June, 2024

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Judge sways away from Visa-Mastercard settlement

Payments Dive

On Tuesday, Judge Margo Brodie denied a preliminary settlement proposal made by the card networks Visa and Mastercard, and merchants who sued them in federal court nearly two decades ago.

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Balancing the human touch with AI — a Q and A with Marbue Brown

ATM Marketplace

Marbue Brown, author, consultant, and CX executive, shares strategies for balancing AI with the human touch in customer experience development, the topic of his panel at the ICX Summit in Charlotte, NC on September 9-11.

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The impact of generative AI in banking

Accenture

Following the release of our new report, “The age of AI: Banking’s new reality”, I sat down with my team to discuss how generative AI is reshaping the banking industry. It sparked an interesting conversation about current adoption journeys, strategic priorities, and the exciting possibilities ahead for banks. I thought I’d share some of the… The post The impact of generative AI in banking appeared first on Accenture Banking Blog.

Industry 411
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The Next Killer Digital Banking Feature Doesn’t Come from Being ‘Boring’

Gonzobanker

Bankers are not meant to be renegades, but now is not the time to shy away from deploying new ideas. Right now, one of the trendiest words in banking is living up to the industry’s stereotype — “boring.” Cue the Patagonia sweater vests and soft jazz music. According to a Businessweek article , the word boring has been used by bank execs and analysts at least a dozen times on banks’ conference calls as of May this year.

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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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Podcast: Retail POS lending is an opportunity for lenders, Pagaya president says

BankInovation

Point-of-sale financing as an alternative payment method is a growing opportunity for lenders, technology company Pagaya’s President Sanjiv Das says on this episode of “The Buzz” podcast. According to auto lender and Pagaya partner Ally Financial, POS financing is expected to reach a value of more than $81 billion by 2030.

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More Trending

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Apple unveils new iPhone touch and pay feature

Payments Dive

The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

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London investment bankers to rake in bigger bonuses after two-year slump

TheGuardian

Exclusive: Rise in dealmaking likely to be reflected in spring bonus season as interest rate hike cycle ends London’s investment bankers are expected to rake in bigger bonuses this financial year, as the City begins to recover from a two-year slump in deals caused by surging interest rates. Demand for investment banking services – such as facilitating mergers and acquisitions, advising companies and governments on fundraising, and underwriting new stock and bonds – was hit by a sharp increase in

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Five key success factors for commercial banks to scale generative AI

Accenture

Ella Fitzgerald was one of the first, in the ‘30s, to have a hit with the song ‘Ain’t What You Do, It’s the Way That You Do It’. The fact that legions of musicians have and continue to record it tells me there’s a universal truth there that most people recognize. This is certainly the… The post Five key success factors for commercial banks to scale generative AI appeared first on Accenture Banking Blog.

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Will the Recent Ticketmaster Data Breach Drive More Fraud for Banks and Credit Unions?

Gonzobanker

Add these action items to your card fraud checklist to strengthen your defenses. The hacker group ShinyHunters allegedly breached Ticketmaster’s data in late May 2024, including credit and debit card information for over 560 million consumers worldwide. That’s more than 2.5 times the prior largest breach of Experian a decade ago. So, what will happen to U.S.

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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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5 questions with … Morgan Stanley Head of AI Jeff McMillan

BankInovation

Morgan Stanley’s Jeff McMillan, head of firmwide artificial intelligence, is focused on developing and deploying AI throughout the operations of the $212 billion financial institution. The New York-based FI appointed McMillan to the newly created position March 14, he told Bank Automation News.

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7 cash management, recycler strategies to follow

ATM Marketplace

Many Teller Cash Recycler brands have become obsolete with limited parts. Some are even at end of life and are a security risk. Here are seven tips for how to keep them up to date.

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Apple adds BNPL offerings from rivals

Payments Dive

The tech giant will allow installment plans from Affirm, as well from certain debit and credit cards, onto Apple Pay alongside its own BNPL service.

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World’s top banks ‘greenwashing their role in destruction of the Amazon’

TheGuardian

Institutions alleged to have given billions of dollars to oil and gas companies involved in projects that are harming the rainforests Five of the world’s biggest banks are “greenwashing” their role in the destruction of the Amazon, according to a report that indicates that their environmental and social guidelines fail to cover more than 70% of the rainforest.

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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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Appraisers Succeed or Fail Together

Realwired Appraisal Management Blog

My wife and I plus some friends recently sailed in a 500 mile race on our 36 foot catamaran to Mexico from Florida. This trip isn’t for the faint of heart. Pre-race weather report 25 knot winds gusting to 30 knots, 9 to 11 foot seas two days out on the Mexican side.

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Bridge Lending Solutions for Commercial Real Estate

Commercial Lending USA

Time is significant in the fast-paced world of commercial real estate. But what do you do when a great chance comes up but your stable bridge lending solutions still need to be implemented?

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ING gen-AI chatbot pilots in the Netherlands

BankInovation

ING is running a generative AI-driven chatbot pilot in the Netherlands before it plans to scale the technology. The pilot funnels only 2.5% of clients’ chats into its gen-AI chatbot, Chief Analytics Officer Bahadir Yilmaz told Bank Automation News at the recent Money2020 Europe event in Amsterdam.

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How to avoid customer transformation pitfalls

ATM Marketplace

How can banks successfully deliver customer transformation initiatives? A panel at the upcoming Bank Customer Experience Summit from Sept. 9 to 11 in Charlotte will offer the secret ingredients to a successful transformation.

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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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Illinois heads toward landmark card interchange fee restrictions

Payments Dive

The state may become the first in the nation to outlaw the imposition of credit and debit card interchange fees on state excise tax and tips.

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Book festival activists are making absurd demands over Baillie Gifford | Nils Pratley

TheGuardian

Insistence on investment purity misses the point and will only lead to a decline in arts sponsorship In a ranking of climate villains in the fund management industry, Baillie Gifford would surely come a long way down most people’s list. The Edinburgh-based firm preaches long-termism and its specialism is backing technology companies, especially those with kit to accelerate the transition to cleaner energy and transport.

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NB Bancorp added to ABA NASDAQ Community Bank Index

ABA Community Banking

ABA added NB Bancorp, headquartered in Needham, Massachusetts, to the ABA NASDAQ Community Bank Index, or ABAQ. The post NB Bancorp added to ABA NASDAQ Community Bank Index appeared first on ABA Banking Journal.

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Banks can't measure climate risk? I live it every day

American Banker

U.S. regulators need to do more to require banks to recognize the risks posed by climate change, and the damage that continuing to support fossil fuel extraction projects does to the environment.

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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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BBVA plans to start digital bank in Germany to rival JPMorgan

BankInovation

Banco Bilbao Vizcaya Argentaria SA is planning to open a digital consumer bank in Germany, using existing technology to expand at relatively low cost. The project is led by Javier Lipuzcoa, the head of BBVA’s digital bank in Italy, according to people familiar with the matter.

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Can we get a vote for protecting cash?

ATM Marketplace

One often ignored issue by politicians is the loss of in-person banking services. Politicians should address voters’ concerns about the decline in in-person access to cash and financial services.

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Cash use persists in US beyond pandemic

Payments Dive

Consumers remained committed to cash use last year, even as the share of card payments rose and online payments increased, according to an annual Federal Reserve study.

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US bank Wells Fargo fires employees for ‘simulating’ being at their keyboards

TheGuardian

Workers were sacked after review found they were ‘creating impression of active work’, says filing Business live – latest updates The US bank Wells Fargo has fired more than a dozen workers for alleged “simulation of keyboard activity”, in an apparent bid to fool their employer into thinking they were working. The employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work”, according to a filing with the Financial Industry

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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.