Sat.May 13, 2023 - Fri.May 19, 2023

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3 Ways Financial Services Institutions Can Reap the Benefits of a Data-Driven Mindset

Perficient

Given that 81.5% of Americans are considered “fully banked,” many opportunities exist for financial services institutions to take advantage of the vast amount of customer data they possess. Here are three ways financial services institutions can reap the benefits of a data-driven mindset. 1. Improved Productivity & Efficiency. Institutions that prioritize their data will realize the importance and benefits of optimizing data processes.

Data 275
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Podcast: The anatomy of a community bank ransomware attack

ABA Community Banking

The cover story of the latest issue of the ABA Banking Journal features an unprecedentedly transparent look into what happens inside a financial institution during and after a ransomware attack. The post Podcast: The anatomy of a community bank ransomware attack appeared first on ABA Banking Journal.

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Great expectations: Loan review system regulations and how to adhere to them

Abrigo

Does your loan review system meet regulatory expectations? Read more for specific objectives every loan review system should meet. You might also like this webinar, "Return to basics: Asking the right credit risk questions." WATCH Takeaway 1 Loan review officers must figure out how to adhere to the FDIC’s guidance on loan review and credit risk review systems.

System 195
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How National Banks Are Poaching Loans and Deposits

South State Correspondent

Last week we spoke to a $1.2B community bank management team. The CLO was lamenting how he was losing quality loans and deposits to three aggressive national banks in the territory. An example was a $1.95mm owner-occupied CRE loan, where the borrower had multiple operating accounts totaling almost $500k. While this community bank is not aggressively pricing new loans, losing this commercial credit with a substantial deposit relationship was painful.

National 195
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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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Card debt weighs on consumers

Payments Dive

First-quarter credit card balances jumped 17% over the same period last year, according to New York Fed data.

Cards 362

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Developing loan reviewer training: What personnel need for success

Abrigo

Loan reviewer training and development What might a loan review curriculum look like and how can your financial institution develop good loan reviewers? You might also like this webinar, "Return to basics: Asking the right credit risk questions." WATCH Takeaway 1 Loan review departments often lack funds for training and education, but a shortage of experienced loan reviewers is a challenge for many banks.

Training 195
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Generative AI – 7 Lessons That Tate Taught Us

South State Correspondent

This month, we rolled out “Tate,” our generative AI chatbot driven by ChatGPT that was designed to increase the productivity of our employees and allow us to become familiar with large language models. It’s been two weeks since its introduction, and we have already learned more than we bargained for. As one of the first banks to bring this to production, we break down the seven most important lessons we have learned so far in hopes of making your institution’s path easier.

US 195
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PayPal considers Xoom sale: report

Payments Dive

The digital payments company is considering a sale of its Xoom cross-border business, The Information reported, citing an unnamed source.

Report 468
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FICO and Chelsea Football Club to Raise Financial Literacy in U.S.

FICO

Home Blog Feed test FICO and Chelsea Football Club to Raise Financial Literacy in U.S. Strategic partnership between Chelsea FC and FICO aims to make a positive impact on the communities where games are played Tue, 05/16/2023 - 18:46 Saxon Shirley by Nikhil Behl Chief Marketing Officer expand_less Back to top Tue, 05/16/2023 - 18:35 Chelsea Football Club today announced a new partnership with FICO, the world’s leading provider of analytics software, solutions and services.

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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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Considering the scope and depth of loan review roles and processes

Abrigo

How to evaluate loan review processes based on their scope and depth A closer look at loan review can help your institution determine what steps to take to please regulators and streamline processes. You might also like this webinar, "Return to basics: Asking the right credit risk questions." WATCH Takeaway 1 Scope and depth are useful evaluation benchmarks for your financial institution's loan review process.

Lending 195
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Valley Bank delivers digital transformation while maintaining human touch

ATM Marketplace

Is traditional banking dead? Or is it transforming? The answer may lie in keeping the traditional touch while integrating innovative technology: like Valley Bank's recent digital signage makeover.

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How to advance cross-border B2B payments

Payments Dive

“Regional regulatory bodies must work together on common financial standards that support multilateral payment systems if we are to make progress,” writes one payments professional.

How To 243
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FICO World 23: Unleashing the Power of FICO Platform

FICO

Home Blog Feed test FICO World 23: Unleashing the Power of FICO Platform Creating next-generation customer experiences Tue, 05/16/2023 - 17:07 Saxon Shirley by Stephanie Covert EVP, Software expand_less Back to top Wed, 05/17/2023 - 16:25 An Engine for Next-generation Customer Experiences FICO World 2023, is an embodiment of the collective vision and dedication of leaders, change agents, and revolutionaries like our clients, who are shaping the future of customer experiences.

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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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What Robinhood’s performance could signal for rival retail investment apps and their valuations

CB Insights

Robinhood ’s Q1’23 earnings paint a grim picture of the profitability and growth challenges that retail investing apps and other fintechs face today: Net losses are compounding Active users are at a fraction of previous peaks Transaction-based revenues are up and down from one quarter to the next but aren’t growing over time This is old news to the public markets, as Robinhood’s market capitalization is down 77% compared to its exit valuation at IPO in July 2021.

Retail 100
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Senator Bennet Proposes Federal Commission to Regulate Artificial Intelligence

CFPB Monitor

Following recent Senate testimony in which OpenAI CEO Sam Altman proposed additional Congressional oversight for the development of artificial intelligence (AI), Colorado Senator Michael Bennet has re-introduced the Digital Platform Commission Act , a bill that would enable the creation of a federal agency to oversee the use of AI by digital platforms. .

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Fed official stresses importance of dollar’s standing

Payments Dive

“For the dollar to maintain its status, it is important for U.S. elected officials and other policymakers to make decisions that instill confidence in our economy and institutions,” a New York Fed official said Thursday.

New York 221
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Which Risk Management Program Is Right for Your Loan Portfolio?

SWBC's LenderHub

Across the board, the largest asset a financial institution has is its loan portfolio. But each financial institution is unique regarding its business goals and borrower demographics; therefore, finding the right loan risk management program can be elusive. Financial institutions should carefully evaluate their current and future exposures to risk, internal systems and resources, and legal considerations when choosing the right one.

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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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Life@BB: Sarita Povaiah

BankBazaar

Say hello to Sarita Povaiah our Jedi Master of Product Content Wizardry who flawlessly fuses design, and customer voice into a symphony of awesomeness! With an insatiable curiosity and a zeal to learn, she embarked on her adventure with us in August 2014. She embraced the thrill of setting up a team, learning from her mistakes, and thinking on her toes to fill any gaps that arose.

US 78
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CFPB Issues Small Business Lending Rule Compliance Guide

CFPB Monitor

The Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide (“Guide”) covering the amendments to the Equal Credit Opportunity Act (ECOA) and Regulation B, which implement requirements of Section 1071 of Dodd-Frank. These amendments require that financial institutions compile and report certain data regarding certain business credit applications, as explained in our blog.

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Global Payments execs hint at B2B acquisition

Payments Dive

Global Payments isn’t looking for more acquisitions — except in the B2B space, its outgoing CEO said.

Payments 273
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Tradable cost shocks and non-tradable inflation: real wages and spillovers

BankUnderground

Ambrogio Cesa-Bianchi, Federico Di Pace, Aydan Dogan and Alex Haberis The recent steep rise in energy prices led to a rise in the price of energy-intensive tradable goods, with inflationary pressures subsequently broadening into services in many economies. Because services are less traded and have little energy input some have suggested this broadening might indicate inflationary pressures becoming more persistent.

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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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Best practices for regional, community banks to create modern IT infrastructures

BankInovation

The banking landscape is in a state of flux. Emerging financial technology companies have built new services and offerings that place the customer experience front and center, providing a flexibility and speed that traditional banking institutions struggle to match.

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This week’s podcast episode: Perspectives on counseling on the creation of consumer finance products, with special guest Joseph Schuster, Managing Director and Senior Counsel, Goldman Sachs

CFPB Monitor

Our discussion looks at the role of in-house and outside counsel in the development and launch of new consumer financial products. We first discuss the range of issues to be considered as part of the preliminary scoping process, including state licensing, marketing, underwriting, servicing, and collection issues. We turn next to the process of addressing potential legal obstacles and problems that are identified in scoping, including what consideration should be given to competitors’ approache

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Bill Holdings discloses ‘material weakness’

Payments Dive

Despite that finding, the company noted an independent auditor’s evaluation of the company’s 2022 financial statements “remains unchanged.

Company 221
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Amplifying Public Relations with Data

William Mills

As the business world becomes more competitive, it is increasingly important to have a unique edge that sets you apart from the competition. In today's media landscape, data is highly valued. The most credible media outlets look to data as a source of objective information that supports their reporting. By providing journalists with valuable data, you increase the likelihood that they will cover your story or interview you as an expert in your field.

Data 79
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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