JLL's new 2023 Banking and Finance Outlook indicates that banks and financial services companies are "prioritizing and strengthening their investments in technology to increase speed, resiliency and drive cost efficiency." In their immediate sights is development of artificial intelligence solutions. These companies are anticipated to spend an additional $31 billion worldwide by ...

Yahoo Finance reports that, this past Tuesday, Nvidia (NVDA) -- founded in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem -- recorded a landmark achievement in becoming the first chipmaker ever to reach a market valuation of $1 trillion. The Santa Clara, Calif.-based chipmaker became the ninth public company ...

Download PDF Copy of the Newsletter NICE Actimize: Attempted Check Fraud Up +171% in 2022 The latest NICE Actimize article is available for download, and it's called Check Fraud Running Rampant in 2023. The report is full of valuable information and data, including a rather startling look at where checks stand ...

Many people in today's financial services industry applaud the emergence of AI technology as an excellent equalizer for financial institutions, allowing community banks and credit unions a level of parity with their larger competitors. After all, it's just a matter of recognizing and embracing the emerging AI technology, right? It ...

If you're a sports fan, you are undoubtedly familiar with the four major sports leagues in the US: Major League Baseball (MLB) The National Football League (NFL) The National Basketball Association (NBA) The National Hockey League (NHL) You may be asking yourself, "What do sports have to do with banking?" ...

We've spent quite a bit of time on the emergence of artificial intelligence (AI) and machine learning (ML) as vital technologies for the banking space -- and for good reason. In today's competitive environment, every possible tool must be leveraged. Steve Morgan, Banking Industry Market Lead at Pegasystems, contributed an informative ...

Forrester reports that, according to their Future Fit Survey, 2022, a whopping 77% of bank business and technology professionals are looking to increase their spending on emerging technologies over the next twelve months. Emerging technologies could mean the difference between gaining, retaining, or losing competitive differentiation. Yet failure remains commonplace. Only ...

Download PDF Copy of the Newsletter Check Deposit Fraud Increased 385% in 2022 - According to Auriemma Bank Fraud Control "It's clear now," says Frank on Fraud in his latest blog post. "Check fraud is the #1 problem for banks in 2023." The basis for his conclusion is benchmarking data ...

Other developed countries have had it for years, but the United States is a Johnny-Come-Lately to RTP, or Real Time Payments. The Federal Reserve recently confirmed that FedNow, the government's version of real-time payments (RTP), will launch this summer. In a piece for Forbes Magazine, Ron Shevlin, Chief Research Officer ...

Apple is well known for staying one step ahead of technology trends. Since the launch of its iTunes® Music Store in April of 2003, we've seen the tech giant continue to penetrate the payments arena. Apple made its biggest contribution to tech when it launched the first iPhone in January ...

McKinsey Digital weighs in with suggestions for how banks can modernize legacy systems to help them reduce IT costs and complexity while improving productivity in a competitive environment. Even before the onset of the COVID-19 pandemic, persistently low interest rates had increased pressure on banks to reduce their IT costs. ...

Digital is undoubtedly going to play a major role in the future of banking. As we noted previously, digital banking market valuation is predicted to exceed USD 13.5 trillion by 2032. The real question is: How each bank is approaching digital banking? From our friends at BAI, author Emily Steele, ...

Download PDF Copy of the Newsletter Report: First-Party and Third-Party Check Fraud Increase 78% and 74% in 2022 Aite-Novarica Group's expert, Trace Fooshée, shares their research to help fortify fraud platforms via Fraud Trends for 2023 and Beyond: Everything Old is New Again, ANG's latest report on the future of ...

As reported at Mobil App Daily, competition in the banking industry is fierce and at a consistently high level -- a good situation for consumers, and an ongoing challenge for the banks themselves. They want to dramatically improve the experience their consumers receive from their optimized digital banking services by ...

PYMNTS talked to Manish Jaiswal, chief product and technology officer at Corcentric, about the ways AI technology can and will improve business payments by making them faster and -- most importantly -- safer. Source: PYMNTS.com "Real-time payments processing is becoming a reality in B2B," Mr. Jaiswal noted. Still, there are challenges to address. ...

ChatGPT, the artificial-intelligence chatbot, has been making news on a regular basis for its growing list of applications in business and entertainment. We recently highlighted the possible impact ChatGPT may have on the banking industry. So, it was only a matter of time before it emerged in the payments field. ...

If you haven't heard of it already, OpenAI's ChatGPT is an artificial intelligence-powered text tool capable of providing cogent answers in seconds to just about any question you throw its way. It is viewed with a mixture of awe and apprehension. Despite the unease, ChatGPT is acquiring new users faster than any ...

Since its acquisition by Elon Musk, Twitter has certainly not lacked interesting storylines and speculation in the media. While most news up to now has dealt with employee discontent or technology issues, Twitter has made progress in deploying a payments option. As noted by Financial Times, Twitter has begun the ...

Download PDF Copy of the Newsletter Banks Reported 84% Increase in Check Fraud from 2021 to 2022 - According to US Treasury FCEN Many industry experts agree that check fraud has grown 3X from its pre-pandemic levels. We now have data to confirm the continued upward trend of check fraud ...

In the digital era, we tend to think payments are all traveling via this or that payments app. However, the latest PYMNTS/Ingo Money collaboration, "Insurance Disbursements Brief 2022," noted the surprising prevalence of paper checks used for healthcare claim payments or disbursements. As reported at PYMNTS.com: This is particularly key ...

The growth and ubiquity of digital banking is good news for financial institutions, as digital banking availability and usage has been shown to drive customer loyalty and provide a host of other benefits. Fueled by the pandemic, digital banking is now the most popular method for users to perform their ...

Banks and credit unions recognize that they need to modernize Key to modernization is collaboration Product and data silos, outdated infrastructure, and a risk-averse culture are obstacles The Financial Brand cites a recent report from the Federal Reserve that delineates three types of digital banking experience partnerships being sought by banks ...

Digital payments are all the rage -- convenient, quick, and accepted almost everywhere. However, Yahoo!Life reports that in GOBankingRates' Best Banks 2023 survey of 1,000 Americans, they uncovered some counterintuitive results: 22% of respondents said they still write checks at least once a month. And surprisingly, of these respondents, the ...

Download PDF Copy of the Newsletter Fraud Expert: Check Fraud Predicted to Hit $24B+ in 2023 Suparna Goswami of the ISMG Network spoke to Frank McKenna, chief fraud strategist at Point Predictive and creator of the always informative frankonfraud website, about how banks can prep for the onslaught of check ...

Tax season has arrived, meaning checks will be going to and from the IRS Many file electronically, but a huge amount of refunds go out via paper check Personal checks are also mailed to the IRS and therefor become vulnerable Tax filing season is upon us, and that means -- ...

Artificial Intelligence has been making waves over the past decade, establishing itself as a technology that will revolutionize nearly all industries in some capacity. The average consumer exposure to AI, ironically, typically involves news covered in media like ChatGPT  -- a chatbot launched by OpenAI which interacts with humans in ...

Turns out community banks and credit unions can be proud of themselves: According to a recent Javelin study as reported at Jack Henry Fintalk, businesses that identify a community bank or credit union as their primary financial institution report far greater satisfaction than those using a larger bank. However, before smaller ...

2022 has been an eventful year for the banking industry. Banks have embraced technology and the digitization of banking -- confirmed by Gartner Inc predicting that banks and financial firms boosted their technology products and services investments in 2022 to the tune of $623 billion. As we look forward to ...

Download PDF Copy of the Newsletter BAI: Majority of Banks See Checks as Biggest 1st & 3rd Party Fraud Concern The latest BAI Deep Dive takes on "The fraud prevention balancing act: protection vs friction." Much of the discussion involves changes seen in fraud prevention techniques as consumer attitudes and ...

The Financial Brand marked the end of the year with a look at what they consider the top five innovation trends to look forward to in 2023. Innovation has become a critical component of business growth in the banking industry. Beyond creating the 'next big thing,' innovation includes the creation ...

At EY.COM, home of Ernst & Young Global Limited, Pratik Shah, EY India Financial Services Consulting Leader, and Harshvardhan Bisht, EY India Banking and Capital Markets Leader, explain that banks must evaluate and address the evolving needs of the consumers and maintain their trust in the banking system. The advent ...

Suppliers want quick reimbursement; buyers prefer slower payments Checks are popular among SMB buyers Faster payments actually mean cash flow gains It's a quandary old as commerce itself: Suppliers of goods and services want access to their funds as quickly as possible -- like, right now -- while buyers, on ...

Automation has been a popular topic in the world of banking for decades (and discussed here recently as well). However, according to BankingDive.com, there is a new term now picking up steam in the banking world: Banks, of course, have been focused on automating processes to improve efficiency and customer ...

Download PDF Copy of the Newsletter 78% of Renters Still Pay by Check - And It's Not Only Renters Writing Checks As we noted in a previous blog, checks are NOT going away. In fact, our friends at Alogent report that of non-cash payment methods, checks accounted for nearly 23% ...

Checks are still widely used by various age groups and industries Pros and cons of using checks Investment in check automation is crucial As we continue to explore the relevancy of checks as a payment avenue, it's important that we keep in mind some data previously noted in our blog: Checks ...

78% of renters still pay by check Other industries dominated by checks Investments in tech to automate check processing As we noted in a previous blog, checks are NOT going away. In fact, our friends at Alogent reported that of non-cash payment methods, checks accounted for nearly 23% of the ...

The medical lockbox has existed for decades -- with many banks offering this treasury management service to their healthcare clients. Traditionally, medical lockboxes are the consolidation point for paper payments and remittances, where banks process multiple payment types including ERAs, EFTs (ACH), checks, wire transfers, and now virtual cards. However, ...

Want to keep up in the banking industry? Follow the example of executives at eight in ten banks, who noted that their 2022 technology budget was up from the previous year, with an average increase of 11% over 2021. In fact, Gartner Inc. predicts that in 2022, banks and financial ...

Download PDF Copy of the Newsletter BAI: Majority of Banks See Checks as Biggest 1st & 3rd Party Fraud Concern The latest BAI Deep Dive takes on "The fraud prevention balancing act: protection vs friction." Much of the discussion involves changes seen in fraud prevention techniques as consumer attitudes and ...

Recently, the Association of Financial Professionals -- in conjunction with JP Morgan -- released its 2022 AFP Digital Payments Survey. The survey was conducted to measure the adoption of digital payments in the US and Canada in light of recent global challenges. In particular, the survey focuses on the shift ...

As we noted in a previous blog, business remote deposits continue to be a leading service -- particular for checks, with tremendous growth of +25%. And, according to Fiserv's Mobile Deposits Adoption Program Director, Ryan Williams, 85% of consumers currently using mobile deposit plan to continue doing so. With all ...

A post at The Financial Brand by Jim Marous, Co-Publisher of The Financial Brand, CEO of the Digital Banking Report, and host of the Banking Transformed podcast, paints a grim picture of AI development and adoption progress in the banking industry. Despite the importance of leveraging data and artificial intelligence ...

The newest episode of This Week on PYMNTS.COM covered, among other topics, the impending entry of Walmart into the banking space. PYMNTS' Karen Webster spoke to Ingo Money CEO Drew Edwards, who is sometimes referred to as "the OG [Original Gangster] in FinTech." Source: PYMNTS.com (jump to 12:55 for Walmart segment) Walmart is ...

A report entitled An Analysis of Outpatient Revenue Cycle Management Outsourcing, the result of a collaboration between HFMA and health information technology company XIFIN and reflecting responses from 157 US-based HFMA members, reveals that over one in five revenue cycle leaders handle their own inpatient revenue cycle management (RCM) operations. However, ...

Download PDF Copy of the Newsletter PYMNTS.com: 81% of Businesses Still Pay Other Firms Via Paper Checks While many industry experts have predicted the demise of checks and subsequent move towards fully digital payments, the reality is that checks are NOT going away anytime soon. In fact, a new PYMNTS ...