Fri.Nov 03, 2023

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9 new AI moves in the payments industry

American Banker

Companies such as Visa and Mastercard, as well as banks and retailers, are stepping up their investments in artificial intelligence to reach small businesses and spot new uses.

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Block to shrink workforce

Payments Dive

The company plans to cut about 8% of its workforce over the next year as Jack Dorsey steps up his efforts to improve efficiency and revive profits.

Company 534
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CECL best practices: Ongoing management of the allowance model

Abrigo

Top 5 CECL best practices and their benefits Now that CECL is implemented, follow these recommendations for ongoing management to provide confidence and be more efficient. You might also like this webinar, "Conquering CECL model validation: Prepare for success." WATCH Takeaway 1 How can you ensure ongoing compliance and efficient management of the allowance for credit losses?

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PayPal discloses SEC, CFPB probes

Payments Dive

The digital payments company said it’s cooperating with a Securities and Exchange Commission probe of its stablecoin, and a Consumer Financial Protection Bureau inquiry related to bank transfers.

Security 435
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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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Podcast: Building trust by bringing the bank into the workplace

ABA Community Banking

"When we're able to take banking the them, at a place where they already have trust with their employer, that's a bridge," says Jennifer Huffman of Atlantic Union Bank's workplace banking product. "From there we're able to grow that relationship." The post Podcast: Building trust by bringing the bank into the workplace appeared first on ABA Banking Journal.

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ATMs take cash deposit to the next level

ATM Marketplace

NCR partnered with Clip Money to make cash deposits at ATMs easier for businesses. Here's how.

ATM 104
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Big Tech companies' latest forays into financial services

American Banker

Amazon, Apple, Meta, Alphabet and X have all been ramping up their ability to offer payments services, loans and other traditional bank products.

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Understanding Loan Against Credit Card

BankBazaar

A loan against a C redit C ard can provide quick access to funds when you need them the most. Let’s explore what this entails in more detail. In today’s fast-paced world, financial needs can arise unexpectedly. Whether it’s a medical emergency, a home renovation project, or a once-in-a-lifetime vacation, having access to quick and convenient financing can be a lifesaver.

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SBA's newly licensed nonbank lenders will focus on growth

American Banker

This week the Small Business Administration followed through with a controversial policy change by granting access to its flagship 7(a) program to three additional nonbank lenders. These new participants vowed to ramp up their small-business lending efforts.

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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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92% of Bank of America’s private bank clients use digital options

BankInovation

Bank of America’s private bank leads in digital adoption, with 92% of its clients using digital capabilities. The private bank has the “highest level of digital across the entire company,” Jeff Busconi, head of private bank services at the $3.1 trillion Bank of America, said Thursday at the BancAnalysts Association of Boston Conference.

Boston 69
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Guest Post: Financial Markets & Economic Update 4Q23 by Dorothy Jaworski

Jeff For Banks

Financial Markets & Economic Update - Fourth Quarter 2023 Summer Update On this warm October day, I am staring at my Bloomberg screen, still heartbroken over the Phillies Phailure. Now, all of our hopes ride with the Eagles. Interest rates are all elevated, with the 2-year Treasury yield at 5.01% and the 10-year at 4.85%, which is up by over 100 basis points since June 30, 2023.

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Digitalization allows U.S. Bank to expand reach

BankInovation

U.S. Bank’s investment in digitalization has enabled it to reach beyond its branch network as it plans to expand to seven new markets. The $668 billion bank is expanding to Arizona, Florida, Georgia, North Carolina, New York, Texas and Tennessee, according to its presentation at the BancAnalyst Association of Boston Conference on Thursday.

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Mint's shutdown is an opportunity for banks

American Banker

The 16-year-old site struggled to monetize, but experts said personal financial management products should focus on engagement.

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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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LG Electronics partners with Stripe

The Paypers

LG Electronics has announced its partnership with Stripe in order to provide Singapore customers with improved payment methods and overall checkout experience.

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New CRA rule will 'stand the test of time': Fed's Barr

American Banker

Federal Reserve Vice Chair for Supervision Michael Barr says that while there has been some opposition to the recent overhaul of Community Reinvestment Act regulations, he expects that banks, supervisors and communities will adapt and thrive once it's fully implemented.

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BitGo obtains a crypto custody licence in Germany

The Paypers

US-based crypto custodian BitGo has obtained a cryptocurrency custody licence in Germany from the Federal Financial Supervisory Authority (BaFin).

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Amazon's BNPL partnership expands; NAFCU-CUNA merger gets yes vote

American Banker

Amazon's buy now/pay later partnership with Affirm expands; NAFCU-CUNA merger gets affirmative vote from members; expense-reporting firm Navan rolls out European bank partnerships; and more in the weekly banking news roundup.

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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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TransFi partners with Volt

The Paypers

TransFi and Volt , a global real-time payment solution provider, have partnered aiming to expand the financial services landscape by enabling faster onramps and fund transfers.

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Capital One seeks to offload more NYC commercial-property loans

American Banker

Banks have been working to sell portfolios of commercial-property debt as they seek to manage their exposure to the sector. Soaring borrowing costs have weighed on valuations, with commercial real estate prices slumping 16% in September from a peak in March 2022, according to real estate analytics firm Green Street.

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Littlepay offers open payments solution for Peru's public transit

The Paypers

Littlepay has announced that riders using Peru’s AEMUS network of busses can make contactless payments with a bank card or digital wallet.

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Jack's back: How Square's founder plans to right the ship

American Banker

Taking the reins again as chief executive of Block following the recent departure of CEO Alyssa Henry, Jack Dorsey has launched internal changes to jump-start growth, eliminate silos and promote the use of artificial intelligence.

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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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CQUR Bank partners with Finastra

The Paypers

CQUR Bank has announced its partnership with Finastra in order to optimise its digital transaction banking capabilities, for corporate clients around the world.

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Credit unions should take advantage of NCUA's 'second chance' reforms

American Banker

A new rule allowing people with long-ago criminal convictions to find employment at credit unions is good for both the industry and for society at large.

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Payments Canada partners with Nexi

The Paypers

Payments Canada has selected and partnered with Nexi to further enhance the resilience of Lynx, Canada’s payment system.

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Higher Pay Isn’t Enough to Stem Bank Employee Turnover, Study Finds

The Financial Brand

This article Higher Pay Isn’t Enough to Stem Bank Employee Turnover, Study Finds appeared first on The Financial Brand. Crowe's annual study shows the median pay raises for banking jobs from teller to CEO and the main drivers of turnover. This article Higher Pay Isn’t Enough to Stem Bank Employee Turnover, Study Finds appeared first on The Financial Brand.

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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.