Sat.Aug 13, 2022 - Fri.Aug 19, 2022

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The culture crisis in banking: 4 more questions answered

Accenture

Is it fair to describe the workplace culture at the typical bank today as a competitive disadvantage? That depends on each bank’s particular situation. But Accenture’s cross-industry research, discussed earlier in this blog series, has found that the workplace culture at many banks suffers by comparison to many other organizations. This is a significant drawback….

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The Customer Experience: 14 Ways To Better Understand Your Bank Customer

South State Correspondent

The reality is that banks don’t think from the customer’s perspective enough. The customer experience is horrible for many bank processes. Bankers often think from the bank’s perspective or from the regulator’s perspective. Not understanding your customer can lead to a brand and products misaligned with the customer’s needs resulting in an erosion of a bank’s competitive position.

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Global Inflation Worries have Treasuries under Pressure

South State Correspondent

Global Inflation Worries have Treasuries under Pressure. While a China-led global slowdown led to higher Treasury prices on Monday, today it’s higher UK inflation that has Treasury yields heading higher. In a reminder that inflation is not only a domestic story but a global one, UK inflation accelerated to the highest level in 40 years with their CPI increasing 10.1% YoY in July.

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Banks weigh ‘buy vs. build’ for automation technologies

BankInovation

FIs weighing the automation of any processes must decide whether to create the new technology in-house or acquire it. But a mix of the two options may be the best course of action, Vince Bezemer, senior vice president of strategic business development at engagement banking platform Backbase, told Bank Automation News. “To really be in […].

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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

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FedNow to launch by mid-2023, Fed official says

Payments Dive

The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.

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Drive for sustainability ushers in new role for banks

Accenture

The drive for sustainability will force banks to radically change their relationships with many of their key corporate customers. They’ll need to gain a deeper understanding of their customers’ businesses and develop greater insight into the workings of their supply chains. Furthermore, they’ll have to shift from being mainly sources of finance to instead becoming….

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LEI Close to Signaling Coming Recession

South State Correspondent

LEI Close to Signaling Coming Recession. The somewhat bullish take on the July FOMC minutes from Wednesday was reversed yesterday when a couple Fed officials reiterated the need for continued aggressive rate hiking. That has put pressure on Treasuries this morning with the 10yr note flirting with 3.0%. St. Louis Fed President James Bullard continued in his role as lead hawk on the Fed with a call for a 75bps hike next month and expressed the desire to get to 4% by year-end.

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Marqeta executive exodus follows IPO

Payments Dive

Of 10 top executives leading the company last year, only three remain, including CEO Jason Gardner, who last week said he plans to exit that role and become executive chairman.

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Fintech Deals to Watch: Back to School

Gonzobanker

Most fintech companies are fine, but they’ve stopped blowing off econ class for mimosa brunches. The energy and uncertainty of youth are headed back to school. Especially in fintech, which had the roughest semester last spring. First, there was the drama leading up to the breakup with the rich hottie. Then, bad grades came in right as summer party season kicked off, mom and dad took away the car and credit card, and the Venmo transfers came to a screeching halt.

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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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We Proudly Welcome Regulatory Compliance Counsel Abigail Pressler to Our Consumer Financial Services Group

CFPB Monitor

It is my pleasure to introduce to our blog readers the newest member of our growing Consumer Financial Services Group: Abigail Pressler. Abigail is one of the leading lawyers in the country who focus their practice on compliance with the laws that pertain to consumer debt collection. Abigail counsels creditors, third-party debt collectors and debt buyers with respect to the vast array of federal and state laws that cover consumer debt collection.

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China Weakness Has Treasury Prices Higher

South State Correspondent

China Weakness Has Treasury Prices Higher. A trio of reports out of China overnight suggest the second largest global economy has hit another soft patch and that has risk assets on the back foot this morning with Treasuries in the green. Retail sales, industrial production and investment all slowed in July and the jobless rate for the 16-24yr old cohort hit a record high of 19.9%.

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Walmart eyes payments opportunities

Payments Dive

With PayPal’s former CFO on board, the retail behemoth is assessing its prospects in the payments arena near and far.

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Monetary policy transmission during QE times: role of expectations and premia channels

BankUnderground

Iryna Kaminska and Haroon Mumtaz. Since 2009, when policy rates reached their effective lower bound, quantitative easing (QE) has become an important instrument of central bank monetary policy. It is aimed to work via long-term yields. The literature confirms that QE helped lower long-term yields. But the yields have two components – expectations and term premia – and open questions remain: does QE reduce yields via expected rates or term premia ?

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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AFSA and Several Other Trade Associations Urge Second Circuit to Reject CFPB’s Expanded Interpretation of FCRA Reasonable Procedures for Maximum Accuracy Requirement

CFPB Monitor

Earlier this year, the CFPB and the FTC filed an amicus brief in an appeal to the Second Circuit, arguing that the Court should reject the District Court’s “unduly narrow” interpretation of the FCRA requirement that consumer reporting agencies (CRAs) follow reasonable procedures to assure accuracy of information included in consumer reports. The CFPB and FTC argue that the FCRA does not distinguish between “legal” and “factual” inaccuracies, and thus CRAs may be held liable for failing to mainta

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Help Your Lenders With Our Loan Proposal Generator

South State Correspondent

Competition is intense, and every bank is looking for a competitive advantage. Better products, faster service, or insightful advice can translate into additional loans, better credit spreads, or extra fee income. Sometimes just a graphics tool can help a banker win more loan business. At SouthState, our commercial lending teams use an online proposal generator, and we make that same app available to any community bank.

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Whole Foods expands use of Amazon One paytech

Payments Dive

After rolling out the bio-authentication and payment technology to a handful of stores earlier this year, the grocery chain will add it to 65 locations in California.

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Self-Service Card Dispensing: Applications and Benefits

ATM Marketplace

Nearly any industry one can imagine offers opportunities to incorporate cards that can be swiped or otherwise read. The process of incorporating card-based applications can be made even more convenient with an on-demand card dispenser.

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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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NXTsoft Welcomes New Customer Mutual Credit Union

Bobsguide

NXTsoft’s API Connectivity as a Service makes operating a credit union easier and more cost effective by utilizing API connectivity to connect systems such as the credit union’s loan platform to its core system, thereby eliminating redundancy, manual labor and reducing human error. NXTsoft is excited to welcome our newest customer Mutual Credit Union, who is using OmniConnect API Connectivity to save time & money.

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The Customer Experience: 14 Ways To Better Understand Your Bank Customer

South State Correspondent

The reality is that banks don’t think from the customer’s perspective enough. The customer experience is horrible for many bank processes. Bankers often think from the bank’s perspective or from the regulator’s perspective. Not understanding your customer can lead to a brand and products misaligned with the customer’s needs resulting in an erosion of a bank’s competitive position.

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Circular Board, Mastercard unveil small business card

Payments Dive

As a slew of fintechs try to capture small business customers, Circular Board’s Hello Alice brand is targeting entrepreneurs from marginalized backgrounds.

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Banks deliver branch transformation with digital signage

ATM Marketplace

Banks and credit unions must provide the value customers and prospects are looking for, along with digital messaging that's right for the store.

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Why Is CRE Lending Stuck in the Past? Top 3 Reasons for Digital Resistance

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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Why banks should engage citizen developers for digital transformation

BankInovation

While the traditional linear model of software development – where IT teams create and deliver applications and tools to business users – has been in place for decades, citizen development, a business process that encourages non-technical users to build their own solutions, is now bucking this antiquated trend. In fact, industry analysts suggest that by […].

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Help Your Lenders With Our Loan Proposal Generator

South State Correspondent

Competition is intense, and every bank is looking for a competitive advantage. Better products, faster service, or insightful advice can translate into additional loans, better credit spreads, or extra fee income. Sometimes just a graphics tool can help a banker win more loan business. At SouthState, our commercial lending teams use an online proposal generator, and we make that same app available to any community bank.

Tools 195
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Payments fundraising slows down in Q2: PitchBook

Payments Dive

Point-of-sale, payroll, accounts payable and accounts receivable startups are leading the way in funding for payments startups, according to PitchBook.

Payments 243
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Consumers dive into 'Buy now, pay later'

ATM Marketplace

Buy now, pay later (BNPL), more than a just a modern version of layaway, is trending with consumers and gaining traction with major brands, retailers, and credit card issuers. More than 60% of online consumers have used a BNPL program and 38% of users say BNPL will eventually replace their credit cards.

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

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.