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The 20th Anniversary of “The Five Keys to Accounts Receivable Financing”

Posted by Patrick True

Apr 7, 2017 11:00:00 AM

Twenty years have passed since Paul Sims and I published an article in the Journal of Lending and Credit Risk Management (now the RMA Journal) entitled “The Five Keys to Depending on Accounts Receivable as a Repayment Source.” It is hard to describe the amount of change we have seen in financial services during those 20 years, and the challenges institutions have faced. While almost everything about the commercial lending process has changed since 1997, from technology to borrower/lender communication, the five keys are still just as relevant today as ever.

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Topics: Commercial Lending

Four Pillars of a Strong Response to User Accessibility Needs (Part 1)

Posted by Terry Randall, Laura Reece, Emily Gafford, Nathaniel Kincy and Danielle Shearer

Apr 5, 2017 11:30:00 AM

Financial institutions (FIs) and their vendors/partners are currently caught up in what can certainly feel like a tidal wave of activity regarding user accessibility, specifically access to FI websites. Seemingly every day a new article or blog-type post is being written <blush> trying to inform us, direct us, chastise us, or sell us a product to help us. Based on the research our team has completed, and the lessons learned that we now have under our belt as we work through this evolving issue, I wanted to share what we have come to believe are the four pillars to be addressed in order to pursue an excellent experience for ALL consumers of the digital channel. 

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Topics: Websites, Customer Experience

The Next Generation of Frictionless Payments

Posted by Deborah Matthews Phillips

Mar 29, 2017 11:15:00 AM

I confess…I am that picky person that pinches the produce and squeezes the Charmin at the grocery store. Honestly, I don’t enjoy grocery shopping – I dread standing in line, knowing there are better ways to invest my precious free time. Amazon launched a new concept store in Seattle, Amazon Go, for the 67% of consumers like me that never shop for groceries online yet yearn for greater convenience.

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Topics: Information Technology, Payments, Tomorrow's Technology

FinTech “Space Race” to Build a Fully-Integrated Commercial Lending Platform

Posted by Terry Renoux

Mar 24, 2017 11:00:00 AM

 

Conditions within the commercial lending sector during the past ten years have led financial institutions to seek greater efficiency throughout the loan fulfillment process. The demand for more integrated lending platforms is produced by three distinct market conditions:

  1. The rise of alternative third-party lenders since 2010.
  2. The need to increase production speed and reduce costs, in part due to the competitive pressures created by the new alternative lenders along with historically low net interest margins.
  3. The need for data integration to allow previously disparate systems to communicate with each other.

This third item, data integration, will make it much easier for institutions to manage risk and comply with upcoming changes to the loan loss recognition standards put forth by FASB.

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Topics: Commercial Lending

Four Things Product Teams Can Learn from Archery

Posted by Nick Wellner

Mar 22, 2017 11:30:00 AM

Growing up, I dabbled in archery. My dad bought a cheap fiberglass bow and showed me how to shoot a target on to of a stack of hay bales. When I started bow hunting again in my twenties, archery became a renewed passion. I attempt to shoot my bow every day; and slowly but surely, I’m hitting the center more and more consistently.

This is no easy task. A perfect shot requires your bow’s sight to be properly tuned and exactly aligned when you release. Your bow must be drawn back to the same spot each time, and released in the same exact motion. Most of the time, one of these variables is off, and your arrow doesn’t hit the center of the target. If you want to improve your next shot, you have to figure out what to adjust.

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Topics: Financial Services Industry, Information Technology

6 Tips For Planning Stress Free Data Conversions

Posted by Jason Mayhall

Mar 15, 2017 11:15:00 AM

With mergers and acquisitions, changing systems, or decommissioning systems, data conversions are inevitable. Without proper planning, you may expose your financial institution to missing data, data breaches, conversions dragging on for months and months, legacy hardware failure, recurring maintenance cost, increased staffing, and efficiency delays, among other risks.

With proper planning data conversions can go smoothly. The following tips can help you speed up the arrival of your data and insure the quality and accuracy of your conversion.

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Topics: Data Management

Develop a Strategy to Nurture Your Small Business Loan Declines

Posted by Charles McGeehan II

Mar 10, 2017 11:00:00 AM

Small business lending is poised for an interesting year in 2017. Small business confidence scores are riding on a 10-year high. Alternative lenders, including online, marketplace, and peer-to-peer, are becoming more active. Regulators are determining how the new “special purpose” charters will be structured. Now is the time for your institution to determine a strategy for living in a market that will likely see many more commercial credit applications. While this plan includes the loans you approve, it must also address how you will handle loan declines.

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Topics: Commercial Lending

It’s Time for Bed

Posted by Kathleen Garvey

Mar 8, 2017 11:30:00 AM

“It’s time for bed little mouse, little mouse. Darkness has fallen all over the house.”

As a credit union executive, does this children’s nursery rhyme apply to you? Answers may vary, but for most, the answer is likely to be no.

In today’s highly competitive financial services environment, delivering innovative, self-service solutions to your members is critical to long-term success. Turning out the lights and “sleeping” is difficult because delivering these solutions 24 x 7 x 365 is mandated as the norm. With increased regulatory scrutiny, the burden of increased compliance requirements, and more than a decade of low interest rates, your ability to successfully meet all the demands of the marketplace is as challenging as ever.

One prevalent industry trend that is offering relief to credit union executives is outsourcing. So why would you consider outsourcing your core?

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Topics: Data Management

Question: When Does “It” End? Answer: “It” Doesn’t.

Posted by Craig Laures

Mar 1, 2017 11:30:00 AM

Generalities aside, the “it” referenced is representative of the constant and difficult movements financial institutions (FIs) must accomplish. Movements that protect the FI and its customers from a wide array of current cyber-criminal threats, evolving threats, and the constant evolution of regulatory compliance for direction in how to manage these potentially devastating attacks.

The menace of cyber-crimes against FIs and their customers continues to evolve in frequency, on-the-surface simplicity, and behind-the-scenes complexity. Ransomware, malware, and phishing tactics are now new lines of business for criminals. In fact, criminals like to call their victims “customers,” and they work hard to provide great service to their customers in order to receive payment/ransom for returning stolen data.

Now that FIs are required to address the role of Information Security Officer (ISO), the hero-of-the-day role is filled.

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Topics: Information Security, Cybersecurity

It's Time to Meet Businesses Where They Live ... Online

Posted by Bill Roen

Feb 24, 2017 11:00:00 AM

In 2015, 20% of small business credit applications were generated through online lenders. This number is staggering when you consider that the market for online business loans was virtually non-existent just 10 years ago. This rate of growth is similar to what we have seen in the mortgage lending sector. In 2015, 23% of mortgages were originated online, up from 4% in 2005.*

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Topics: Commercial Lending

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