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So Long, Farewell Signatures

Posted by Keri Crane

Apr 4, 2018 11:00:00 AM

 

Effective April 2018, all major card brands including American Express, Discover, Mastercard, and Visa will modify requirements to allow U.S. merchants the discretion to choose whether to prompt for a cardholder’s signature on a transaction receipt or electronic reader. This is true for both credit and debit cards in a face-to-face transaction environment. This change is not expected to alter risk or add to fraud losses, as merchants and card issuers increasingly rely on EMV chips, tokens, biometrics, and other security tools available today.

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Topics: Cybersecurity, biometrics, Visa, American Express, Mastercard, Discover

Steps and Missteps (And How to Effectively Refine Your AML Program)

Posted by Tammy Bangs

Mar 30, 2018 11:00:00 AM

 

“Steps and missteps.” That’s how one friend of mine recently described her career in a joking way. As accurate as that brutal assessment was, it hit home with me on my own path. I thought about her comments and how succinctly that describes so many things in work and life. Even in our banks. Even in our compliance programs. About how important it is to assess and make adjustments as needed.

I have not failed. I’ve just found 10,000 ways that didn’t work. ~ Thomas Edison

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Topics: AML, BSA

Commercial Lending Officers: A New Endangered Species?

Posted by Susan Griffin

Mar 28, 2018 11:00:00 AM

 

The ProfitStars’ Lending Solutions group released an excellent white paper in 2017, written by Patrick True, titled Searching for the Magnificent Seven: Critical Personality Traits for Commercial Lending Officers. As with many of Pat’s writings, he reflects upon his experience as a loan officer serving commercial customers in his past banking career. Covered in his paper are vital personal behaviors outlining honesty, drive, and ethical standards.

In addition to finding the right personality, trends happening in the industry are starting to demonstrate a shortage of candidates in the recruiting market. Many bank officers and staff are retiring or approaching retirement and financial institutions are finding it challenging to fill these positions. And millennials aren’t as interested in working for a bank or credit union, finding it either too traditional or offering little opportunity for advancement.

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Topics: Commercial Lending, talent acquisition

The Final Four – Developing Your Winning Strategy for New Technology

Posted by Matt Meehan

Mar 23, 2018 10:12:12 AM

 

Reaching the Final Four requires both teamwork and effort. As John Wooden famously stated, “It’s not how big you are, it’s how big you play.” Community-based financial institutions can certainly relate to that sentiment. The fact is, playing big often translates into leveraging the technology of third-party vendors to help ensure your success and to bring the latest technology to your game without having to develop it internally.

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Topics: Relationship Management, Commercial Lending, Processes & Procedures, Data, fintech, basketball, Final Four, basketball tournament, third-party vendors

4 Tactics to Unleash the Digital Survivalist in You

Posted by Tiffany Haynes

Mar 21, 2018 11:00:00 AM

 

If you were to thumb-scroll through my inbox, you’d see close to a dozen vendor emails each day, desperately trying to disrupt technology as it relates to people. It runs the gamut from the sure-fire engagement fix, the cloud solution one can’t possibly live without, or a talent assessment that guarantees to screen out the ill-equipped. I’ve come to adore our one-click unsubscribe feature and toss them into the abyss.

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Topics: automation, workflow, digital survival

Customer Journey Mapping Explained in Journey’s Hit Songs

Posted by Nicole Harper

Mar 14, 2018 11:08:43 AM

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Topics: Relationship Management, Customer Experience, Business Continuity

Closing the Loop as Our Commercial Lending Suite Evolves

Posted by Patrick True

Mar 9, 2018 1:40:00 PM

Throughout 2017, the ProfitStars Lending Solutions team used the "S-curve graphic" to demonstrate the function of each system component. The S-curve followed the borrower’s journey through the lending process. While our competitors were building end-to-end functionality, our systems were designed to cover the full scope of small business lending, which went beyond end-to-end to include post-funding collateral management, portfolio management, renewals, and more.

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Topics: Relationship Management, Commercial Lending, Lending, fintech, loan origination, software, small business

Using Stories in Business Presentations

Posted by Kristin Halvin

Mar 7, 2018 11:00:00 AM

In my previous post, “The Four Elements of a Successful Presentation Opening,” I suggested that there are six ways to open a presentation: a story, a show of hands, a visual or prop, an outrageous or provocative statement, a rhetorical question, or a quote. While I believe that a story is the best way to open a presentation, if you don’t open with a story, you should at least have a few stories within your presentation.

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Topics: Financial Services Industry, Processes & Procedures, presentations

Are You CECL Compliance Ready?

Posted by Brad Dahlman

Feb 28, 2018 11:00:00 AM

CECL (Current Expected Credit Loss) is a fundamental change to how banks and credit unions will determine their loan loss reserve requirements. This change requires FIs to reserve for loans upon inception and adjust reserves monthly based on performance data coming from their loan systems and economic data coming from a forecast of various q-factors. This fundamental change will occur over the next several years.

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Topics: Regulatory Compliance, CECL

The Timely Death of End-to-End

Posted by Gary Lewis

Feb 23, 2018 1:30:00 PM

 

The term end-to-end has been used by software vendors and bankers in recent years to describe loan origination systems. I heard this term no less than 30 times during a recent banking conference. I hereby announce today that the term is dead, or at least should be.

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Topics: Relationship Management, Commercial Lending, Risk Management, loan origination, predictive analytics, software

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