6 Questions to Consider When Performing a Data Conversion

Posted by Jason Mayhall

Jul 12, 2017 11:45:00 AM

Much like buying a house, your choice of an Enterprise Content Management System and conversion of legacy data is a huge decision that could lead to your dream home or a money pit. Let’s use a house hunting analogy to help illustrate the things you must consider when performing a data conversion into a new ECM solution.

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Topics: Data Management

M Is for Machine Learning -  Not Magic

Posted by Patty Moore

Jul 5, 2017 11:30:00 AM

Several of my colleagues and I recently had an opportunity to visit the Microsoft campus in Redmond, WA to meet with their data scientists and SQL Server 2016/ SQL Server R Services experts. Our objective was to collaborate on the machine learning models we are developing for our Advanced Reporting for Credit Unions™ (ARCU) business intelligence solution.

While machine learning algorithms have been around for quite some time, our team is looking to productize and operationalize predictive models for 240+ Jack Henry/Symitar customers. Predictive analytics is an area of data science that is getting more and more attention.

Why? Companies have accumulated a breadth and depth of available data and they want to maximize their investment by generating predicted outcomes that will help them make better decisions and take faster action.

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Topics: Credit Unions, Tomorrow's Technology

Is This the Age of De Novos?

Posted by Shelba Murphy

Jun 30, 2017 4:45:00 PM


de no·vo
/dā ˈnōvō, di ˈnōvō/
Starting from the beginning; anew.
“De novo” is the industry term recognizing the formation of a new financial institution, typically a bank.

Between 2010 and end of 2015, only two new banks opened their doors in the US. Since that time, however, an increase in de novo activity has appeared; with two new openings and seven pending approvals.

There are no doubt several reasons for this shift. One reason could be that the failure rate of banks during the recession is fading into history, and the economy is gradually getting back on its feet. Also, the FDIC has lifted some of the regulatory burden on these institutions. For example, in 2009, a regulation (FIL-50-2009) was created that mandated heighted examination procedures to continue for seven years after a bank’s approval. In 2016, this rule was rescinded and the period has been reduced to three years.

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Topics: Financial Services Industry

Why Banks Should Care More about Small-to-Midsize Businesses

Posted by Susan Griffin

Jun 30, 2017 10:00:00 AM


The small-to-midsize business (SMB) lending market has grown considerably over the past year, and many industry analysts believe this trend will continue through 2018. A growth rate of over 18% is predicted! So where is the potential growth coming from and why does it matter?

SMB Optimism and Loan Growth

The predicted growth in the SMB market is most likely due to the optimism experienced by small businesses following the presidential election. The National Federation of Independent Businesses has measured SMB optimism at historically high levels over the past six months.

That optimism is also reflected in the statistics we see from surveys of middle market and large market businesses. It is hoped that easements in credit standards at lending institutions will continue as they have since 2011, and the economy will begin to trend upward with the passing of tax and trade reform.

If the reforms promised by the new administration come to fruition, lenders can assume that small businesses will be looking to expand. This will result in a need for capital, and trigger a large demand for loans.

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Topics: Commercial Lending

2 Big Changes That Will Impact Your Vendor Management

Posted by Jennifer Roland-Vlach

Jun 28, 2017 11:45:00 AM

Vendor management has always been a key part of financial institution (FI) compliance and risk management efforts. And recently, FIs have witnessed the importance of proper vendor management begin to receive even more emphasis. One area in particular that is contributing to this emphasis is the Statement on Standards for Attestation Engagements (SSAE) No. 18 (SSAE 18) report. That’s right, SSAE 18, not 16. Effective May 1st, 2017, the SSAE 18 became the new standard report for vendors to provide to financial institutions.

Now, in my opinion, there has not been a lot of hype regarding this change. At least not like what we saw when the SAS70 report became the SSAE 16. The reason for this is due largely to the fact that the SSAE 18 does not appear to be drastically different from the SSAE 16. Which is definitely good news for community FIs.

While the changes between the SSAE 16 and 18 will not completely change an FI’s approach to vendor management, there are some changes that will impact the due diligence efforts of FIs, especially in regard to more critical vendors.

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Topics: Financial Services Industry, Regulatory Compliance

Card-Not-Present Fraud: How to Save Consumers from Themselves

Posted by Hayley Turpen

Jun 21, 2017 11:45:00 AM

Consumers are less concerned with the cost of fraud due to the fact they are rarely, if ever, held responsible for the actual fraud loss and therefore suffer little to no financial repercussions. However, they are greatly inconvenienced if the fraud occurs on their debit cards, and the funds in their underlying DDA account are used. On the other hand, the costs incurred due to fraud weigh heavily on the shoulders of financial institutions. As with all fraud prevention measures there is a delicate balance between the added security measures and customer experience and card fraud is no exception.

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Topics: Cybersecurity

Healthcare Lending… Thinking Beyond the Doctor’s Office

Posted by Scott Brown

Jun 16, 2017 11:00:00 AM

As financial institutions look for ways to expand their commercial lending portfolios and attract valuable relationships, there are many opportunities out there for consideration. Possibly none add more value across multiple channels than healthcare banking. The healthcare industry is a $2 trillion market that represents 18% of our GDP and is growing. Banking opportunities abound. Healthcare relationships bring in core deposits, have a strong need for treasury management services, are typically sound credit risks, and drive wealth management opportunities.

Attracting healthcare relationships starts with having a viable healthcare loan platform. Just what is healthcare lending, though? 

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Topics: Commercial Lending

Why Banks and Credit Unions Should Stop with the Shenanigans and Focus on Creating Content that Matters

Posted by Bryan McCarty

Jun 14, 2017 11:45:00 AM

Intercom said it best in one of their recent posts:

“Where playbook content marketing goes wrong is in trying to market and sell from the get-go. We have to give you, our readers, something of value – our knowledge, insight and experience – before we earn the right to market to you.”

This got me thinking about the shenanigans that come with white papers, e-books, industry research, and other pieces of digital content. To access this type of content, companies often require you to give them your personal details: name, email, and sometimes a lot more.

Companies believe that because they put a lot of work into their content that they should get something in return. They’re looking for the classic ROI. That something is the right to market to you. Because you downloaded that white paper, you now get the pleasure of being added to their newsletter, receiving invites to webinars and getting a slew of other marketing offers thrown at you. Yippee!

Unfortunately, this method doesn’t work.

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Topics: Marketing

5 Signs that Your Disaster Recovery Program Is In Trouble

Posted by Eric Flick

Jun 7, 2017 11:30:00 AM

Disaster Recovery (DR) is one of those topics that businesses, including financial institutions, don’t like to talk about with much of a recurring frequency, although recent events show that this topic should be discussed with much greater regularity. Here in my part of the country, there’s a series of TV commercials airing for a regional insurance company that provides auto, home, and life insurance. The 60-second commercials run through a flurry of activities in the character’s life, showing you just how much things can change over a couple of decades, and that hopefully, you have (or the character has) kept all insurance policies up-to-date to stay in sync with all of life’s happenings. And, it just so happens that this insurance company offers an annual review to make sure that their coverage is keeping up with your life.

For a lot of you, your DR program is viewed as insurance. In case something happens, there’s a program in place to bail you out when that bad thing happens. In today’s world, it’s really more of a question of when, not if, that bad thing will happen. (Ransomware, anyone?) But, is your insurance (DR program) potentially as outdated as an insurance policy that hasn’t been examined over the past decade?

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Topics: Risk Mitigation, Data Management

Digital Marketing Trends: A Primer for Financial Brands

Posted by Chelsea Fisher

Jun 2, 2017 11:00:00 AM

As a marketer working in the financial sector, I know as well as you that our approach to marketing must be nimble if it’s going to keep up with product innovations, disruptive technologies, and the ever-changing demands of customers. It’s a daily battle to stay current!

That’s why I recently attended a marketing conference heavily focused on digital marketing. The event brought together some of the sharpest, most creative minds in the business to provide inspiration and practical advice. It was information too good not to share.

So, here are my takeaways from the conference, a primer on the latest digital marketing trends, fully applicable to the financial space.

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Topics: Commercial Lending

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