South State Correspondent
JUNE 20, 2023
For the first time in ten meetings and the first time in 15 months, the Federal Reserve left its fed funds rate unchanged at 5.00–5.25%. However, far from settling future interest rate moves, the “Fed Pause” creates several perplexing future monetary scenarios. While the Fed did pause, it increased its terminal rate forecast by another 50 basis points.
BankInovation
JUNE 22, 2023
Bank of America’s Amanda Sorensen, senior vice president of the Business Information Security Office, is focused on risk mitigation, staying ahead of cybercriminals and monitoring cyberattacks at the $3.1 trillion bank. The Charlotte, N.C.-based bank announced that it had increased its projected technology spend by $400 million for 2023 to $3.
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Payments Dive
JUNE 20, 2023
The bills introduced last week aim to protect Americans’ right to use cash, and to address privacy concerns regarding a cashless economy.
South State Correspondent
JUNE 22, 2023
In the last article, we covered the basics of EOS ( HERE ), the Entrepreneurial Operating System, and how some banks use it to improve productivity. EOS is a comprehensive business system that empowers a leadership team to run a more successful bank. EOS comprises a series of tools and concepts that guide leaders in managing and optimizing their operations.
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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.
Abrigo
JUNE 23, 2023
A unified data platform helps banks organize without the headaches Abrigo Connect offers an alternative to data warehousing that lets financial institutions more easily put their data to use. You might also like this on-demand webinar on the new CFPB small business data collection rule Watch Takeaway 1 Banks and credit unions often face challenges implementing data warehouses and are not pleased with the result.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Payments Dive
JUNE 21, 2023
Canadian e-commerce company Shopify is upgrading its integration with Dutch fintech Adyen in an effort to serve larger merchants in North America, and on the international stage.
ATM Marketplace
JUNE 21, 2023
The sheriff claims his office acted appropriately in seizing cash from the machine and returning it to the victim of a ransomware scam. BItcoin Depot claims legal procedure was not followed.
BankInovation
JUNE 20, 2023
The collapse of Silicon Valley Bank, First Republic Bank and Signature Bank has companies looking to technology providers to ensure they have the right payment strategies in place.
CFPB Monitor
JUNE 23, 2023
On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report , which analyzes consumer complaints received from servicemembers, veterans, and their families for the prior year. This year’s report highlights an increasing number of complaints received from servicemembers regarding payment apps and the heightened risks associated with identity theft and unauthorized use for military consumers.
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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
Payments Dive
JUNE 22, 2023
“B2B organizations have been slow to adapt to the changing demands and expectations of Gen Z,” writes a payments company vice president. “This is a huge mistake, and it can cost them dearly in the long run.
ATM Marketplace
JUNE 20, 2023
Cryptocurrency took a major hit this month, as the Securities and Exchange Commission opened lawsuits against popular exchanges Binance and Coinbase.
Gonzobanker
JUNE 21, 2023
What’s the #1 search engine for Gen Z consumers? Mary Wisniewski invites Tony DeSanctis to chat about what works and doesn’t to influence and engage a Gen Z audience. Could financial institutions, not traditionally known for making emotional connections with customers, be doing a better job? Watch the video Social clips cited: [link] [link] [link] The post Want to Get Gen Z’s Attention?
BankInovation
JUNE 23, 2023
Amid strong competition for deposits, Seattle Bank’s CD Valet, which assists customers in finding the most competitive certificate of deposit rates, this month added digital account opening capabilities to the platform.
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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.
Payments Dive
JUNE 23, 2023
Fees and interest incurred on financial services, including credit cards, rose 14% last year, the Financial Health Network reported.
ABA Community Banking
JUNE 23, 2023
Banks can use low-code no-code tools to drive innovation and customize and automate workflows even if they don’t have staff with highly technical coding experience. The post Low-code no-code: A visual approach to tech innovation for banks appeared first on ABA Banking Journal.
CFPB Monitor
JUNE 23, 2023
On June 21, 2023, the American Financial Services Association (“AFSA”) asked the House Appropriations Committee to include language in the Financial Services and General Government appropriations bill that would prevent the Federal Trade Commission (“FTC”) from finalizing or implementing the Motor Vehicle Dealers Trade Regulation Rule (the “Proposed Rule”).
BankInovation
JUNE 20, 2023
Discover has pledged $36 million toward its Discover Financial Health Fund, an initiative launched last week to support startups that promote the financial well-being of traditionally underserved populations.
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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
Payments Dive
JUNE 23, 2023
The online broker said it agreed to acquire the credit card business for $95 million. X1 doesn’t charge card holders annual or late fees, but does charge interest.
ABA Community Banking
JUNE 21, 2023
Affordable housing is an old problem in search of new solutions. As banks develop creative, sustainable programs to help close ever-widening wealth and homeownership gaps in underserved communities, they know there’s more to be done. The post Housing affordability: In the pursuit of equity appeared first on ABA Banking Journal.
CFPB Monitor
JUNE 23, 2023
Today, the U.S. Supreme Court held in a 5-4 decision that an appeal of the denial of a motion to compel arbitration automatically stays lower court proceedings pending the outcome of the appeal. The decision in Coinbase, Inc. v. Bielski resolves a split between the Third, Fourth, Seventh, Tenth, Eleventh, and D.C.
BankInovation
JUNE 23, 2023
Plaid is looking to fight fraud with its Thursday launch of a network-based tool to help financial institutions take a collective approach to a problem that cost consumers nearly $8.8 billion in 2022, according to the Federal Trade Commission.
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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.
Payments Dive
JUNE 23, 2023
Can ATMs justify their existence in an increasingly cashless world?
BankBazaar
JUNE 20, 2023
Introducing the one and only Sainath, the Music Maverick who is on an escapade to conquer the ivories. Having passed Grade 1 of piano from Trinity College London, he is currently preparing to shine at the next level! Now, Sainath is not just the master of the keys! He has also conquered the world of keywords and uses his in-depth knowledge of SEO to help BankBazaar optimize website content and demystify the mysteries of website traffic.
CFPB Monitor
JUNE 22, 2023
The U.S. Court of Appeals for the Ninth Circuit, in a 2-1 decision, recently affirmed the district court’s decision denying the plaintiffs’ motion for a temporary restraining order and preliminary injunction to block enforcement of Nevada Senate Bill 248 (S.B. 248). S.B. 248, which took effect on July 1, 2021, was enacted in response to the COVID-19 pandemic and requires debt collectors to provide written notification to debtors 60 days “before taking any action to collect a medical debt.”.
BankInovation
JUNE 23, 2023
Tech giant Google launched an anti-money laundering tool backed by AI on Wednesday for financial institutions to detect nefarious activities. The tool uses machine learning (ML) to help financial institutions (FIs) identify risky transactions efficiently while driving down operational costs and improving consumer experience by using first-party data by the FI, according to Google’s release.
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Community banks seek ways to leverage their technology infrastructure to drive productivity and growth. However, the sheer volume of technology devices, capital constraints, and lack of skilled resources stand in the way. This Strategy Brief explores how a managed device services partner can help bridge this resource gap. Managed device services partners empower community banks to take charge of mission-critical device management activities with: Logistics and installation services to support se
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