South State Correspondent
MAY 27, 2015
Banks have been using a “teaser,” or an artificially low, introductory interest rate on mortgage loans and credit card for years. While various banks have flirted with them for commercial loans over the last ten years, it is now becoming more common place.
Abrigo
MAY 28, 2015
By Brad Spence, Director of Sageworks Valuation Solution Most business owners aren’t as lucky as 91-year-old media tycoon Sumner Redstone, who famously declared he won’t discuss succession planning for his Viacom and CBS empires because he isn’t going to die. The fact is, millions of business owners are over age 50, and at some point, each will have to consider whether to sell, pass on or simply shut down their business.
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CFPB Monitor
MAY 26, 2015
Barbara S. Mishkin. Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Prepaid financial products. In November 2014, the CFPB issued a proposed rule for prepaid financial products, including general-purpose reloadable prepaid cards and certain digital and mobile wallets.
Banking 2020
MAY 27, 2015
Nearly 60 percent of smartphone owners have used their device to bank online, according to new data collected by the Pew Research Center. Small-business owners can leverage on-the-go banking or cloud-based accounting systems that can be accessed on a mobile device to gain operational efficiencies and lower overhead costs, but the need to keep financial information secure is as critical as ever.
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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
South State Correspondent
MAY 25, 2015
Bank of America (BofA) is currently running an offer that will pay new customers $500 to open an interest bearing checking account set up to receive two qualifying direct deposits of $2,000 or more within 90 days AND open a money market savings account with an initial $20,000 deposit. That $24,000 in deposits will net BofA approximately $397 of value according to the current forward curve, the account’s expected lifetime value, BofA’s average beta and net of interest expenses.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Jack Henry
MAY 27, 2015
Author: Kevin Moland, KMoland@profitstars.com. May 19 th was a banner day for the payments industry. In case you missed it, a major payments entity announced its plan to speed up electronic transactions by allowing credits to flow through its ubiquitous network at unprecedented speeds. Over the last decade, new technologies and nimble payment startups had been driving major industry players in this direction.
CFPB Monitor
MAY 25, 2015
Barbara S. Mishkin. Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit the use of forced arbitration clauses in financial contracts and give consumers a meaningful choice after disputes arise.” In March 2015, the CFPB delivered to Congress the final results of its empirical study of consumer arbitration as mandate
South State Correspondent
MAY 25, 2015
Bank of America (BofA) is currently running an offer that will pay new customers $500 to open an interest bearing checking account set up to receive two qualifying direct deposits of $2,000 or more within 90 days AND open a money market savings account with an initial $20,000 deposit. That $24,000 in deposits will net BofA approximately $397 of value according to the current forward curve, the account’s expected lifetime value, BofA’s average beta and net of interest expenses.
Matt Wilcox Pro
MAY 28, 2015
Adapted from my upcoming Credit Union Magazine article IT’S NO LONGER NEWS that payment relationships are a, if not the, wave of the financial services future.Experts have harped on the subject ad infinitum. People like me have harped on it, too. Part of the message seems to have gotten through loud and clear. Financial institution decision makers are [.
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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
SWBC's LenderHub
MAY 27, 2015
Financial institutions are not immune from having to invest in technology. At some point, in order to remain efficient and serve your customers, you will be forced to adapt to and implement new technology.
CFPB Monitor
MAY 27, 2015
Barbara S. Mishkin. A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for the grace period to apply to “those seeking to comply in good faith from August 1st through the end of 2015.” In March 2015, the CFPB received a similar request from a group of 17 trade associations and organizations.
ABA Community Banking
MAY 25, 2015
College students targeted in debit card scheme that uses social media pathway Payments Risk Management Cards Cyberfraud/ID Theft.
Banking 2020
MAY 29, 2015
Below are interesting stories the Banking.com staff has been reading over the past week. Articles via Biz Journals, Business Standard, Nerd Wallet, and Delaware Online. Wells Fargo branching out even as others shutter locations: Despite many financial institutions favoring digital to physical banking , Wells Fargo continues to open branches around the country.
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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.
Your Full Potential
MAY 28, 2015
You’ve probably been hearing about the deluge of rain and flooding that’s been hitting Texas over the past few days. It’s bad. Luckily for my family and I, the worst flooding is located to the south and west of us. Of course, we are keeping the many victims and their families in our thoughts. As the rain was falling, the idea for this post came into my head.
CFPB Monitor
MAY 27, 2015
Barbara S. Mishkin. Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking proceeding pursuant to Section 1028(b) of the Dodd-Frank Act. The groups are the American Bankers Association, American Financial Services Association, Consumer Data Industry Association, Financial Services Roundtable, and U.S.
ABA Community Banking
MAY 25, 2015
It’s coming, though maybe not as quick as a wave of the hand (and device) Payments Blogs Making Sense of it All Mobile.
The Emmerich Group
MAY 28, 2015
Almost every financial service request begins with someone asking a price question. “What are your mortgage rates?” and “what are your car insurance rates” are the typical questions heard many times each hour at almost every financial institution in this country. Unfortunately, our research shows that well over 90 percent of those rate shoppers receive the rate with no additional attempt to help them make a buying decision.
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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.
Bankelele
MAY 23, 2015
A guest post. Getting There: Lufthansa and Brussels will get you as far as Abidjan and local carrier operating under them will get you into the country. There’s also Kenya Airways and Air France. Flights are still very limited and very expensive due to the Ebola outbreak; it’s not hard to get in or out with the right planning but don’t expect a couple flights to choose from every day, more like one to choose from every couple days.
CFPB Monitor
MAY 26, 2015
Peter N. Cubita and Christopher J. Willis. In several blog posts and legal alerts , we have previously written about disparate impact and auto finance. Together with our colleague, Jonathan Selkowitz, we have recently written an article on “Auto Finance and Disparate Impact: Substantive Lessons Learned from Class Certification Decisions.”. The article, which was published in the May 1, 2015 edition of the Consumer Financial Services Law Report , discusses the substantive implications that clas
ABA Community Banking
MAY 29, 2015
Director succession makes or breaks your bank’s future Blogs Community Banking Blog CSuite Community Banking.
Fintech Labs Insights
MAY 27, 2015
Flipping through the top-100 iPhone apps in the Finance category, I noticed Citibank’s new Lite version at #96. It has been ranked as high as #31 in the past month ( see chart below ). In comparison, the core Citi Mobile app is ranked #14. The app was released March 29 to support the Apple Watch app. But it’s more than just a watch app.
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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.
The Financial Brand
MAY 25, 2015
As financial marketers shift their attention —and dollars— towards online and mobile channels, it's clear digital advertising is the future.
The Raddon Report
MAY 28, 2015
Now that refinance pipelines have dwindled and the economy is gaining steam, financial institutions must turn their focus to the home purchase market – and Gen Y –to achieve mortgage loan growth. First-time buyers will soon make up half all home purchases, with Gen Y leading the way.
ABA Community Banking
MAY 29, 2015
Book Review: Better management in 77 bite-sized chunks Management Duties Blogs Books for Bankers.
Fintech Labs Insights
MAY 26, 2015
SayPay Technologies uses biometric authentication to give users an easy way to pay bills, checkout online, and log into their online banking website. Stats. Headquartered in Pleasanton, CA. Founded in February 2014. Millions of production users in 40+ countries. Functions in English, Spanish, and Mandarin. At FinovateSpring 2015, the Pleasanton, CA-based startup announced a partnership with VoiceVault to leverage the biometric company’s ViGo product for voice authentication.
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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