Sat.Apr 22, 2023 - Fri.Apr 28, 2023

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Bankers: What Problem Are You Trying to Solve?

Jeff For Banks

Finovate Spring 2023 is coming up in late May and the social medial buildup is palpable. Industry pundits in the know about everything financial technology and financial technology firms will soon be clinking martini glasses saluting each other and telling stories about their profitability and number of bank installs they have under their belt. I was actually joking about the last two things.

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7-Step Guide To Becoming Financially Strong In FY2023-24

BankBazaar

Planning is an indispensable part of your financial journey. It is what helps you align your finances with your life goals, thus helping you achieve them. Planning is an indispensable part of your financial journey. It is what helps you align your finances with your life goals, thus helping you achieve them. As we start the new financial year, now is a good time for you to take stock, assess, and plan your finances for the year ahead.

Taxes 78
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AutoGPT Will Change Your Bank

South State Correspondent

Just when you were getting your bank’s head around how you will operationalize ChatGPT (our breakdown HERE ), AutoGPT, an application built on top of ChatGPT, gets released and takes the technology to a new level. We have played with this “AI agent” for the past two weeks and can report that it will be a must-have tool to be included in any generative AI initiative.

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Fair Value Accounting and Silicon Valley Bank Failure

South State Correspondent

Analysts, regulators, legislators, and bankers have been attributing the root cause of SVB’s failure in the past month. Some blame the dilution of the Dodd-Frank provisions, others the lack of oversight by regulators, and others still blame social media for exacerbating the deposit run. The root cause of Silicon Valley Bank’s (SVB) failure is poor risk management – plain and simple.

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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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Purchased financial assets in banking under CECL

Abrigo

M&A implications of FASB decisions Some recent, tentative FASB decisions on the accounting treatment of purchased financial assets will impact acquisitive institutions when finalized. You might also like this whitepaper, "Valuation and purchase accounting in a dynamic environment." DOWNLOAD Takeaway 1 The FASB is moving ahead with a plan to eliminate the PCD and non-PCD distinctions for acquired assets.

Examples 195

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Banks can no longer stall on sustainability

Accenture

Banks have the opportunity of a lifetime. And if they don’t act now, it’s going to slip from their grasp. I’ve just returned from speaking with senior bank executives around the US and Europe. The topic of our talks? One of the many pressing issues facing commercial banks today: sustainable credit—using banks’ capital resources to… The post Banks can no longer stall on sustainability appeared first on Accenture Banking Blog.

Resources 329
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To Hub or Not to Hub: Are Payment Hubs a Good Idea for Financial Institutions?

Gonzobanker

The banking industry has been trying to define digital transformation for the past decade. The thing that everyone seems to have finally agreed on is that digital transformation is a journey – a phased approach focused on continuous improvement across various systems. This article defines the critical nature of payment systems along a financial institution’s transformation journey and explores when a payment hub makes sense as a solution to an oft-fragmented collection of systems for processing

Payments 158
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De-risking your SARs: Building SAR relationship exit strategies into your AML/CFT program

Abrigo

How and when to end a banking relationship If your financial institution's AML/CFT program spends valuable time filing repeat SARs on customers, read on to learn how and when to end the relationship. You might also like this webinar, "Best Practices for Writing SARS." Watch Webinar Takeaway 1 Getting stuck in a cycle of repeated SAR filing for the same customer can be a strain on your financial institutions' time and resources.

Strategy 195
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Fiserv takes lead back from FIS

Payments Dive

Fiserv bested FIS in the competitive payments processing market last year, handling more transactions with a larger value, said an industry consultant.

Industry 460
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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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Nature is key to banks’ sustainability ambitions

Accenture

The growing threat of climate change has spurred banks and other financial services companies to step up efforts to become sustainable. Many have pledged to fight climate change and reduce their greenhouse gas emissions to net zero. Far fewer firms, however, have begun the vital task of arresting the destruction of our natural environment. Without… The post Nature is key to banks’ sustainability ambitions appeared first on Accenture Banking Blog.

Company 195
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RBI’s Repo Rate Hike: How To Reduce Home Loan Tenure?

BankBazaar

It’s been a crazy year with Home Loans. As the RBI pumped the repo rate up from 4.0 to 6.5. Home Loans became costlier at a pace not seen in years. Voluntary EMI hikes are a great way to reduce Home Loan tenure and get out of debt faster. Read on to know more! Consider someone who may have borrowed at the rock bottom rate of 6.50 last year. With a 2.5 percentage points increase taking their rate to 9.00, their per-lakh EMI on a 20-year loan would rise from ₹746 to ₹900 – a 20% leap within a year

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Construction loan and delinquency trends in 2023

Abrigo

Construction loans grow, delinquencies flatten in 2023 Construction lending projections look positive according to S&P data from 2022 and 2023. How can your institution prepare to grow its construction portfolio? You might also like this webinar, "How to manage a high-performing construction loan portfolio." WATCH Takeaway 1 An S&P Global Market Intelligence report shows delinquencies leveling off and loans growing in the construction sector.

Trends 195
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Justice debit probe draws in Mastercard

Payments Dive

The Justice Department’s antitrust division issued a civil investigative demand to the card company as part of a debit card probe that has also entangled its larger rival Visa.

Cards 420
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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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BNPL regulation and its potential impact on UK banks

Accenture

In February 2023, the UK government released a consultation on draft legislation for Buy-Now Pay-Later (BNPL) services, which outlined the scope of the proposed legislation as well as some exemptions. The proposed legislation aims to prevent consumers getting into unmanageable debt while still allowing them the option to spread the cost of their purchases over… The post BNPL regulation and its potential impact on UK banks appeared first on Accenture Banking Blog.

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Experts share tools, tips to prevent bank data breaches

ATM Marketplace

Data breaches are a massive issue for banks. How can they prevent them? One solution is maintaining better identity security.

Data 124
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Wire fraud up 18% since SVB collapse

BankInovation

The collapse of Silicon Valley Bank opened a door of opportunity for fraudsters to take advantage of bank clients who have recently moved money or switched bank accounts — and banks are warning their clients to be cautious.

Fraud 98
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Fiserv lines up bank clients for FedNow

Payments Dive

The mega processor has a handful of bank customers in the Federal Reserve’s real-time payments pilot, and a pack signed up for services after the system’s July launch. It’s part of the company’s growth strategy.

Strategy 407
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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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This week’s podcast episode: Recent federal and state debt collection developments

CFPB Monitor

Third-party debt collectors, first-party creditors, and debt buyers face an ever-evolving federal and state regulatory landscape as well as ongoing private litigation. We first look at the impact of the CFPB’s most recent rulemaking agenda on debt collectors. We then discuss compliance and licensing issues under District of Columbia, California, Utah, and New York debt collection laws and the Wyoming “debt buyer” licensing requirement. .

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Banks can fightback against ATM Jackpotting

ATM Marketplace

Recently, a new ATM jackpotting malware variant, dubbed FiXS, has been identified as a new threat infecting ATMs to steal large amounts of cash. What exactly is the modus operandi of this new malware and how can banks defend against it?

ATM 96
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Google invests in AI, cloud in Q1

BankInovation

Google focused on three areas of AI in the first quarter: developing large language models, empowering developers with Google tools and enabling organizations to benefit from AI advancements.

Google 96
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3 reasons why declined transactions explain the rise in BNPL adoption

Payments Dive

Explaining three reasons why declined transactions are turning customers on to Buy Now Pay Later services for a friendlier purchasing process.

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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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Fourth Circuit holds GAP coverage financed with vehicle purchase is exempt from MLA

CFPB Monitor

In a highly anticipated decision regarding the treatment of Guaranteed Asset Protection (“GAP”) under the Military Lending Act (“MLA”), a federal appellate court has ruled that a hybrid loan that finances GAP coverage along with a motor vehicle purchase is exempt from the MLA’s restrictions. The 2-1 decision on April 12, 2023 by the U.S.

Lending 78
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Home Truths: Important Tips To Help Home Loan Borrowers!

BankBazaar

There is distress among home owners. Home Loan tenures have shot up rapidly in the last year. We enjoyed two years of rates as low as 6.40. But such has been the inflation that barely three quarters later, many borrowers are now paying upwards of 9 per cent. As a result, Home Loan tenures have shot up dramatically! Given the inflation rate, it’s quite possible a 20-year loan taken in 2020 has become a 30- or 35-year one now.

Course 78
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First Republic Bank shares fall 50% after reporting dramatic slump in deposits

TheGuardian

Bank now faces tough options to turn around its business with the creation of a ‘bad bank’ or asset sales possibilities First Republic Bank’s shares closed down 50% on Tuesday, a day after the mid-sized US bank announced a dramatic slump in deposits. On Monday the San Francisco-headquartered reported a more than $100bn plunge in deposits in the quarter in the aftermath, sparking fears that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.

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Enerbase pilots Amazon One at first convenience stores

Payments Dive

The technology that allows a contactless payment using a customer’s palm is being tested at the first stand-alone convenience stores.

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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.