Technology
As a subscriber to the OrboNation Blog, you have undoubtedly seen articles involving Artificial Intelligence (AI) and GPUs and how this combination of breakthrough technologies are part of the future for banking. The adoption of GPU hardware is enabling the combination of a “New Standard” for solving the difficult problems of the industry in many…
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With “never go to a bank” Millennials becoming a bigger and bigger market force, compounded by the fact that pandemic lock-downs have encouraged even formerly tech-averse people to use online banking tools, one might think the reign of the bank and credit union physical, walk-in branch system is coming to a close.
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Billerica, MA, June 7, 2021 – OrboGraph, a premier developer and supplier of intelligent electronic and paper automation for check fraud detection, recognition solutions as well as healthcare payment electronification, announced the market launch of OrbNet Forensic AI as the core image analysis technology to the Anywhere Fraud software application version 4.1. Details are now available on recently modernized company’s website, www.orbograph.com.
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Credit Unions and their members tend to pride themselves — rightfully so — on being much more “customer-centric” than the average financial institution. They are, after all, serving “members,” and that spirit permeates their approach in all aspects of their business. The relationship has become, in fact, a differentiator that draws (and keeps) loyal members on a long-term basis.
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The Federal Reserve is actively exploring ways to streamline FinTechs’ access to the payment system, and pymnts.com reports that financial institutions will need sharpen their systems to retain a competitive edge.
The Federal Reserve could be taking steps toward a much more open and competitive financial services landscape as it considers allowing FinTechs to gain access to the payment system directly. The Fed announced last week that it is inviting comment on the proposal to develop guidelines for allowing non-banks to access accounts and payment services, rather than relying on bank partnerships to facilitate that connectivity.
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Stanford University’s 2021 AI Index Report is now available, and it goes into significant detail regarding Computer Vision, which is integral to the sorts of recognition tasks important in fraud detection and EOB processing.
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Hindsight is 20/20, but it turns out that many medical practices and providers didn’t put into motion much digital preparation pre-pandemic, and that places them in a current payments predicament. This is according to Colin Mellon, senior vice president of Healthcare and Insurance Solutions at Fiserv. During a PYMNTS TV Trend Talk, Mellon noted that “the pandemic…
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Trade Finance is recognized as a vital tool to fuel global growth and support the world economy, but, as pymnts.com notes, it is far from a perfect instrument. For decades, trade finance has been caught in a web of paper-based documents, creating bottlenecks and friction at nearly every point of the process, from onboarding to financing payouts. As the industry pushes to modernize, it’s also facing scrutiny over its relationship with credit risk. Critics argue that some trade financing products have actually encouraged large corporates to pay their vendors late or force those suppliers into expensive financing arrangements. At the same time, as witnessed in the ongoing Greensill Capital saga, the success of trade finance largely relies upon insurers’ ability to cover for losses in the case of non-payment.
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For healthcare providers, the decision of whether to handle revenue cycle management internally vs. outsourcing the function is not something be taken lightly. While there are pros and cons for each choice, the COVID-19 pandemic has complicated the decision even further. Medical Economics features an in-depth conversation with Anurag Mehta, president and co-founder of Omega Healthcare, about various impacts of COVID and how medical practices should adapt and rise to the challenge.
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Forbes took a look at new research from Cornerstone Advisors and found that that more than three-quarters of Americans who have a smartphone are now mobile banking users. Mobile banking adoption is approaching ubiquity among Gen Zers and Millennials (ages 21 to 40) with 88% of each of the two generations accessing their bank accounts using a mobile device. The adoption rate dips just a bit to 78% among Gen Xers (41 to 55 years old), and then drops to 57% of Baby Boomers and 41% of smartphone-owning Seniors.
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