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Kasasa Rolls out New Compliance Tool, RegGen

September 10 — Account holder disclosures are the agreements that govern Kasasa checking and savings accounts, and marketing disclaimers represent the “fine print” required in marketing materials. Now, Kasasa claims, rather than taking hours to write and edit disclosures and disclaimers, financial institutions can create and customize required regulatory language across all Kasasa products and promotional materials with just a few keystrokes.

RegGen enables financial institutions to create compliance language in three simple steps:

  1. Access the FIRSTBase portal. With a financial institution’s FIRSTBase credentials, Kasasa’s new Reference Manual can be downloaded to view step-by-step instructional videos to fully understand RegGen and its capabilities.
  2. Complete 11 setup questions. Financial institutions then answer a few simple set-up questions that will be stored and automatically incorporated into their disclosures and disclaimers.
  3. (a) Create account holder disclosures. Financial institutions simply answer two questions, confirm to download the MS Word document that is created, and edit the text to match their product designs and operational processes.

    Or

    (b) Generate marketing disclaimers. Financial institutions answer nine questions about the type of media they are using, the marketing message and the product they are promoting, then download and edit in the MS Word file created.

“Consumer transparency and regulatory compliance is immensely important. Unfortunately, up until now, the process of creating comprehensive accountholder disclosures and marketing disclaimers for reward-based checking and savings accounts has been a research-intensive, time-consuming and expensive proposition for many community banks and credit unions. Not anymore,” said Gabe Krajicek, CEO of Kasasa. “With RegGen, our clients’ marketing and compliance professionals have compliance at their fingertips. Now they can create, edit and customize disclosures and disclaimers in minutes rather than hours. Our clients are going to love it!”

The information generated by Kasasa’s new RegGen tool should be considered responsible guidance and should not be used as a substitute for consultation and guidance from your compliance officer, outside consultant, or legal counsel.

eGain Rolls Out ‘AI Value in 30 Days’ Program

September 6 — Sunnyvale, Calif.-based eGain has announced its “AI in 30 Days” program that seeks to enable contact centers and customer service organizations to leverage AI for quick business value. While AI has long been a hot topic among C-suite business leaders, projects usually take an average of 4 years (in some cases as long as 10) to come to fruition, according to research and advisory firm Gartner, Stamford, Conn. eGain’s new program has proven to show business value in 30 days or less (with the caveat that time to value depends on the availability of stakeholders to execute the initiative).

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Survey: Long Waits and Difficult Applications Aggravate Small Business Borrowers

September 5 — The good news for banks and credit unions? Small-business borrower satisfaction is higher for these lenders than for online lenders, according to a new Small Business Credit Survey by the Federal Reserve. The not-so-good news? Satisfaction with online lenders has increased over the last two years, even as net satisfaction with large and small banks has stayed relatively flat or declined. Online lenders also saw a moderate increase in their share of applications from small businesses, to 24 percent from 20 percent in 2015.

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The Fintech Working to Reduce Payment Providers for Businesses

August 27 — A significant majority of small business owners would prefer to deal with one vendor for their payment acceptance services; however, according to new research from Mercator Advisory Group, 25 percent of these businesses are still engaging with multiple providers. This adds complexity to the payments process, and business owners are reporting negative effects on their bottom lines.

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Poor Online Service Turns Off Millennials

July 27 — With fewer and fewer customers visiting the branch, online banking customer service has never been more important. Financial institutions are adopting new online features and capabilities to cater to digital natives, but understanding how they are impacting the online banking experience has yet to be analyzed. Humley, a UK-based creator of artificial intelligence (AI) chatbots, recently surveyed 1,000 Americans about their online banking experience and preferences to identify the latest consumer insights.

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