercial Lending

Discover First Mid Bank's Expansion Success with Our Case Study! Discover how First Mid Bank & Trust fast-tracked market expansion through advanced automation and compliance solutions. This case study reveals their journey from facing challenges in Texas' complex legal landscape to achieving rapid market entry with GoDocs' innovative commercial closing platform.

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We Need a New Funding Strategy

Jeff For Banks

In December 2021, when the Fed Funds Rate stood at 0-25 basis points and prior to the Fed's tightening beginning in the first quarter of 2022, there were $18.2 trillion in domestic deposits, according to the FDIC's Statistics at a Glance. In December 2023, a full three quarters after the Fed paused its tightening of the Fed Funds Rate (QT continued), domestic deposits stood at $17.3 trillion.

Strategy 106

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Four ways generative AI will transform commercial banking

Accenture

We’re all still trying to get our heads around the big question confronting all commercial bankers right now: how and where will generative AI have the greatest impact? In our recent analysis of the top trends shaping the industry in 2024, we argue that each one is influenced to some degree by generative AI. In… The post Four ways generative AI will transform commercial banking appeared first on Accenture Banking Blog.

Analysis 233
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Get This Fixed vs. Floating Loan Calculator to Help Borrowers

South State Correspondent

Most borrowers are implicitly expressing a view that interest rates will be lower in the future than the current market expectation. This view is reflected by a sharp decrease in the average contractual loan commitment term at community banks and an increase in floating vs. fixed rate structures. Borrowers are choosing short-term financing in anticipation of the Federal Reserve embarking on an interest rate-cutting cycle.

Analysis 195
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How vertical integration elevates customer journeys to new heights

ATM Marketplace

At a time when a seamless customer journey is more important than ever, vertical integration allows organizations to prioritize customization, increase connectivity and develop software and hardware systems that keep customers happy and engaged.

Software 123
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Visa preps for US pay-by-bank services

Payments Dive

The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.

US 459
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Exploring the Liability Shift: A Comprehensive Guide to Fraud Loss Responsibility and Mitigation

Shifting liability for digital fraud losses represents a significant challenge for financial institutions and payment service providers. In response to the global surge in digital fraud, regulators are introducing policies that transfer the cost of fraud from defrauded customers to financial institutions. ThreatMark’s newly released white paper, "The Liability Shift: Understanding Fraud Losses Responsibility and Mitigation," provides an in-depth analysis of this shift, its implications, and stra

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BMO leans into cloud modernization, AI in Q2

BankInovation

BMO continued to deliver on its digital-first agenda during its fiscal second quarter 2024 with AI, data and overall modernization at the forefront of its efforts.

Analytics 120
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Ex-CEO of failed bank pleads guilty after losing $47M in crypto scheme

American Banker

Shan Hanes, who led Heartland Tri-State Bank in Kansas until it failed last year, pleaded guilty to one count of embezzlement by a bank officer. He now faces up to 30 years in prison. He is scheduled to be sentenced on Aug. 8.

Kansas 94
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Is biometrics the answer to ATM security issues?

ATM Marketplace

When asked by a reporter why he robbed banks, Willie Sutton famously replied: "Because that's where the money is." Can biometrics prevent would-be-thieves from stealing from ATMs?

ATM 89
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Klarna uses AI to cut marketing costs

Payments Dive

The Stockholm-based buy now, pay later company said more than a third of its first-quarter savings on sales and marketing expense was attributable to artificial intelligence.

Marketing 397
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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

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The Problem With Customer Opinion Surveys and Strategy

Alex Jimenez

For the past few years I’ve noticed that more and more banking and banking technology articles about the future of banking seem to be informed by dubious claims. The writers derive these claims from customer opinion polls and immediately jump to conclusions without understanding survey methodology. Some researchers and consultants conduct customer opinion surveys with biased questions and limited responses.

Survey 87
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Is Walmart ready to take on banks after its divorce from Capital One?

American Banker

The retail giant has scrapped its credit card partnership with Capital One, its second public spat in recent years with a partner bank. Analysts say it may be a sign that Walmart wants to launch its own credit card on what it hopes will be a financial super-app.

Capital 93
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Five Considerations for Improving Fintech Sales through Strategic Communication

William Mills

Fintech companies face a formidable challenge: communication gaps that threaten to undermine their sales performance. These disconnects, often manifesting between departments, teams, and even with customers, can lead to misaligned strategies, missed opportunities, and a weakened competitive edge. Addressing these communication barriers is crucial for fintech firms striving to maintain their market position, enhance customer relations, and drive growth in an industry where precision and clarity a

Fintech 84
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Zelle faces Senate probe on fraud

Payments Dive

“The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.

Fraud 431
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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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Goldman Sachs pay pot for bankers surges by more than 20%

TheGuardian

First-quarter earnings show £580m pool, reflecting increase in share price as bonus cap scrapped in UK London bankers at Goldman Sachs have seen their pay pot jump by more than 20% so far this year, as the bank’s surging share price added to the prospect of bumper payouts after bonus caps were lifted in the UK. Filings covering Goldman Sachs International’s (GSI) first-quarter earnings show that it built up a $735m (£580m) pay pool in the three months to March, averaging out at about $218,000 (£

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Embedded finance opportunities beckon large banks

American Banker

The rise of ecommerce and vertical software-as-a-service platforms are prime opportunities for large banks to sell payment processing, card issuance and other banking capabilities.

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RBC to save $541M with HSBC integration

BankInovation

Royal Bank of Canada is on target to fully integrate HSBC Canada into its operations within the next two years. The $1.4 trillion bank expects to save CA$740 million ($541 million) once the merger is completed, according to the bank’s earnings report for its fiscal second quarter ending April 30.

CA 75
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Mastercard floats crypto credential service

Payments Dive

The card issuer joins its tech and payments peers in integrating crypto into the traditional financial system.

System 418
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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.

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Santander customers’ private data put up for sale for $2m by hackers

TheGuardian

ShinyHunters stole information including bank and credit card numbers, as well as staff HR details Hackers are attempting to sell confidential information including the bank and credit card numbers of millions of Santander customers to the highest bidder. ShinyHunters posted an advert on a hacker forum for the data, which it says also includes staff HR details, with an asking price of $2m (£1.6m).

Data 86
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The courts need to rein in the SEC before it kills the crypto industry

American Banker

The Securities and Exchange Commission's overly broad expansion of the Dealer Rule is only the latest example of the agency's yearslong effort to stifle innovation in a vibrant and growing industry.

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DSCR Loan Requirements for Commercial Property Investors

Commercial Lending USA

You can get commercial property financing with debt service coverage ratio loans or DSCR loan requirements.

Lending 98
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PayPal pursues ad platform tied to data

Payments Dive

The new offering by the digital payments pioneer will be led by Mark Grether, who helped grow Uber Advertising into a $1 billion business.

Data 284
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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.