South State Correspondent
MARCH 28, 2022
In the future, banks will make money on payment products by DELAYING settlements. That vision is ironic considering financial institutions are spending billions of dollars moving payments from one to three-day settlement to real-time. However, in the next three years, many banks will have the bulk of their payments settling in real-time, and delaying payments will be the added value.
South State Correspondent
MARCH 30, 2022
Community banks pride themselves on superior customer service. Approximately 90% of all community banks believe that they provide an above-average level of customer service (of course, the math cannot work that way, as half of all banks should be providing a below-average level of customer service). Research by various consultants shows that 80% of companies across industries rate themselves as providing superior service, but only 8% of these companies genuinely deliver such service.
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Accenture
MARCH 29, 2022
The big players in commercial banking are making major investments in technology to quickly ramp up their digital transformation and streamline their processes. That’s all very doable for banks with deep pockets—but what about the mid-sized banks? As we identified in our Commercial Banking Top Trends in 2022 report, the farther we get into the…. The post How can mid-sized banks compete in the big leagues?
Payments Dive
APRIL 1, 2022
Sen. Ted Cruz's legislation, which follows a companion House bill introduced earlier this year, would prevent the Federal Reserve from issuing a central bank digital currency directly to consumers.
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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.
Abrigo
APRIL 1, 2022
This post was substantially updated from the one originally published February 28, 2020. Preparing for 2023 Credit unions have a 2023 deadline for CECL implementation, leaving limited time to refine their processes. This timeline will help plan the transition. Get CECL compliant. Learn how with the CECL Streamlined webinar series. REGISTER. Takeaway 1 "Analysis paralysis" and the pandemic put CECL implementation on the backburner for many credit unions.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Accenture
MARCH 29, 2022
Attending the awards ceremony last October for American Banker’s Most Powerful Women in Banking was an unforgettable experience. Not only was this the first in-person event I’d attended in months; more importantly, it was a celebration of how far women have come in banking. A passion for making a difference So you can imagine how…. The post Why banks need to tap into the power of belonging appeared first on Accenture Banking Blog.
Payments Dive
MARCH 31, 2022
Payments CEOs recognize the need to draw more women and people of color into the industry, and the need to promote them. To effect change, these CEOs are changing job descriptions, casting a wider net in recruiting and showcasing how they're different.
Independent Banker
MARCH 31, 2022
Photos by Chris Williams. From credit union overreach to onerous overregulation, the 2022/23 ICBA board of directors has plenty on its to-do list. Executive committee members tell us what advocacy issues they’ll be focused on during their terms, while board members share their words of wisdom for up-and-coming community bankers: themselves. To sum it up, these leaders are all in and all heart for community banking.
South State Correspondent
MARCH 30, 2022
March Jobs Report Not Likely to Move Markets. To the surprise of nobody who’s been paying attention, the feel good news around peace talks yesterday has dissipated today as Russian military activity suggests no real pull back, but rather a feint to buy some time. The markets want to believe the good news stories, but Putin’s objectives for Ukraine remain, so we would fade any market moves off supposed good news from “peace talks” for the time being.
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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.
Accenture
MARCH 27, 2022
The move to digital has dominated the conversation about commercial banking in recent years. That conversation is far from over, but as we reveal in Accenture’s new report, Commercial Banking Top Trends in 2022, banks are beginning to realize that reaping the benefits of their digital technology investments will depend on meaningful connections with people:….
Payments Dive
MARCH 29, 2022
Total credit card late fee volume is rising again after a dip during the pandemic, and current inflation levels mean the largest issuers are likely to keep increasing fees, the Consumer Financial Protection Bureau said.
Independent Banker
MARCH 31, 2022
Photo by Chris Williams. My bank’s tagline is ‘Where dreams meet solutions,’ and it serves as my guiding inspiration at the bank and, now, at the national level. As community bankers, our customers depend on us to keep their dreams alive. In today’s tumultuous environment, optimism is a skill worth cultivating. Thankfully, that glass-half-full attitude comes naturally for community bankers.
South State Correspondent
MARCH 29, 2022
Will the Consumer Continue to Hold the Line? Tough and effective Ukrainian resistance to the mortal threat of the Russian invasion has surprised the world. In a similar fashion, but certainly less consequential, the US consumer has withstood the impact of the pandemic and higher prices to continue to drive the economy forward. The question now, however, is will that resilience continue?
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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
SWBC's LenderHub
MARCH 28, 2022
Last Week. We had shock and awe in the bond markets last week as Fed presidents and governors took to the airwaves stating they were amenable to multiple 50 basis point hikes at the remaining meetings in 2022 and beyond. It seems it was only yesterday that folks chuckled at St. Louis Fed President James Bullard when he called for one 50 basis point hike in 2022.
Payments Dive
MARCH 30, 2022
"The CFPB should tailor its approaches to preserve consumers’ and merchants' ability to access a wide variety of installment options and maintain competition among BNPL solutions," Visa said in commenting to the Consumer Financial Protection Bureau.
Independent Banker
MARCH 31, 2022
Chris Vogt of the Wisconsin Badgers NCAA basketball team presents an anonymous donation to First Kentucky Bank officials. After a historic tornado rocked western Kentucky last December, a host of community banks banded together in the spirit of generosity, using their financial power to start relief funds and bolster rescue efforts for local victims.
CFPB Monitor
MARCH 28, 2022
The first enforcement action filed by the CFPB under the Biden Administration was a lawsuit filed in a Virginia federal district court jointly with the Attorneys General of Virginia, Massachusetts, and New York against Libre by Nexus, Inc. (Libre). (Also named as defendants are Libre’s parent company and three individual owners of the parent company.
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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.
TheGuardian
MARCH 29, 2022
Paris, Frankfurt and Dublin are most successful in luring roles from UK, say consultants More than 7,000 finance jobs have moved from London to the EU as a result of Brexit, down 400 from the total anticipated in December, the consultants EY have said While the total is well down on the 12,500 job moves forecast by firms in 2016, when Britain voted to leave the bloc, more could follow, EY said in its latest Brexit tracker.
Payments Dive
MARCH 28, 2022
Proponents and opponents of buy now-pay later services are weighing in on how the new installment financing should be regulated after the Consumer Financial Protection Bureau asked for input. The federal agency is absorbing the views as it conducts an inquiry into the industry's business practices.
Independent Banker
MARCH 31, 2022
Photo by MicroStockHub/iStock. There’s nothing like going above and beyond—but being recognized for it feels pretty great, too. By Lindsay LaNore, ICBA. Last month, we hosted the 2022 ICBA LIVE event in San Antonio, and the theme for the general sessions was “All In. All Heart.” But what does it mean to go all in ? According to Merriam-Webster, the expression all in means “fully committed to or involved in something.
CFPB Monitor
MARCH 28, 2022
As we approach the two-year anniversary of the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the scope and costs of fraud in connection with its relief programs continues to mount. To date, the Department of Justice has brought criminal charges against over 1,000 defendants with alleged losses exceeding $1.1 billion; seized over $1 billion in Economic Injury Disaster Loan proceeds; and initiated over 240 civil investigations into more than 1,800 individuals an
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.
Cisco
MARCH 29, 2022
It’s evident that digital investments made prior to 2020 helped many financial institutions respond quickly to a rapidly changing operational environment. The “shift to digital”, necessitated by these changes, was largely confirmation of what institutions already understood about the future of customer engagement. Instead, the most useful insight is likely the remarkable agility demonstrated by the industry and how it changed executives’ perspectives of prior and future transformation strategies
Payments Dive
MARCH 31, 2022
The company has a sweet spot in payments. Cross River's fintech clients include payments juggernaut Stripe, buy now-pay later provider Affirm and crypto exchange Coinbase.
Independent Banker
MARCH 31, 2022
Photo by Chris Williams. This Community Banking Month, I invite you to try something new to spread your story. Share a new development, community project or initiative. As community bankers, we know relationships matter. Our actions in support of local schools, nonprofits, businesses and other community institutions make a difference, and when our customers see our commitment to our communities, it deepens their connection with us.
ATM Marketplace
MARCH 29, 2022
Are you part of a financial institution, fintech or self-service banking provider? Then the Bank Customer Experience Summit, held Aug. 31 to Sept. 1 in Chicago would prove valuable.
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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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