Sat.Apr 06, 2024 - Fri.Apr 12, 2024

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Fed's instant payments network gains momentum among community lenders

American Banker

Launched last July, FedNow had enrolled more than 600 participants by mid-March, according to government officials. That marked a 100% increase from the start of the year, with more banks and credit unions viewing fast payments capabilities as essential. Fraud concerns linger, however.

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The core transformation trail

ABA Community Banking

Core banking conversion is a daunting trek. Consultants can be a guide on the trail, but choosing one is its own challenge. The post The core transformation trail appeared first on ABA Banking Journal.

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Podcast: Cloud migration ‘a must’ for FIs

BankInovation

Financial institutions are prioritizing cloud migration as cost reduction and innovation continue to be top of mind. “We definitely see cloud migration as a must,” Rodrigo Silva, regional director for the Americas at Temenos, tells Bank Automation News on this episode of “The Buzz” podcast.

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Ensuring Banking Compliance Through Project Management Expertise

Perficient

A top-leading bank, grappling with business and regulatory challenges, faced scrutiny after failing the Federal Reserve’s annual stress test. Addressing these deficiencies required a comprehensive approach, leading to the establishment of critical programs like the US Bank Holding Company (BHC) regulatory and comprehensive capital analysis and review (CCAR) program.

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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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How To Let Borrowers Choose the Wrong Loan Structure

South State Correspondent

We estimate that the average contractual loan commitment for term credit at community banks has decreased from just under five years in 2022 to just under three years currently. The primary reason for this shift is not a change in borrowers’ business models or banks’ preference for repricing term loans, but rather, borrowers’ decision to seek short-term financing in anticipation of the Federal Reserve embarking on an interest rate cutting cycle.

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A material difference: The wood credit card takes root

American Banker

It's a substance that literally grows on trees, and is just as compostable. But like any other proposed alternative to first-use plastic, wood comes at a premium to any issuers that want to adopt it.

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How commercial real estate challenges are affecting banking

American Banker

A combination of higher interest rates and increased vacancies — especially in office buildings — are leading to more apprehensions in commercial real estate.

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Survey: Community bankers remain concerned about economy, regulation

ABA Community Banking

Community bankers are showing slightly more confidence in the future economic conditions but still have concerns, particularly about regulatory burden, according to the latest Community Bank Sentiment Index/ The post Survey: Community bankers remain concerned about economy, regulation appeared first on ABA Banking Journal.

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Fintechs push for data access

BankInovation

NEW YORK — The free flow of consumer data and information would spark innovation in their industry, fintech leaders say.

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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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Gen Z clings to new payment tools

Payments Dive

Gen Zers will abandon a transaction in one out of two cases if their preferred payment method isn’t available, says an EY payments specialist, citing the firm’s survey results.

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Bank Customer Experience Podcast: How to pull off a successful branch renovation

ATM Marketplace

For the premiere episode of the Bank Customer Experience podcast, Bradley Cooper, editor of ATM Marketplace interviewed Jean-Pierre Lacroix, founder and president of design firm Shikatani Lacroix Design, to learn more about how banks can discover the secret ingredients of branches to deliver the best return-on-experience for customers.

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I’m a victim of scammers. But Revolut says ‘no’ to a refund

TheGuardian

The company seems to hold me entirely responsible for the fact £40,000 was stolen I desperately need help after ­falling victim to a scam resulting in my Revolut business account being emptied of £40,000. The company is refusing a refund. It happened in February while I was staying up a mountain in Italy with no internet and a poor mobile phone signal.

Mobile 103
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Citi focuses on streamlining, automation in Q1

BankInovation

Citigroup is focused on simplifying its infrastructure and overall technology through automation and cloud migration as it upped tech spend 6% year over year to $2.2 billion in the first quarter.

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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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Visa, Mastercard CEOs throw hearing off track

Payments Dive

Senate Judiciary Committee Chairman Dick Durbin postponed a plan to call credit card chieftains on the capitol carpet at a Tuesday hearing, but he’s still aiming to get them to Washington.

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Self-service kiosks: Unlocking benefits for banking

ATM Marketplace

Self-service kiosks are becoming vital parts of many businesses, including banking. But what is a self-service kiosk and why is it so important to think about?

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NatWest criticised over £1.2m pay for boss with ‘limited experience’

TheGuardian

Governance adviser says Paul Thwaite could have been offered lower starting salary than predecessor Alison Rose NatWest has been criticised for paying its new boss a salary of £1.2m despite his “limited experience” as a chief executive, amid a wider shareholder backlash in the City of London over bumper corporate pay. As the government prepares to sell shares in the bank before the general election, Institutional Shareholder Services (ISS) warned that Paul Thwaite would be paid the same salary a

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JPMorgan CEO: 70% of applications to be cloud-native by yearend

BankInovation

JPMorgan continues its cloud migration efforts as it works to move its applications and data to the cloud this year. “Getting our tech to the cloud. … It’s essential,” Chief Executive Jamie Dimon said today in his 2023 letter to shareholders. The $3.

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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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Fiserv CEO compensation rose last year to $28M

Payments Dive

Compensation for Fiserv CEO Frank Bisignano climbed 57% over 2022, as the value of stock awarded to him surged and he received a $3 million cash bonus.

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Podcast: Tackling big goals for Financial Literacy Month

ABA Community Banking

For Financial Literacy Month in April, the ABA Banking Journal Podcast features a conversation on how banks are engaging their communities with financial education. The post Podcast: Tackling big goals for Financial Literacy Month appeared first on ABA Banking Journal.

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Global economic risks ‘could eclipse anything since second world war’, says JP Morgan boss

TheGuardian

In annual letter to investors, Jamie Dimon warns ‘wars in Ukraine and Middle East could become far worse’ The boss of the US bank JP Morgan has warned that the world could be facing the most dangerous moment since the second world war, putting lives and economic growth at risk. In his annual letter to investors , Jamie Dimon said the world had been “generally on a path to becoming stronger and safer” in recent years but had suffered a major reversal in February 2022 when Russia invaded Ukraine.

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Why JPMorgan’s chief data and analytics officer sits on operating committee

BankInovation

JPMorgan Chase’s chief data and analytics officer sits within its operating committee to keep up with ongoing AI investment and implementation bankwide. Appointed in June 2023, Chief Data and Analytics Officer Teresa Heitsenrether serves on the $3.

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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.

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Amazon debuts app for palm payment

Payments Dive

The Amazon One app can be used to enter various locations, identify individuals, pay for items and access loyalty rewards.

Payments 397
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Even before Fed cuts rates, banks trim what they pay for deposits

American Banker

Some online banks that offer high-yield savings accounts are making those products a little less high-yielding. Banks are also shortening the duration of new CDs, hoping that anticipated rate cuts by the Fed will enable them to start paying less to consumers.

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Central banks must resist pressure for early rate cuts, says IMF head

TheGuardian

Kristalina Georgieva warns of ‘new inflation surprises’ that could result from easing of interest rates Business live – latest updates UK politics – latest updates The world’s leading central banks must resist growing pressure for early interest rate cuts amid concerns over stubbornly high inflation on both sides of the Atlantic, the head of the International Monetary Fund has urged.

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JPMorgan Chase invests in wholesale payments tech

BankInovation

JPMorgan Chase is investing in innovation and technology within its wholesale payments operations amid rising demand for global payments capabilities. The $3.7 trillion bank is leaning into payment systems, Chief Financial Officer Jeremy Barnum said today during the bank’s first-quarter earnings call.

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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