Sat.Apr 25, 2020 - Fri.May 01, 2020

Banks rethink branch operations on back side of COVID-19 threat

Mobile Payments Today

Major banks are reviewing plans to relaunch branch operations after the peak of the COVID-19 pandemic in the U.S., but executives and experts say some key changes in bank operations will likely continue going forward

What will the world be like when #coronavirus ends? (Part One)

Chris Skinner

Most of the people around the world have savings that can last them less than a month. In the USA, 29% of households have less than $1,000 in savings; in the UK, 15% of Brits have no savings at all; and in most economies worldwide, a large tranche of society have … The post What will the world be like when #coronavirus ends? Part One) appeared first on Chris Skinner's blog. Crisis Future Grid

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How Are PPP Loans Forgiven? What We Know Now

Abrigo

Key Takeaways The process for how PPP loans will be forgiven is developing, but lenders can look to guidance so far for key information. Borrowers will be able to request forgiveness eight weeks after the loan is funded; they must provide evidence that expenses should be forgiven. A lender has 60 days from receiving an application for borrower forgiveness to make a decision on the request. When, how much, how - all questions about PPP forgiveness.

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The top eight ways COVID-19 will impact payments

Accenture

We’re living through extraordinary times right now. The COVID-19 pandemic is changing business—and much else—forever. The global payments ecosystem has proven resilient in the face of the pandemic. The general public continues to trust payments systems and providers, and no substantial outages of core infrastructure have been reported. But the industry is far from immune…. The post The top eight ways COVID-19 will impact payments appeared first on Accenture Banking Blog.

Intelligent Process Automation: Boosting Bots with AI and Machine Learning

Across all sectors, companies are learning that they can transform their businesses by embracing Intelligent Process Automation, or IPA. With the pairing of AI and RPA, IPA adds a new layer of intelligent decision-making processes to automated RPA tasks. By automating repetitive work, and adding the ability to automate intelligent decision making, intelligent automation frees up your most valuable resources – your employees – to spend more time on higher value and more strategic work. But in order to reap the rewards of Intelligent Process Automation, organizations must first educate themselves and prepare for the adoption of IPA. In our ebook, Intelligent Process Automation: Boosting Bots with AI and Machine Learning.

Is Brazil the next big thing in fintech?

Mobile Payments Today

Spurred on by rapid change in government regulations and millions of underserved consumers in the finanical space, Brazil may be on the verge of becoming a major player in the global fintech space

More Trending

TSB’s virtual assistant launched in five days through IBM 

Bank Innovation

based TSB Bank gave its customer service a five-day makeover in the midst of the global pandemic with the launch of its “Smart Agent” chat function, helped by its technology partner IBM Services.? “We We chose a platform that was cloud-enabled,” said Suresh Viswanathan, chief operating officer at TSB. The bulk of the work was not […]. Carousel Premium Product Design Retail Banking Wealth Management Coronavirus IBM TBS Bank

4 Sure Signs Your PPP Loan Will NOT Be Forgiven

Abrigo

Key Takeaways Borrowers must document how their PPP loans are used Borrowers must maintain employee and compensation levels At least 75% of the loan must be used for payroll and other permissible expenses Borrowers must have "economic need" for a PPP loan. This week, a new round of funding was made available for Paycheck Protection Program (PPP) loans. While it’s been a mad dash to secure funds for small business borrowers, the work is far from over once the loans are issued.

Visa’s Jack Forestell On Helping SMBs Fast Track Into The Digital Age

PYMNTS

After many weeks and months of social distancing, the world is now actively and audibly wondering when the economic recovery will begin. Visa ’s Executive Vice President and Chief Product Officer Jack Forestell told Karen Webster that it’s the wrong question to ask. The recovery, he contends, is already underway. The pandemic and the recovery aren’t two separate events that will happen in sequence — but are two connected happenings playing out contiguously. “I’d

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Banking is not about relationships. It’s about secrets

Chris Skinner

Britain’s Got Talent is running right now in the UK and I really enjoyed this comedic sketch by Baptist Minister Allan Finnegan. You may not be able to watch it in your country, so here’s the script: I’ve been married for thirty years, which means my love life is a … The post Banking is not about relationships. It’s about secrets appeared first on Chris Skinner's blog. Grid Opinion

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The Best Sales Forecasting Models for Weathering Your Goals

Every sales forecasting model has a different strength and predictability method. It’s recommended to test out which one is best for your team. This way, you’ll be able to further enhance – and optimize – your newly-developed pipeline. Your future sales forecast? Sunny skies (and success) are just ahead!

BMO Harris spotlights women in fintech mentoring program

Bank Innovation

BMO Harris Bank and Chicago-based incubator 1871 have unveiled plans for their annual fintech mentorship program, and this year they are shining a light on female-led fintechs. WMN•FINtech is the latest evolution of the Innovation Program, a three-month mentorship program for startups that have created solutions or services in the financial sector; participating startups are […].

Getting Your Financial Institution in Shape for Loan Workouts Amid the Coronavirus Pandemic

Abrigo

Key Takeaways Federal and state banking regulators have eased coronavirus workout pressures. There are several criteria a borrower must meet in order for a loan modification to be eligible. Lenders should develop a comprehensive workout strategy. The federal government, agencies, and financial institutions (FIs) have been working diligently to mitigate the impact of the coronavirus on businesses and individuals.

Mnuchin Now Says All PPP Loan Recipients Will Face Audits

PYMNTS

Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. One of the things that will be required is you will have to show a payroll report that you actually spent the money on payroll and other items that qualify for forgiveness,” he said.

What will the world be like when #coronavirus ends? (Part Two)

Chris Skinner

I hesitate to write that headline – after all, none of knows when or even if this pandemic will end – but what I do know is that, in this time of crisis, there are lots of things changing: our beliefs, our priorities, our views, our relationships. I sat down … The post What will the world be like when #coronavirus ends? Part Two) appeared first on Chris Skinner's blog. Crisis Future Grid

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How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

Weekly Wrap: Video tellers, RBC’s personalized app and Citi’s innovation labs

Bank Innovation

Banks are accelerating their technology projects in light of the coronavirus pandemic. Whether its Happy State Bank pushing out video teller machines or TSB Bank launching a virtual assistant in five days, banks are trying to find new ways to connect with customers during times of social distancing. Legacy banks in the U.S. and Canada […].

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Artificial Intelligence Scenarios Strengthen Your BSA Program

Abrigo

Key Takeaways. You must be able to explain any artificial intelligence used in your BSA program. BAM+ includes five machine learning scenarios that are fully transparent. AI will never replace the necessary human element of BSA. Abrigo introduced five new machine learning scenarios. Abrigo recently introduced five new scenarios to BAM+, their industry-leading AML software, that utilize artificial intelligence (AI) and machine learning (ML) to help BSA departments catch more suspicious activity.

Mastercard: Half Of Consumers Now Using Contactless Payments

PYMNTS

As nations put limitations into place to support social distancing in February and March, Mastercard reported that a significant share of consumers tapped into contactless payments for purchases. Seventy-nine percent of respondents in a global study indicated that they are now tapping into contactless payments, pointing to cleanliness and safety as crucial drivers. According to an announcement , the firm’s consumer polling illustrates “accelerated and sustained contactless adoption.”.

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Does #coronavirus mean being rude to people?

Chris Skinner

I grew up in a time that was not politically correct. We used to have names for people who did not fit with our thinking, that were often derogatory and rude. Then, as I grew up, the world globalised and inclusion became more the norm. We became connected by easy … The post Does #coronavirus mean being rude to people? appeared first on Chris Skinner's blog. Grid Opinion

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B2B Pocket Playbook: End-to-End Guide to Sales Enablement

Sales enablement is the strategic process of providing sales teams with the content, guidance, and mentorship needed to engage targeted buyers. It’s all about equipping sales professionals with the tools they need to put their best-selling foot forward. And if sales teams want to continuously sell better -- and faster -- their sales enablement process must have a game-winning strategy. It's time for you to start selling smarter - and hitting your sales number - with the best B2B database in the market. Get started today.

Another one bites the dust: RBS shutters Bo app 

Bank Innovation

The Royal Bank of Scotland and its subsidiary NatWest are shutting down Bo, the bank’s stand-alone personal finance app, in the latest example of a big bank digital offshoot’s failure to gain traction with consumers. “Bo Bo was always going to have a tough time attracting customers, given the crowded nature and maturity of the digital […]. Carousel Customer Experience Premium Retail Banking Wealth Management Bo Coronavirus NatWest Royal Bank of Scotland

Banking Regulators Release April 2020 BSA/AML Examination Manual Updates

Abrigo

Key Takeaways The FFIEC updated four sections of the 2014 BSA/AML Examination Manual. The updates are not revisions nor do they include changes to current regulatory expectations. Your BSA/AML examination should be based on risk as justified in your enterprise-wide risk assessment. .

US eCommerce Up 49 Pct; Curbside Pickup Soars 208 Pct Since April 1

PYMNTS

As the coronavirus shows no signs of abating, customers are opting to make their purchases without setting foot in stores, CNBC reported. Dozens of retailers, from Dick’s Sporting Goods to Walmart , have added contactless shopping services, and it’s caught on. The number of orders placed online and picked up at stores surged 208 percent between April 1 and April 20 compared to a year ago, according to Adobe Analytics, CNBC reported. In addition, the survey found eCommerce in the U.S.

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Things worth reading: 27th April 2020

Chris Skinner

Things we’re reading today include … Bank of England probes how long banks can survive the lockdown Banks paid millions in bonuses weeks before ban on cash rewards UK economy will take three years to recover from coronavirus – EY Virgin Atlantic hires bank in search for emergency funds Coronavirus: … The post Things worth reading: 27th April 2020 appeared first on Chris Skinner's blog. Reading

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How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Estimating the risks or rewards of making a particular loan, for example, has traditionally fallen under the purview of bankers with deep knowledge of the industry and extensive expertise. But times are changing. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. By leveraging the power of automated machine learning, banks have the potential to make data-driven decisions for products, services, and operations. Read the white paper, How Banks Are Winning with AI and Automated Machine Learning, to find out more about how banks are tackling their biggest data science challenges.

RBC revamps direct investing on mobile app

Bank Innovation

Royal Bank of Canada is slated to launch a personalized direct investment experience for customers on its mobile app in three weeks. The bank’s new platform is designed for customers who direct their own investing, for example buying their own mutual funds or stocks, as opposed to guided interactions with wealth advisors. The success of […].

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Our 20 Point Bank Checklist For Returning to Work

Banker to Banker

While we discussed our framework for deciding WHEN to call bank employees back to the branch lobbies and workplace ( HERE ), in this article, we cover HOW. The two decisions are interrelated since the sooner you look to reopen, the more risk you take, and the more resources you have to invest in a reopening plan

Figure’s Mike Cagney: Stimulus Snafus Show It’s Time For Digital Dollars – And Blockchain

PYMNTS

Nothing brings money to top of mind like tax season — and tax refunds and stimulus payments , doled out in the wake of a pandemic known as the coronavirus. The trillions of dollars in stimulus funding and tax refunds being extended to families, individuals and businesses is coming — but slowly. Very slowly. The first waves of $1,200 (for individuals) or $2,400 (for couples) and $500 checks (per child), for taxpayers, started hitting bank accounts earlier in the month.

Things worth reading: 30th April 2020

Chris Skinner

Things we’re reading today include … Barclays may have to put aside £4.5bn to cover bad debts due to coronavirus StanChart eyes quick recovery as profit falls 12% on coronavirus crisis Barclays boss: Big offices ‘may be a thing of the past’ ‘No prospect’ of UK government selling RBS stake … The post Things worth reading: 30th April 2020 appeared first on Chris Skinner's blog. Reading

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Pressure Points: How to Ensure Your B2B Pipeline Passes Inspection

This eBook highlights best practices for developing a pipeline management process that helps sales leaders and their team C.L.O.S.E (you’ll see what we mean in this eBook) more revenue through data-driven prospecting, stage analysis, and subsequent sales enablement.