Sat.Aug 27, 2022 - Fri.Sep 02, 2022

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How Banks Are Using AI for Document Intelligence

South State Correspondent

Banks are full of documents. Each document contains an extensive array of data. Just keeping track of non-disclosure agreement terms is a huge task. Then there are vendor contracts, employment agreements, statements of work, loan documents, financial statements, tax returns, deposit account documents, policies, and an array of similar applications. The challenge is that most of the data in documents are “dark data” or unstructured data that is hard to find, analyze and manipulate.

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Two key factors for a successful fintech integration

Accenture

As promised in our last post, today we are diving deeply into why a technology integration strategy is a critical enabler for a successful fintech acquisition and for fostering (and, ideally, for accelerating) the growth of the fintech. Historically, the banking industry has been slow to modernize. This makes it challenging for most incumbent banks….

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U.S. adults using mostly cash drops sharply

Payments Dive

Affluence and age significantly affect whether people choose to use cash for purchases, according to the latest Gallup poll on cash use in the U.S.

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How to create a credit risk rating system

Abrigo

Develop a credit risk rating system. Having an internally developed risk rating system is common. Here are some best practices on the creation process. You might also like this webinar, "Position yourself for high-yielding ag loan growth." WATCH . Credit risk rating. Start with the basics. For banks and credit unions, a popular tool to monitor credit risk is a standardized risk rating system, which can serve several purposes.

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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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3 Electronic signature benefits for banks and credit unions

Abrigo

E-signature capabilities benefit both customers and staff Banks and credit unions that leverage electronic signature capabilities reap the benefits of a more efficient lending process. Would you like other articles like this in your inbox? Takeaway 1 Optimize the signature collection process. Better communication, data collection, and storage offer opportunities for efficiency gains.

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Banks push back against CBDC

Payments Dive

The nation’s biggest bank and bank trade groups stressed the risks of creating a central bank digital currency in comments to the Fed, and largely rejected the idea that a digital dollar would accomplish stated goals.

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Transforming Financial Institutions With Agile

Perficient

The post-pandemic era has ignited monumental changes in the global financial realm, forcing financial services institutions into unchartered territory when it comes to digitization. Many startups and more and more legacy financial services institutions are reaping the benefits of employing an Agile methodology to digitize at scale and address the customer expectations of today.

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Banking on brand purpose: Three ways to unlock ROI

Accenture

Great brands aim to make an impact on the world. They use purpose to drive action. And according to a recent Accenture Song study on North American banking customers, “brand purpose” is no longer a nice-to-have factor—it’s an imperative. For banks, we define “brand purpose” as the action-oriented articulation of your mission and values, and…. The post Banking on brand purpose: Three ways to unlock ROI appeared first on Accenture Banking Blog.

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ADP Employment Change Report Reappears

South State Correspondent

ADP Employment Change Report Reappears. It had been a ritual for years during jobs week that the ADP Employment Change Report would be released on Wednesday and provide a bit of a heads up for the Friday BLS jobs numbers. Alas, ADP began to vary wildly from BLS numbers during the pandemic and recovery, so they took it down last May to retool the methodology (with the help of Stanford Digital Economy Lab), and provide additional wage information.

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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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Who’s afraid of FedNow? Not Visa

Payments Dive

Visa's CFO on Wednesday brushed off any concerns about the threat of new competition from FedNow, or any other real-time payments system.

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Strategies for growing commercial loans

Abrigo

Expanding the commercial loan portfolio in today's market With the right strategies, banks and credit unions can expand their commercial loan portfolios successfully. You might also like this webinar on commercial lending strategy. WATCH . Takeaway 1 Commercial loans have remained strong through the pandemic despite high inflation rates and unstable conditions.

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Brad M. Bolton: Compliance as a focal point

Independent Banker

Photo by Chris Williams. In today’s intense regulatory landscape, compliance extends to every aspect of banking, so much so that no one person or team can be solely charged with managing a bank’s compliance requirements. In fact, compliance has grown to become a massive responsibility that must be part of every employee’s job. We’re looking at the need for a full culture of compliance.

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Goldilocks Appears in August Jobs Report

South State Correspondent

Goldilocks Appears in August Jobs Report. Nonfarm payrolls increased 315 thousand while the unemployment rate rose two-tenths to 3.7%. Expectations were for 298 thousand new jobs, so the actual increase was just above expectations but trailed July’s 526 thousand new jobs. The largest gains came in healthcare, professional and business services, and retail trade.

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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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Digital wallets dig in

Payments Dive

Continued adoption of digital wallets is likely to depend on the services that providers add, said Charlotte Principato, a financial services analyst for polling firm Morning Consult.

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Loan-pricing models: What to consider for loan origination software

Abrigo

Leveraging the efficiencies gained from lending software Banks and credit unions that leverage an integrated lending and credit platform reap the benefits of a consistent, efficient and defensible lending program. Would you like other articles like this in your inbox? Lending and Credit Software. Leveraging software to gain efficiency. Takeaway 1 Optimize profitability through loan pricing models.

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Rebeca Romero Rainey: The spirit of service

Independent Banker

Photo by Chris Williams. This month’s Independent Banker focuses on budgeting issues with a special emphasis on the ICBA National Community Bank Service Awards. With that two-pronged concentration, I can’t help but consider the connection between our role of service and the impact regulation can have on our very ability to serve. Inherent to our business model is a passion to support our communities, one that allows for flexibility to meet the individual needs of our customers.

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Community Bank Hedging Options

South State Correspondent

Over the last 15 years, an ever greater percentage of community banks have embraced some form of interest rate hedging. Approximately 1,000 banks in the country use some form of hedging products to manage risk, generate fee income, or provide product offerings demanded by their customers. Most of the top 100 banks (by asset size) have robust derivative solutions.

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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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Card companies urged to code gun sellers

Payments Dive

Calls from government officials urging Visa, Mastercard and American Express to support creating a merchant category code for gun sellers are growing louder.

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FTC enters into consent order with Credit Karma to settle deceptive practices claims in connection with pre-approvals

CFPB Monitor

The Federal Trade Commission has entered into a consent order with Credit Karma, LLC to settle the FTC’s claims that Credit Karma engaged in deceptive acts and practices in violation of Section 5 of the FTC Act by making false or misleading claims that consumers were pre-approved for certain credit products. The order requires Credit Karma to pay $3 million to the FTC, which sum “may be deposited into a fund administered by the Commission or its designee to be used for relief, including consume

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Charles Potts: Agtech’s innovation opportunities

Independent Banker

Photo by Enigma Images/iStock. By Charles Potts, ICBA. The COVID-19 pandemic placed unprecedented stress on food supply chains, with bottlenecks in farm labor, processing, transport and logistics, according to the Organization for Economic Cooperation and Development, and these challenges show no signs of letting up. Against this backdrop, agtech—the application of technology to every aspect of the food production process, from farm to table—is growing in importance to the mission of ICBA and co

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Community Bank Hedging Options

South State Correspondent

Over the last 15 years, an ever greater percentage of community banks have embraced some form of interest rate hedging. Approximately 1,000 banks in the country use some form of hedging products to manage risk, generate fee income, or provide product offerings demanded by their customers. Most of the top 100 banks (by asset size) have robust derivative solutions.

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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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FedNow aims for September testing

Payments Dive

FedNow, an effort by the Federal Reserve Banks to speed up and modernize the U.S. payments system, is expected to launch as early as next May.

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Smart safes deliver retail success

ATM Marketplace

Smart safe systems help to neutralize shrink by keeping financial assets protected and defended. Smart safes go much further than that, though. Here are a few of the other ways that they don't just save money, but reduce operations costs for business owners.

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Lindsay LaNore: Lessons from an escape room

Independent Banker

By Lindsay LaNore, ICBA. As teams, how well do we work under pressure? The ICBA Community Banker University team recently had a chance to think about that when, at our annual strategy and teambuilding meeting, we found ourselves locked in an escape room. Whether you’ve done one or not, we all know the premise of escape rooms. A group is locked into a space—real or virtual—and, against the clock, its members solve clues and puzzles to get out.

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Markets Still Adjusting to Jackson Hole

South State Correspondent

Markets Still Adjusting to Jackson Hole. Treasury yields continue to adjust from the tough talk at Jackson Hole last Friday, and that adjustment is mostly in the form of higher yields. The 2yr note overnight briefly hit 3.48% which eclipsed the 3.43% high set back in mid-June. That’s the highest 2yr yield since 2007 and reflects the market’s appreciation of the higher-for-longer message that Fed Chair Powell left with investors.

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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.