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BankNews e-Digest 3-29-17

March 29, 2017

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What Banks Can Learn From Social Media Apps
By David Lester
With technology advancing at an exponential rate, it seems as though most banks have fallen behind the curve when it comes to their mobile app capabilities and enticing a millennial audience. A generation that demands superior service, convenience and accessibility at their fingertips, millennials will follow where amenity leads and unfortunately simply having a mobile app will no longer suffice.
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Exploring the Challenges -- and Benefits -- of the Universal Banker
An ever-growing number of banks and credit unions are electing to introduce the Universal Banker model into their branch networks. This approach — in which bank employees are trained to perform multiple tasks ranging from traditional teller transactions to more specialized services like opening accounts and processing loans offers advantages to both customers and employees. Read more...

Trade Groups Have Mixed Reviews of EGRPRA Report
Trade groups representing banks and credit unions had mixed reactions to a joint report to Congress by member agencies of the Federal Financial Institutions Examination Council about their efforts to reduce regulatory burden. The mandatory review was conducted as part of the Economic Growth and Regulatory Paperwork Reduction Act by the Federal Reserve System Board, the Office of the Comptroller of the Currency and the FDIC. Read more...

CFPB Revisits Collection of Ethnicity Data on Mortgage Applicants
The Consumer Financial Protection Bureau released a proposal to amend Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The CFPB believes the proposed amendments will provide greater clarity to lenders regarding their obligations under the law, while promoting compliance with rules intended to ensure consumers are treated fairly. Read more...

Wells Fargo Launches Card-Free ATM Access for Mobile Users
Wells Fargo Bank, N.A. has announced that customers now have card-free access to all of its 13,000 ATMs, coast-to-coast. The company’s One-Time Access Code technology allows customers to authenticate at an ATM using an eight-digit token and their debit or ATM card personal identification number, instead of a physical card. Read more...

Artificial Intelligence Key to Creating a More Human Customer Experience
In the next stage of artificial intelligence adoption, banks will use AI to help understand the intentions and emotions of customers and enable better interactions, according to a new report from Accenture. Read more...

Non-Malware Attacks Pose More Risk Than Commodity Malware
Carbon Black, a provider of next-generation endpoint security, has announced the results of its latest research report, “Beyond the Hype,” which found the vast majority (93 percent) of cybersecurity researchers said non-malware attacks pose more of a business risk than commodity malware attacks. Read more...

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