Sat.May 21, 2022 - Fri.May 27, 2022

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Customer Experience – How Service Focused Banks Measure Their Performance

South State Correspondent

While every bank talks about delivering on their service promise, only about 35% of banks have a formal effort and track key performance indicators (KPI). It is no surprise that these banks not only have higher customer experience performance but have a higher return on equity numbers. A better customer experience means less churn, a longer account life, more repurchases, more cross-sell, lower operating cost, greater trust, and more forgiveness.

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Big tech pushes passwordless for payments

Payments Dive

Google, Microsoft and Apple this month began a big, new push in their campaign for a passwordless standard that's aimed at improving digital identity verification, including for payments.

Payments 459
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U.S. Regulations to Consider When Managing a Cryptocurrency Fund

Perficient

This piece was written in collaboration with Chandni Patel, Director of Financial Services and member of Perficient’s Digital Assets Working Group. Our Digital Assets Team has blogged in the past about the regulatory landscape facing cryptocurrency from a banking perspective ( OCC Provides Roadmap for National Banks and Savings Associations To Conduct Crypto Activities , NY Federal Reserve Evaluates Stablecoin Frameworks , Highlights From Federal Bank Regulators’ Joint Statement on Cryptoc

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Four steps for banks to master sustainable lending

Accenture

Public pledges by HSBC, ING and UBS to curb their funding of fossil fuel production are welcome signs that the shift to sustainable banking is gathering speed. These banks, among others, are using their allocation of credit to encourage sustainable business practices. They recognize that sustainable lending is critical for the well-being of their own….

Lending 312
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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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5 Traits of the ideal credit manager

Abrigo

What Makes a Successful Credit Manager Focusing on these traits can only help you become a better credit manager at your financial institution. Would you like other articles on loan review in your inbox? Takeaway 1 Be a good negotiator. It is all about the art of the deal. Takeaway 2 Know the rules. It is important to know the laws on all levels. Takeaway 3 Have integrity.

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Choose Your Technology Correctly for Your Commerce and Insurance Strategy

Perficient

In our final blog on insurance commerce, we build on the previous insights on strategy, customer needs, and internal readiness. We’ve always advocated a process-first mentality – and once these key inputs are ready, technology can be a great accelerator or activator of your strategy. As we draw on the cumulative insights of insurance commerce, it’s important to think about your technology across several capabilities: Journey Science – how does your technology target and talk to your current and

Strategy 294
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Agility makes the pieces fit for payments players

Accenture

As the payments ecosystem expands into the worlds of crypto and the metaverse, keeping up with customer expectations, regulations and technological shifts is becoming a big challenge for payments providers. The only thing we can be certain of is that things will keep changing! Staying relevant in this environment will require a level of agility…. The post Agility makes the pieces fit for payments players appeared first on Accenture Banking Blog.

Payments 300
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Finally, Some Friendly Inflation News Appears

South State Correspondent

Some Friendly Inflation News Appears. The last major piece of economic information is out this morning and April personal spending slightly bested expectations rising 0.9% vs. the 0.8% forecast but was off against March spending which was revised higher from 1.1% to 1.4%. Adjusted for inflation, spending rose 0.7% vs. 0.5% in March. That solid spending came against an increase in income of just 0.4% vs. 0.5% expected and March’s 0.5%.

US 195
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Mastercard touts ESG strategy

Payments Dive

Pursuing environmental, social and governance goals offers advantages in forging customer relationships and luring talent amid a tight labor market, a Mastercard executive said.

Strategy 396
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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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Generation Life launches lifetime annuity solution using GBST’s Wealth Management technology

Bobsguide

Generation Life – a leading life insurance company that’s been providing Australians with tax-effective investment solutions for over 18 years – has launched its innovative new lifetime income solution, known as Generation Life LifeIncome, on GBST’s cloud-based wealth administration platform, Composer. Available exclusively through financial advisers, Generation Life’s new and exciting solution, an investment-linked lifetime annuity that pays an income for life – paves the road for much needed p

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Will UK expand Open Banking payments using new VRP?

Accenture

Variable recurring payment (VRP) is the latest development in UK Open Banking. It offers an innovative way to initiate recurring payments or money movement securely by leveraging the Open Banking framework. VRP also provides merchants and businesses with a faster and more cost-effective alternative to direct debit or card-on-file transactions. Conceptually, VRP is similar to….

Payments 195
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Optimizing Loan Duration

South State Correspondent

Customers and competitors are challenging community banks to extend loan duration – borrowers are eager to lock fixed rates before they rise further, and many competitors are happy to oblige. But what are the optimal fixed terms for community banks given today’s interest rate, credit, and liquidity environment? While every bank’s mix of deposits and loans is different, community bankers should consider some common themes in the market when optimizing their balance sheet loan portfolio.

Lending 195
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Tag Heuer accepts crypto as payment

Payments Dive

CEO Frédéric Arnault suggested cryptocurrency fluctuations are a risk companies will need to take on if they allow this form of payment.

Payments 396
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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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Moneybase partners with Compass Plus Technologies to launch new digital payments app

Bobsguide

Moneybase, a fintech subsidiary of Calamatta Cuschieri Finance Group – Malta’s largest independent financial services firm which pioneered the Maltese financial services industry in 1971, has launched Moneybase, a new digital payments app and card issuing platform using the award-winning payments platform, TranzAxis, from Compass Plus Technologies.

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Market Commentary: Week of May 23, 2022

SWBC's LenderHub

Last Week. About the only thing good about last week in financial markets was that it ended on time on Friday. Equities and all credit spread off U.S. Treasuries had a nightmarish week. Major retailers like Walmart, Target, and Lowes all posted weaker than expected earnings, citing serious margin pressures. The days of passing 100% of the cost of inflation on to consumers are over.

Marketing 144
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Treasuries Under Pressure as Week Opens

South State Correspondent

Treasuries Under Pressure as Week Opens. Equities are finding an early bid this morning off news that President Biden will review the China tariff policy. That comment boosted risk assets on the possibility that some tariffs may be rolled back. Going from a review of China tariffs is one thing and getting to actual rollbacks is quite another, but the market is bidding risk assets on that potential outcome and that has Treasuries trading in the red.

Meeting 195
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Adyen targets North America for growth

Payments Dive

Upstart Dutch payments processor Adyen is increasing its competition against FIS, Fiserv and Stripe on their home turf in the U.S.

America 300
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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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CFPB issues new circular on application of ECOA adverse action notice requirements to credit decisions using algorithms 

CFPB Monitor

Under Director Chopra’s leadership, the CFPB has regularly been sounding alarms about the potential for discrimination arising from the use of so-called “black box” credit models that use algorithms or other artificial intelligence (AI) tools. Today, in the second of its recently-launched Consumer Financial Protection Circulars, the CFPB addresses ECOA adverse action notice requirements in connection with credit decisions based on algorithms.

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Overdraft and Offsetting the Gap

Gonzobanker

Banks and credit unions should be developing intentional strategies to counter the loss of overdraft fee income. Momentum is growing for banks and credit unions to eliminate or significantly reduce overdraft fees, and many institutions are hard at work planning for how to navigate this revenue transition. What started with Ally and Capital One now includes everyone from Fifth Third to Jovia Federal Credit Union.

Cards 142
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NatWest’s Sir Howard Davies: ‘I’m quite pessimistic. Brexit was a significant mistake’

TheGuardian

The banker and former regulator has seen many crises in his career, but war and political division have him worried Sir Howard Davies is a worried man. He is worried about political polarisation. He is worried about the long-term impact of Brexit on the City of London. And he is worried by the pushback against globalisation. One thing he is not especially worried about is the health of the bank he chairs, NatWest, which in its former guise as Royal Bank of Scotland was on the edge of collapse du

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CEOs Sound Off: BNPL takes aim at healthcare, legal costs

Payments Dive

Companies offering installment payment options for healthcare, legal and auto repair say that buy now-pay later options will satisfy growing consumer demand to cover big expenses in other areas.

Payments 243
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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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Mindtree and Finastra Partner to Deliver Managed Services Payments Solutions in the Nordics, the UK and Ireland

Bobsguide

London — May 16, 2022 — Mindtree , a global technology services and digital transformation company, and Finastra , a leading financial technology provider, today announced a partnership to bring Finastra’s Fusion Payments To Go payments technology to banks in the Nordics, the UK and Ireland, as a managed service. As part of the partnership, Mindtree will host Finastra’s proven payments solution in the cloud and handle integration of the technology across the rest of the banks’ existing solutions

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Scotiabank’s Scene+ mobile app adds another 200K users

BankInovation

Scotiabank's Scene+ loyalty rewards program and mobile app added 200,000 new members since January, helping to drive consumer use of the bank's credit and debit cards. Scene+, a broadened flexible loyalty program combining two of the $976 billion Toronto-based bank's existing loyalty programs, was launched in December 2021. Transactions and points redemptions through the program […].

Mobile 98
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Podcast: How a CBDC would ‘fundamentally rewire our economy’

ABA Community Banking

In a special bonus episode of the ABA Banking Journal Podcast, ABA's Rob Morgan digs into the association's comments on the Federal Reserve's discussion paper on central bank digital currencies. The post Podcast: How a CBDC would ‘fundamentally rewire our economy’ appeared first on ABA Banking Journal.

System 98
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JPMorgan hires exec from PayPal to head fintech partnerships

Payments Dive

Peggy Mangot joined the bank this month to lead a team responsible for designing and developing fintech partnership strategy at JPMorgan Chase's commercial bank.

Fintech 243
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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.