Sat.May 20, 2023 - Fri.May 26, 2023

article thumbnail

Bankers: Please End This Practice. Or It Will End You.

Jeff For Banks

I recently spoke at a banking conference where I challenged bankers to end the practice of relying on sleepy depositors that don't demand top rate. You know, the practice of allowing bankers to raise deposit rates only if the customer calls and complains. When I challenged bankers that they can't claim to be trusted advisors to their customers if they engage in this practice, I got push back.

FDIC 60
article thumbnail

Applying Second-Order Thinking In Banking

South State Correspondent

We have used the term “second-order thinking” in our writings, and some bankers were curious about what exactly we mean. The term came to popularity in banking after Howard Marks wrote his seminal work on investments – The Most Important Thing. The “most important thing,” as described in the book, is the ability to drill down in order to get to the heart of an issue.

Analysis 195
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

All Eyes Are on Bank Deposit and Liquidity Risks

Gonzobanker

Bank leaders are working overtime to defend their performance and relevancy. The historic deposit runs on several niched regional banks have woken up bankers and their investors, regulators and policymakers to the threats that liquidity flows place on the entire industry. Taking a step back and looking into reported financial data for Q1 2023, a few key insights appear: The banking industry lost a remarkable $1.1 trillion or 5.5% of total deposits from March 31, 2022, to March 31, 2023 – obvious

article thumbnail

SAFE Banking Act returns to Congress: Is safe harbor for cannabis banking on the horizon?

Abrigo

The SAFE Banking Act could bridge the state and federal cannabis banking gap Read more for the legislation's history and how it benefits financial institutions looking to profitably bank CRBs. You might also like this whitepaper, "Cannabis and financial institutions: Providing services to cannabis-related businesses." Download now Takeaway 1 Under current federal law, banks and credit unions face federal prosecution and penalties if they provide services to legal marijuana-related businesses.

Lending 195
article thumbnail

Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

article thumbnail

Fintech settles allegations that payment of tips and donations was a hidden interest charge

CFPB Monitor

A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through its platform. The fintech’s platform offers opportunities for members to act as borrowers or lenders and facilitates loans between its members.

More Trending

article thumbnail

Venmo to launch teen account

Payments Dive

The move is part of PayPal’s plan to lean on Venmo to lure more users.

415
415
article thumbnail

Promethium Subsidiary Receives First FINRA-Approved Digital Asset Custodianship

Perficient

Promethium Ember Capital, (“PEC”), a wholly owned subsidiary of Promethium, has become the first digital asset custody provider to come under federal regulation. PEC was approved as a special purpose broker-dealer (“SPBD”) for digital asset securities. The approval allows Promethium to custody digital asset securities on behalf of both retail and institutional clients.

article thumbnail

Commercial Credit Trends – Where to Tread Carefully

South State Correspondent

Lending is getting riskier. Due to higher rates, inflation, and a slowing economy, the three essential credit metrics – probabilities of default (POD), POD rate of change, and POD volatility- have all materially increased from 2022. In this article, we look at what is happening at the state level, look at 30 common industries where credit risk is rising, and 30 industries where credit risk is the lowest.

Trends 195
article thumbnail

Flash loans, flash attacks, and the future of DeFi

BankUnderground

Aidan Saggers, Lukas Alemu and Irina Mnohoghitnei Decentralised Finance (DeFi) may seem a tempting option for those seeking financial gain, autonomy, and self-governance… But how safe is a world in which ‘ code is law ’? Closer inspection reveals an ecosystem experiencing several hacks, attacks, and fraud. Estimates show at least US$6.5 billion has been stolen since DeFi’s inception, and one particular DeFi feature is often at the centre of this theft – flash loans.

article thumbnail

5 Ways You Can Win Faster with Gen AI in Sales

Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.

article thumbnail

NY Fed teams with Singapore on CBDC study

Payments Dive

The two central banks tested digital ledger technology for payments across multiple currencies in less than 30 seconds.

Study 396
article thumbnail

2023 ATM Self-Service Software Trends Report to deliver key insights

ATM Marketplace

The 2023 ATM & Self-Service Software Trends Report aims to give key insights into the industry by surveying financial institutions and other companies on how they are utilizing self-service software. The survey for this report is open until May 31.

Software 105
article thumbnail

Mortgage Lenders That Do Not Require Tax Returns

Commercial Lending USA

Mortgage lenders that do not require tax returns are a great option for self-employed individuals or those with non-traditional income sources. These lenders typically use bank statements and other financial documents to verify income instead of tax returns.

Taxes 98
article thumbnail

Banks, credit unions outraged by CFPB's $8 credit card late fee plan

American Banker

Cards 97
article thumbnail

The Role of Automation in Commercial Lending

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.

article thumbnail

Credit popularity doesn’t displace cash: Fed report

Payments Dive

Credit cards were the most used payment method last year in the U.S., but cash demand remains stable, a Fed report showed.

Report 370
article thumbnail

Bank Customer Experience Awards nominations close June 2

ATM Marketplace

The Bank Customer Experience Summit, held in Charlotte from Sept. 12 to 13, will honor innovators in the space of financial customer experience during an awards ceremony. You may nominate a technology provider or financial institution for an award, as long as it's submitted by the deadline of June 2.

article thumbnail

These 75 embedded insurance companies are transforming digital distribution

CB Insights

Embedded insurance — the integration of insurance into a digital product on a third-party platform or marketplace — is becoming more popular as a way to boost revenues and improve customer experiences. For consumers, these products can provide faster, more convenient, and more accessible insurance options. For insurers, embedded insurance can enable more product personalization (e.g. using payroll provider data for pay-as-you-go workers comp), improve underwriting accuracy (e.g. usin

Company 90
article thumbnail

What's next for Fed supervision? Basel's Pillar 2 may hold the key

American Banker

article thumbnail

Outsource With Confidence for RDC Program Success

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.

article thumbnail

Cash App pursues older, affluent customers

Payments Dive

The Block business is seeking older, higher-income users as it pursues diversified growth, CEO Jack Dorsey said.

317
317
article thumbnail

What's on the horizon for banking automation?

ATM Marketplace

Banking automation is here to stay. However, banks also have to deal with questions of how automation can impact their brand image and the customer experience. They also have to find the balance between delivering cutting edge technology while still keeping the personal touch.

article thumbnail

Housing Market Industry Group Urges Supreme Court to Preserve CFPB’s Mortgage and Real-Estate Regulations Regardless of Constitutional Question’s Outcome

CFPB Monitor

As the financial services industry continues to monitor the proceedings in Community Financial Services Association of America v. Consumer Financial Protection Bureau , an industry group composed of the Mortgage Bankers Association (MBA), National Association of Home Builders (NAHB), and National Association of REALTORS® (NAR) has filed a brief as amici curiae cautioning the Supreme Court against a ruling that could call into question all of the CFPB’s regulations.

Groups 78
article thumbnail

Why agri-focused fintech is sprouting

American Banker

Fintech 87
article thumbnail

It Takes Two to Tango

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.

article thumbnail

Payments fraud climbs as banks reach for joint response

Payments Dive

Financial institutions and payments players are seeking to coalesce around new efforts to battle skyrocketing payments fraud.

Fraud 273
article thumbnail

Japan implements stricter rules for cryptocurrency transactions

The Paypers

The government of Japan has decided to implement stricter rules for cryptocurrency transactions to comply with global regulations.

article thumbnail

Memorial Day: Remember Sergeant (USMC) Rafael Peralta

Jeff For Banks

Rafael Peralta was born April 7, 1979 in Mexico City. He graduated from San Diego's Morse High School in 1997. But he had to wait to receive his green card before he could enlist. In 2000, he received it, and on that very day he enlisted in the U.S. Marine Corps as a rifleman. He would later become a U.S. citizen while serving. In 2001, Peralta was deployed overseas when his father died in a workplace accident.

article thumbnail

5 payments innovations designed to counter inflation

American Banker

article thumbnail

10 Ways to Leverage Buyer Signals and Drive Revenue

In today’s ultra-competitive markets, it’s no longer enough to wait for buyers to show obvious signs of interest. Instead, sales teams must be proactive, identifying and acting on nuanced buyer behaviors — often before prospects are fully ready to make a purchase. In this eBook from ZoomInfo & Sell Better, learn 10 actionable ways to use these buyer signals to transform your sales strategy and close deals faster.