Sat.Jan 10, 2015 - Fri.Jan 16, 2015

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Optimizing valuation engagements to aid business development

Abrigo

'Bringing in new clients is a top priority for forensic and valuation accountants, with 87 percent calling the task somewhat or extremely important, according to a recent AICPA study. The emphasis on business development is understandable. Valuation work lacks as much repeat business (unless it’s tied to a recurring engagement like employee stock ownership plans) as tax preparation and other traditional accounting services, according to the Journal of Accountancy ’s review of the stu

Study 233
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Adjusting Your Bank’s Branch Marketing Model

South State Correspondent

'Many banks talk about delivering a targeted local approach, but end up spending their marketing budget to garner a mass appeal. Nine times out of ten, this is a mistake and by utilizing a different approach, banks can be more efficient in their marketing dollars. As usual, solving this marketing problem is a function of asking the right questions. The question is not “How does the bank acquire more customers,” but “How does the bank acquire the right customers.

Marketing 203
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CFPB proposes scorecard for colleges seeking to partner with financial institutions

CFPB Monitor

'John L. Culhane, Jr. The CFPB has issued a request for information (RFI) in which it seeks comments on a draft “ Safe Student Account Scorecard ” to be used by colleges and universities to obtain information from prospective financial institution partners offering financial products to students. The scorecard is intended to be used by schools to obtain information on product features and fees when selecting a partner, such as in a request for proposal seeking a marketing partnership.

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How Your Financial Institution Can Attract and Retain Gen Y: Vol 1

SWBC's LenderHub

'In my post titled Gen Y: Why They''re Every Institution''s ''White Whale'' (and What You Can Do to Conquer Them) , I explored how financial institutions are facing, perhaps, their biggest challenge yet: attracting and retaining millenials—like me. It seems this is largely a result of underestimating the valuable banking opportunities Gen Y presents, plus the fact that institutions are overlooking all the data that shows Gen Y''s approach to personal finances is vastly different than any other g

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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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Growing a mortgage portfolio: Encourage borrowers to bank local

Abrigo

'Finding one’s dream home can be a tedious, lengthy process. Financing it can feel even more cumbersome for many homebuyers. There are a lot of options on the table for mortgage applicants, and sometimes comparing interest rates and conditions can feel overwhelming, particularly for first-time homebuyers. Interestingly, the Consumer Financial Protection Bureau pointed out that nearly half of applicants don’t shop around for their mortgage.

Detroit 197

More Trending

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CFPB encourages comments on prepaid card proposal

CFPB Monitor

'Jeremy T. Rosenblum Kelly Cochran, CFPB Assistant Director for Regulations, addressed the CFPB’s prepaid card rulemaking in a January 12 presentation to the American Bar Association Consumer Financial Services Committee in New Orleans. She acknowledged the complexity of the CFPB’s proposal and difficult choices facing the CFPB and encouraged the submission of comments on the proposal.

Cards 98
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Cash Payments: Not Just for the Underbanked

Jack Henry

'Author: Penny Webb, PWebb@profitstars.com. If you follow payments news, you have likely seen article after article referencing the un- and under-banked describing how they function in today’s society using mostly cash, prepaid cards and smartphones. Since the mid to late 1990’s, cash payments have been thought of as the bill payment method of last resort since it can’t utilize standard forms of delivery such as mail, lockbox and internet bill payment.

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New rules on cybersecurity, MBLs considered by NCUA for 2015

Abrigo

'During an October 2014 NCUA examination of Palm Springs Federal Credit Union (FCU), a confidential flash drive went missing. According to Palm Springs FCU President & CEO Debbi Pitigliano, the drive was provided to the NCUA and contained members’ personal information, including names, addresses and social security numbers. Since last check, the drive’s location remains unknown but no unauthorized access to members’ accounts has been reported.

Lending 188
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How India Uses The Banking System For Change

South State Correspondent

'We are i n India this week talking with bankers to see what can be learned from an emerging country with 1.2B people, but essentially only 21 for-profit banks. With 1 branch for every 9,000 people, India is the 3rd most unbanked country only surpassed by China and Singapore.

System 199
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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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CFPB report explores consumers’ mortgage shopping experience

CFPB Monitor

'Ryan J. Richardson and Richard J. Andreano, Jr. In a report released on January 13, 2015, the CFPB announced that nearly half of consumers do not shop among multiple lenders before applying for a mortgage loan. Even fewer—about one of every four—submit multiple applications to gauge the best deal, the Bureau says. The report is the first to harness data gathered by the National Survey of Mortgage Borrowers , an ongoing research effort funded jointly by the Bureau and the Federal Housing Financ

Report 78
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How 2015 is Different for Retail Banks

Banking 2020

'The retail banking industry has seen major changes occurring in the industry over the last few years with the adoption of mobile banking, the rise to prominence of the millennial demographic, narrowing margins, stagnant top line revenues, the future of the branch and continued regulatory changes. As we begin 2015 in retail banking, here is a quick look at five trends to watch for in 2015.

Retail 73
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What can accountants learn about pricing and cross-selling from retailers?

Abrigo

'A common mistake among retailers is selling based on price rather than on value, a retail industry consultant wrote recently. When retailers focus on price, it results in customers “cherry-picking the best item while avoiding the profit-filled add ons,” says The Retail Doctor founder Bob Phibbs. “It’s like they go to the bargain matinee but never visit the concession stand.

Retail 188
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Is Your Bank Ready For The Aging of America?

South State Correspondent

'There are three things that are not really welcoming to an adult over 50 years old – starting a rock band, learning to snow ski and banking. While the rock band and skiing are self-explanatory it is rare that you hear issues with banks. This isn’t because the issues don’t exist. It is because Americans over 50 are reluctant to complain for a variety of reasons - most notably not wanting to admit to themselves that they need help.

America 199
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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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Canaries and the Patriot Act

Matt Wilcox Pro

'It’s time for Section 215 of the Patriot Act to expire It was once common practice never to descend into a coal mine without a canary. Canaries are more sensitive than humans to methane and carbon monoxide, which are odorless, colorless, and deadly. If the canary expired, it meant you needed to hightail it out [.

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ABA urges OIG to expand scope of consumer complaint database audit

CFPB Monitor

'Barbara S. Mishkin The American Bankers Association (ABA) has sent a letter to the Office of the Inspector General (OIG) urging it to expand two of its ongoing CFPB projects: an audit of the CFPB’s public consumer complaint database and a security control review of the CFPB’s DT complaints database (which supports the public consumer complaint database).

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Cutting through the cloud

ABA Community Banking

'At their tipping point? Or not? Technology Blogs Making Sense of it All Outsourcing/Cloud Cyberfraud/ID Theft.

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FI Highlight: Patelco CU

Banking 2020

'Banking fees are a constant source of grief for many customers. So it’s no surprise that removing what seem to be unnecessary fees could be an easy fix for better customer and member satisfaction. Patelco Credit Union , one of the largest credit unions in the Bay Area, did just that. Recently they discontinued 39 fees estimated to save their members about $800,000 annually.

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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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I think the evidence on APIs is pretty clear

Tomorrow's Transactions

'The government is to “call for evidence” on banking APIs, but I think the evidence is pretty clear: they are going to play a major role in shaping the industry over the next 3-5 years whether the government does anything about them or not. One of the hot topics that we talked about a lot last year was APIs. Now the government is getting involved.

Study 47
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CFPB attorney addresses impact of CFPB expectations on existing service provider contracts

CFPB Monitor

'Barbara S. Mishkin Peggy Twohig, the CFPB’s Assistant Director for Nonbank Supervision, was a member of a panel today on service provider and vendor management compliance issues at this week’s meeting in New Orleans of the American Bar Association Consumer Financial Services Committee. Ms. Twohig reviewed the CFPB’s 2012 guidance on service provider relationships, its discussion of service provider management deficiencies in its Supervisory Highlights reports , and several en

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You are vulnerable, 24/7

ABA Community Banking

'Musts: Defense in Depth and having more than one plan Risk Management Blogs Beyond the Bank CSuite Operational Risk Community Banking.

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This Week’s Reads: Customers Like Branches, BlackBerry Apps, Digital Banking Definition and More

Banking 2020

'Below are interesting stories the Banking.com staff has been reading over the past week. Articles via Banking Exchange, Mobile Payments Today, American Banker and Banking Exchange. Customers like branches –but don’t depend on them : While branches remain critical for acquiring and retaining consumers, a recent Novantus survey shows that while consumers regularly interact with their financial institutions via digital channels, they still believe the branch is important in selecting their bank.

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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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The New Year three-party party

Tomorrow's Transactions

'I’m convinced there’s going to be a re-localisation of payments. Regional, national, local, community, hyper-local? Who knows, but the universal, the international and the general solutions will need to deliver genuine added-value to compete with newcomers that focus. In my “Mystic Dave” predictions for 2015 I talked again about the trend away from global solutions and to what I rather clumsily called the “re-localisation” of payment schemes.

System 42
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Guide to Seychelles

Bankelele

'A guest post by @Honoluluskye about a visit to Seychelles. In it’s November issue, Vanity Fair featured a travel guide to the Seychelles which has 115 islands, located 1,000 miles east of Kenya, which is the closest point on mainland Africa. Getting There: I used United Airlines miles to purchase the flight so it was a much better deal than the going market price (which I believe is about $1,500 USD per person).

Maine 35
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What’s stopping you from being an innovator?

ABA Community Banking

'Book Review: F.E.A.R. can make change work for you and your bank Human Resources Management Blogs Books for Bankers.

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Top 100 Banks Using Social Media

The Financial Brand

'The top 100 banks using Facebook, Twitter and YouTube ranked by their social media activity through the fourth quarter of 2014.

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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.