Accenture
DECEMBER 13, 2021
As banks turn to the cloud to transform their operations and catalyze growth, many are still searching for silver linings. Our multi-sector survey, Modern Cloud Champions, found that 65% of banks are not capturing the full value they expect from the cloud. Some of the most common barriers banks run into on the way to cloud transformation are talent and ways of….
Perficient
DECEMBER 15, 2021
Bank of America is ready to compete with Venmo by introducing a Zelle widget. The Zelle widget can be added to the home screen of a mobile device, similar to a weather widget, so that bank customers can send money. While the widget eliminates the need to open BofA’s mobile banking app, users must have the BofA mobile app installed and authenticate their identity through biometrics or passwords.
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Abrigo
DECEMBER 17, 2021
Components of an effective fintech partnership If leveraging new technology is a priority for your FI, ensure these three elements are present for an effective fintech partnership. . Learn top best practices for leading a successful software implementation. DOWNLOAD WHITEPAPER . Takeaway 1 Having a cohesive vision from the top down is critical to a culture of innovation and the successful adoption of new software. .
SWBC's LenderHub
DECEMBER 13, 2021
Last Week. Equity markets decided to look at the glass as half full, last week—keying in on initial reports that the Omicron Covid variant might be very contagious but not as lethal as Delta—and got their rally on. The tech-heavy NASDAQ managed to defy the narrative that it trades with positive interest rate duration, heading up 3.6% in the face of rising rates.
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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.
Accenture
DECEMBER 15, 2021
The fintech revolution is here: Over $34 billion of venture-capital funding went to fintechs in the second quarter of 2021. As technology continues to disrupt the traditional way of doing things and innovation moves at an increasing pace—some say a “frenetic” pace—the leaders of the financial services industry will need to move fast to respond.…. The post Innovation with techquisition: Getting it right appeared first on Accenture Banking Blog.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
DECEMBER 17, 2021
Prepare for Future Staffing Needs Now As we transition to 2022, now is the perfect time to analyze current staffing levels at your financial institution. . Would you like other articles like this in your inbox? Takeaway 1 Strengthen your financial institution's culture of compliance through a staffing assessment. Takeaway 2 Now is the time to analyze staffing levels and the risk of losing valuable members of your team. .
Jack Henry
DECEMBER 14, 2021
As we continue marching towards final adoption of FASB’s ASC-326 (a.k.a., Current Expected Credit Loss, or CECL for short) in January 2023, community banks and credit unions are fully engaged. When CECL was first released back in 2016, the prevailing thought was that achieving compliance basically meant choosing a model and filling it with data. Everyone thought the biggest challenge would be figuring out how to bridge the gap between the allowance for loan and lease losses (ALLL) calculated by
Accenture
DECEMBER 14, 2021
The small-and medium-sized enterprises (SMEs) landscape has been significantly altered over the last two years. Many businesses struggled, others adapted and innovated, and many new SMEs were born during the pandemic. Regardless of whether they thrived or neared failure, all of them are now counting on banks to help build for the future as the…. The post How can banks support small business recovery??
CFPB Monitor
DECEMBER 16, 2021
The FTC’s recently updated rule implementing GLB standards for safeguarding customer information replaces the flexibility previously given to financial institutions in developing an information security program with new prescriptive requirements. Our discussion topics include what these new requirements mean for specific aspects of such programs, assigning employee responsibility, conducting risk assessments, installing access controls, using encryption, and who is covered by the rule.
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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.
BankUnderground
DECEMBER 14, 2021
Thomas Belsham. The price of Bitcoin is currently around $57,000 (see Chart 1 ). But what is the price of Bitcoin based on? It’s just a bunch of code that exists only in cyberspace. It’s not backed by the state. There’s no recourse to a central authority. There’s no underlying asset, no stream of income. There’s just the thing itself. But does that mean it has no inherent worth ?
ATM Marketplace
DECEMBER 14, 2021
Payments have gone through a transformation in the last two years. With COVID-19, customers have increasingly adopted other payments methods such as digital wallets; however, these payment options come with a variety of challenges for retailers and businesses such as fraud.
Accenture
DECEMBER 15, 2021
As a child of the ’80s, I loved the “choose your own adventure” books. The idea that, as a child, I could control the outcome of the story I was reading was simply mind-blowing. Therefore, with ’80s-themed nostalgia seemingly everywhere at the moment, I thought I would add my own personal ’80s reference and apply…. The post Choose your own adventure: A digital lending story appeared first on Accenture Banking Blog.
CFPB Monitor
DECEMBER 13, 2021
In remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and wealth inequality through overdraft programs by earning $15.5 billion in overdraft fees in 2019 that “are being paid by those customers who are the most financially vulnerable.
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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
BankUnderground
DECEMBER 15, 2021
Before Bank Underground goes off on its Christmas holidays, it’s time for the Annual Bank Underground Christmas Quiz! We hope you enjoy testing your knowledge on our festive themed questions on economics, finance and all things central banking…. 1) The G-funk classic ‘Regulate’ was a 1994 hit for whom? Please view this post in your web browser to complete the quiz. 2) Ebenezer Scrooge’s creditworthiness at which Square Mile financial institution is mentioned in the opening lines of Charles Dicke
TheGuardian
DECEMBER 13, 2021
Bradford jeweller deposited £365m with bank over five years, some of it delivered in bin bags NatWest has been fined more than £264m after admitting breaching anti-money laundering regulations. The Bradford jeweller Fowler Oldfield’s predicted annual turnover was £15m when first taken on as a client, but it deposited £365m with the bank over a five-year period, including £264m in cash, some of which was brought to a branch in bin bags.
Accenture
DECEMBER 13, 2021
Everything has changed with the pandemic. Now is the moment for bank marketers to evolve, meeting new expectations and finding meaningful ways to connect to their customers. According to The Great Marketing Declutter, nearly 70% of marketing executives say the past year has completely exhausted their teams. However, a small group — 17% of the…. The post Banking with personality: Advice for CMOs from Thrivers appeared first on Accenture Banking Blog.
BankInovation
DECEMBER 17, 2021
HSBC and Wells Fargo are performing Payment vs Payment (PvP) foreign exchange trade settlements using distributed ledger technology. The system had settled $250 million as of close of business Wednesday, according to Mark Williamson, global head of FX Partnerships and Propositions at HSBC. The solution can settle in as little as three minutes, according to […].
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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.
ATM Marketplace
DECEMBER 17, 2021
With 2022 upon us, we have to ask: what role will bank branches play in the new year? And what role will self-service solutions like ATMs play in these branches?
TheGuardian
DECEMBER 15, 2021
If a bank involved in initiative decides to close a branch, it will inform ATM network Link Major UK banks have agreed to join forces and share services to help people and businesses to continue to be able to access cash. Barclays, HSBC UK, Lloyds Banking Group, Nationwide building society, NatWest, Santander UK, TSB and Danske Bank have agreed to the new approach, with some other firms also considering joining up.
Accenture
DECEMBER 14, 2021
Today’s world of operational risk for banks is much different from what it was two years ago. More complex. More volatile. And moving faster, according to our global risk research. In fact, 77% of risk leaders we surveyed believe that complex, interconnected new risks are emerging more rapidly than ever before. Yet fewer than a…. The post Navigate risk and thrive with intelligent banking operations appeared first on Accenture Banking Blog.
BankInovation
DECEMBER 17, 2021
Bitcoin white-label service provider NYDIG announced Tuesday that it raised $1 billion in a private equity round, propelling the firm to a $7 billion valuation. The funding round comes on the heels of partnership announcements with a range of companies, including with core providers FIS, Fiserv and Jack Henry, and digital banking platforms such as […].
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.
BankDeals
DECEMBER 13, 2021
Advia Credit Union has raised the rates on its 48-month and 60-month Advantage Plus Reward CDs to excellent levels. $500 min opening deposit, with no stated balance cap.
TheGuardian
DECEMBER 16, 2021
Turkey’s president to hike minimum wage by 50% with other measures to come in attempt to stabilise currency Turkey’s president, Recep Tayyip Erdo?an, has vowed to take on the currency markets after a fresh cut in his country’s interest rates sent the lira plunging to its lowest ever level against the US dollar. Erdo?an said Turkey’s destiny would not be determined by the level of borrowing costs or by foreign exchange speculators despite signs his unorthodox approach to running the economy was l
CFPB Monitor
DECEMBER 17, 2021
On December 4, 2022, the OCC issued a final rule that rescinds its June 2020 Consumer Reinvestment Act (CRA) final rule and replaces it with a rule that is largely based on the OCC’s 1995 CRA rule that was adopted jointly with the Federal Reserve Board and FDIC. The final rule is effective January 1, 2022. Except for the provisions dealing with public notice requirements that have an April 1, 2022 compliance date, the remainder of the rule has a January 1, 2022 compliance date.
BankInovation
DECEMBER 16, 2021
The digital ledger technology hits keep coming this month as HSBC and IBM today announced they’ve successfully used distributed ledger technology to conduct wholesale central bank digital currency (CBDC) transactions, including foreign exchange settlements and end-to-end securities transactions. The initiative started in March as part of a program sponsored by Banque de France, the central […].
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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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