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Fintech Workshop Offers Insights and Strategies for Community Banks

By Michael Scheibach

Fintech, the ever-expanding force many prognosticators associate with the disruption of the banking industry, continues to flex its capabilities. Yet what was once considered a revolution has morphed into an evolution of financial services — an evolution that potentially encompasses those banks ready and willing to move forward into the fintech arena.

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CFPB Issues Ruling on Arbitration Clauses Amid Banking Industry Objections

July 17 – The Consumer Financial Protection Bureau has issued a new rule banning arbitration clauses, and it’s drawing the ire of the two major banking trade groups.  The arbitration clauses in the contracts for these products prevent consumers from joining together to sue their bank or financial company for alleged wrongdoing. (more…)

Fifth Third Bank and Fifth Third Foundation Give $10 Million to Fight Cancer

July 17 – The Fifth Third Foundation and Fifth Third Bank are giving $7.5 million and $2.5 million, respectively, to support the fight against cancer. This generous $10 million gift will help families across the region by supporting the Cincinnati Cancer Consortium, a collaboration of the University of Cincinnati, UC Health and Cincinnati Children’s Hospital Medical Center. This investment will recruit and hire researchers dedicated to accelerating the progress of cancer research.

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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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Five Ways Banks Can Lead in Financing Higher Education

By Michael VanErdewyk

There’s a high-profile lender that’s struggling to turn its ship around. Some 42 million borrowers owe this lender $1.3 trillion and its debt load continues to rise.

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Cybersecurity Task Force Releases Banker Best Practices

July 10 – State banking regulators, jointly with the U.S. Secret Service, released banker best practices for managing risks related to certain cyber threats. The best practices were developed by the Bankers Electronic Crimes Task Force, which includes bank CEOs and executive officers from banks across the U.S. In the industry best practices, the bankers identified four cyber threats that warrant continued attention by banks.

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BankOn Mobile Video Announces Issuance of U.S. Patent for Multi-Pane Video Communications

July 7 – BankOn Mobile Video, an interactive mobile video banking solution, has announced the issuance of Patent No. 9,699,406 by the United States Patent and Trademark Office, protecting the company’s unique ability to display multiple screens of collaboration and video chat content to customers’ mobile devices.

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Early Adopters Enjoy Branchless Banking

July 7 – Direct banks are emerging as an increasingly significant threat to traditional banks. These institutions, which lack a physical bank branch, are scoring high marks for customer satisfaction, advocacy and loyalty, according to the J.D. Power 2017 U.S. Direct Banking Satisfaction Study. In fact, overall satisfaction scores for direct banks are higher than those for traditional retail banks, though they currently represent just 6 percent of total bank deposits in the United States.

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Organic Growth Fuels Florida Community Bank to Second Largest Independent Bank in Florida

July 5 – Florida Community Bank N.A. (“FCB”) has become the second largest independent bank in Florida. Founded seven years ago with the goal to create a premier Florida-based, Florida-focused regional banking franchise, FCB is one of the fastest-growing banks in Florida, and is now the state’s second largest independent bank. A primary reason for FCB’s market leading growth is our unique commitment to exclusively serving Florida and Floridians. This approach has led to over $5 billion of organic new loan fundings since 2014 as FCB continues to partner with our local communities to facilitate a sustainable dynamic for development and growth.

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American Banker Releases 2017 Bank Reputation Rankings

July 3 – American Banker magazine has released the results of its 8th annual bank reputation survey, assessing the corporate reputations of banking companies. Synovus Financial captured the top spot in the survey and shared with USAA Bank the honor of being the only U.S. banks to enjoy an “excellent” reputation.

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