Sat.Mar 12, 2022 - Fri.Mar 18, 2022

article thumbnail

Moving big money is about to get faster

Payments Dive

In the next few weeks, the two U.S. automated payments systems are set to increase the speed with which $1 million can be sent between two parties.

System 243
article thumbnail

Why Financial Institutions Should Take a Risk on Fintechs

Digital Growth Institute

“ The moment you say you’re a fast follower, what you’re really saying is you plan to be behind. ” -Joel Swanson. Fintechs are a risky that many financial brands won't take. They are comfortable staying in the Cave of Complacency where it familiar and safe. But many fintechs are actually looking to partner with community banks and other financial brands to create new opportunities and provide better experiences and services.

Fintech 15
Insiders

Sign Up for our Newsletter

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

article thumbnail

Shift to green could be worth trillions for banks

Accenture

It’s important but not critical. That’s been the dominant narrative around sustainability. Until now, that is. There seems to be a definite shift to changing this narrative, a shift that could be worth trillions of dollars to the banking industry. In 2007, Google famously became the first major company to be carbon neutral. According to…. The post Shift to green could be worth trillions for banks appeared first on Accenture Banking Blog.

Google 460
article thumbnail

OCC Releases Latest CRA Evaluations for March 2022

Perficient

The Office of the Comptroller of the Currency (OCC) has released 11 Community Reinvestment Act (CRA) performance evaluations. These evaluations are based upon on-site examinations performed by OCC-trained staff that are conducted every other year, and they assess an institution’s performance in helping to meet the specific credit needs of the communities they serve.

Training 294
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

How does Gen Z feel about credit cards? It's complicated.

Payments Dive

Each generation has approached credit differently; Gen Z is no exception. As they turn toward credit cards, industry analysts say these consumers are likely to keep card companies on their toes.

Cards 481

More Trending

article thumbnail

Bold banks can grow by shattering the value chain

Accenture

There are times when you have to break something apart in order to make it better. For banks, it’s time to break down the traditional value chain and replace it with a more future-friendly set of business models. Until now, the value chain in banking has relied on a vertically integrated business model. But in…. The post Bold banks can grow by shattering the value chain appeared first on Accenture Banking Blog.

335
335
article thumbnail

6 Key Components That All Loan Administration Software Should Have

Abrigo

Loan administration is a critical element for the safety and soundness of an institution. While the sophistication of loan administration software will depend on the size of the institution and the complexity of its portfolio, some functions should be integrated: 1. Accessibility of data for loan officers, managers and potentially external loan review personnel.

Software 195
article thumbnail

CFPB's Chopra blasts potential card hikes

Payments Dive

In a rare TV appearance, the director of the Consumer Financial Protection Bureau said that the payments industry isn't competitive enough and that fee hikes by the big card companies would add "insult to injury" at a time of inflation. He noted new fintech tools could ultimately be a benefit if they add competition.

Cards 435
article thumbnail

How To Sell Prepayment Provisions In Commercial Loans

South State Correspondent

If banking had an Olympics, creating loan value would be an event. The recent Fed meeting, with its hawkish tone, makes the sport of loan value creation even more important. While many lenders are good at gathering new business, they may lack the experience to create optimal mutual value. To make it into the podium, bankers must not only understand how to work with structural components but how to position them for the most efficient application of the creation of value.

How To 195
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

Bank earnings call highlights: Q4 2021

Accenture

Credit card receivables & purchase volume YoY growth: 4Q21 Earnings call commentary Growth “Consumer activity remains strong with credit sales up in the Q4 YoY. Our beauty and jewelry verticals remain the frontliners with holiday sales up more than 30% in each category. We saw particular improvement among millennials and Gen Z with spending and transaction activity during the….

article thumbnail

Online/Digital Account Opening: A Bridge and A Moat

Abrigo

Offering Digital Consumer and Commercial Accounts Benefits Financial Institutions Banks and credit unions that enable online/digital account opening win new customers and members and retain existing ones. . Would you like other articles like this in your inbox? Takeaway 1 Many financial institutions are adding or improving online or digital account opening capabilities. .

Online 195
article thumbnail

Wealthy BNPL consumers give Affirm a boost

Payments Dive

A new survey from one equity analyst suggests installment financing from the buy now-pay later company Affirm has appeal for rich and poor alike. "The demand for our service is going up because consumers are trying to ration their money,” Affirm CEO Max Levchin told CNBC.

Survey 413
article thumbnail

Countdown to Rate Liftoff Begins

South State Correspondent

Countdown to Rate Liftoff Begins. The March FOMC meeting concludes this afternoon with a 25bps rate hike a foregone conclusion. As we mentioned on Monday, the real focus for investors will be in the forecast for further rate hikes this year, and the updated economic forecast with inflation and GDP key items of interest in the wake of the war in Ukraine.

Retail 195
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

Can We Handle Monetary Policy Normalization Without a Recession?

SWBC's LenderHub

At Wednesday’s Post-FOMC press conference, Chairman Jerome Powell made the following statement: “As I looked around the table at today’s meeting, I saw a committee that’s acutely aware of the need to return the economy to price stability and determined to use our tools to do exactly that. The American economy is very strong and well-positioned to handle tighter monetary policy.”.

Policies 148
article thumbnail

Why You Should Colour-Code Your Budget This Holi

BankBazaar

It is now time to forge a new path forward with your finances. Although budgeting may not have worked for you earlier, colour-coding your budget is your new budgeting lifesaver! . Let’s start! Let’s work on creating your monthly budget. Whoa, wait! Did you just roll your eyes, or did you snort with derision? We get it. For many, trying different budget management methods has either not worked or they just despise the many restrictions that come along with it. .

article thumbnail

Payments industry makes a tempting target for hackers

Payments Dive

The industry might not be experiencing a major uptick in cyberattacks as a result of Russia's war on Ukraine, but that doesn't mean it shouldn't be on high alert, cybersecurity professionals say.

Industry 370
article thumbnail

Investors Await Wednesday’s FOMC Meeting

South State Correspondent

Investors Await Wednesday’s FOMC Meeting. The FOMC meeting that concludes on Wednesday afternoon has the market’s attention, even though a 25bps rate hike is a foregone conclusion. The real focus for investors will be in the forecast for further rate hikes this year, and the updated economic forecast with inflation and GDP key items of interest in the wake of the war in Ukraine.

Meeting 195
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

Market Commentary: Week of March 14, 2022

SWBC's LenderHub

Last Week. Last week was marked, once again, by extreme volatility. The violence of Russia’s war in Ukraine intensified while sanctions against Russia and its major industries continued to ramp up.

Marketing 148
article thumbnail

Tips to tackle ATM security

ATM Marketplace

Last time we looked at some critical ATM security issues such as software vulnerabilities, jackpotting, physical key issues and more. But how does one address such issues?

ATM 127
article thumbnail

PopID aims to expand demand for its face-pay tech

Payments Dive

As payments technology evolves, the use of biometrics is poised to take off. Software firm PopID is seeking to raise about $50 million in capital to scale its face verification services for payments applications in the U.S. and abroad.

Software 370
article thumbnail

Summary: Visibility is the cornerstone of a digital strategy in financial institutions

Cisco

Leaders and organizations embarking on any digital initiative need to ensure that experience monitoring is a cornerstone of their strategy. A leading Financial Services company headquartered in Asia found this to be true. With about 30,000 staff and operations spread across several countries in multiple continents, moving to remote work posed new and unexpected network and infrastructure visibility issues for them.

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

Podcast: Step-by-Step IT Transformation at a Community Bank

ABA Community Banking

At a community bank with limited staff and resources, tech transformation is all about setting priorities. The post Podcast: Step-by-Step IT Transformation at a Community Bank appeared first on ABA Banking Journal.

article thumbnail

The 'ins and outs' of EMV

ATM Marketplace

Over the past few years, there has been a lot of confusion about EMV — what is it, why do you need it, and what will happen if your card readers don't accept EMV transactions. So, what is EMV and why is it essential as we look towards the future of payments?

Cards 117
article thumbnail

Fewer taxpayers plan to pay the IRS by check

Payments Dive

The share of consumers planning to use mobile phones to pay their taxes increased over last year, while the portion preferring to pay by check declined, according to a survey from payments firm ACI Worldwide.

Taxes 361
article thumbnail

5 Sure-Shot Ways to End Up with More Cash After Retirement

BankBazaar

Put the money you earn to work for you. Invest smartly with discipline and say hello to an easier retirement. In a world of hyper-targeted marketing, it is really tough not to spend money on things that you don’t need. Although we earn so that we can give shape to our aspirations and wants, there are a few important things that need to be kept in mind when it comes to money.

Taxes 88
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.