October, 2024

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How open banking will shape the future of payments

Payments Dive

The Consumer Financial Protection Bureau released its final open banking rule this month, leading the payments and financial services industries to begin preparing for a new era in data-sharing.

Payments 472
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3 Key Insurance Takeaways from InsureTech Connect 2024

Perficient

The 2024 InsureTech Connect (ITC) conference was truly exhilarating, with key takeaways impacting the insurance industry. Each year, it continues to improve, offering more relevant content, valuable industry connections, and opportunities to delve into emerging technologies. This year’s event was no exception, showcasing the importance of personalization to the customer, tech-driven relationship management, and AI-driven underwriting processes.

Industry 473
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Reinvent lending offerings and business models to stay ahead

Accenture

In our discussions with banking executives, a common theme is how the lending market is changing and constantly giving rise to threats and opportunities, as covered in our Commercial Banking Top Trends for 2024. Confronting these changes is essential, but it also requires banks to be willing to reinvent to stay ahead. Previously, we touched… The post Reinvent lending offerings and business models to stay ahead appeared first on Accenture Banking Blog.

Lending 397
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Coffee Culture And Its Impact On Personal Spending Habits

BankBazaar

On this International Coffee Day, as we breathe in the rich aroma that somehow makes every moment feel a little warmer, it’s hard not to reflect on how deeply coffee has woven itself into our daily lives. What was once just a simple cup in the morning has evolved into something much bigger—it’s a lifestyle, a social ritual, a small indulgence that we don’t think twice about.

Cards 147
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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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Sweden and Norway rethink cashless society plans over Russia security fears

TheGuardian

Rise in hybrid warfare and cyber-attacks blamed on pro-Russia groups prompt Nordic neighbours to backpedal Sweden and Norway are backpedalling on plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats, and concern for those unable to use them. A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast

Security 111

More Trending

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Toast increases processing fees, adds surcharge feature

Payments Dive

The digital restaurant payments provider raised processing fees for some restaurant clients. Separately, it’s aiding clients in adding surcharges on their customers’ orders.

Payments 448
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International spillovers from climate policy

BankUnderground

Francesca Diluiso and Aydan Dogan To achieve the emissions reduction targets outlined in The Paris Agreement , many economies have started implementing various types of climate policies. These policies, which include subsidies for green production or investment, carbon taxes, and cap and trade schemes , are crucial for guiding the transition to a greener economy.

Policies 108
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Unlocking Apple’s NFC: Is it time for your banking app to become a full digital wallet?

Accenture

In October 2024, Apple is set to open its NFC (Near-Field Communication) technology using the Secure Element (SE) to third-party platforms, ushering in a new era of competition and innovation in digital wallets. This change presents a significant opportunity for banks, fintech companies and retailers to establish themselves on equal footing with Apple Pay, a… The post Unlocking Apple’s NFC: Is it time for your banking app to become a full digital wallet?

Apple 358
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Bank of America mobile app, digital interface down

BankInovation

Tens of thousands of Bank of America clients reported outages of online and mobile banking services today. At 1 p.m. ET, more than 20,000 clients had reported issues with the $3.2 trillion bank, according to website Downdetector, which publishes the status of outages in real time. Many clients posted to social platform X to alert […] The post Bank of America mobile app, digital interface down appeared first on Bank Automation News.

America 111
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How a Managed Services Partner Can Reduce the Friction in Your RDC Program

Treasury teams at community banks face an ongoing challenge of delivering frictionless customer experiences as they support treasury products – especially RDC. This infographic focuses on the efficiencies community banks gain when partnering with a proven managed services provider. You’ll see the advantages you can gain when a managed services partner leverages online tools, skilled customer and technical support personnel, and fulfillment and logistics capabilities to streamline RDC fulfillment

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A place for regional banks: How BOK Financial finds and fills local needs

ABA Community Banking

As president and CEO of $50 billion-plus BOK Financial, Stacy Kymes spends time thinking about the role of regional banks in the U.S. economy. Here's how BOK Financial finds unique niches and meets the credit and capital market needs in its core mid-America markets. The post A place for regional banks: How BOK Financial finds and fills local needs appeared first on ABA Banking Journal.

Regional 105
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Monitoring UK bank accounts for benefits fraud would be ‘huge blow to privacy’

TheGuardian

Exclusive: privacy and rights groups fear government may resurrect Tory plan for mass algorithmic surveillance UK politics live – latest updates Ministers have been warned not to resurrect Conservative plans to tackle welfare fraud by launching mass algorithmic surveillance of bank accounts. Disability rights, poverty, pensioner and privacy groups fear the government is poised to deliver a “snooper’s charter” by using automation and possibly artificial intelligence to crack down on benefit cheat

Fraud 110
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Hurricane Helene aftermath prompts card, cash troubles

Payments Dive

After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.

Cards 476
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Federal Reserve Bank expert offers cash usage insights

ATM Marketplace

Haley Gibson, senior manager, cash insights and policy analysis, Federal Reserve Financial Services, discussed key cash usage trends.

Analysis 110
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Budget Playbook for Commercial Lenders — Bank and Credit Union Edition

Amid market uncertainty, banks and credit unions are faced with critical decisions about the future of their commercial lending. With fluctuating interest rates and rising competition from non-bank lenders, it's critical to allocate your 2025 budget strategically to optimize lending operations. Our Budget Playbook for Commercial Lenders delivers key strategies to help you navigate these challenges, ensuring your institution is well-positioned for the coming year.

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Bank of America is the latest bank to face AML scrutiny

American Banker

The megabank disclosed that regulators are looking at its anti-money laundering and sanctions compliance. Wells Fargo was recently hit with an enforcement action over similar matters.

America 99
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Mobile solutions offer competitive edge for credit unions

BankInovation

Credits unions tapping Dublin-based fintech Pulsate for mobile solutions see a return on investment with a major uptick in funded loans, engagement and transactions. It is imperative that “community financial institutions [are equipped with] the tools they need to not just survive in this digital-first world, but be competitive,” Sarah Martin, chief executive of mobile […] The post Mobile solutions offer competitive edge for credit unions appeared first on Bank Automation News.

Mobile 103
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Asbury challenges industry to ‘caring, courage, commitment’

ABA Community Banking

In his opening remarks as ABA chair, John Asbury spoke to the core values of Atlantic Union Bank—“caring, courageous, committed”—and used them to frame his goals for the year ahead. The post Asbury challenges industry to ‘caring, courage, commitment’ appeared first on ABA Banking Journal.

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UK banks given extra three days to delay payments in effort to beat scams

TheGuardian

High street banks handed new powers by the Treasury to delay and investigate payments suspected of being fraudulent Bank payments can be delayed by an extra three days if lenders suspect consumers are being scammed, as part of a crackdown on booming levels of digital fraud in Britain. Under changes designed to protect consumers against online scams, high street banks are to be handed new powers by the Treasury to delay and investigate payments suspected of being fraudulent.

Payments 104
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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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Affirm may offer discounts after Fed interest rate cut

Payments Dive

The Federal Reserve’s interest rate reduction may give the company leeway to offer more consumers 0% interest or a lower APR, Affirm CFO Michael Linford said this week.

Company 433
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How Payment Solutions Can Help CFOs Overcome Economic Challenges

Cisco

IT payment solutions offer an alternative source of capital that will not impact a customer’s existing credit lines.

Payments 116
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Bank training: 5 tips to be successful

ATM Marketplace

Need better employees for your bank? Use these 5 strategies to train new and current employees effectively.

Training 113
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Can I Get SBA Loan to Buy an Existing Business for 1.9 M

Commercial Lending USA

Get expert advice on SBA loan to buy an existing business for 1.9m. Learn about Commercial Lending USA eligibility, application, and benefits.

Lending 105
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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

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South Carolina banker elected chair of ABA’s Community Bankers Council

ABA Community Banking

ABA has elected Jennifer Jones as chair of the Community Bankers Council for the 2024-2025 association year. Jones is president and CEO of CBL State Savings Bank in Greer, South Carolina. The post South Carolina banker elected chair of ABA’s Community Bankers Council appeared first on ABA Banking Journal.

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dLocal partners with USI Money to provide cross-border payments

The Paypers

dLocal has announced its partnership with USI Money in order to streamline cross-border payments for customers and clients in the region of Asia and Africa.

Regional 101
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Fiserv nets special banking charter in Georgia

Payments Dive

The payments processor is only the second company to win the special bank charter since Georgia made it available.

Georgia 511
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Citadel redlining case shows credit unions should be under CRA

American Banker

Leaving credit unions exempt from the Community Reinvestment Act preserves a gaping hole in regulations designed to make sure that financial services firms make loans available in underserved communities across the country.

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Breaking New Ground: Managing Innovation Fatigue With Effective Automation

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.