Payments Dive
MAY 1, 2020
Major banks are reviewing plans to relaunch branch operations after the peak of the COVID-19 pandemic in the U.S., but executives and experts say some key changes in bank operations will likely continue going forward.
Chris Skinner
APRIL 29, 2020
Most of the people around the world have savings that can last them less than a month. In the USA, 29% of households have less than $1,000 in savings; in the UK, 15% of Brits have no savings at all; and in most economies worldwide, a large tranche of society have … The post What will the world be like when #coronavirus ends? (Part One) appeared first on Chris Skinner's blog.
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Abrigo
MAY 1, 2020
Key Takeaways The process for how PPP loans will be forgiven is developing, but lenders can look to guidance so far for key information. Borrowers will be able to request forgiveness eight weeks after the loan is funded; they must provide evidence that expenses should be forgiven. A lender has 60 days from receiving an application for borrower forgiveness to make a decision on the request.
Accenture
APRIL 27, 2020
We’re living through extraordinary times right now. The COVID-19 pandemic is changing business—and much else—forever. The global payments ecosystem has proven resilient in the face of the pandemic. The general public continues to trust payments systems and providers, and no substantial outages of core infrastructure have been reported. But the industry is far from immune….
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Payments Dive
APRIL 28, 2020
Spurred on by rapid change in government regulations and millions of underserved consumers in the finanical space, Brazil may be on the verge of becoming a major player in the global fintech space.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
APRIL 29, 2020
Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. “One of the things that will be required is you will have to show a payroll report that you actually spent the money on payroll and other items that qualify for forgiveness,” he said.
Bank Innovation
APRIL 30, 2020
U.K.-based TSB Bank gave its customer service a five-day makeover in the midst of the global pandemic with the launch of its “Smart Agent” chat function, helped by its technology partner IBM Services.? “We chose a platform that was cloud-enabled,” said Suresh Viswanathan, chief operating officer at TSB. “The bulk of the work was not […].
Abrigo
APRIL 30, 2020
Key Takeaways Borrowers must document how their PPP loans are used Borrowers must maintain employee and compensation levels At least 75% of the loan must be used for payroll and other permissible expenses Borrowers must have "economic need" for a PPP loan. This week, a new round of funding was made available for Paycheck Protection Program (PPP) loans.
Chris Skinner
APRIL 26, 2020
Britain’s Got Talent is running right now in the UK and I really enjoyed this comedic sketch by Baptist Minister Allan Finnegan. You may not be able to watch it in your country, so here’s the script: I’ve been married for thirty years, which means my love life is a … The post Banking is not about relationships. It’s about secrets appeared first on Chris Skinner's blog.
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PYMNTS
APRIL 28, 2020
The second round of Paycheck Protection Program (PPP) funding was an instant replay of the first, as the loan network collapsed from the tsunami of applications from small businesses desperate for relief. . “All of the reports I have around the country is that it’s been a disaster,” Paul Merski of the Independent Community Bankers of America told The Washington Post (WaPo) on Monday (April 27).
Bank Innovation
MAY 1, 2020
The Royal Bank of Scotland and its subsidiary NatWest are shutting down Bo, the bank’s stand-alone personal finance app, in the latest example of a big bank digital offshoot’s failure to gain traction with consumers. “Bo was always going to have a tough time attracting customers, given the crowded nature and maturity of the digital […].
South State Correspondent
APRIL 27, 2020
While we discussed our framework for deciding WHEN to call bank employees back to the branch lobbies and workplace ( HERE ), in this article, we cover HOW. The two decisions are interrelated since the sooner you look to reopen, the more risk you take, and the more resources you have to invest in a reopening plan.
Chris Skinner
APRIL 30, 2020
I hesitate to write that headline – after all, none of knows when or even if this pandemic will end – but what I do know is that, in this time of crisis, there are lots of things changing: our beliefs, our priorities, our views, our relationships. I sat down … The post What will the world be like when #coronavirus ends? (Part Two) appeared first on Chris Skinner's blog.
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Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.
PYMNTS
APRIL 29, 2020
The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. Today, there remains a broad spectrum of positions that regulators and financial service providers hold when it comes to working with crypto businesses.
Bank Innovation
APRIL 30, 2020
Q: What do you get when you combine a fully remote workforce with an all-digital customer base? A: An increase in IT complexity and security risks. With financial institution workforces increasingly turning remote, companies are faced with ensuring that their employees’ devices are accessible and controlled by their IT departments. Nutanix presents this webinar to […].
Abrigo
APRIL 30, 2020
Key Takeaways Federal and state banking regulators have eased coronavirus workout pressures. There are several criteria a borrower must meet in order for a loan modification to be eligible. Lenders should develop a comprehensive workout strategy. The federal government, agencies, and financial institutions (FIs) have been working diligently to mitigate the impact of the coronavirus on businesses and individuals.
Chris Skinner
APRIL 27, 2020
I grew up in a time that was not politically correct. We used to have names for people who did not fit with our thinking, that were often derogatory and rude. Then, as I grew up, the world globalised and inclusion became more the norm. We became connected by easy … The post Does #coronavirus mean being rude to people? appeared first on Chris Skinner's blog.
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Remote Deposit Capture (RDC) clients are more likely to use additional treasury services and maintain larger deposits. However, poor customer experiences—particularly if they delay deposits—can compel RDC clients to take their business elsewhere. This eBook makes the case for outsourcing RDC operations to a proven managed services partner. This approach helps Treasury Departments with limited resources provide excellent client experiences that result in higher retention and productivity rates.
PYMNTS
APRIL 30, 2020
As nations put limitations into place to support social distancing in February and March, Mastercard reported that a significant share of consumers tapped into contactless payments for purchases. Seventy-nine percent of respondents in a global study indicated that they are now tapping into contactless payments, pointing to cleanliness and safety as crucial drivers.
Bank Innovation
APRIL 29, 2020
Great Southern Bank is using lending technology from the cloud banking vendor nCino to increase efficiency for commercial and retail loan officers. “We had a [loan origination system] that really handled everything from application through underwriting and approval,” said Ryan Storey, director of loan operations at the bank, during a webinar with nCino today.
Abrigo
APRIL 28, 2020
Key Takeaways. You must be able to explain any artificial intelligence used in your BSA program. BAM+ includes five machine learning scenarios that are fully transparent. AI will never replace the necessary human element of BSA. Abrigo introduced five new machine learning scenarios. Abrigo recently introduced five new scenarios to BAM+, their industry-leading AML software, that utilize artificial intelligence (AI) and machine learning (ML) to help BSA departments catch more suspicious activity.
Chris Skinner
APRIL 29, 2020
Things we’re reading today include … Barclays may have to put aside £4.5bn to cover bad debts due to coronavirus StanChart eyes quick recovery as profit falls 12% on coronavirus crisis Barclays boss: Big offices ‘may be a thing of the past’ ‘No prospect’ of UK government selling RBS stake … The post Things worth reading: 30th April 2020 appeared first on Chris Skinner's blog.
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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.
PYMNTS
APRIL 28, 2020
After many weeks and months of social distancing, the world is now actively and audibly wondering when the economic recovery will begin. Visa ’s Executive Vice President and Chief Product Officer Jack Forestell told Karen Webster that it’s the wrong question to ask. The recovery, he contends, is already underway. The pandemic and the recovery aren’t two separate events that will happen in sequence — but are two connected happenings playing out contiguously.
Bank Innovation
APRIL 29, 2020
In this monthly Q&A segment, Bank Innovation features executives and industry thought leaders who highlight technology and innovation trends in financial services, and explores strategy and best practices in leading financial institutions. As Alan Chabot steps into to his new role as TD Wealth’s head of U.S. distribution, the banking veteran is eyeing investments in […].
Abrigo
APRIL 27, 2020
Key Takeaways The FFIEC updated four sections of the 2014 BSA/AML Examination Manual. The updates are not revisions nor do they include changes to current regulatory expectations. Your BSA/AML examination should be based on risk as justified in your enterprise-wide risk assessment. . BSA/AML professionals have been anxiously waiting revisions to the 2014 BSA/AML Examination Manual (Exam Manual) published by the Federal Financial Institutions Examination Council (FFIEC) , the interagency body
Chris Skinner
APRIL 26, 2020
Things we’re reading today include … Bank of England probes how long banks can survive the lockdown Banks paid millions in bonuses weeks before ban on cash rewards UK economy will take three years to recover from coronavirus – EY Virgin Atlantic hires bank in search for emergency funds Coronavirus: … The post Things worth reading: 27th April 2020 appeared first on Chris Skinner's blog.
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