Sat.Jan 21, 2023 - Fri.Jan 27, 2023

article thumbnail

The Difference Between a Community Bank and a Big Bank

Jeff For Banks

I recently spoke to a community group, and subsequently a community bank all-staff meeting regarding the definition of a community bank. The FDIC has defined community banks in their December 2020 Community Banking Report that either exclude or include the following criteria: Seems complicated. Especially when a community bank could have no office with more than $8.24B in total deposits but could have no more than $1.65B in total assets.

article thumbnail

5 Banking Trends We’re Forecasting for 2023

Perficient

2023 has commenced, and rates are climbing, inflation is bubbling, and banking customers are continuing to demand hyper-personalized products and experiences from their institutions. Here are five banking trends we’re forecasting for the new year. 1. Banks are focused on efficiency initiatives to optimize their operations and lower costs. Three prominent areas where there is a strong desire to optimize: Data.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Lending to Drive Growth in 2023: Survey

Banking Exchange

Almost nine in 10 CFOs expect commercial lending to be a “major source of profitable growth” this year Retail Banking Financial Trends Feature Lines of Business Technology Feature3 Financial Research

Lending 78
article thumbnail

Visa stands by crypto

Payments Dive

At the card giant’s annual meeting Tuesday, CEO Al Kelly showed no signs of backing off crypto. He also suggested Visa’s management team may change after he exits as CEO.

Meeting 469
article thumbnail

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

article thumbnail

15 Ways We Are Using ChatGPT in Banking

South State Correspondent

No doubt you have heard other bankers talking about ChatGPT. This AI-powered digital assistant, technically called “generative AI,” has taken banking, and society, by storm. In three months, it has become the primary tool of many bankers, helping make banks more efficient across the organization. Our innovation working group, called Spark, has been playing with the tool for the past several months, and this article details how we use it to jump our productivity by 20%.

Tools 370

More Trending

article thumbnail

Commercial banking top trends in 2023

Accenture

The world of commercial banking faces uncertainty today. As a result, it is difficult to make confident decisions about the medium-to-long term. However, Accenture believes commercial banks have an opportunity to reinvent themselves and reposition for the future. Unlike in the 2008 financial crisis, banks today are well-capitalized and better prepared to withstand economic shocks.… The post Commercial banking top trends in 2023 appeared first on Accenture Banking Blog.

Trends 303
article thumbnail

Visa, Mastercard, Amex results buoyed by consumer spending

Payments Dive

The card companies said that consumer demand, including for travel, remained healthy in the fourth quarter of 2022, though growth moderated.

Cards 435
article thumbnail

4 Ways To Quantify Loan Prepayment Protection in 2023

South State Correspondent

In a previous article ( here ), we discussed why commercial loan prepayment protection would be a critical return on asset (ROA) driver for community banks in 2023. We outlined the four main reasons why prepayment provisions increase profitability for banks. We also discussed the four standard prepayment provisions for commercial loans (step-down, lock-out, defeasance, and symmetrical breakeven provision).

article thumbnail

Modernizing the Property Valuation Process: Part 2

SWBC's LenderHub

As we discussed in Part 1 of Modernizing the Property Valuation Process , the housing market has experienced dramatic changes that have presented many challenges for appraisers. Although the market has shifted, the challenges remain. While initiatives put in place by Practical Applications of Real Estate Appraisal (PAREA) and The Appraiser Diversity Initiative to provide alternative pathways for aspiring appraisers to join the industry and decrease the shortage of appraisers represent a good sta

Industry 148
article thumbnail

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

article thumbnail

CFPB Hosts Hearing On Appraisal Bias

CFPB Monitor

The CFPB recently hosted the first hearing of the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (“ASC”) on appraisal bias. The hearing was led by CFPB Deputy Director Zixta Martinez and ASC Executive Director Jim Park. HUD Secretary Marcia L. Fudge, CFPB Director Rohit Chopra, and FHFA Director Sandra Thompson also participated in the hearing.

Lending 147
article thumbnail

Big banks to launch digital wallet operated by Zelle parent: report

Payments Dive

The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.

article thumbnail

Banks, Regulators Push for Mortgage Rule Changes

Banking Exchange

In separate initiatives, the ABA and CFPB are seeking to add to consumer protection measures related to mortgage lending Mortgage Credit Feature Mortgage Mortgage Compliance Mortgage/CRE Feature3 Compliance/Regulatory Duties

article thumbnail

Celebrities call on UK banks to stop financing new oil, gas and coal fields

TheGuardian

Stephen Fry, Emma Thompson and Mark Rylance add their voices to Richard Curtis’s Make My Money Matter campaign A raft of famous names including Stephen Fry, Emma Thompson and Mark Rylance have joined activists and businesses in calling on the UK’s big five banks to stop financing new oil, gas and coal expansion. Make My Money Matter , a campaign set up by Richard Curtis , the screenwriter, director and Comic Relief co-founder, has written to the chief executives of HSBC, Barclays, Santander, Nat

122
122
article thumbnail

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.

article thumbnail

Bitstop shakes up bitcoin ATM space with Genesis Coin acquisition

ATM Marketplace

The ATM industry is no stranger to high profile acquisitions and the bitcoin side of the industry has joined the trend. Bitstop, a bitcoin ATM provider, has acquired Genesis Coin, which powers more than 12,000 bitcoin ATMs in the U.S., and accounts for 31.9% of all such machines worldwide.

ATM 113
article thumbnail

Stripe, Amazon ‘deepening’ their tie

Payments Dive

Stripe has become “a strategic payments partner” in the U.S., Europe, and Canada for mega retailer Amazon under a renewed agreement.

Retail 397
article thumbnail

Using Technology to Meet Asset Management Requirements for FFIEC Regulations

Cisco

The prior blogs in this series, listed at the bottom, have discussed the various regulations affecting CIOs and their IT organizations. The purpose of this plan was to understand the application and complexity of these regulations as they apply to technologies, so that we can evaluate technologies used to help teams satisfy these requirements. The purpose of this blog is to discuss a few ways in which tooling and automation capabilities can be used to satisfy the asset management requirements of

Meeting 100
article thumbnail

Bankers’ pay rises three times as fast as nurses’ since 2008 crash, TUC finds

TheGuardian

Government lifted cap on bankers’ bonuses in September, allowing them to ‘help themselves’ to unlimited payouts, TUC said Bankers’ pay has risen more than three times as fast as nurses’ pay since the 2008 financial crisis, according to an analysis by the TUC, which said low paid nurses are being forced to rely on handouts from food banks. The unions’ umbrella body said pay and bonuses for those working in the finance and the insurance sector had risen by an average of 6% a year in nominal terms

article thumbnail

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.

article thumbnail

Location, location, location? How UK housing preferences shifted during the pandemic

BankUnderground

Martina Fazio and Gary Harper During recessions, and indeed pandemics, housing prices usually fall. Yet between March 2020 and December 2021 (‘the pandemic’), housing prices grew in the UK, reaching at the time their highest growth rate in a decade. During this pandemic, many more people could work from home, which potentially influenced their housing choices.

article thumbnail

International coalition pursues cross-border payments improvements

Payments Dive

In a new report, a group of international organizations give a broad overview of routes for improving international payments systems.

Payments 301
article thumbnail

Analyzing a16z’s fintech investment strategy: Where did the VC place its biggest bets in 2022?

CB Insights

The fintech industry took a hard hit in 2022 as investors scaled back their investments amid market turmoil. However, some top investors like Andreessen Horowitz (a16z) remained active in the space across various deal stages, valuations, geographies, and sub-industries. Fintech is central to a16z’s investment strategy. In recent years, the firm has not only shored up its presence in more familiar sectors like banking, but also reached deeper into newer territory like blockchain.

Strategy 101
article thumbnail

NatWest to close another 23 branches in England and Wales

TheGuardian

High street banks have now announced 87 closures so far this year – see full list of NatWest closures below NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already announced this month. The sites will close in the first half of this year. The bank said the closures were due to more customers moving to mobile and online banking.

Mobile 97
article thumbnail

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.

article thumbnail

Microsoft Invests $10 Billion in ChatGPT Maker OpenAI

BankInovation

Microsoft Corp. is investing $10 billion in OpenAI, whose artificial intelligence tool ChatGPT has lit up the internet since its introduction in November, amassing more than a million users within days and touching off a fresh debate over the role of AI in the workplace.

Tools 92
article thumbnail

Warren calls for more regulation of crypto

Payments Dive

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

article thumbnail

Banking trade groups highlight CFPB SBREFA obligations for credit card penalty fees rulemaking

CFPB Monitor

In a letter to Director Chopra , five banking trade groups address the CFPB’s obligation to comply with the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA) before proposing a rule on credit card late fees and late payments. The groups are the American Bankers Association, Credit Union National Association, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, and National Bankers Association.

Groups 78
article thumbnail

Crypto Fallout Continues as Banks Seek to Reassure Investors

Banking Exchange

NY-based Signature hits out at media coverage while Silvergate Bank cuts headcount to manage costs Risk Management Digital Blockchain Bitcoin Cryptocurrency Feature Feature3

article thumbnail

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.