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Making the Case for Insourcing in Financial Services

By Bob Gibson

Many industries, most notably IT and manufacturing, have begun re-examining the need for outsourcing and are shifting to an insourced approach.1 The benefits of insourcing include improved customer service, greater control over business processes and actual reductions in operating costs. As part of their branch transformation strategy to reduce costs and increase productivity, many financial institutions are following suit and examining current outsourcing strategies. One such area that is ripe for insourcing is the processing of commercial deposits and ATMs.

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Experian Rolls Out Industry-first ‘Text for Credit’

July 18 — Traditional means of obtaining credit can often be slow, awkward and expose consumers to risk as they disclose sensitive information in public spaces. Experian® today unveiled Text for Credit, an industry-first technology that transforms the way consumers secure credit.

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A Year of CECL: What’s to Come

July 18 – It has been 13 months since the Financial Accounting Standards Board (FASB) issued its final standard on accounting for credit losses, ASU 326. Since that time, financial institutions have been doing research, preparing for the change and discussing next steps for their calculation. Based off of findings over the past year, what has been clarified and what is to come?

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Q2 Announces Q2 Open, a Modern API Portfolio Powering Next-Generation Financial Service

July 18 – Q2 Holdings, Inc., a leading provider of secure, cloud-based digital banking solutions for community-focused financial institutions (FIs), has launched Q2 Open, a new portfolio of open API financial services.

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ATM Industry Group Fires Back at Visa’s ‘Cashless Challenge’

July 17 – ATMIA today released a statement questioning Visa Inc’s “Cashless Challenge” campaign. Visa’s July 12  press release outlines its plans to award up to $500,000 to 50 eligible U.S.-based small business food services if they go cashless. (more…)

Finxact Accelerates Banking Tech: Launches Open Core API and Sandbox

July 11 – Finxact, an innovator in Core-as-a-Service banking technology, today announced the availability of its Open Core API, which is available through its sandbox. The Finxact Open Core API is transparent and granular, enabling banks to have full access to their customer data. Finxact is the first core banking provider to join the Open API Initiative in a move to significantly reduce the complexity and time it takes for banks and partners to integrate into a modern core banking system.

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How would you describe your data?

June 29 — During a CECL webinar, Sageworks surveyed professionals from banks and credit unions asking how they would describe the quality of their loan portfolio data. More than half of the respondents said that they are currently identifying data gaps as they pertain to CECL calculations.

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FIS and Cardtronics to Expand Cardless Cash at ATMs Across the U.S.

June 29 – FIS, a global leader in financial services technology, and Cardtronics, the world’s largest ATM owner/operator, have announced plans to integrate FIS Cardless Cash access across Cardtronics’ ATM fleet in the United States.

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ProfitStars Introduces Gladiator Virtual Information Security Officer

June 28 – Jack Henry & Associates’ ProfitStars division has announced the availability of Gladiator Virtual Information Security Officer (vISO). These services provide financial institutions ongoing access to Gladiator certified experts with the knowledge and experience to help them develop, implement, and maintain a scalable information security program.

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New White Paper: “Understanding the FFIEC’s CAT: How Your Institution Can Improve Its Cybersecurity Posture”

June 27 – Safe Systems, a national provider of fully-compliant IT and security services for community banks and credit unions, has published a free white paper, “Understanding the FFIEC’s CAT: How Your Institution Can Improve Its Cybersecurity Posture,” which is now available for download on its website.

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