Sat.Dec 12, 2015 - Fri.Dec 18, 2015

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What to Expect After the Fed’s Big Move

South State Correspondent

There has never been an economic event that has been talked about for so long and as frequently as the Fed’s likely move tomorrow.

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Cyber risk: Who poses a threat?

Accenture

In my previous post about cyber risk, we talked about the pervasiveness of cyber risk. We recognized that most businesses will not be able to entirely prevent a breach—and should instead focus on resiliency, or “bounce-back-ability” in the face of. Read more.

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12 questions to ask in consultative client meetings

Abrigo

When accountants go to client meetings they run the risk of either going in without a plan or fail to innovate their usual tactics for understanding their client. Since most business owners view accountants as a commodity , prioritizing the ways you communicate with your client during your annual or quarterly meetings is critical to displaying your value.

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You can lead a horse to water…

Celent Banking

A story on Finextra this week caught my eye. It’s a survey carried out by YouGuv on behalf of ACI Worldwide, with these headline stats. Of 2000 UK adults, the survey found that: 88% have no intention of switching bank accounts within the next 12 months. 82% never use mobile payment services such as PayM or PingIT during an average month, 59% never use mobile banking within this same time frame.

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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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What Is Going On With Bank CD Penalties?

South State Correspondent

Usually, in the face of rising rates, banks increase their early withdrawal penalties in an attempt to stem customers from requesting their money back early so that customers can reinvest at higher rates. Increasing withdrawal penalties serve to increase liability duration and help bring convexity closer to zero. In a rising rate environment, this is exactly what you want as a bank.

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More Trending

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Most businesses aren’t selling; guide your clients to a successful exit

Abrigo

Are you the go-to person when your business clients decide to exit their businesses – either through a sale or transfer to family, key employees or a third party? Chances are, you’re not. Only 12 percent of business owners, including those who plan to exit as soon as five years, identify CPAs as someone they’ve spoken with about their plans to exit or stay in business, according to a 2014 survey by the Business Enterprise Institute (BEI), a business management consulting firm and network of exit

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Learning from mBank’s branch channel investment

Celent Banking

The recent article in Finextra , mBank to spend EUR17 million on new network of ‘Light’ branches , prompted this post. At first read, I thought this was a story about a celebrated direct bank building a branch network. Well, not exactly. About mBank. mBank is no stranger to Celent. It has received two Celent Model Bank awards. In 2014, Celent recognized mBank’s digital platform redesign and in 2015, Celent recognized mBank’s Bancassurance initiative.

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Understand This One Point For Better Bank Fee Setting

South State Correspondent

Pick up almost any survey, from Pew to JD Power and you will find that deposit account fees are a significant driver of customer satisfaction. Often it is a major factor in choosing or leaving a bank. Unfortunately, many banks set their fees according to where their competitors are. If your bank does this understand that it is based on the fact that your competitors know what they are doing.

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Preparing Customers for User Interface Updates

Jack Henry

Author: Jennie Ebbing, JEbbing@jackhenry.com. I don’t know about you, but I go on auto-pilot when I’m in a place that I visit regularly. A good example is my local grocery store. I go there with a list of things that I need, and I usually know just where to find them. Sure, the store is showing its age, and maybe the bakery doesn’t offer much, but it’s my store!

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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 outlines exam priorities for 2016

CFPB Monitor

Matthew Smith and Richard J. Andreano, Jr. The CFPB’s Deputy Assistant Director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the ability-to-repay rule, the TILA-RESPA Integrated Disclosures (TRID) rule , and marketing service agreements. Speaking at the California MBA Legal Issues Conference, Calvin Hagins indicated that CFPB examiners will spend a substantial amount of time evaluating loan compensation sche

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A Digital Danger

Independent Banker

By Camden R. Fine, President and CEO of ICBA. Every industry and marketplace is facing some measure of paradigm-shaking digital disruption these days. Among the newest financial industry disruptors are online marketplace lenders, the deceptively benign name for potentially predatory nonbank lending platforms proliferating on the Internet. Many of these technology-based lenders are digitally slicked-up credit providers of least and last resort.

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Who Are The Best Customers At Your Bank?

South State Correspondent

Unfortunately, most banks have no idea the answer to the title question. It is actually worse than that - most bankers THINK they know who their best customers are. The worst of all is most bankers can’t even agree on what a “good” customer looks like. If the bank cannot agree on what constitutes a good customer then how can you ever expect to get more of them?

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2015: Year In Review

ZootBlog

As we approach the New Year, industry analysts and financial experts are rushing to publish their predictions for 2016. Before fixing our gaze entirely on the future, let’s review the trends that dramatically affected the financial industry in the past calendar year. Learning how to harness big data and make it useful, complying with EMV, and understanding the impact of mobile wallets and disruptive competitors were just a few that made headlines.

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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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CFPB releases report on college credit card agreements, student account toolkit and warning letters

CFPB Monitor

John L. Culhane, Jr. Earlier this week, the CFPB released its sixth annual report on college credit card agreements, together with a new toolkit for schools to use when considering potential co-sponsorships of financial accounts, such as prepaid or checking accounts. The CFPB also announced that it sent warning letters to 17 schools regarding their compliance with the CARD Act requirement to publicly disclose their credit card marketing agreements.

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Major Medium of Exchange

Independent Banker

King Cash still plays a regal role for people and businesses on Main Street. By Ed Avis. Debit and credit cards, direct deposits, paper checks, online and mobile bill payments and other technologies have changed the role of cash in our economy. Many money exchanges between people that once required a wad of bills are mostly handled electronically. Nevertheless, cash—and coins for rounding up transactions—still plays a primary role in many millions of transactions every day on America’s Main Stre

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Dark as a Dungeon

SWBC's LenderHub

Our title this morning is the title of a great Johnny Cash song, which goes like this: "Oh come all you young fellers so young and so fine Seek not your fortune in a dark dreary mine It'll form as a habit and seep in your soul 'Til the stream of your blood runs as black as the coal Where it's dark as a dungeon damp as the dew danger is double pleasures are few".

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Where are The FinTech Darlings Now?

Jeff For Banks

FinTech, FinTech, FinTech! That's all I'm hearing. We must be moments away from downloading a gamified banking app via our Google Glass, paying in Bitcoins using Apple Pay! It's like global warming. We all know there is something to it. But look back five years to see what the doomsayers were predicting and you'll have a healthy dose of skepticism about their predictions today.

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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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New CFPB General Counsel named

CFPB Monitor

Barbara S. Mishkin. According to Politico, the CFPB has named Mary McLeod, formerly the State Department’s top lawyer, to be the CFPB’s new General Counsel. Ms. McLeod will replace Meredith Fuchs, the CFPB’s current General Counsel who has also been serving as Acting Deputy Director since the departure of Steven Antonakes in July 2015.

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Go Local Holidays

Independent Banker

By Jack Hartings, Chairman of ICBA. As community bankers, supporting local small business is second nature for generations and will continue to work for generations to come. Even though we as community bankers support small businesses every day of the year, the holidays provide us with a unique opportunity to put small businesses and our communities front and center.

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Mortgage Lenders Imperative – Engage Millennials

Cisco

I am a millennial and my entire financial life fits in my front pocket. Whether I am setting up automatic credit card payments, paying a friend back for a dinner he paid for, making my monthly rent payment, or buying the latest Wall Street darling stock; it can all be accomplished with four or five taps on my smartphone. Since the advent of the iPhone in 2007, the app economy has flourished, and now there seems to be an app [.].

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Cash or card: How do you pay for Christmas?

Banking 2020

Online shopping, mobile wallets, biometric ID – given all the media attention around new ways to pay, you’d be forgiven for thinking that cash has quietly shuffled off this mortal coil. But it is not so and this Christmas – when retail spending reaches its peak for the year – consumers appear as wedded to cash as ever. According to Bankrate and Princeton Survey Research Associates International , four in ten Americans will be making their festive purchases with cash.

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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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CFPB issues scale to measure financial well-being

CFPB Monitor

Barbara S. Mishkin. Last week, the CFPB released “ A guide to using the CFPB Financial Well-Being Scale.” The guide builds on a report issued by the CFPB in January 2015, “Financial well-being: The goal of financial education,” in which it defined “financial well-being” as a state of being wherein people: Feel in control of their day-to-day and month-to-month finances.

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Military Lending Act

Independent Banker

New Military Lending Act regulations kick in next fall. By Mary Thorson Wright. Following a three-year study on predatory lending, the U.S. Department of Defense has now issued the final rule to implement the Military Lending Act. The law defines “consumer credit” very narrowly; however, the department’s rule extends coverage to additional products, including credit cards, installment loans, private student loans and federal student loans not made under Title IV of the Higher Education Act.

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"Keep on Truckin"*

ABA Community Banking

A yearend AML review, month by month Compliance Blogs AML & Fraud BSA/AML.

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Flat fintech – can it work?

Jessica Ellerm

It’s one thing having a great idea for a business, it’s quite another to work out how that business should be structured. And if you’re starting a bank or a finance company from scratch – where on earth do you begin? Keen to distance themselves from their corporate predecessors, many fintech startups are opting for flat, non-hierarchical structures.

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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.