Robotic process automation offers many benefits for financial institutions, but you need to prepare before you jump in.
By Jason Chorlins and Roberto Valdez
Robotic process automation (RPA) is quickly
being adopted in the banking industry, trickling down from the biggest players
to community banks and online-only startups whose customers may not have
traditional accounts. Before you dive in, gain a better understanding of the
many ways bots are being used in banking, the future potential, and the implementation
considerations you shouldn’t overlook.
By Tara Ferris, Justin O’Brien and Paul Frasco
The last several years have shown a dramatic increase in the volume and complexity of customer tax information reporting (i.e., Forms 1099), highlighting challenges in the back office tax operations function responsible for tax reporting and withholding. These last few years have taught us that organizations would be prudent to focus on potential reputational risks of customer tax reporting and withholding as well as how to make their process more efficient and effective.
After gathering a sample of more than 1.7 million mortgage applicants from 2016 who were either approved for denied for a mortgage, the Clever Real Estate research team discovered something unsettling: 26 percent of African-American applicants were denied mortgages, compared to 10 percent of white applicants. Even when controlling for income, the researchers believe that racial discrepancies still exist.
U.S. companies and banks doing business abroad should be prepared.
By Michael Salerno
As the economy recovered from the financial crisis of 2008, many U.S. companies expanded to the United Kingdom as a way to reach the European Union market, either by exporting, using a U.K. distributor or setting up operations there. Such expansion was a relatively easy move, thanks to a common language and similar banking and legal systems.
Opportunities arise for farmers and ag lenders from the 2018 farm bill.
By Whitt Steineker and Jared Batte
Hemp, one of the nation’s oldest and most versatile crops, is poised for a resurgence following the passage of the 2018 farm bill. That legislation codifies the distinction between hemp and marijuana and removes hemp from the scope of the Controlled Substances Act. This should be a welcome development for agricultural lenders — who have largely avoided any association with hemp for decades — as it will allow them to access a now-legal industry that is expected to generate billions of dollars of potential deposits in the next few years.