Fri.Apr 05, 2024

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Virtual marketplaces risk real losses: CFPB

Payments Dive

Virtual worlds “can become a haven for scams, fraud, financial losses, and unanticipated purchases that can deplete a family’s real-world financial assets,” CFPB Director Rohit Chopra said.

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While we focus on Dominic West in a banned advert, the banks are short-changing us all | Hannah Dewhirst

TheGuardian

The fuss over an outlawed commercial threatens to obscure the fact that the industry is reaping record profits for a poorer service It’s been quite the year for Hollywood’s humanitarians. Olivia Colman took on pension funds for their role in fossil fuel expansion, Game of Thrones stars Kit Harington and Rose Leslie challenged high street banks’ role in the same polluting activities, and actor Dominic West starred in a Nationwide advert calling out the banks for their sweeping branch closures.

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EWA shouldn’t be regulated like loans

Payments Dive

“Attempts to regulate EWA as credit threaten worker access to this innovative and consumer-friendly financial tool,” writes one earned wage access industry CEO.

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How to make ATMs green-friendly

ATM Marketplace

Managing ATMs well and handling cash responsibly can make using cash eco-friendly.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Whole Foods to pull Amazon’s Just Walk Out technology from stores

Payments Dive

The specialty grocer, which operates the checkout tech at just two stores, will follow the same path as Amazon Fresh stores in the U.S., a spokesperson confirmed Friday.

More Trending

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Credit Unions, Fintechs Pushing the Industry Forward – What We Heard At GAC 2024

William Mills

Branded under its new moniker, America’s Credit Unions (following the recent merger of CUNA and NAFCU), the 2024 Governmental Affairs Conference (GAC) was a successful one, bringing together credit unions from across the U.S. and the service providers and technology partners that are helping them better serve their members.

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Digital Federal Credit Union debuts self-service mortgage portal

American Banker

The $12.1 billion-asset DCU launched the loan platform in 2022, and has seen volume jump by close to $600 million from when talks began in 2019 to last year.

Fintech 78
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Morgan Stanley installs AI chief

BankInovation

Morgan Stanley, acknowledging the growing importance of AI in the financial services industry, has named Chief Analytics and Data Officer Jack McMillan to the newly created position of head of companywide AI. McMillan is responsible for identifying and prioritizing AI implementation across business units and infrastructure throughout Morgan Stanley, he told Bank Automation News.

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What's driving mobile-wallet spending at high and low values

American Banker

A digital-payment trend that began during the COVID pandemic is being bolstered by features such as rewards and state ID storage.

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5 Ways You Can Win Faster with Gen AI in Sales

Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.

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Digital bank OakNorth looks to US expansion

BankInovation

Digital bank OakNorth is expanding its business beyond the United Kingdom and into the United States, exploring a merger and acquisition strategy. “We’ve always been clear that we want to build our business across the U.K. and U.S.,” Chief Executive Rishi Khosla told Bank Automation News.

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As CFO of a billion-dollar company, I couldn't get a checking account

American Banker

In an increasingly cashless society, having a basic bank account ought to be an inalienable right. Instead, we have a system that deliberately prevents millions of Americans from making even the simplest transactions.

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Podcast: The CEO view from Main Street

ABA Community Banking

What's the CEO-eye view on the U.S. economy, business conditions and the regulatory environment for banks? The post Podcast: The CEO view from Main Street appeared first on ABA Banking Journal.

Maine 69
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Schumer: Banker compensation clawback, cannabis banking, on Senate docket

American Banker

Senate Majority Leader Chuck Schumer, D-N.Y., tapped executive compensation and cannabis banking bills as bipartisan priorities that could see movement in the Senate in the "weeks and months ahead.

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The Role of Automation in Commercial Lending

Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.

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Spot Bitcoin ETFs change the digital asset market | Embedded Finance market to be worth $22bn by 2028 | Ripple to launch U.S. dollar stablecoin

Bussman Advisory

This week’s must-know stories in the FinTech, AI and Digital Asset space: Spot Bitcoin ETFs change the digital asset market, attracting billions in inflows Embedded Finance market to be worth $22bn by 2028 Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether Plus, 12 more exclusive stories to help you stay ahead of the curve!

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ABA, associations urge lawmakers to bolster funding for CDFI Fund

ABA Community Banking

ABA joined the Community Development Bankers Association, National Bankers Association and two other associations in urging members of the House and Senate appropriations committees to fund the CDFI Fund for fiscal year 2025. The post ABA, associations urge lawmakers to bolster funding for CDFI Fund appeared first on ABA Banking Journal.

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NYCB asks shareholders to finalize $1 billion lifeline

American Banker

The Long Island bank is trying to come back from a month-long spiral that sunk its stock price some 80%.

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Survey: Customer satisfaction higher when bank branches deliver ‘basic’ services

ABA Community Banking

Customer satisfaction with retail bank branches is much higher than average when banks deliver the fundamentals of customer service, according to a new bank customer satisfaction survey by J.D. Power. The post Survey: Customer satisfaction higher when bank branches deliver ‘basic’ services appeared first on ABA Banking Journal.

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10 Ways to Leverage Buyer Signals and Drive Revenue

In today’s ultra-competitive markets, it’s no longer enough to wait for buyers to show obvious signs of interest. Instead, sales teams must be proactive, identifying and acting on nuanced buyer behaviors — often before prospects are fully ready to make a purchase. In this eBook from ZoomInfo & Sell Better, learn 10 actionable ways to use these buyer signals to transform your sales strategy and close deals faster.

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Mastercard to increase credit and debit card fees

The Paypers

US-based payment technology corporation Mastercard has planned to increase fees for credit and debit card transactions by nearly USD 250 million.

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Why Blackrock Opted to ‘Transition’ Socially Responsible Strategies

The Financial Brand

This article Why Blackrock Opted to ‘Transition’ Socially Responsible Strategies appeared first on The Financial Brand. Following backlash, the asset manager has rebranded ESG investing to "transition investing." Does that mean ESG is now a dirty word? This article Why Blackrock Opted to ‘Transition’ Socially Responsible Strategies appeared first on The Financial Brand.

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Ripple to issue USD-backed stablecoin

The Paypers

US-based crypto solutions company Ripple has planned to issue a stablecoin, pegged 1:1 to the US dollar.

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The Q1 2024 Power 100 Stats are Live!

The Financial Brand

This article The Q1 2024 Power 100 Stats are Live! appeared first on The Financial Brand. Did your financial institution make the top lists of banks and credit unions on Facebook, X, YouTube or Instagram? Check out the list to find out! This article The Q1 2024 Power 100 Stats are Live! appeared first on The Financial Brand.

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Outsource With Confidence for RDC Program Success

Remote Deposit Capture (RDC) clients are more likely to use additional treasury services and maintain larger deposits. However, poor customer experiences—particularly if they delay deposits—can compel RDC clients to take their business elsewhere. This eBook makes the case for outsourcing RDC operations to a proven managed services partner. This approach helps Treasury Departments with limited resources provide excellent client experiences that result in higher retention and productivity rates.

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Sikoia launches AI-powered document processing

The Paypers

Fintech startup Sikoia has rolled out AI-driven document processing, automating 75% of tasks in customer data verification.

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Does the CFPB have mortgage rate discount points in its crosshairs?

American Banker

In a study posted weeks after it raised concerns about "junk fees," the Consumer Financial Protection Bureau noted that the amount of borrowers paying discount points doubled from 2021 to 2023, with the increase larger among consumers with lower credit scores.

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Network International partners with Souhoola

The Paypers

Network International has partnered with fintech Souhoola to equip merchants with Buy Now, Pay Later (BNPL) capability on the networkpay POSs in Egypt.

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First Busey's new acquisition, Stax founders launch credit-scoring tool

American Banker

First Busey closes acquisition of Merchants and Manufacturers Bank; Stax co-founders launch a new credit-scoring tool; UMB's marketing chief takes on consumer banking; and more in the weekly banking news roundup.

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Signal-Based Selling: How to Leverage 4 Key Buying Signals

As prospects define their problem, search for solutions, and even change jobs, they are generating high-value signals that the best go-to-market teams can leverage to close more deals. This is where signal-based selling comes into play. ZoomInfo CEO Henry Schuck recently broke down specific ways to put four key buying signals into action with the experts from 30 Minutes to President’s Club.