2023

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Financial Institutions Face Critical Crossroads in 2024

The Financial Brand

This article Financial Institutions Face Critical Crossroads in 2024 appeared first on The Financial Brand. 2024 will be a pivotal year for a banking industry faced with an uncertain economy – but also with significant opportunities for growth. This article Financial Institutions Face Critical Crossroads in 2024 appeared first on The Financial Brand.

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Why the community bank stock rally stalled

American Banker

A small bank stock index posted its biggest gain of the year in early November before that progress faded. What will it take for investors to sustain confidence in the sector?

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BIS advances oversight structure for broader faster payments ecosystem

Payments Dive

In the interest of faster, cheaper and more transparent cross-border payments, the Bank of International Settlements last week produced an interim report aimed at developing a governance structure for an interlinked faster payments system.

Payments 476
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Designer of ‘Real-Time Payments’ Tackles ‘Chuck’ for Community Banks

The Financial Brand

This article Designer of ‘Real-Time Payments’ Tackles ‘Chuck’ for Community Banks appeared first on The Financial Brand. 'Payment Jedi' Peter Davey hopes to take Alloy Labs consortium members where no community bank has gone before. His mission? Launch Chuck. This article Designer of ‘Real-Time Payments’ Tackles ‘Chuck’ for Community Banks appeared first on The Financial Brand.

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5 Things Lenders Need to Know About Portfolio Loans & Their Documentation

Discover the key benefits of portfolio loans and learn how to streamline your lending process with our infographic, "5 Things Lenders Need to Know About Portfolio Loans & Their Documentation." Find out how portfolio loans can maximize borrower potential by consolidating multiple properties under a single loan, reducing paperwork, and lowering closing costs.

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3 Ways Generative AI Will Transform Banking

Accenture

One year after ChatGPT’s public launch, generative AI is probably still the hottest topic in the world of business—and with good reason. Research suggests gen AI could add almost $7 trillion to global GDP. So what, exactly, will gen AI mean for banks? Much of the conversation today around the technology generates more heat than… The post 3 Ways Generative AI Will Transform Banking appeared first on Accenture Banking Blog.

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Future-Proof Banking: Surviving in a World of Digital Ecosystems

The Financial Brand

This article Future-Proof Banking: Surviving in a World of Digital Ecosystems appeared first on The Financial Brand. Modern technologies are the foundation for a reset of existing business models in banking including AI, hybrid cloud, embedded solutions and BaaS. This article Future-Proof Banking: Surviving in a World of Digital Ecosystems appeared first on The Financial Brand.

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Block to shrink workforce

Payments Dive

The company plans to cut about 8% of its workforce over the next year as Jack Dorsey steps up his efforts to improve efficiency and revive profits.

Company 534
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FTC targets deceptive practices in merchant cash advance case

CFPB Monitor

The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with critical and timely financing, and there was no dispute that the defendants gave these businesses upfront lump-sums of money in exchange for the right to collect future receivables. .

Company 212
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Americas FSI Digital Commentary: 3 Ways to Accelerate Digital Strategy in 2023

Cisco

As a change agent serving the financial services industry for over 20 years, it is a great privilege to collaborate with Bank, Insurance, and Wealth Management institutions to devise and execute digital transformation strategy, solve complex business problems, and leverage technology to strengthen business results. Ending a chaotic 2022 with the Federal Reserve in their December meeting raising interest rates to control inflation another 50 basis points following four consecutive 75 basis point

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Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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And the winners of the 2023 awards for worst customer service are …

TheGuardian

We celebrate the companies that went the extra mile … to inflate their balance sheets and let down loyal customers These are troubling times for big business. Traders, fighting for survival, need to focus on money. They absolutely do not have the time and resources to hand-hold unreasonable customers who insist on receiving goods and services in return for their outlay.

Resources 141
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Barclays online, mobile banking down 2 hours today

BankInovation

Barclays online and mobile banking systems were down for two hours today, with the London-based bank’s clients were unable to access their accounts, the bank said on X, formerly known as Twitter. During the outage, $1.

Online 139
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The challenges of measuring financial conditions

BankUnderground

Natalie Burr The challenge of measuring financial conditions Imagine you were tasked with thinking about how financial conditions have changed over a policy tightening cycle. Different economists would come to very different conclusions, and none would necessarily be wrong. Why? Because measuring financial conditions is challenging – for a variety of reasons.

Policies 131
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Analyzing a16z’s fintech investment strategy: Where did the VC place its biggest bets in 2022?

CB Insights

The fintech industry took a hard hit in 2022 as investors scaled back their investments amid market turmoil. However, some top investors like Andreessen Horowitz (a16z) remained active in the space across various deal stages, valuations, geographies, and sub-industries. Fintech is central to a16z’s investment strategy. In recent years, the firm has not only shored up its presence in more familiar sectors like banking, but also reached deeper into newer territory like blockchain.

Strategy 101
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Breaking New Ground: Managing Innovation Fatigue With Effective Automation

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.

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Mastercard files a trademark for crypto and blockchain-based tools

The Paypers

US-based Mastercard has filed a trademark application for several cryptocurrency and blockchain-related tools reinforcing the company's interest in the crypto sector.

Tools 100
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Shifting from compliance to value with ISO 20022

Accenture

The years-long ISO 20022 journey has achieved a major milestone this year: it is now being used for cross-border payments. The new standard successfully launched globally in March 2023 with SWIFT CBPR+, and on the European Market Infrastructures of T2 (March 2023), Euro 1 (March 2023) and CHAPS RTGS (June 2023). Early data reveal a… The post Shifting from compliance to value with ISO 20022 appeared first on Accenture Banking Blog.

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Basel III endgame: 5 things to watch in 2024

American Banker

Federal regulators will look to finalize capital rules for banks with at least $100 billion of assets. Here's what to look for as the contentious regulations move through the rulemaking process.

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Making Banking Frictionless: The Rise of Embedded Finance

The Financial Brand

This article Making Banking Frictionless: The Rise of Embedded Finance appeared first on The Financial Brand. What does it take to be successful with an embedded finance strategy? And what do nonbank platform partners value most? IBM research offers some insight. This article Making Banking Frictionless: The Rise of Embedded Finance appeared first on The Financial Brand.

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Exploring the Liability Shift: A Comprehensive Guide to Fraud Loss Responsibility and Mitigation

Shifting liability for digital fraud losses represents a significant challenge for financial institutions and payment service providers. In response to the global surge in digital fraud, regulators are introducing policies that transfer the cost of fraud from defrauded customers to financial institutions. ThreatMark’s newly released white paper, "The Liability Shift: Understanding Fraud Losses Responsibility and Mitigation," provides an in-depth analysis of this shift, its implications, and stra

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Mastercard ties growth to digital strategy

Payments Dive

The network is advancing technologies to let consumers and businesses more easily use its cards, after doubling the number of merchants that accept them over the past five years.

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The 2023 GonzoBanker Awards

Gonzobanker

2023. What a year. Bank leaders must feel like Rocky Balboa after 15 rounds with Apollo Creed. Just think of what the industry dealt with in the last 12 months: The brunt of the unprecedented scope and pace of Fed rate hikes hit home, and banks have seen an.80 basis point increase in deposit cost of funds – and that while total deposit balances decreased for six straight quarters.

Fintech 194
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SASE – Necessary for the Future of Work

Cisco

Gartner first coined the term secure access service edge (SASE) in 2019. No one could have predicted how important and quickly SASE would become relevant to almost every business in order to function. With financial institutions digital transformation plans, the move to the cloud for many applications only heightened the interest and need. SASE is about delivering networking and network security controls at the edge as close to the users as possible.

Security 174
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Europe’s banks helped fossil fuel firms raise more than €1tn from global bond markets

TheGuardian

Exclusive: Pan-European investigation looked at thousands of transactions since Paris climate agreement in 2016 Banks including some of Europe’s largest lenders have helped fossil fuel companies to raise more than €1tn (£869bn) from the global bond markets since the Paris climate agreement, according to an investigation by the Guardian and its reporting partners.

Marketing 144
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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Same-day ACH payments soar

Payments Dive

The dollar value of same-day ACH payments nearly doubled in the first quarter as the volume increased 20.7%, Nacha said this week in a quarterly update.

Payments 545
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FedNow attracts real-time payments early adopters

Payments Dive

Companies partnering with the Federal Reserve to test the real-time payments system see it as a way to draw customers and get an edge on rivals.

Payments 545
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Square CEO to depart

Payments Dive

Alyssa Henry, CEO of Block’s merchant business Square, will leave the company just days after a service outage left merchant clients unable to process payments.

Payments 482
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Small businesses embrace digital payments

Payments Dive

Small business owners envision a cashless future, according to card giant Visa, even as some legislators move to protect unbanked and underbanked consumers.

Payments 488
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Case Study: First Mid Bank Fast-Tracks New Market Entry in Commercial Lending

Discover First Mid Bank's Expansion Success with Our Case Study! Discover how First Mid Bank & Trust fast-tracked market expansion through advanced automation and compliance solutions. This case study reveals their journey from facing challenges in Texas' complex legal landscape to achieving rapid market entry with GoDocs' innovative commercial closing platform.