South State Correspondent
SEPTEMBER 28, 2015
Our banking industry has our loan loss allowance provisioning almost exactly wrong. To quote our favorite show, Game of Thrones , winter is coming. We don’t know when the cold weather will be here, maybe the first part of October or maybe around Halloween, but we know it’s coming. Since winter is coming, the question arises - How many coats should we have for the winter?
Celent Banking
SEPTEMBER 30, 2015
Service Design. Journey Maps. Customer Stories. Mood Boards. Experience Recovery. These are a handful of the topics discussed at this week’s Customer Experience for Financial Services (CXFS) Conference, organized by Worldwide Business Research in Charlotte, NC. As an analyst currently immersed in research on corporate banking financial performance, regulatory environment, economic conditions, business demographics, and financial technology, the CXFS event was a welcome change of scenery.
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Accenture
SEPTEMBER 29, 2015
Sibos 2015 is almost here and as Singapore beckons, Accenture is preparing for an eventful week. Key themes we expect to dominate Sibos are real-time, or immediate payments, PSD2 for the European banks and distributed consensus ledgers, with Ripple and. Read more.
Abrigo
OCTOBER 2, 2015
A central difference between the existing incurred-loss model for estimating credit losses and the FASB’s proposal utilizing a current expected credit loss , or CECL, model is that financial institutions will need to estimate how much money they will lose on loans throughout the life of the loans. Shifting from estimating incurred losses solely (adjusted to take into account current circumstances) to forecasting future expected credit losses raises the question of how institutions can generate w
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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
South State Correspondent
SEPTEMBER 30, 2015
Some bankers assume that customers make decisions based on rational choices. Many bankers have long assumed that customers weigh the pros and cons of each product and consider the value of services that we market to them to make their choices. But nothing can be further from the truth. Not only are many consumers and business people irrational, but their irrationality is highly predictable.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Gonzobanker
SEPTEMBER 28, 2015
Why go to the trouble of taking money out of people’s accounts if you can get them to just give it to you? That, apparently, is the logic behind hackers who use stolen passwords and information from breaches to send fake wire transfer requests to trick recipients into approving funds transfers. Take, for example, the Ashley Madison breach where email addresses were obtained.
Abrigo
SEPTEMBER 28, 2015
Understandably, financial institutions of all sizes have numerous questions about how they will implement the FASB’s proposed current expected credit loss model, or CECL, once the standard is finalized. At the 2015 Risk Management Summit hosted by Sageworks, a panel of banking industry experts provided tips for bank and credit union professionals to put their institutions in a better position for transitioning from the incurred-loss model when the time comes.
South State Correspondent
SEPTEMBER 29, 2015
The other day we learned something when our email server went down – collaborative communication applications helped increased productivity for internal projects. Email, we found out, is the lowest common denominator. We have a beta test team using different types of collaborative applications and today we present some thoughts about using these applications in a bank environment.
Jeff For Banks
SEPTEMBER 26, 2015
Our daughter worked from our kitchen table this past week because the Pope was visiting Philly and her firm advised her to get out of town. I worked from home one day, so we got a chance to go up to the local college, workout, and beat back the age monster together (see picture). She was a college athlete (softball). And she said it was more difficult to workout as an adult because there were no goals and you didn't get the quick gratification of seeing success on the field.
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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
CFPB Monitor
OCTOBER 1, 2015
Alan S. Kaplinsky. Yesterday, the House Financial Services Committee passed by 35 to 24, H.R. 1266 , which would replace the CFPB’s sole director with a bipartisan, five-member Commission. Also, the Committee passed 56 to 3, H.R. 957 , which would create an independent, Senate-confirmed inspector general for the CFPB. It is unclear if and when these bills will be considered by the full House of Representatives.
Banking 2020
OCTOBER 2, 2015
Financial institutions that aren’t developing and catering to the wants and needs of younger demographics are missing out on huge opportunities for growth. Luvleen Sidhu, Chief Strategy and Marketing Officer at BankMobile , spoke with us recently to discuss how BankMobile is connecting with a younger audience, specifically college students, to educate and empower millennials.
South State Correspondent
OCTOBER 1, 2015
It is about this time of the year when many banks make a last-minute set of changes in order to make their budgetary goals. Most of these changes will be too late as, like a supertanker, bank production turns slow. Because of training time and the sales cycle, impacting production normally takes a minimum of 3 to 4 months. While we will be covering some last minute tactics to put on some loans and deposits in a hurry in future issues, today we cover the art of bank sales forecasting.
ABA Community Banking
SEPTEMBER 28, 2015
Part 2: Banks will become invisible back-end providers for third-party wallets if they don’t offer competing mobile payments solutions. Retail Banking Payments Viewpoints Channels Feature Feature3.
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CFPB Monitor
OCTOBER 2, 2015
Sarah T. Reise. A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for October 8, 2015 at the CFPB’s offices in Washington, DC. The agenda indicates that the “Council will discuss consumer challenges in payments.” On July 9 of this year, the CFPB released, and we blogged about, nine “Consumer Protection Principles” that are intended to express the CFPB’s “vision of consumer protection in new faster payments systems.
SWBC's LenderHub
OCTOBER 1, 2015
Did you know that Millennials are expected to inherit more than $17.8 trillion ? Gen Y is a substantial group, and these future business leaders are quickly leaving their mark on the world. With all that Gen Y is experiencing, it makes sense that they are the future life insurance consumers. But does Gen Y know the role that insurance could play in their life?
ABA Community Banking
SEPTEMBER 29, 2015
TD Bank’s internal social media efforts have impact beyond the bank’s walls Retail Banking Blogs Social Media Channels.
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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.
CFPB Monitor
OCTOBER 2, 2015
Sarah T. Reise. The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The consent order requires the companies to provide $44.1 million in redress and balance relief to borrowers and imposes a civil money penalty of $4.25 million.
SWBC's LenderHub
SEPTEMBER 28, 2015
The title of this week’s post comes from a quote from the dearly departed baseball legend Lawrence “Yogi” Berra. Apparently, Yogi spun that gem of a line when giving a friend directions to his house in New Jersey. However, those “directions” might as well have come from the Fed last week. The Fed’s mixed messages on their view of the U.S. economy, the state of other nations’ financial markets, and their intentions for monetary policy for the remainder of 2015 have left investors and traders as c
Banking 2020
SEPTEMBER 28, 2015
The talking is nearly over for the U.S. payments industry as October 1st sees the all-important EMV liability shift. Chip cards are being issued to consumers and merchants are upgrading their point of sale terminals to adapt. Or are they? Given the advantages of EMV cards, we would expect more enthusiasm. The key shift resulting from EMV will be a reduction in card-present fraud.
ABA Community Banking
OCTOBER 2, 2015
FBI warns of internet-of-things threats, gives 9 tips. Maybe all of your smart devices are really out to get you? Payments Risk Management Mobile.
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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.
CFPB Monitor
SEPTEMBER 28, 2015
Alan S. Kaplinsky. On Tuesday, September 29, Director Cordray will testify once again before the House Committee on Financial Services at 10 am. The Hearing is entitled “ The Semi-Annual Report of the Bureau of Consumer Financial Protection ”. While I’m not expecting Director Cordray ‘s prepared remarks to announce any new development, it seems likely that he’ll be fielding questions related to a variety of topics, including: (1) the status of the arbitration rule making in w
Bankelele
OCTOBER 2, 2015
About a year after laying out their plans , the Capital Markets Authority has approved the first REIT to be issued in Kenya – and it’s from Stanlib Kenya. Stanlib Fahari I-Reit will issue an initial public offer for investors to subscribe to units in the new REIT which is expected to raise a minimum of Kshs2.6 billion and a maximum of Kshs12.5 billion.
The Emmerich Group
OCTOBER 1, 2015
If you haven’t done your strategic plan yet, be thinking about—not only the things I covered recently about strategic planning—but also the fact that one of the most important things you can do is bond your team. Here’s the thing: if you’ve got great strategies, but people are not aligned behind them, the likelihood of getting them done is slim to none.
ABA Community Banking
OCTOBER 2, 2015
Part 3: Millennials love automated advice, so traditional wealth managers must react to robots’ gains Management Lines of Business Retail Banking Customers.
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