Perficient
NOVEMBER 8, 2021
Bo Berg is a director in Perficient’s financial services practice. He has more than 20 years of experience leading digital transformation initiatives for financial institutions. Bo Berg joins Eugene Sefanov and Madeline McDermott for a Microsoft Teams chat . Denmark, Dogs, & DJing. Madeline McDermott: First things first. Where were you born? Bo Berg: Copenhagen.
Accenture
NOVEMBER 7, 2021
The Efma-Accenture Banking Innovation Awards are set to return on November 18th for a virtual celebration of banking’s best and brightest. With a record 816 innovations submitted by 275 institutions in 73 countries, I’m excited to see what this year has in store. A lot has happened since the 2019 awards—and I know that’s an…. The post Will these innovation trends shape banking’s future?
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Abrigo
NOVEMBER 11, 2021
Ransomware poses a significant threat to FIs. In response to an increase in ransomware attacks, the latest FinCEN advisory shows the dynamic nature and criticality of ransomware threats. . Would you like other articles like this in your inbox? Takeaway 1 Cyber attacks – ransomware specifically – are the most significant threat to U.S. financial institutions.
Jack Henry
NOVEMBER 12, 2021
Payments fraud impacted 82% of financial institutions last year. And it’s inevitable, pervasive, and growing with every payment channel threatened by unique, ingenious, and constantly evolving schemes. So, if you’re among the 88% of financial institutions that confirmed (during a recent Accenture survey) you have multi-year payment transformation plans, fraud mitigation should be a cornerstone of your payments partner due diligence.
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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.
SWBC's LenderHub
NOVEMBER 8, 2021
Last Week. “Tap, tap, tap,” went fingers onto the shoulders of traders with bad, short positions in long-dated U.S. Treasuries, and the bloody short squeeze continued. On Wednesday, the FOMC meeting concluded, and the message was mixed. Regarding QE tapering, the Fed delivered as promised, and they will be reducing the amount of Treasuries and MBS they purchase by $15 billion per month.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
NOVEMBER 11, 2021
Ransomware poses a significant threat to FIs. In response to an increase in ransomware attacks, the latest FinCEN advisory shows the dynamic nature and criticality of ransomware threats. . Would you like other articles like this in your inbox? Takeaway 1 Cyber attacks – ransomware specifically – are the most significant threat to U.S. financial institutions.
Jack Henry
NOVEMBER 8, 2021
Well, folks, that pesky word “pivot” is still alive and well. Over the summer, COVID-19 cases were trending in the right direction and the country was well on its way to what felt like normal. I personally was gathering with family, dining inside at restaurants, reconnecting with friends, and looking forward to attending the JAC|SEC in person in Phoenix, Arizona.
SWBC's LenderHub
NOVEMBER 9, 2021
Dead Man's Curve, it's no place to play Dead Man's Curve, you best keep away Dead Man's Curve, I can hear 'em say Won't come back from Dead Man's Curve – Jan & Dean.
ATM Marketplace
NOVEMBER 9, 2021
Bitcoin ATMs are becoming a more common sight across the U.S., as many convenience stores and gas stations have begun deploying them. At the same time, there are also security concerns with Bitcoin ATMs. Kraken Security Labs recently uncovered a number of vulnerabilities with a Bitcoin ATM.
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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.
BankInovation
NOVEMBER 12, 2021
It was a diverse week for fintech funding, with hundreds of millions of dollars pouring into identity verification and buy now pay later (BNPL) technology companies and substantial investment in an automated compliance platform. Socure secures $450 million New York-based Socure closed a $450 million series E funding round, raising a total of $649.6 million […].
FICO
NOVEMBER 8, 2021
As of April 2021, the average FICO® Score in the United States sits at 716 , an increase of eight points compared to April 2020, which is around the time the economic shutdown driven by COVID-19 began in earnest. While the COVID-19 pandemic resulted in economic hardship for many people, it also changed the credit behaviors of millions of consumers and led to the deployment of payment accommodations offered by lenders to help impacted customers with their debts. .
TheGuardian
NOVEMBER 12, 2021
Guardian Money hears from people trapped on high-cost deals after bank wrongly recorded defaults on files Barclays has been accused of putting its mortgage customers through a “nightmare” by wrongly recording defaults on their credit files , meaning they are trapped on high-cost deals for home loans and other borrowing. Guardian Money has spoken to a number of people who say Barclays has repeatedly marked them down as having defaulted on their mortgage payments despite them having paid in full.
ATM Marketplace
NOVEMBER 12, 2021
The BCX Summit provided a variety of banking lessons on fintechs, self-service and the importance of real relationships.
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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
BankInovation
NOVEMBER 11, 2021
Payment automation company AvidXchange is targeting credit unions with a customized offering that streamlines the invoice-to-pay process. The pandemic-induced spike in digital banking has led credit union members to expect cutting-edge banking solutions, Boyce Adams, senior vice president of financial services, told Bank Automation News. “This meant credit unions needed to spend more time on […].
BankUnderground
NOVEMBER 9, 2021
James Hurley and Danny Walker. In 2020 governments around the world responded to Covid-19 (Covid) by introducing lockdown measures that were designed to slow the spread of the virus. Business activity fell materially. But it is difficult to isolate the impact of the local lockdown measures on business activity, given that business activity was affected by other factors such as voluntary social distancing at the same time.
CFPB Monitor
NOVEMBER 11, 2021
With the return to repayment of federal student loans on February 1, 2022 quickly approaching, the Department of Education’s Office of Federal Student Aid (FSA) recently notified the private collection agencies (PCAs) under contract with FSA to collect Direct Loans that it would begin the process of recalling approximately 5.1 million borrower accounts and winding down the PCAs’ contracts.
Banking Exchange
NOVEMBER 10, 2021
Three-year commitment also supports minority communities with affordable housing and investment in Black-owned businesses Community Banking Feature3 Feature Duties Fair Lending Diversity Human Rights.
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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.
BankInovation
NOVEMBER 12, 2021
Trade expenses can reduce profits by 20%, with brokerage-related fees being a top-three business expense for many financial institutions, but automation could be the solution. Daniel Carpenter, commercial lead for intelligent automation platform Meritsoft, discusses post-trade automations in this episode of “The Buzz” podcast. “There's been an underinvestment in the backend side of things and operational side of things,” Carpenter tells Bank Automation News.
SWBC's LenderHub
NOVEMBER 8, 2021
We are a society of multitaskers armed with smartphone technology. We pay bills from our phones on our lunch break, text while doing just about everything, and respond to emails in the middle of meetings. Digital technology has given rise to a “there’s an app for that” mentality that makes multi-tasking ubiquitous across nearly every aspect of our daily lives.
CFPB Monitor
NOVEMBER 11, 2021
In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators issued a joint statement yesterday to announce that they will no longer provide “supervisory and enforcement flexibility” to mortgage servicers in meeting compliance requirements.
Banking Exchange
NOVEMBER 10, 2021
Bank capital ratios remained well in excess of regulatory requirements finds Federal Reserve financial stability report Risk Management Feature3 Feature Financial Research Financial Trends The Economy Compliance.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
BankInovation
NOVEMBER 9, 2021
Creating a central repository of data, or a "data lake," can enhance bank systems' interoperability and data utilization, but the practice can also backfire with the wrong approach and become a detriment. That's the message from Michael Hom, head of financial services solutions at database systems provider InterSystems, whose customers include $407.5 billion Bank of […].
Jeff For Banks
NOVEMBER 7, 2021
We have much work to do, little resources to get it done, and a short time to make it happen. So we should avoid doing things that don't benefit our stakeholders. Even following stakeholder primacy, to the non-believer, thinks it is an unnecessary pursuit that distracts us from delivering to shareholders. That is what a bank CEO told me recently. My case in my book, Squared Away-How Can Bankers Succeed as Economic First Responders , was that pursuing stakeholder primacy mitigates one of the grea
CFPB Monitor
NOVEMBER 10, 2021
On October 29, the New York Department of Financial Services issued proposed amendments to 23 NYCRR 1, its regulation titled “ Debt Collection by Third-Party Debt Collectors and Debt Buyers.” The proposed amendments would make significant changes to the sections of the current regulation dealing with initial disclosure requirements, statute of limitations disclosures, substantiation requirements, and telephone and electronic communications.
ABA Community Banking
NOVEMBER 9, 2021
A U.S. central bank digital currency, or CBDC, would be a “threat to core funding to the banking industry,” Jim Reuter, ABA board member and president and CEO of FirstBank in Lakewood, Colorado, said on a new episode of IntraFi Network’s Banking with Interest Podcast. The post Reuter Discusses Threat of Central Bank Digital Currencies appeared first on ABA Banking Journal.
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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper
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