Perficient

JUNE 7, 2023

On May 31, the Federal Deposit Insurance Corporation (FDIC) reported to the public what many banks already knew and had been experiencing for the past year – that deposits are declining in the American banking sector. There has almost been $1.2 Trillion removed from the banking system over the past year. In addition, the recent banking stress, which resulted in several large bank failures, has amplified the outflow of deposits from the banking system, causing total deposits to decline for the fo

FDIC 221

FDIC social media Analysis Report 221

Abrigo

JUNE 5, 2023

Banking reports to inform risk management and strategy These reports on capital, growth, and liquidity help financial institutions spot warning signs. They help manage and shape strategy in volatile economic and industry conditions. You might also like this webinar: "Identifying emerging CRE credit risk red flags" WATCH Takeaway 1 Financial institutions face increased scrutiny over their risk management following recent bank failures.

Report 195

Report Lending Risk Management Capital 195

ATM Marketplace

JUNE 6, 2023

Cash recycling is a relatively recent development for ATMs, which raises the question of whether it is actually a good investment that can save time and money while increasing teller productivity.

ATM 91

ATM 91

Accenture

JUNE 9, 2023

With Open Banking evolving into Open Finance around the world, it has been difficult to gather the necessary data to track its progress and see the patterns evolving in different regions. Thanks to Open Banking Excellence, that data has been gathered and analyzed in a new report, The Open Finance Index. The report sets a benchmark… The post How can banks lead the pack in open finance growth?

Regional 195

Regional Data Report Digital Banking 195

Advertiser: Data Robot

Generative AI is taking the world by storm, but the questions that all CEOs, data leaders, and AI leaders are being asked are: What are we going to do about it, and what is our plan? The business and creative possibilities are practically limitless with generative AI. From productivity gains to finding new routes to revenue generation, generative AI is going to radically transform how we work.

Technology

Accenture

JUNE 4, 2023

Unless you’ve been living under a rock for the past few years, you’re aware that global trade and supply chains have been facing a series of challenges, from lockdowns to inflation, from geopolitical upheaval to the transformational power of generative AI. Are these short-term challenges for the industry, or is there a need for permanent… The post Can banks help solve our global trade challenges?

Industry 195

Industry 195

South State Correspondent

JUNE 7, 2023

Yours might be the case of the emperor lacking clothes. While many banks are helping their clients with employee retention credits (ERC) (If you are not, see HERE ), many banks with 500 employees or less still need to collect their OWN ERC rebates. During the pandemic, most banks retained their employees and suffered higher costs, lower customer interactions, less branch traffic, and a revenue drop in many business lines.

Taxes 195

Taxes ATM Operations Meeting 195

Abrigo

JUNE 4, 2023

The consequences of noncompliance While pulling back on AML compliance spending is tempting, it is especially important today that financial institutions have a robust AML program. You might also like this webinar, "Best Practices for Writing SARS." Watch Webinar This article was written by Mista Roberts-Howard, Senior Financial Crimes Investigator at Abrigo Takeaway 1 As many financial institutions reevaluate their resources in today's uncertain environm

Compliance 195

Compliance Regulation Fraud Policies 195

CFPB Monitor

JUNE 8, 2023

A group of federal agencies have proposed reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (Board) and National Credit Union Administration (NCUA). Comments on the proposed guidance will be due 60 days after publication in the Federal Register.

FDIC 78

FDIC National Groups Lending 78

Payments Dive

JUNE 6, 2023

Detractors of the Credit Card Competition Act proposal that failed last year are preparing for a reintroduction of similar legislation in Congress, as soon as this week.

Cards 322

Cards 322

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Business operations are getting increasingly complex, shareholders are demanding more, and your auditors are breathing down your neck like never before. In this high-pressure environment, it’s important to remember that reconciliation activity is your last line of defense against financial fraud and errors. Insisting on a manual process to handle month-end reconciliations is a risky endeavor that places an undue burden on your accounting team.

Fraud

South State Correspondent

JUNE 5, 2023

Community bank cost of funds is jumping up. As shown in the graph below, the net interest margin (NIM) for community banks declined 22bps in Q1’23. Most of that NIM erosion is the result of a sharply higher cost of funding earning assets (COF). The question is – what will happen to community bank’s cost of funds from here? The graph below shows community bank cost of funds compared to those banks over $25B.

Community Bank 195

Community Bank Community Industry Online 195

Gonzobanker

JUNE 7, 2023

The launch of Charlie points to an underserved niche in banking: older adults. Well, it happened. At last. In mid-May, a digital bank account for the 62+ crowd debuted in the United States. It’s called Charlie , and its appeal is emotional. “You’ve been the everything to everyone. Now it’s your turn” reads the tagline on its website. At first glance, the account resembles plenty of others – free ATM access at thousands of locations, no monthly fees and no minimum account balances.

Fintech 78

Fintech Digital Banking Los Angeles Cards 78

CFPB Monitor

JUNE 8, 2023

At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. .

Data 78

Data Report 78

Payments Dive

JUNE 5, 2023

Central bank digital currencies, which are being tested around the world, could increase the efficiency of cross-border payments, but there are associated risks, according to a trade group report.

Payments 273

Payments Groups Report 273

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What to expect? The commercial and industrial (C&I) lending sector has been undergoing a transformation in recent years thanks to technological advancements and changes in customer expectations. The traditional way of lending, where commercial lenders relied on manual attorney processes and legacy software solutions, is slowly becoming obsolete.

Lending

BankInovation

JUNE 5, 2023

These days, financial institutions have a great deal more to manage than their customers’ money. They must also manage their customers’ personally identifiable information safely and in accordance with an increasing number of regulations — data that makes this sector attractive and therefore more susceptible to cybercriminal attention.

Regulation 90

Regulation Data Management Company 90

Ublocal

JUNE 5, 2023

Working capital is the lifeblood of any business, but it can be challenging for small business owners and entrepreneurs to get conventional financing. SBA loans were created to fill that gap. Contrary to popular belief, SBA loans aren’t just for start-ups or businesses that get turned down for conventional loans. SBA loans offer a variety of benefits, such as more flexible lending terms, and they can be a gateway to obtaining conventional financing in the future.

New Hampshire 87

New Hampshire Vermont Lending Taxes 87

CFPB Monitor

JUNE 8, 2023

For the past decade, Professor Jeff Sovern has criticized companies for including opt out provisions in their consumer arbitration clauses, even though such provisions give consumers freedom of choice by allowing them to reject arbitration without affecting the other contractual terms. Most recently, he argues that opt out provisions are actually what the FTC calls a “dark pattern”—a practice that “tricks users into making choices they would not otherwise have made and that may cause harm.” .

Company 78

Company 78

Payments Dive

JUNE 8, 2023

The payments processor is “highly engaged in” seeking targets to build up its merchant unit in the retail and services verticals, said CEO Frank Bisignano.

Payments 243

Payments Retail 243

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Software

BankUnderground

JUNE 8, 2023

Jonathan Acosta-Smith, Benjamin Guin, Mauricio Salgado-Moreno and Quynh-Anh Vo Over the past years, a growing consensus has acknowledged the need to construct a ‘ system [wherein] every financial decision takes climate change into account ‘ While such a system is still far from reality, market participants already produce and demand an increasing amount of climate-related information.

Policies 73

Policies Regulation Report Groups 73

American Banker

JUNE 7, 2023

The measure will prevent banks chartered elsewhere from charging interest rates above Colorado's 36% rate cap. If additional states take the same approach, it could hamper the business model for high-cost consumer lenders that partner with banks.

Colorado 80

Colorado Lending Regulation Compliance 80

CFPB Monitor

JUNE 8, 2023

In a new “Issues spotlight” titled “ Chatbots in consumer finance ,” the CFPB discusses how chatbot technologies are being used by financial institutions and the limitations and risks of such technologies. The report, which is part of a concerted focus by the CFPB on the use of artificial intelligence and machine learning in consumer financial services, comes on the heels of the recent joint agency statement regarding enforcement efforts “to protect the public from bias in automated systems and

Report 78

Report Technology System 78

Payments Dive

JUNE 7, 2023

Former Google CEO Eric Schmidt is among the investors in Keeta, which enters a competitive cross-border market.

Payments 307

Payments Google Marketing 307

Advertiser: Data Robot

As enterprises evolve their AI from pilot programs to an integral part of their tech strategy, the scope of AI expands from core data science teams to business, software development, enterprise architecture, and IT ops teams. Enterprises need a platform that can make broader AI teams more productive, implementing more complex use cases and harnessing the fast pace of new AI technologies.

Strategy

Dataconomy

JUNE 5, 2023

According to leaks, the Midjourney v6 release date is soon, and its new features are about the change our perspective on generating images again. Even though Midjourney v5 was just recently released, development has already begun for Midjourney v6. If you’re eagerly anticipating the release of the next edition of Midjourney, the AI-powered platform that allows you to generate stunning images from text prompts, you’re not alone.

Video 85

Video Tools New York City Google 85

American Banker

JUNE 5, 2023

The blockchain company bets its experience with cross-border payments is transferable to stablecoins and central bank digital currencies.

blockchain 101

blockchain Payments Company 101

CFPB Monitor

JUNE 8, 2023

The Federal Reserve, FDIC, and OCC have released final interagency guidance for their respective supervised banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such as bank/fintech sponsorship arrangements. The guidance is intended to provide principles for effective third-party risk management for all types of third-party relationships, regardless of how they may be structured. .

Risk Management 78

Risk Management FDIC Fintech Management 78

Payments Dive

JUNE 8, 2023

The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.

FDIC 221

FDIC Risk Management Fintech Compliance 221

Speaker: Raul Perez, VP and CFO of Lancaster Leaf

Lancaster Leaf Tobacco Co Inc. is a subsidiary of Universal Corporation, the leading global leaf tobacco supplier. Lancaster Leaf supplies virtually all the major cigar manufacturers in the U.S. with filler, binder, and wrapper, and exports filler, binder, and wrapper to international cigar manufacturers. This all could mean a complicated month-end close - before automation.

Case Study