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Rewards Apart

Posted by Jonathan Patrick

Jul 27, 2016 10:00:00 AM

Service Isn’t the Panacea, Value Matters as Well

Ask just about any financial institution how they are different and you will inevitably be told it is through “WOW service.” Service is the most commonly quoted differentiator, because many banks and credit unions believe there is little room left to differentiate through products and services. While the people factor certainly plays a huge role, standing apart from the pack these days means creating real value.

It is important to understand the credit union philosophy in order to grasp why they are driven to provide real value to their members. The difference can be seen in how they define people that do business with them and as a “member”, you essentially own the credit union.

Traditionally the value offered for being an owner has come in the form of better-than-market interest rates. However, lately credit unions have been looking to extend that value by increasing the types of rewards programs they offer.

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Topics: Customer Experience

How Information Technology Helps Create Credit ACE’s Within Your Institution

Posted by Patrick True

Jul 20, 2016 10:54:08 AM

Years ago, I introduced the Credit ACE acronym to describe a credit officer’s skill in managing a commercial lending portfolio. To be an ACE means to Anticipate potential future events and actions, to Communicate effectively with your clients and to Enforce legal agreements appropriately. Since the acronym was first used, advances in information technology have widely enhanced those capabilities. By working with financial technology vendors, financial institutions across the US are beginning to aggregate their financial data in order to see more clearly into each business relationship. From on-line applications and underwriting through documentation, collateral management and compliance, these institutions are beginning to benefit from seamless delivery of data from one system to the next. This will pay further dividends in the near future as institutions develop their strategies to comply with new regulatory standards associated with FASB guidance regarding current expected credit losses (CECL).

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Topics: Loan Pricing, Lending

6 Steps for Faster Underwriting

Posted by Kristin Zell

Jul 15, 2016 2:25:00 PM

Let’s face it – getting a commercial loan from application to close takes a lot of steps….a LOT. Of course most of them cannot be eliminated without taking on too much risk and displeasing the regulators. But like most processes, there is plenty of room for improvement in underwriting. With some thoughtful changes, you can easily eliminate redundancy, time gaps, and confusion in the underwriting process to make your lending more efficient and your borrowers happier in the process! Here are six steps you can take to accelerate your underwriting process:

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Topics: Commercial Lending

The Vanishing Core

Posted by Stacey Zengel

Jul 13, 2016 11:30:00 AM

The hundreds of banks that I’ve spoken to this year all have one goal in common: to make banking simple for themselves and their customers. Long gone are the days when bankers sought to cut and paste all of the trendiest features into their offerings; the conceptual big data, PFM, artificial intelligence, and automated savings ideas have been narrowed down past the cool factor to those that truly improve banking. Bankers are addressing the user experience as more than graphics and flow, but as a way to change customers’ emotions about banking from a negative or neutral state to a positive one. It’s time to enjoy banking again! 

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Topics: Financial Services Industry, Customer Experience

How Can I Improve My Incident Response Plan?

Posted by Jennifer Roland-Vlach

Jul 6, 2016 10:05:00 AM

Incident Response Plans have been a critical component for financial institutions (FIs) for quite some time now.

The foundation was outlined as part of GLBA and guidance was later issued on the requirements for these response programs where customer information had been accessed. So this raises the question, if Incident Response Plans have been a necessity for so long, why do so many FIs continue to have ineffective plans in place? I can only speculate as to the reasons why; however, I do know that the expectations for Incident Response Plans are beginning to change. I have spoken with a number of institutions who have shared that their examiners are honing in on Incident Response Plans. With this increasing focus on plans, I want to share with you a few of the most critical pieces that I often see missing from Incident Response Plans.

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Topics: Information Security, Risk Mitigation

Blockchain and Innovation: Now and When?

Posted by Ron Mazursky

Jun 29, 2016 10:00:00 AM

Blockchain is all about innovation…but does the technology offer solutions to specific problems, or does it provide solutions not linked to real problems? Why are we so focused on blockchain today anyway?

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Topics: Payments

The Payment Interfaces of the Future

Posted by Eric Wilson

Jun 22, 2016 10:00:00 AM

How users will interact with systems in tomorrow’s digital society will be very different from what we are all familiar with today. Although touch screens, monitors and keyboards will remain relevant, new types of interfaces will emerge that will alter how we interact with devices and may radically impact how payments are made. 

Here are a few emerging interfaces that I think could become important in the payments arena. Some may seem far-fetched, but the technology is already in place to make all of them a possibility. In my opinion, these revolutionary interfaces could enter our everyday lives sooner rather than later, and they may play a more important role than you might think. 

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Topics: Payments, Online Bill Pay

The Proof is in the Partnership

Posted by Barbara Vega

Jun 15, 2016 10:00:00 AM

As you have probably read or heard, Jack Henry & Associates turns 40 this year! As a dedicated employee, I am thrilled to say Happy Birthday! This milestone has me reflecting on my 11 year tenure with this company I am proud to be a part of.

Navigate to our company website, www.jackhenry.com, and you will read about our history, culture and, most importantly, our relationships. “JHA was founded on the premise that strong relationships and sound technology go hand-in-hand.” Read on and you will find our doctrine, “Through an exceptional service culture that was founded on integrity, trust, doing the right thing, and doing whatever it takes, we confidently lead our customers to success.” Building strong relationships and enabling our customers is a key element to our mission.

For any company, including yours, to build true partnerships, the relationships you have with your customers have to go beyond a client/vendor association. Interaction with customers can’t end once a contract has been signed. Transitioning the paradigm from the initial contractual, tactical business relationship into a strategic, deliberate partnership will provide both you and your customer with palpable business benefits.

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Topics: Financial Services Industry, Customer Experience

Am I Really Expected to Remember My Password - N@mE61520?

Posted by Hayley Turpen

Jun 8, 2016 10:00:00 AM

It has been reported that the average internet user has approximately 20 passwords. I must not be average, because when I sat down to try to count mine I came up with 75... and I probably forgot a few! That is a lot of passwords to remember. I can’t even fathom a guess as to what the password was for half of these sites. So when I try to login, I will cycle through the passwords that I “think” I used. If none of them work, then I will click the link stating I forgot my password.

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Topics: Information Security, Cybersecurity

Forget About Your Disaster Recovery Plan; Validate Your Disaster Recovery Strategy

Posted by Eric Flick

Jun 1, 2016 10:00:00 AM

 

In my nearly 30 years in the industry, I’ve seen disaster recovery (DR) plans that resembled a volume of an encyclopedia, all the way down to plans that would fit on a cocktail napkin. Regardless of the size, content, and detail of your plan, everyone started with a DR strategy. The strategy was the seed from where your plan took root. Depending on how much validating you’ve done since first forming your strategy, is most likely a reflection of how much your plan has grown as your IT organization has evolved.

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Topics: Business Continuity

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