Sat.Oct 22, 2022 - Fri.Oct 28, 2022

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Higher Rates – Faster for Longer

South State Correspondent

In the last 12 months, the Federal Reserve went from arguing that inflation was a transitory phenomenon to raising interest rates to fight runaway inflation by three percent in just six months. The result is not only higher rates but the most severe interest rate hiking cycle in the past 35 years – and it is not over yet. Banks must plan for the possibility of high inflation and rising interest rates, not just for the next few years but perhaps for the remainder of the decade.

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Why retail banking presents rare opportunities right now

Accenture

The world of banking is big—too big for one person to cover alone, especially with today’s digitally-fueled pace of change. In that spirit, I’m turning my blog over to my colleague Steven Smith for this post on the once-in-a-generation opportunity emerging in retail banking right now. Steve is a managing director at Accenture and our…. The post Why retail banking presents rare opportunities right now appeared first on Accenture Banking Blog.

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What's the current state of digital cards?

ATM Marketplace

Although some consumers have embraced digital cards in light of COVID-19, others remain concerned about security breaches. In light of all of this, we must ask the question: What's the current state of digital cards and where are they headed?

Cards 108
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Fintechs party like it’s 2021 at Money 20/20

Payments Dive

Thousands of payments and fintech professionals at the Money 20/20 conference in Las Vegas this week are racing ahead with high-growth businesses, even as a drop-off in capital threatens to ruin the celebration.

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Managing Default Rates: A Balancing Act in a Multistate Lending Environment

Unlock the secrets to optimizing returns while navigating complex state regulations. With this webinar, gain exceptional insights from industry leaders, each with vast experience and expertise in commercial lending. They will delve into critical aspects of managing default rates in today’s dynamic lending landscape, including the formidable task of managing default rates across diverse states, each with its own legal intricacies and restrictions.

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Federal Banking Regulators Seek Comments for Additional Capital for Large Banks

Perficient

Seeking additional arrows in their quiver against large bank failures, on October 14, 2022, the Federal Reserve Board (FRB) and Federal Deposit Insurance Corporation (FDIC) published an Advance Notice of Proposed Rulemaking (ANPR). The ANPR is intended to solicit public input regarding whether an extra layer of loss-absorbing capacity could improve optionality in resolving a large banking organization or its insured depository institution, as well as garner feedback on whether the public deems t

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Preparing your financial institution to manage loan workouts, loan modifications

Abrigo

Managing loan workouts and modifications Tips for preparing your bank or credit union to handle an increased volume of problem loans while ensuring prudent credit risk management. You might also like this video, "A look at credit risk in a rising-rate environment." WATCH. Takeaway 1 Signs point to increased loan modifications and loan workouts, and regulators have urged financial institutions to work prudently with borrowers. .

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Papaya builds cross-border payroll services

Payments Dive

The well-funded startup is taking on big clients and big rivals in seeking to offer cross-border payroll and payment services, with checks sent to workers in 72 hours.

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4 Ways Financial Institutions Can Help Their Customers Navigate Inflation

Perficient

Inflation reached a forty-one-year high in June , and according to the Consumer Price Index, prices have remained elevated. Many are struggling to make their dollars stretch and are looking to their financial institutions for guidance on how to better manage spending and stay afloat financially. Financial firms cannot singlehandedly control inflation, of course, but they can position themselves as knowledgeable partners that customers can depend on to be in their corner.

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We Need Your Help! Please Give Us 6 Minutes to Complete This Survey

South State Correspondent

Help us, help you. It is budget and strategic planning season, and many banks have asked for this data in order to help calibrate their bank. We are asking about your expected budgets, views on the economy, prospects for growth, and the most significant challenges. We are looking for your thoughts on the future of banking. The below survey sets out to answer these questions and more… with your help!

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The ROI of Business Lending Platforms

Financial institutions continue to look to quantify the impact of new technologies. Meanwhile, business lending technologies have grown more popular in the industry. However, understanding the impact of said technologies means understanding how to increase your revenue while decreasing your costs. This is key for the growth of your organization. Biz2X created this eBook to analyze the ROI of business lending platforms and learn about the short-term and long-term benefits of said platforms.

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New California laws place limits on GAP insurance

CFPB Monitor

Two recently-passed bills in California, Assembly Bill 2311 (“AB 2311”) and Senate Bill 1311 (”SB 1311”), were signed into law by Governor Gavin Newsom on September 13 and September 27, respectively, placing new restrictions on the sale of Guaranteed Asset Protection (“GAP”) waivers in California. The new laws limit the price of GAP waivers, add new disclosure requirements, ban GAP waiver sales in certain instances, and prohibit financing of GAP insurance in auto loans to servicemembers.

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Mastercard profit rises on consumer spending

Payments Dive

The company also credited cross-border travel, digital-first deals with banks and co-branding alliances for its performance during the quarter.

Branding 273
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Cashless payments fail to impress at Louder than Life rock festival

ATM Marketplace

Louisville, Kentucky rock festival Louder than Life encouraged attendees to go cashless, but unfortunately the strategy hit several snags.

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How to Streamline Your Collections Process in 60 Days or Less

SWBC's LenderHub

Collecting on delinquent accounts is a time-consuming challenge for many financial institutions. The tasks involved are often tedious for internal employees using manual (vs. automated) processes and can lead to a decrease in productivity for your team.

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How to Stay Competitive in the Evolving State of Martech

Marketing technology is essential for B2B marketers to stay competitive in a rapidly changing digital landscape — and with 53% of marketers experiencing legacy technology issues and limitations, they’re researching innovations to expand and refine their technology stacks. To help practitioners keep up with the rapidly evolving martech landscape, this special report will discuss: How practitioners are integrating technologies and systems to encourage information-sharing between departments and pr

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CFPB responds to Fifth Circuit ruling that its funding mechanism is unconstitutional

CFPB Monitor

The CFPB has told two courts, an Illinois federal district court and the Ninth Circuit, that the Fifth Circuit panel decision holding that the Bureau’s funding mechanism is unconstitutional is “neither controlling nor correct” and “mistaken.” . The CFPB addressed the panel’s decision in Community Financial Services Association v. CFPB in its response to the Notice of Supplemental Authority filed by TransUnion in the CFPB’s enforcement action against TransUnion in the Illinois court and in a lett

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Fiserv sheds Korea unit, plans move to Milwaukee

Payments Dive

After selling off three business units and taking other actions to “tighten spending” in the third quarter, Fiserv CFO Bob Hau expects cost improvement for the fourth quarter.

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Digital transformation too risky during a recession? Not so fast

BankInovation

Global economic instability has made rough waters, and balancing the books nowadays is a tough job, to say the least. Conventional advice on how organizations should behave in a tumultuous economic environment has been to do everything possible to cut costs across departments and ride out the storm. However, paying little attention to furthering investments […].

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Barclays profits surge past forecasts to reach £2bn on back of rising interest rates

TheGuardian

Bank had been forecast to report slight fall in earnings but key revenues increased by almost 60% A rise in borrowing costs for mortgage and loan customers, as well as the recent market meltdown, has helped Barclays increase key revenues and push its latest quarterly profits higher to £2bn. The UK bank, which had been expected to reveal a slight dip in earnings, said pre-tax profits instead rose 6% in the three months to the end of September.

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Value-Driven AI: Applying Lessons Learned from Predictive AI to Generative

Speaker: Data Robot

Enterprise AI maturity has evolved dramatically over the past 5 years. Most enterprises have now experienced their first successes with predictive AI, but the pace and scale of impact have too often been underwhelming. Now generative AI has emerged and captivated the minds and imaginations of leaders and innovators everywhere. Join our DataRobot experts to reflect on lessons learned from helping hundreds of enterprises grow their AI maturity over the past 5 years.

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Eighth Circuit halts Biden Administration’s federal student loan forgiveness program

CFPB Monitor

On the evening of Friday, October 21, 2022, the U.S. Court of Appeals for the Eighth Circuit put a halt —albeit a potentially temporary one—to the Biden Administration’s federal student loan forgiveness program, which had been scheduled to result in loan cancellation for at least some student borrowers only two days later, on October 23. The administrative stay was the result of an emergency application by the Republican state attorneys general of six states (Missouri, Arkansas, Nebraska, Iowa,

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Fiserv divestiture hints at strategy shift

Payments Dive

As payments companies face economic headwinds, Fiserv and its peers “may try to focus on their strongest market positions versus more ancillary opportunities,” said Oppenheimer & Co. analyst Dominick Gabriele.

Strategy 221
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Wells Fargo, Google Cloud to launch AI assistant

BankInovation

LAS VEGAS — Wells Fargo will launch a new artificial intelligence (AI)-based virtual assistant that will be powered by Google Cloud. The AI assistant, Fargo, will allow customers of $1.9 trillion Wells Fargo 24/7 access to their accounts with the ability to activate and deactivate debit cards, search for transactions, monitor FICO scores and review […].

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Fannie Mae and Freddie Mac Will Require the Use of FICO Score 10 T

FICO

Home. Blog. FICO. Fannie Mae and Freddie Mac Will Require the Use of FICO Score 10 T. FICO?Score 10 T gives mortgage lenders the flexibility and predictive power to make more precise lending decisions. FICO Admin. Tue, 11/12/2019 - 19:52. by James Wehmann. expand_less Back To Top. Mon, 10/24/2022 - 21:05. The Federal Housing Finance Agency (FHFA) has announced that FICO® Score 10 T has been validated and approved for use by Fannie Mae and Freddie Mac (the Enterprises).

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Transforming Non-Performing Assets With Loan Modification Automation

With the number of loans maturing over the next couple of years, time is of the essence and automation is imperative. Loan modification automation empowers lenders with advanced technology to handle a high volume of loans when needed most. Shifts in the market, combined with over a trillion dollars in commercial loans maturing in 2023, intensify the need for automated documentation solutions.

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Lloyds bank predicts 8% fall in house prices as its profits tumble

TheGuardian

Larger-than-expected drop in profits to £1.5bn in third quarter comes despite rising interest rates Profits at Lloyds Banking Group tumbled 26% in the three months to September as the UK’s largest mortgage lender steeled itself for a potential surge in defaults as it predicted house prices would fall 8% next year. The drop in profits was much larger than the 9.5% analysts had expected, and was the result of having to put aside an extra £668m amid fears that some loan and mortgage customers could

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Marqeta makes banking push

Payments Dive

The company's suite of seven banking products includes early wage access, as well as bill pay and instant funding. The latter two will be available in beta next year.

Company 221
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How broad-based is the increase in UK inflation?

BankUnderground

Galina Potjagailo, Boromeus Wanengkirtyo and Jenny Lam. CPI inflation in the UK has markedly increased over the last year, reaching 10.1% in September. The aggregate increase reflects potentially different dynamics across disaggregated prices, from which CPI inflation is constructed. How much of the increase has been broad-based across a wide range of prices?

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You Shouldn't Even Know Your Password

Jack Henry

Have you ever forgotten a password? Of course! We’ve all been there. But what if I told you that in 2022, you shouldn’t even know your password ? In fact, perhaps you don’t even need a password at all (at least, not in the traditional sense).

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Banking on Loyalty: Holistic Financial Advice for Unparalleled Business Growth

Speaker: Joe Buhrmann, MBA, CFP®, CLU®, ChFC® Senior Financial Planning Practice Management Consultant eMoney Advisor

During an era of evolving consumer preferences, the banking sector is undergoing a profound shift. As customers continue to broaden their perspectives, banking professionals must support their customers' financial wellness by providing holistic financial advice that aligns with individual goals and circumstances. Without adapting, financial institutions will find that loyalty may crumble amid uncertainty.