Accenture
JUNE 14, 2022
You can divide the history of money into five epochs, with each creating a new paradigm for the exchange of value. We are about to enter the next one—and it might just mean that the idea of money will come full circle. Direct exchange of the goods being traded is the oldest form of value…. The post Why money in the metaverse is a huge opportunity for banks appeared first on Accenture Banking Blog.
BankInovation
JUNE 13, 2022
Rapidly scaling technology can foster innovation at the bank level, but it can also create operational risks — from data breaches and environmental failures to other unexpected events. Central to guarding against such threats is cultivating resiliency in bank infrastructure architecture and development. Following are four best practices for enabling operational technical resiliency: Practice failure […].
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Payments Dive
JUNE 15, 2022
Metropolis Technologies, which uses computer vision and machine learning for parking payments, plans to use the funding to scale, aiming to hire 500 workers by the end of the year.
South State Correspondent
JUNE 17, 2022
A Tumultuous Week Comes to a Close. We mentioned on Monday to tighten your seat belt as it could be a wild ride this week and that prediction certainly came true. The peculiar thing, however, is that with all the volatility this week has brought, the 10yr Treasury is practically back where it started the week. The current yield sits at 3.21% compared to 3.16% when the week opened.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
Accenture
JUNE 16, 2022
Ask any school-leaver what profession they want to enter, and banking is unlikely to appear on their short-list. The banking industry has an image problem among job-seekers. And it’s worsening an increasingly severe shortage of talent. The scramble for talent is one of the Accenture Banking Top 10 Trends for 2022. Banking executives in Europe…. The post Banks plot new ways to win the scramble for talent 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.
Payments Dive
JUNE 17, 2022
"The Visa-Mastercard duopoly controls about 80% of the market share, allowing them to raise fees indiscriminately and with no formidable opposition," contends Doug Kantor, general counsel for the National Association of Convenience Stores.
South State Correspondent
JUNE 15, 2022
Treasuries Finally Find a Bid. On Fed Day, Treasuries are finally finding a bid as news that the ECB convened an emergency meeting added a flight-to-safety bid into the Treasury market. The ECB is worried that some of its peripheral members are seeing yield spreads significantly widen as they prepare to hike rates and that could threaten financial stability.
Accenture
JUNE 15, 2022
Credit card receivables & purchase volume YoY growth: 1Q22 Click/tap on image to enlarge. 1 Average Receivables in Billions. Note: Citi inclusive of both Branded and Retail Services. AXP is Revolving only. SYF A/R is Retail Card, NCL is total company. Earnings call commentary Growth “Spending growth was led by the acceleration of volumes from….
CFPB Monitor
JUNE 14, 2022
The CFPB issued an order last week terminating the no-action letter issued to Upstart Network, Inc. on November 30, 2020 for a 36-month term (NAL). The NAL was essentially a renewal of the no-action letter issued to Upstart in September 2017, which was the first no-action letter issued by the CFPB. The NAL was issued in connection with Upstart’s automated model for making underwriting and pricing decisions on applications by consumers for unsecured, closed-end loans.
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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
Payments Dive
JUNE 13, 2022
The company aims to improve the checkout experience for both merchants and consumers, with new services being tested this year, CEO Dan Schulman said.
South State Correspondent
JUNE 15, 2022
Fed Delivers a 75bps Rate Hike. The Fed relented to market pressure and raised the overnight fed funds target rate 75bps to 1.50% – 1.75%. The stronger-than-expected May CPI Report has kept financial markets under pressure since its release last Friday and the Fed acknowledged that pressure with the need to move in larger increments in its rate-hiking campaign.
SWBC's LenderHub
JUNE 13, 2022
Last Week. Last week marked the market’s final confirmation that corrosive inflation is out of the barn with the Fed hopelessly behind trying to play catch-up. The choice for the Fed now is to either stay the course with relatively measured policy tightening and accept the potential for continued growth in inflation or attack inflation with more aggressive tightening and send the economy into a deep recession.
ATM Marketplace
JUNE 17, 2022
While the use of artificial intelligence has grown throughout several industries in recent years, there is still a great deal of mystery and the "fear of the unknown" surrounding AI. Panelists at the ICX Summit addressed this topic head on.
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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
Payments Dive
JUNE 15, 2022
PayPal is making a bigger move into buy now-pay later financing as competitors in that arena multiply. It will now offer a new monthly payment plan targeted at bigger purchases.
South State Correspondent
JUNE 14, 2022
Treasury Yields Reach Highest in a Decade. The May CPI Report continues to reverberate around the world, and in its wake are Treasury yields not seen in over a decade. Investors are betting the Fed will either not be able to contain inflation anytime soon, or that if they do it will necessitate a hard economic landing in the form of a recession. The 10-yr yield is currently 3.27%, a new cycle high eclipsing the 3.21% touched briefly in May, and it’s also the highest 10yr yield since May 2011.
BankInovation
JUNE 15, 2022
PayPal Holdings Inc. is pushing deeper into the rapidly expanding “buy now, pay later” arena by offering installment loans for larger purchases. Consumers will be able to make monthly payments on purchases of $199 to $10,000 for as long as two years, PayPal said in a statement. Annual percentage rates on the loans could reach […].
ATM Marketplace
JUNE 14, 2022
When an ATM is down, a bank or retailer will have to deal with an upset and likely angry customer. At the same time, repairing ATMs can be an expensive endeavor. How do banks and retailers solve these issues?
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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.
Payments Dive
JUNE 14, 2022
Payments companies “led the pack in valuation increases” and had the biggest average increase in valuation, according to S&P Global Market Intelligence.
TheGuardian
JUNE 15, 2022
‘Net zero’ global alliance of financial institutions, begun at Cop26, can still invest in coal and other fossil fuels Banks that have signed up to a global climate pledge, led by Mark Carney , a former governor of the Bank of England, can still invest unlimited amounts in coal mining and coal power, despite promises to tighten the rules on their lending.
BankInovation
JUNE 17, 2022
Bank of America is looking to upgrade its client communications after auto loans are approved as the bank continues to lean on its digital capabilities and more consumers apply for loans through online channels. The upgrade is expected within the next year and comes on the heels of a chat support feature in the bank’s […].
PopularBank
JUNE 14, 2022
Debit cards are a quick and easy way to pay for your everyday transactions. And if you’re working on sticking to your monthly budget, a debit card can help keep you on track to meet your financial goals. However, an unauthorized transaction on your debit card – unlike a credit card – can have a financial impact, so it is important to know how to prevent types of debit card fraud.
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.
Payments Dive
JUNE 16, 2022
The new wallet will store IDs, cards and crypto, giving the South Korean company more leverage to compete with digital payment apps from tech giants Apple and Google.
TheGuardian
JUNE 13, 2022
HBOS, now part of Lloyds Banking Group, was involved in major fraud at its Reading branch in early 2000s Victims of one of Britain’s biggest banking frauds will each be offered £3m compensation packages, according to a source familiar with the proposed deal expected to be announced later this week. Halifax Bank of Scotland (HBOS) – which is now part of Lloyds Banking Group – was involved in a major fraud at its Reading branch in the early 2000s.
BankInovation
JUNE 13, 2022
TD Bank is looking to build out its automation expertise as part of a push to hire 2,000 new technology workers. The bank, a subsidiary of $1.73 trillion TD Group, is expanding in the U.S. with its acquisition of Memphis, Tenn.-based First Horizon Corp. for $13.4 billion, according to a recent Bloomberg Mercury report. TD […].
CFPB Monitor
JUNE 16, 2022
As many of our blog readers know, Alan Kaplinsky and Professor Jeff Sovern have regularly engaged in legal debate about consumer finance issues via blog posts. Alan’s views can be found in blog posts published on this blog, Consumer Finance Monitor, while Professor Sovern’s views appear in blog posts published on his Consumer Law & Policy Blog.
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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.
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