Mon.May 20, 2024

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‘Free money’ and 10% interest: carrots banks are dangling to get you to switch

TheGuardian

Better deals are on offer in the battle to tempt new current account customers. But, be warned, there are a few strings attached The battle to attract current account customers is hotting up, with two banks offering £175 “free money”, and a third tempting people with a 10% interest rate. The payments from Santander and First Direct, and the inflation-busting interest rate offered by Virgin Money, are the latest carrots being dangled in front of potential customers in an attempt to persuade them

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Sorry Cash App, Gen Z still wants bank branches

Payments Dive

Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch.

Payments 243
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Chase for Business approaches innovation in phases

BankInovation

JPMorgan Chase considers customer needs, competition and time to market when approaching product launches for small-business clients. “We really try to keep the small-business owner at the center of all of that innovation process at Chase for Business,” Jameson Troutman, head of product for small business at JPMorgan Chase, told Bank Automation News.

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Fed plays crucial role in payments standard-setting

Payments Dive

Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

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Santander, Iberpay introduce global instant transfers

The Paypers

Spain-based Santander , in collaboration with Iberpay , has announced that it processed one of the first instant transfers based on the EPC’s OCT Inst scheme.

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Alternative credit metrics are poised to revolutionize underwriting

American Banker

Gaps in traditional means of assessing creditworthiness are being filled by new kinds of information, such as cash flow data. The result will be good for both banks and borrowers.

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SEC tightens data breach response regulation

BankInovation

The Securities Exchange Commission is setting stricter guidelines on how financial institutions deal with data breaches as cyberattacks climb. The SEC proposed amendments to its “Privacy of Consumer Financial Information and Safeguarding Customer Information” regulation, implemented in 2000, according to a May 15 fact sheet from the commission.

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JPMorgan borrows from First Republic playbook to add affluent clients

American Banker

One year after it bought First Republic Bank, the largest U.S. bank by assets is launching J.P. Morgan Private Client, a new tier in its affluent-consumer services that brings together JPMorgan's brand with First Republic's concierge model.

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JPMorgan says every new hire will get training for AI

BankInovation

JPMorgan Chase & Co. is immersing every new banking employee in artificial-intelligence training, preparing them for a technology Chief Executive Officer Jamie Dimon has likened to the impact of the printing press and steam engine.

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The 2024 Lenders Guide to Automating the Complex Loan

Download the latest edition of GoDocs' "The Lender's Guide to Automating the Complex Loan." This comprehensive guide offers financial institutions valuable insights into document automation for complex commercial loans. It unpacks the intricacies of complex loans and showcases how an automation platform like GoDocs — the leading commercial loan closing platform — delivers impressive benefits and ROI to any FI.

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Astound Digital and Shopify partner to augment retail commerce

The Paypers

US-based digital consultancy company Astound Digital has partnered with Shopify to improve customer experiences, reduce costs, and increase conversion rates for retail.

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SouthState goes big in Texas, striking $2 billion deal for Independent

American Banker

The Florida-based bank, which has been building out its footprint across the South, would enter major markets such as Dallas and Houston with its planned all-stock acquisition of Independent Bank Group.

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Swiss Re to exit iptiQ business

The Paypers

Reinsurance and insurance provider Swiss Re has announced its plans to withdraw from the loss-making digital white-label business iptiQ following a strategic review.

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Bank failures, new CFPB rules and other issues facing investors

American Banker

Investors are facing recent pressure after Republic First's collapse, allegations of criminal activity by an executive at Old National and a pending CFPB rule affecting credit card fees.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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InComm Payments launches Roblox gift cards in Hong Kong

The Paypers

US-based paytech company InComm Payments has announced it is offering gift cards for Roblox , an online game platform, at online and physical retailers in Hong Kong.

Cards 45
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Why bankers should be more worried about stablecoin legislation

American Banker

Banking experts said that none of the currently circulating stablecoin proposals adequately address concerns about the overlap between banking and commerce and how a stablecoin issuer would go through insolvency.

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Venture capital funding in crypto reaches USD 2.4 billion

The Paypers

Crypto startup funding has risen to USD 2.4 billion in Q1 2024, driven by expectations of lower interest rates and the first US bitcoin spot ETF, PitchBook data shows.

Capital 41
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Cyberattack against Santander shines a spotlight on supply chain breaches

American Banker

Criminals breached a third-party database storing Santander customer and employee information, a type of intrusion that banks are increasingly facing.

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Is Your Current Card Platform Holding You Back?

Have you ever felt the pain and loss of a client suddenly going silent, leaving you questioning everything? Ghosting can cause heartbreak; in business, it drains resources, and emotionally, it shatters your confidence. A modern credit card program can give you the tools to deliver the digital-first experiences your customer’s demand. Our eBook, “5 Signs Your Credit Card Offering Needs an Upgrade,” will help you identify key indicators that your current card platform may be holding you back and w

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Erste Bank Hungary introduces Flight Delay Insurance service

The Paypers

Austrian financial service provider Erste Bank Hungary has announced the launch of Flight Delay Insurance, a service available for customers in the George app.

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Fed's Barr renews focus on liquidity, long-term debt amidst slate of pending reforms

American Banker

Federal Reserve Vice Chair Michael Barr Monday spoke at length about efforts to enhance banks' liquidity and long-term debt positions after last year's bank failures while saying little about the capital hikes in the embattled interagency Basel III endgame proposal.

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Visa partners with SKUx to enhance digital payment solutions

The Paypers

Visa has entered into a partnership with SKUx , a digital payment solutions provider, aiming to enhance digital payment experiences for select merchants and consumer packaged goods (CPG) companies.

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CFPB calls out "price gouging" in credit reporting

American Banker

At an industry conference, Consumer Financial Protection Bureau Director Rohit Chopra said he was open to suggestions on how to increase choice and competition to benefit mortgage lenders and borrowers.

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How Unify Turned Month-End Mayhem Into a Growth Party With Automation!

By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.

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LogRhythm, Exabeam to advance AI-enabled security operations

The Paypers

US-based LogRhythm has entered a merger agreement with Exabeam , a worldwide cybersecurity company that provides AI-enabled security operations.

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What's holding back cryptocurrency payments?

American Banker

Regulation and other factors are creating friction for the banks and consumers that want to transact in crypto.

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stc pay and Mastercard launch elite card in Bahrain

The Paypers

stc pay , a mobile wallet service in Bahrain, has announced a collaboration with Mastercard to introduce the first Mastercard World prepaid card in the Bahrain Kingdom.

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RESPA, HMDA violation fines hit Arkansas' Bank of England

American Banker

Originators misled VA refinance applicants into believing they could skip two months of mortgage payments, the Federal Deposit Insurance Corporation said.

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3 Ways Managed Device Services Help Community Banks Cut Costs

Community banks seek ways to leverage their technology infrastructure to drive productivity and growth. However, the sheer volume of technology devices, capital constraints, and lack of skilled resources stand in the way. This Strategy Brief explores how a managed device services partner can help bridge this resource gap. Managed device services partners empower community banks to take charge of mission-critical device management activities with: Logistics and installation services to support se