To mitigate this problem, Spring Labs, the intelligent AI powerhouse solution for financial services, announced Zanko ComplianceAssist.This new module builds upon the conversational intelligence capabilities of Spring Labs’ Zanko CustomerAssist, an AI copilot for fintechs, to dramatically reduce the time compliance professionals spend analyzing customer complaints, in addition to identifying high-risk and often hidden issues, and to efficiently enable corrective actions.

“Complaints are often viewed as negative, but they are actually the gateway to understanding how your customers feel about their experience with you as a financial institution. With Zanko ComplianceAssist, we help unlock the power of complaints by using AI to provide more granular and actionable insights,” says John Sun, CEO and Co-Founder of Spring Labs. “The benefits are much more than just cost savings. We hope to help our partners reduce regulatory risk, achieve better effective control over their fintech partners, and ultimately help the consumer be better heard when they speak to a financial institution.”

“We’re excited to be the first to partner with Spring Labs on a commercial application of AI which can benefit consumers and fintech partners alike. A crucial aspect of our business is providing quality oversight of complex and large-scale lending activities. Zanko ComplianceAssist helps our team identify insights and issues more quickly than we could on our own,” says Derek Higginbotham, CEO, First Electronic Bank. “Beyond just compliance, First Electronic Bank is committed to being early movers in exploring new uses of technology to improve how we serve consumers.”

“Complaints management is a critical component to an effective Compliance Management System and an important control over our fintech partner programs,” says Nissen Liddiard, EVP Compliance Officer, Celtic Bank. “Spring Labs’ Zanko ComplianceAssist product provides us with a useful tool to analyze complaint trends which allows us to better oversee our products and partners.”

“Zanko ComplianceAssist helps us assess the root cause of complaints at least 80 percent more efficiently, enabling us to resolve potential issues much faster,” says Jim Jackson, SVP Strategic Partner Oversight, WebBank. “This gives us greater peace of mind as we expand our channels for communicating with customers.”

By using AI to catalog, categorize and organize customer complaints, compliance professionals can slash the time they spend analyzing complaints by up to 65 percent. ComplianceAssist delivers automated classification, tagging, Voice of Customer (VoC) profiling, and root cause analysis, and can screen 100 percent of customer conversations to escalate the highest-priority complaints like deceptive advertising and fair lending, which customers can escalate to regulators if they’re not addressed properly and expeditiously.

“Ultimately, these advanced complaint analysis capabilities can help financial services firms scale their compliance processes to be more accurate, actionable, and effective,” continues Sun. “Zanko ComplianceAssist can be a key element in a firm’s growth plan, empowering compliance professionals with the invaluable tool they need to elevate their strategic contributions and role as ‘superheroes’ within their organizations.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Spring Labs Unveils Zanko ComplianceAssist first appeared on FinTecBuzz.

The five fintechs – PortfolioPilot, Guac, One Goal Finance, Credit Rent Boost and Column Tax – deliver account holder value through financial wellness, savings, budgeting, credit building, tax and investing tools. With ASA’s App Store as a Service solution, consumers can safely explore and try innovative technology from within their financial institution’s App Store (powered by ASA), without ever sharing a name, email address or password. ASA tokenizes and anonymizes all information; it is never shared with the fintech unless explicitly permissioned by the consumer. This approach minimizes fraud exposure and gives users complete control over the sharing of their financial data.

ASA is making it easier than ever before for fintechs to go to market and reach and engage with new customers. In this enhanced model, ASA manages the data connections, billing, payments, authentication (including KYC and SSO) and customer acquisition, allowing the fintech to focus on their core competencies instead of the onerous compliance and security considerations of trying to act like a bank.

Guac provides a savings and rewards app that is backed by leading investors such as Daymond John that has helped its users save and earn over $35 million. Ryan Armstrong, President of Guac, said, “We are helping thousands of users, including Gen Z and Millennials, improve their financial wellness by putting money back into their pockets every time they swipe their debit and credit cards. We believe ASA and its framework are going to change the financial landscape by connecting financial institutions and their account holders with fintechs in a safe, secure and compliant marketplace. We’re excited to be live in ASA’s App Store, extending access to our financial wellness and savings tool to thousands of additional users.”

PortfolioPilot is an AI-driven financial advisory platform with over $20 billion Assets on platform and more than 22,000 users (as of July 14, 2024). Alexander Harmsen, CEO and Co-Founder of PortfolioPilot, explained, “We have built a personal AI financial advisor allowing consumers to make smarter financial decisions with confidence and ease. By relying on the trusted team at ASA to manage aspects such as billing and account integration, we can focus on empowering self-directed investors. Plus, because ASA users already have their accounts connected, it’s easier and quicker for them to sign up to PortfolioPilot and get their first free financial assessment.”

“It has become increasingly obvious that the options for fintechs to effectively reach and help consumers are full of challenges; just look at what has happened with Banking as a Service over the past year,” said Landon Glenn, CEO and Founder of ASA. “The ASA model overcomes these roadblocks, providing a secure and compliant way for fintechs to engage with already authenticated and connected consumers. At the same time, consumers gain access to the latest technology to suit their unique needs, all through the bank or credit union they already know and trust. We believe this is the new way forward in financial services that delivers value for all.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Five Fintechs Live in ASA’s Embedded App Store first appeared on FinTecBuzz.

Key Highlights of the Partnership:

• Enhanced Risk Mitigation: The partnership will significantly expand Numerated’s data coverage, enabling more comprehensive and accurate financial analysis and risk mitigation.
• Advanced Analytics: With more granular data comes opportunities for more complex analytics along with generative AI applications.
• Granular Data for Complex Commercial Lending Decisions: Expanded data sets will support asset-based lending as well as improve decisioning for small-dollar scored loans and larger, fully underwritten loans alike.

Michael Turner, CEO of Validis affirms the importance of the partnership, “Together, Numerated and Validis are providing the granular data that financial institutions need to make accurate credit decisions. Having these two best-in-class providers work together makes it easier for lenders to speed up decisions while reducing credit risk.”

“We are constantly looking to innovate and provide our clients with the best experience and data available. As we incorporate the power of GenAI into our financial analysis products, the integration of Validis data marks an incredible leap forward in providing the highest quality credit decisions in the market,” remarked Dan O’Malley, CEO of Numerated.

The integration of Validis’s data sharing technology with Numerated’s platform will be rolled out in phases, with initial implementation in 2024 and full implementation in early 2025.This phased approach ensures a seamless transition for customers and maximizes the benefits of the new capabilities.

About Numerated: Numerated transforms the way financial institutions lend to businesses, making the process faster and easier. Banks and credit unions of all sizes leverage Numerated’s digital business lending solutions to exceed borrower expectations for convenience while driving significant gains in efficiency. The platform uses data to streamline originations and underwriting for business lending, from application to close. More than 500,000 businesses and 30,000 financial institution associates have leveraged the platform to process over $50 billion in lending, making Numerated the fastest-growing fintech SaaS company on the 2022 Inc. 5,000.

About Validis: Validis is a group of passionate data people on a mission to connect financial data. We work with Lenders to help them connect to their customers’ accounting packages. With Validis, Lenders work faster and smarter, benefiting from instant access to detailed financial data including AR/AP subledgers and full GL transaction details. Our customers unlock significant efficiencies, save money, and get accurate insight from live, fully standardized, granular data. This powers faster and better lending.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Numerated, Validis to Expand Footprint in Lending & Financial Analysis first appeared on FinTecBuzz.

In his role, Passarelli will focus on developing a robust compliance program for Melio and obtaining Money Transmitter Licenses (MTLs) in all states and territories where Melio operates, creating more payment opportunities for Melio customers.

“Understanding how compliance and regulation can provide customers with the highest quality of service is crucial for any financial institution,” says Passarelli. “I am excited to join Melio at a pivotal time of growth and service their customers by implementing the highest standards of protection.”

Passarelli has over 20 years of experience in compliance and has built and managed full-scale compliance programs for financial, cryptocurrency, and fintech companies.

He previously worked at Brex, where he served as Chief Compliance Officer, oversaw the company’s MTL framework, and managed all regulatory examinations and communication with regulatory bodies. Additionally, he has held the role of Chief Compliance Officer at multiple companies, including LGO, a leading Bitcoin spot exchange and OTC platform for institutions; Dealerweb Inc, a comprehensive and highly effective solution in the search for fixed income liquidity; and brokerage firm Kellogg Partners Institutional Services.

“We are excited to have Nicholas Passarelli join our team, bringing his wealth of expertise to Melio,” said Matan Bar, co-founder and CEO of Melio. “Nicholas’s strong values align with our corporate ethics that put compliance at the foundation of our company and with his guidance, we will be able to expand payment options for our customers.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Melio Appoints Nicholas Passarelli as Chief Compliance Officer first appeared on FinTecBuzz.

In June 2024, Priority Financial Group surpassed $5 billion in assets under management (AUM), a testament to the trust and confidence their clients place in the financial expertise of their dedicated team of advisors. This significant achievement underscores PFG’s dedication to providing exceptional service and personalized financial strategies to meet the diverse needs of clients.

Additionally, Priority Financial Group and their 90+ advisors are now serving over 20,000 clients, reflecting their expansive reach and the strong relationships they have built over the years. PFG’s client-centric approach ensures that each individual receives tailored financial advice to help them achieve their financial goals.

Priority Financial Group’s growth is further highlighted by the successful onboarding of three new advisors in June. These talented professionals bring a wealth of experience and expertise to their team, enhancing their ability to deliver high-quality financial services. The addition of these advisors is a direct result of their unique Financial Institution affiliation model, which allows advisors to operate within credit unions and banks. This model enables advisors to receive referrals and build a robust book of business, creating a mutually beneficial relationship for all parties involved.

“We are thrilled to reach these significant milestones and attribute our success to the hard work and dedication of the PFG team,” said Mike Prior, CEO of Priority Financial Group. “Our innovative Financial Institution affiliation model sets us apart in the industry and has been instrumental in our growth. Advisory-focused Institutions and Advisors will appreciate the Third-Party RIA (TP-RIA) option that provides access to lower-cost Schwab and Fidelity custodians.”

As Priority Financial Group continues to expand, they remain focused on their mission to empower advisors with the financial knowledge and resources needed to help their clients achieve their goals. PFG looks forward to continued success and growth in the years ahead.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Priority Financial Group Achieves Significant Milestones first appeared on FinTecBuzz.

PayLink Manage addresses the growing complexity consumers face with managing recurring payments by centralizing and automating oversight and control. This feature provides a unified experience where consumers can go to connect, view and track all of their recurring payments, including subscriptions and bills such as streaming services, phone and internet plans, auto-insurance, rent, and mortgage payments.

Atomic’s PayLink Manage surpasses other solutions by allowing users to not only view all of their recurring payments, but also to take real-time actions on them without ever having to leave the banking app. With Atomic’s direct connectivity, insights into usage data, plan details, itemized receipts, and other critical subscription information are accessible, providing deeper analysis and facilitating precise actions that help consumers save money.

“The new products Atomic chooses to invest in and build are determined after thoughtful conversations with clients and extensive market research. We’re confident that within a few years subscription management will become a must-have feature in any leading consumer banking application,” said Jordan Wright, Co-Founder and CEO of Atomic. “By integrating PayLink Manage, banks can not only improve their service offerings and increase engagement, but also can solidify themselves as the primary banking relationship. When banks help their account holders with innovative insights that are actionable, everybody wins.”

PayLink Manage is more than just a tool; it’s a strategic advantage for financial institutions aiming to meet the evolving needs of their customers, all while helping to solidify their position as the primary banking relationship:

• Enhanced Service Offering: Integrating subscription management capabilities into banking apps enriches the suite of services offered to consumers and gives them a powerful tool to help them take control of their finances.
• Deepen Relationships: Serving as the mission control for account holders’ financial activities allows financial institutions to be their go-to resource for monitoring spending, identifying opportunities to cut costs, and finding ways to save money.
• Competitive Edge: Providing a unique solution that differentiates financial institutions in the market.
• Customer Retention: Providing a subscription management tool enhances customer satisfaction by empowering users with greater control and delivering actionable advice to improve their financial lives. This increased value, driven by meaningful guidance and actions that help to alleviate financial stress, could lead to stronger customer loyalty and reduced churn.
• Cross-Selling Opportunities: Providing banks with data on customer spending habits and financial needs to enable more targeted and timely offers for related financial products like loans, insurance, and savings accounts. This may increase revenue through successful cross-selling.

For more such updates, follow us on Google News Martech News

The post Atomic Unveils PayLink Manage first appeared on FinTecBuzz.

The FHLB of San Francisco is a vital financial institution dedicated to providing reliable liquidity, funding, and support to its member institutions. As a member, Change Lending gains access to a diverse range of financial products and services that will bolster its lending capacity and liquidity and allow it to better serve its customers.

“Joining the Federal Home Loan Bank of San Francisco underscores our dedication to empowering individuals and communities through accessible and affordable home lending,” said Carlos Salas, CEO of Change Lending. “We are thrilled to collaborate with the FHLB of San Francisco to enhance our offerings and advance our mission of making homeownership dreams a reality.”

Change Lending’s membership in the FHLB of San Francisco aligns with its strategic goals of fostering economic growth, promoting homeownership, and supporting community development initiatives. By leveraging the resources and expertise of the FHLB, Change Lending aims to strengthen its position as a trusted partner in the financial services industry.

Change Lending is a community development financial institution certified by the United States Department of the Treasury. Change focuses on making home loans to underserved, prime homeowners. Since becoming a CDFI in 2018, Change Lending’s lending has focused on Black, Latino, Filipino, Vietnamese, Disabled, and low-income borrowers, and borrowers who reside in low-income communities.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Change Lending Becomes a Member of the FHLB of San Francisco first appeared on FinTecBuzz.

The Dubai FinTech Summit serves as a global platform for innovation, bringing together the brightest minds, policymakers, and influencers to collectively shape the future of FinTech and the financial industry. The summit attracted the participation of over 8,000 decision-makers, 300 thought leaders, and 200 exhibitors from various countries and regions, including the United Arab Emirates, Singapore, South Korea, India, China, Europe, and the United States.

During the summit, Huatai Securities highlighted its leading technology in service systems and platforms, including “HTSC CONNECT”, an integrated service platform for financial institutions and corporate customers, as well as “ZhangLe Fortune Path”, a one-stop wealth management services platform for global assets for individual customers. Huatai Securities also showcased its latest digital business systems and platforms, including the Credit Analysis Management System (CAMS) and the HTSC Electronic Advanced Dealing System (HEADS), which were officially released to the market in 2023. These platforms cater to institutional investors, offering research, trading, and risk management capabilities. These advancements demonstrate Huatai Securities’ ongoing commitment to empowering innovation in business models and continuously improving customer service capabilities. Furthermore, Huatai Securities implemented HTSC Digital Employee, an automated and intelligent service for financial business operations. The adoption of digital employees aims to assist employees in resolving repetitive tasks and enhance overall personnel efficiency.

Leveraging the summit, Huatai Securities is committed to sharing its innovative experiences and fostering connections with leading players in the financial technology industry. By integrating best practices and insights from different countries, the Company is well-prepared to tackle the increasingly complex challenges of the international financial market and seize opportunities for transformative growth.

Huatai Securities is bolstering its presence in the Middle East market while actively supporting financial connectivity for countries within this area. With a strong foothold in global markets, including the Chinese mainland, Hong Kong, Europe, and the United States, Huatai Securities stands as a prominent player in international business. Leveraging its expanding global network, Huatai Securities will continue to provide integrated financial services across domestic and international markets. These encompass overseas listings, cross-border mergers and acquisitions, and regional business spin-offs designed to empower Chinese enterprises, enabling them to explore new markets and become integral parts of the global innovation ecosystem.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post Huatai Securities Unveils FinTech Solutions at Dubai FinTech Summit first appeared on FinTecBuzz.

BCB’s selection of Essence provides the bank with the modern capabilities, open APIs, and cloud functionality needed to better compete in the market and simplify payment regulatory changes in Turks and Caicos. The core solution’s agile, cloud-based technology, combined with Finastra’s broad and deep banking functionality, makes it simple and streamlined for BCB to adapt quickly and efficiently, while also enabling increased connectivity to third-party partners for an enhanced customer experience.

“To transform our core and enhance our operations, we needed an innovative partner to provide the expertise and tech stack required to complete our modernization journey,” said Marcus Samuel, Managing Director at British Caribbean Bank Limited. “Finastra Essence helps us go above and beyond by positioning our team to deliver both an enhanced customer experience and innovative products, all while being agile and quick to market as we grow.”

The move delivers new efficiencies for BCB. By modernizing its core, the bank can now benefit from a simplified back-office, reducing costs and increasing productivity for its team.

Essence, a cloud-first, next-generation banking solution that combines sophisticated functionality and advanced technology to increase enterprise agility, is seeing increased presence in the Caribbean. Its deep retail and commercial banking functionality enable financial institutions around the world to quickly adapt to local needs while rapidly deploying market-leading products and services.

“Finastra is pleased to see Essence growing in the Caribbean and across the Americas, as more financial institutions are seeking core solutions that support digital transformation through increased agility, the cloud, and connectivity to the financial ecosystem,” said Siobhan Byron, EVP, Universal Banking at Finastra. “Our continued and enhanced partnership with BCB and its affiliates provides the bank with the resources and support it needs to grow, thrive, and adapt to an ever-evolving financial services landscape.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post British Caribbean Bank selects Finastra to transform core technology first appeared on FinTecBuzz.

“Our fourteenth recognition by Forbes as one of America’s Best Banks is a proof point of our commitment to exceptional customer experiences, sustainable long-term growth strategies and credit quality,” said Jeff Jackson, President and Chief Executive Officer, WesBanco. “In a year that tested the resilience and adaptability of the banking industry, WesBanco remained a strong, sound financial institution well-positioned to serve our customers, communities and shareholders. This accolade from Forbes reinforces the trust and confidence our customers place in their banking relationship with us, and we are proud to continue to help advance their financial journeys.”

Forbes’ annual America’s Best Banks list evaluated 10 metrics measuring growth, credit quality and profitability for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024. The 10 equally-weighted financial metrics are net interest margin; return on average tangible common equity; return on average assets; CET1 ratio; efficiency ratio; nonperforming assets as a percentage of total assets; reserves as a percentage of total assets; risk-based capital ratio; operating revenue growth; and net charge-offs as a percentage of total loans.

The America’s Best Banks recognition is the most recent third-party accolade for WesBanco, which continues to earn recognitions for financial performance, customer and employee satisfaction and community reinvestment. Other recent accolades include Forbes’ World’s Best Banks, Newsweek’s Best Regional Banks, and our eighth consecutive “Outstanding” FDIC Community Reinvestment Act Rating.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

The post WesBanco again Named One of America’s Best Banks by Forbes first appeared on FinTecBuzz.