Thu.Sep 21, 2023

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Data – The Lifeblood of Intelligence Automation

Perficient

With all the hype around artificial intelligence (AI), AI can feel complicated, distant, or foreign. But guess what? It’s not new news and it doesn’t need to be complicated; it’s just a revolution of how we leverage data! Let’s take a quick dive into the data-driven universe of AI (i.e., intelligence automation). This article breaks down how data powers intelligence automation.

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California legislature passes plastic gift card ban

Payments Dive

The state’s lawmakers approved a bill that would ban the use of plastic for gift cards by 2027, but it’s still waiting on the governor’s signature.

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Why Internet Bank Fraud is So Much More than IP Addresses

Abrigo

Internet bank fraud is here to stay; learn how to detect and stop it. Every type of fraud has something unique it leverages to dupe unsuspecting citizens. Learn what is different about internet bank fraud. Would you like other articles like this in your inbox? Takeaway 1 It is important to monitor fraud effectively and consistently. Takeaway 2 Stay informed of trends in mobile fraud as well as internet bank fraud.

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Is X unfit to hold state money licenses?

Payments Dive

Lawyers who sued the company on behalf of an imprisoned Saudi activist urged states to apply “heavy scrutiny” in reviewing the social media platform’s license requests.

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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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Fintech Deals to Watch: Fall Festivities

Gonzobanker

The dog days of summer are over, but no sweater weather for deals yet. No record heat in deal activity, but warmth remains. Most players “wait and see,” but here are a few deals that caught our attention. Digital: Pigskin Pick-Ups Bankjoy , a digital banking provider, had a funding round led by the Curql Collective Credit Union Service Organization.

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More Trending

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Colleges should be on the hook when graduates default on student loans

American Banker

Educational institutions ought to have some skin in the game when it comes to the student loan market.

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Varo aims to displace Venmo, Cash App volume with P2P feature

Payments Dive

The bank has launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.

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20 banks with the best reputation among customers

American Banker

The top five banks have an average reputation score among customers of 84.1 in 2023.

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Uber to add more payments tools to its app

Payments Dive

The planned updates to Uber Eats include the addition of SNAP and healthcare benefits payments starting next year.

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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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BMO joins earned wage access market via DailyPay

American Banker

BMO Financial Group is the fourth bank to partner with the fintech to enable employers to offer early access to the wages they pay.

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This week’s podcast episode: Shining a bright light on digital dark patterns

CFPB Monitor

Our special guest is Andrew Nigrinis, PhD, who formerly served as Enforcement Economist for the Consumer Financial Protection Bureau. We first discuss what is meant by “dark patterns” and the types of digital practices identified by the CFPB and Federal Trade Commission as “dark patterns.” We then look at the CFPB ‘s position regarding the use of “dark patterns” as an unfair, deceptive, or abusive act or practice under the Consumer Financial Protection Act, the FTC’s position regarding the use

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Bank M&A rebounds in August, bolstered by pent-up demand

American Banker

There were 18 deals announced last month involving bank targets. It was the most active month since July 2022 and marked a bounce-back from a months-long slump.

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5 Contact Center Technologies You Need for Success

SWBC's LenderHub

Integrating technology into modern contact centers isn’t just a trend, it’s a necessity. For credit unions, leveraging tech is essential for enhancing contact center operations and improving member experiences. The right tech can also ease staff burdens, boost job performance, and increase overall employee satisfaction.

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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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Massachusetts mutuals agree to merge, form multibank holding company

American Banker

The parent companies of Cape Cod 5 and Fidelity Bank have agreed to combine under a multibank holding company called Mutual Bancorp. The bank units would keep their current names and operate independently but pool resources to improve efficiency.

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Payments status updates comprise 80% of Citi queries

BankInovation

TORONTO — Eighty percent of queries across Citigroup’s 96-country network — which includes more than 200 million clients — are payment status queries. Pre-validation capabilities could bring that number down for banks, Debopama Sen, co-head of global payments and receivables at the $2.4 trillion Citi, said at the Sibos 2023 event this week.

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Swift partners with Visa and Wise to fend off fintechs in cross-border B2B payments

American Banker

The messaging organization, which faces growing competition from newer tech firms, is working with the card network and payments company to ensure that its own offerings stay relevant.

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Brex, Ally roll out AI-driven chatbots

BankInovation

Ally Financial and Brex rolled out AI-driven virtual assistants this week. Ally debuted a customer representative assistant to help service team members aid clients more efficiently while Brex’s virtual assistant aims to help employees of commercial clients file and manage expense reports.

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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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CFPB outlines sweeping data proposal, drawing swift bank condemnation

American Banker

The Consumer Financial Protection Bureau proposed major changes to the Fair Credit Reporting Act, including eliminating all medical debt from credit reports. But banks and financial firms said the plan would upend 50 years of how courts have interpreted the law.

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Lenders using AI-based underwriting must comply to CFPB guidance

BankInovation

The Consumer Financial Protection Bureau has doubled down on adverse action requirements for lenders using AI-based underwriting with new guidance, marking a shift in tone from its previous guidance in 2022.

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The Fed says it can regulate stablecoins. So why doesn't it?

American Banker

Federal Reserve officials have asserted that stablecoin regulation is necessary and within their jurisdiction. Observers say the central bank's crypto guidance and policies governing master accounts offer blurry visions of what shape such regulation might take.

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Microsoft to offer AI assistant to top clients from Nov. 1 | Cisco’s record $28B buy: Acquires cybersecurity firm Splunk | Apple, Goldman halt iPhone stock-trading plan amid market shift

Bussman Advisory

Join our community of 50,000+ subscribers and stay informed on the latest trends and news in the FinTech & AI world with the weekly newsletter provided by Bussmann Advisory. Gain insights into disruptive technologies, industry updates, and success stories from our portfolio companies. This week’s must-know stories: Microsoft to sell AI assistant software to biggest clients starting Nov. 1 Cisco makes largest ever acquisition, buying cybersecurity company Splunk for $28B Apple and Goldm

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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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How banks are trying to get in front of new AI rules

American Banker

It's still too soon to say exactly how the use of advanced artificial intelligence will be restricted in financial services, but banks are developing strategies mindful of potential policies.

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Mondu launches the Digital Trade Account for businesses

The Paypers

Germany-based B2B payments company Mondu has launched the Digital Trade Account, a solution addressed to businesses.

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FDIC's Hill: Pause new bank regulations amid interest rate environment

American Banker

The Federal Deposit Insurance Corp. Board's Vice Chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.

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Temenos partners with IBM

The Paypers

Switzerland-based banking software company Temenos has partnered with IBM to integrate its payment capabilities into the IBM Cloud for Financial Services.

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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.