Sat.Nov 04, 2023 - Fri.Nov 10, 2023

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Use This Loan Proposal Tactic To Boost Conversions

South State Correspondent

We review hundreds of term sheets and proposals for commercial borrowers each month. One successful loan proposal tactic for community banks to improve their acceptance rate is to embrace the old marketing rule of the “power of three.” We often see banks proposing one or two options for a commercial borrower, and often, the options presented to the borrower are ones that are most prevalent and acceptable at the bank but not necessarily the option that may fit the borrower’s n

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Are Digital Banks Outpacing Smaller Financial Institutions?

SWBC's LenderHub

In our modern, digital world, the financial landscape is evolving—and fast. Today’s money moves at the speed of the Internet, which means banking isn’t what it used to be.

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8 of the biggest issues facing the banking industry today

American Banker

From glitches in payment processing to the consequences of compliance failure, banks need to pay attention to a range of significant issues.

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How A Chicago Credit Union Became a Personalization Powerhouse

The Financial Brand

This article How A Chicago Credit Union Became a Personalization Powerhouse appeared first on The Financial Brand. How far can banking institutions get serving a segment? Chicago Patrolmen's Federal Credit Union has grown an uncommon market reach while focused on one common bond. This article How A Chicago Credit Union Became a Personalization Powerhouse appeared first on The Financial Brand.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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10 Bank Technology Trends to Follow for 2024

South State Correspondent

While technology has always been important in banking, it has yet to drive the essential functions of banking. Up to this point, if you could speak to a human, banking was easier. In the last year, this has started to change. With the rise of data, generative AI, personalization, instant payments, embedded banking, and traditional AI, the customer experience in banking is now often better through digital channels.

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Top trends shaping the future of bill payment

Payments Dive

As consumer payment expectations continue to transform e-commerce experiences, billers should consider which emerging trends should be adopted.

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New CFPB proposal cracks down on payments providers

BankInovation

The Consumer Financial Protection Bureau proposed a new rule today that would subject large nonbank companies, including digital wallet providers and payments apps, to undergo the same supervisory exam process as banks — leveling the payments playing field.

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Visa launches cybersecurity training program

Payments Dive

The card giant rolled out a cybersecurity apprenticeship program last year amid a talent deficit highlighted by the Biden administration.

Training 467
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The Art of Credit Card Churning

BankBazaar

Credit C ard churning is a rewarding practice if you can effectively manage the risks and challenges it presents. However, it ’ s essential to approach it with a responsible and informed mindset. Credit Card churning is a practice that has gained popularity among savvy consumers looking to make the most of their Credit Card spending. It involves strategically opening and closing Credit Card accounts to take advantage of welcome bonuses, rewards programmes, and other perks offered by Credit Car

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New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.

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Transaction Accounts: Analyzing Deposit Stickiness in the Current Interest Rate Environment

Perficient

Retail banks respond to the Federal Reserve’s short-term interest rate adjustments with corresponding changes in lending and deposit rates. However, in the current rising interest rate environment in the United States since 2022, loan rates have adapted more rapidly than deposit rates. Sir Isaac Newtown’s first law of motion, which states that an object in motion will stay in motion and an object at rest will stay at rest unless acted upon by an external force, can be applied to retail depositor

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FTC targets deceptive practices in merchant cash advance case

CFPB Monitor

The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with critical and timely financing, and there was no dispute that the defendants gave these businesses upfront lump-sums of money in exchange for the right to collect future receivables. .

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Millennial credit card delinquencies rise: New York Fed

Payments Dive

Nearly 3% of millennials are newly delinquent as of the third quarter this year, slightly up from 2.5% in Q3 2019, according to a report from the Federal Reserve Bank of New York.

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The rise of digital wallets: Measuring their impact

ATM Marketplace

Digital wallets continue to transform the way we pay for goods and services. These convenient and secure payment methods are becoming increasingly popular, and they are having a major impact on the payments landscape.

Security 106
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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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AI could cause ‘catastrophic’ financial crisis, says Yuval Noah Harari

TheGuardian

Historian and Sapiens author says sophistication of technology makes it difficult to forecast its dangers Artificial intelligence could cause a financial crisis with “catastrophic” consequences, according to the historian and author Yuval Noah Harari , who says the technology’s sophistication makes forecasting its dangers difficult. Harari told the Guardian a concern about safety testing AI models was foreseeing all the problems that a powerful system could cause.

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Hotel Mortgage Lenders: Your Gateway to Success 2023

Commercial Lending USA

In the dynamic world of hospitality, embarking on a journey of hotel ownership can be a highly rewarding venture. Yet, this path often demands substantial financial investments.

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Toast’s growth slows

Payments Dive

The restaurant fintech noticed “a modest slowdown” in same-store sales in the latter half of the third quarter that continued into October, the company’s CFO said Tuesday.

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Union Bank Continues its Support of Northeastern Vermont Regional Hospital with $100,000 Donation for ER Expansion

Ublocal

When the Northeastern Vermont Regional Hospital emergency room opened 50 years ago, it was serving about ten patients per day. Over the past five decades health care needs have changed, and the ER now serves an average of 38 patients each day, with some days seeing up to 50 to 60 patients. This dramatic increase in patient visits has caused an enormous strain on the facility and presented daily challenges for its dedicated staff.

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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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The future of banking: Overhauling customer experience strategies

ATM Marketplace

What is the key to banking success in the current market? The answer is to overhaul customer experience strategies to meet consumers where they are.

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With the Sam Bankman-Fried trial over, can banks get back into crypto?

American Banker

FTX's implosion made it even harder for crypto-related businesses to work with U.S. banks. With the fraud conviction of the company's founder, regulatory clarity may gradually come.

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Citi fined $25.9M over alleged discrimination

Payments Dive

The bank, between 2015 and 2021, denied certain credit card products to applicants with surnames ending in “ian” and “yan,” suffixes that Citi employees associated with Armenian national origin, the CFPB said.

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FTC announces settlement with operator of personal finance mobile app alleged to have used “dark patterns” in connection with negative option

CFPB Monitor

The Federal Trade Commission recently announced that it has entered into a settlement with Bridge It, Inc. (“Brigit”), the operator of a personal finance mobile application, to resolve the FTC’s allegations that Brigit engaged in unfair and deceptive acts or practices in violation of Section 5 of the FTC Act and engaged in conduct that violated the Restore Online Shoppers’ Confidence Act (“ROSCA”). .

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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ICO apologises to ex-NatWest chief over claim she broke privacy law on Farage

TheGuardian

Watchdog says it was ‘incorrect’ to suggest Alison Rose breached law by discussing ex-Ukip leader’s banking with journalist The UK’s data watchdog has issued a formal apology to ex-NatWest boss Alison Rose, saying it was “incorrect” to suggest she had breached data protection laws by discussing Nigel Farage’s banking relationship with a BBC journalist.

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Treasury eyes bank whistleblowers as it steps up sanctions enforcement

American Banker

The Treasury Department is expanding a whistleblower program, which currently deals only with anti-money-laundering violations, to include tips from employees of financial institutions that result in sanctions-related penalties.

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Jack Henry lands more FedNow clients

Payments Dive

Jack Henry & Associates recorded an increase in the number of customers connected to the new Federal Reserve instant payments system, but they’re all in receive-only mode.

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This week’s podcast episode: A deep dive into the Consumer Financial Protection Bureau’s Policy Statement on abusive acts and practices under the Consumer Financial Protection Act

CFPB Monitor

The CFPB recently issued a policy statement in which it provided a framework for determining what constitutes abusive conduct under the CFPA. After reviewing the definition of abusive in the CFPA and the historical background of the adoption of an abusive standard in the CFPA, we examine how the policy statement addresses each element of the abusive standard and share our observations as to the policy statement’s implications. .

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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