December, 2015

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The new battleground in banking customer experience: Payments loyalty and rewards

Accenture

Pricing and rewards points are the top two incentives for consumers to increase their use of mobile payments according to our 2015 North America Consumer Digital Payments Survey. But incentives like these do not guarantee lasting customer loyalty for payment. Read more.

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Business development strategies for 2016: Marketing

Abrigo

A favorite principle that financial advisors like to discuss is “compounding”: How saving a little now can help magnify your returns down the road as the interest or the investment gains multiply. This concept of compounding is appealing. After all, who doesn’t like to get back more than they put into something? Undoubtedly, many accounting firms providing periodic reviews of their marketing budgets seek ways to get more out of what they are investing in marketing.

Strategy 150
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For 2016, Restructure Lending Authority To Improve Bank Performance

South State Correspondent

When it comes to loan authority structure, six banks will do it six different ways. Loan authority is granted from a bank’s Board of Directors and gives each credit line position a certain amount of lending authority to approve the loan. While a front-line loan officer may have $500k in authority, their boss, the Chief Credit Officer, may have $5 million.

Lending 174
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Banking Redefined: Disruption, Transformation And The Next-Generation Bank

Insights on Business

The IBM Institute of Business Value just released a new executive report that discusses the disruptive forces that are affecting the financial industry and strategies for transforming into a next-generation bank. With insights from 1,060 banking executives and 1,600 retail banking and wealth management customers, the report identifies key business imperatives and tangible actions banks can take to position themselves at the center of the rapidly evolving financial services ecosystem.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Silicon Valley? No, Chilecon Valley.

Celent Banking

In previous blog posts regarding fintech in Latin America my position was, and remains, that one of the reasons for being behind is that it lacks of a “Silicon Valley” equivalent. Efforts to create a fintech ecosystem, as Finnovista is doing, become a good alternative to overcome the absence of a geographical pocket of innovation. Particularly consider the market fragmentation of Latin America comprised by 19 countries, some of which have 3M inhabitants to Brazil having +200M.

America 100

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Cyber risk: Who poses a threat?

Accenture

In my previous post about cyber risk, we talked about the pervasiveness of cyber risk. We recognized that most businesses will not be able to entirely prevent a breach—and should instead focus on resiliency, or “bounce-back-ability” in the face of. Read more.

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3 simple ways to differentiate a valuation practice in 2016

Abrigo

Let's assume, for the purpose of this article, that you are operating a successful valuation or accounting firm. Or, perhaps you're an M&A professional or business broker, but no matter the nature of your work, you have a cash flow positive, successful organization. Yet your work valuing businesses and advising owners has made you painfully aware that competition is always around the corner.

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2 Questions That Can Quickly Improve Your Bank

South State Correspondent

When we asked bankers what made a difference in 2015, we wanted to highlight one of the best pieces of advice that was given to us and that some bankers put into practice this year. In the quest to build a better bank, there are two questions that the answers can help your bank hone in on what is important.

US 183
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Leading Banks Combine Structured And Unstructured Data To Uncover What Drives Each Client

Insights on Business

For years, the primary sources of information about customers for banks – indeed, for most industries – were databases of structured data that fit neatly into rows and columns. Think transactions, account opening and closings, different kinds of accounts (checking, savings, investment) and the amounts therein. It was easy to discern the who and the what within this structure.

Data 112
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New York Lien Law Essentials: 5 Key Facts for Commercial Lenders

Dive into the complexities of New York lien laws with our comprehensive eBook, 'New York Lien Law Essentials: 5 Key Facts for Commercial Lenders.' In this detailed guide, we explore the critical formalities necessary for lenders navigating ground-up construction and fix-and-flip projects in the New York market. From documentation requirements to the implications of non-compliance, learn how to safeguard your lending position and prioritize legal adherence.

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You can lead a horse to water…

Celent Banking

A story on Finextra this week caught my eye. It’s a survey carried out by YouGuv on behalf of ACI Worldwide, with these headline stats. Of 2000 UK adults, the survey found that: 88% have no intention of switching bank accounts within the next 12 months. 82% never use mobile payment services such as PayM or PingIT during an average month, 59% never use mobile banking within this same time frame.

Mobile 109
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All Pain, No Gain

Independent Banker

Community bankers offer real-world reasons for more Basel III relief. By Karen Epper Hoffman. Nearly one year after the Basel III capital rules went into effect, community bankers say that now recognize just how much more complex and how much more difficult this new set of capital rules will make life and business for them if they remain in place. Of course, Basel III—otherwise known as the Third Basel Accord—is a global regulatory framework on bank capital adequacy, stress testing and market li

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2015: Year In Review

ZootBlog

As we approach the New Year, industry analysts and financial experts are rushing to publish their predictions for 2016. Before fixing our gaze entirely on the future, let’s review the trends that dramatically affected the financial industry in the past calendar year. Learning how to harness big data and make it useful, complying with EMV, and understanding the impact of mobile wallets and disruptive competitors were just a few that made headlines.

Mobile 70
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Be a profit center: Add value to your consulting engagements

Abrigo

By Adam Blitz, Principal and Consultant at GetBlitzed Solutions CPA’s can be invaluable. However, CPA’s often dive into accounting work that only meets the compliance requirements. It’s common knowledge that clients need tax returns or financial statements completed and submitted in a timely manner. It’s also well known that the information derived from these resources can be crucial in strengthening a client’s ability to reach their goals.

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The State of Automation in Financial Services 2024 Report

In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202

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Post-Holiday Storytelling To Increase Bank Earnings

South State Correspondent

Who doesn’t like the Frank Capra classic It’s a Wonderful Life ? It is not only about a banker doing good, but it has all the elements of a great story – good opening, interesting characters, a high story arc, conflict and satisfying resolution. Not only should every banker keep the classic in mind because of the heartwarming story, but the film holds the key to better bank marketing.

Marketing 174
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Waiting For The Tide To Turn ? Banks Can Do More

Insights on Business

Steamer Lane, which is named after the steam powered boats that motored past it in the 1930’s, serves as the epicenter of Santa Cruz surfing with its cool blue water from the Pacific. Standing at the beachfront of Steamer Lane, Karthik, an adroit surfer gazes the ocean for signs of high tide. The waves ebb as time flows and he starts to realize that the sun and the moon failed to proffer high tide churning gravity that day leaving him disappointed.

San Jose 101
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Learning from mBank’s branch channel investment

Celent Banking

The recent article in Finextra , mBank to spend EUR17 million on new network of ‘Light’ branches , prompted this post. At first read, I thought this was a story about a celebrated direct bank building a branch network. Well, not exactly. About mBank. mBank is no stranger to Celent. It has received two Celent Model Bank awards. In 2014, Celent recognized mBank’s digital platform redesign and in 2015, Celent recognized mBank’s Bancassurance initiative.

Branding 100
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A Regulatory Oversight?

Independent Banker

ICBA warns of risks of online marketplace lending models. By Howard Schneider. Online marketplace lenders are a new form of nonbank specialty lending that uses technology platforms to allow Wall Street and individual investors to directly fund loans to consumers and small businesses. Automation and novel data analytics dictate their credit decisions and typically high-cost pricing and fees, and higher defaults are often built into their lending models and decisions.

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2024 Lending Outlook: Innovations and Evolutions in the Financial Sector

As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.

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Customer experience challenges in the EMV rollout

ZootBlog

There are numerous examples of EMV gone awry as the roll out, rolls on. Secure for card-present transactions, yes, seamless, no. On a bustling pre-holiday evening during a crowded Christmas Stroll, there was no time for merchants to be delayed when it came to payment processing. My colleague attempted to use his new EMV chip-enabled card to make a purchase.

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Commercial lending software: Buyer’s guide

Abrigo

Depending on the size of your bank or credit union, your credit department may be set up in different team structures. It might even be just a few people with shared responsibility. If your institution underwrites and reviews enough loans annually, it’s likely that you have adopted some type of spreading, ratio analysis or global software designed to help you identify and measure credit risk in potential and existing borrowers.

Software 150
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Building Franchise Value: The Bank Brand

South State Correspondent

To understand the point of this article, you are going to have to go out and purchase the two t-shirts in the picture. Both have the following selling points: “100% cotton,” “Ribbed crew neck,” and, get this for clarity – “short sleeves.” The one on the right will set you back about $3.16 and can be purchased at Target, JC Penny’s or wherever fine underwear is sold.

Branding 216
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Making Blockchain Real For Business – What Does This Mean? And What Is Next?

Insights on Business

This past Thursday The Linux Foundation, IBM and several major Banks and Tech firms made an exciting Blockchain announcement. The Open Ledger Project , as it is known, will be looked back on as a pivotal moment in time. The most important driver behind this initiative is making Blockchain real for business … developing the technology as fast and securely as possible to allow industry to realize the huge potential that Blockchain and shared ledger technology can have.

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Addressing Top Enterprise Challenges in Generative AI with DataRobot

The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.

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CFPB responds to industry concerns about TRID rule liability

CFPB Monitor

Richard J. Andreano, Jr. Reacting to reports of investors refusing to purchase loans based on various, often technical, violations of the TILA/RESPA Integrated Disclosure (TRID) rule, the Mortgage Bankers Association (MBA) sent a letter to the CFPB on December 21, 2015 seeking guidance to allay investor concerns. (The version of the letter released by the MBA does not include the attachment referenced in the letter.).

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The Time Is Now

Independent Banker

By Jack Hartings, Chairman of ICBA. Happy New Year, fellow community bankers! I hope you enjoyed the holidays and are looking forward to a prosperous 2016. This upcoming year has a lot of good in store for our industry, because ICBA continues to pursue even more successes for community banks nationwide. We certainly closed out 2015 with great wins in Washington, so I want to thank so many of you who stepped up to make change happen last year.

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Secure Your People, Secure the Future

Jack Henry

Author: June Middleton, JuMiddleton@jackhenry.com. Retailers, hospitals, government agencies, and details of their data breach woes continue to appear in news and social media headlines, and the pace of the data breach announcements appears to be speeding up, instead of slowing down. Organizations continue to spend thousands (if not tens of thousands of dollars) on technical security controls (firewalls, intrusion detection/prevention systems, anti-virus/anti-malware programs, encryption, access

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12 questions to ask in consultative client meetings

Abrigo

When accountants go to client meetings they run the risk of either going in without a plan or fail to innovate their usual tactics for understanding their client. Since most business owners view accountants as a commodity , prioritizing the ways you communicate with your client during your annual or quarterly meetings is critical to displaying your value.

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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.