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Weekly Wrap: Credit unions choose core startup and POS lending stays hot

BankInovation

Point-of-sale lending, meanwhile, is continuing its rapid growth trajectory. Credit unions are rejecting some of the big core providers and instead choosing startups to overhaul their technology. Royal Oak, Mich.-based based banking software company Bankjoy has grown its customer base by 50% since the start of the pandemic.

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Fintechs, lacking guidance, pivot to SBA loans 

Bank Innovation

Treasury Secretary Steve Mnuchin last weekend confirmed “any fintech lender” will be authorized to make small business loans as part of the Coronavirus Aid, Relieve and Economic Security (CARES) Act. Despite the goal to have the program up and running by today, digital lenders remain uncertain how it will work and how much it […].

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Fintechs, armed with direct SBA lender status, await more funding 

Bank Innovation

The $349 billion Congress set aside for small businesses as part of the Coronavirus Aid, Relief and Economic Security Act ran out on Thursday, and digital lenders are anxiously awaiting the next round of funding to deliver what they say is a better customer experience.

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How Goldman-backed Credijusto is reaching Mexican small businesses

Bank Innovation

As a secured lender, Credijusto also allows borrowers to put up collateral to back their loans in addition to the suite of transaction and business information typically used to […].

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Cobalt Credit Union’s Data-Driven Innovation In Member Services

PYMNTS

It found nearly 40 percent of them would consider leaving their current CUs because the financial institution provided inconvenient services or was unable to address their problems and data security concerns, among other reasons. . Given the high stakes, it is clear that credit unions must pursue the innovations members value most.

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Digital banks, payments startups face first major test in virus

Bank Innovation

Fintech startups looking to upend how Americans do their banking are facing their first major test as interest rates fall and fearful consumers seek safety at traditional banks. Square Inc. and Stripe Inc., mobile payments companies founded after the 2008 financial crisis, and digital banks including Chime Inc.

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Remote work heightens risk of data breach

Bank Innovation

As financial institutions transition employees to working remotely during the coronavirus pandemic, cybersecurity threats have made them more vulnerable, according to information and cybersecurity experts.

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