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

How to Email an Executive: Six Tips from Senior Management

Posted by Shane Purnell

Feb 22, 2017 11:30:00 AM

It’s not unusual for Russ Bernthal, President of ProfitStars, to check email from his phone when he’s on the road. But scrolling through long threads looking for the point of an email is a fate he doesn’t suffer well.

“Long threads drive me nuts,” he shares with me. “They’re particularly annoying when I’m traveling and looking at emails on my phone.”

Stacey Zengel, President of Jack Henry Banking, is no different. Each day, he receives anywhere from 150-250 emails of which approximately 100 require responses. Lengthy, rambling texts are the source of his email pain.

“I like to get straight to the point unless foundational information is required to make a decision  .... most of the emails I get are usually lengthy and require reading time.”

Dealing with hundreds of emails is part of every executive’s job, but that doesn’t mean they understand why they have to be included in so many.

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Topics: Financial Services Industry

You Failed Your Disaster Recovery Test! Now What?

Posted by Eric Flick

Feb 15, 2017 11:15:00 AM

Picture this: As you make preparations for your test, you decide what you want to test, you gather sample transaction and maintenance activities, and you grab a large capacity, secure USB device, and you start backing up all of data from your various platforms and applications that you’ll need for your test. You do this all at the same time, so that you know everything you need is nice and neat, well-coordinated, and all in one place.

While this all may sound great, and be eerily similar to what you’re doing – there’s a big problem here. Unfortunately each year, I see customers taking action that leads them to that first fatal step during their test that brings into question the likelihood of a successful recovery whenever they have an actual disaster.

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Topics: Business Continuity, Data Management

“The Long and Winding Road” of Commercial Lending

Posted by Kristin Zell

Feb 10, 2017 11:00:00 AM

When Paul McCartney wrote the lyrics to “The Long and Winding Road” in late 1968, it’s safe to say he was not talking about commercial lending. But he very well could have been. Many business owners can relate to the lyrics, especially the line “you left me standing here a long, long time ago.” There are no less than a dozen steps associated with application, analysis, underwriting, approval, and eventual funding of a commercial loan. That leaves a lot of room for process improvement. 

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Topics: Commercial Lending

Higher Rates = Happy Days?

Posted by Bill Kirsten

Feb 8, 2017 11:30:00 AM

"Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again"

(From FDR’s theme song for the 1932 presidential campaign)

The Federal Reserve increased interest rates … finally! Market rates are rising too. And more are to come, so they say. Let the good times roll!

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Topics: Payments, Risk Mitigation

Urgent Advice: Leverage Payments to Win Digitally-Dependent Customers - Part 2

Posted by Deborah Matthews Phillips

Feb 1, 2017 11:30:00 AM

If you recall last week’s blog post, the impact of this digital dependency has been indelible on our industry. For at least half of consumers, technology is a key factor in selecting their financial institution. More than half say mobile banking will change the way they bank in the future. But how will this impact your financial institution moving forward?

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Topics: Mobile Banking

CECL Requirements…Our Modern-Day Y2K?

Posted by Gary Lewis

Jan 27, 2017 11:00:00 AM

Flash back to the late 90s when Y2K was all the rage. I remember the panic that transcended virtually all segments of the software market. Will our interest calculate correctly? How will we track maturities? Will the coffee maker work? The sky was falling! Whoever thought that having a two-digit data field representing the calendar year would be such a big deal? Well, it was a big deal. Or at least it appeared to be at the time.

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Topics: Commercial Lending

Urgent Advice: Leverage Payments to Win Digitally-Dependent Customers - Part 1

Posted by Deborah Matthews Phillips

Jan 25, 2017 11:32:54 AM

An ice breaker question at a meeting I recently attended read, “What technology innovation has made the most impact on your life?” Not surprisingly, a large majority of people held up their smartphone. Even though it was only ten years ago when Apple unleashed the iPhone, in the fast-paced world of technology, ten years feels like a lifetime. Most of us can’t imagine what our existence would be like without it.

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Topics: Mobile Banking

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