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Take the 2018 "Retention Visit Challenge" to Boost Your 2019 Results

Posted by Patrick True

Oct 19, 2018 7:05:00 AM

 

There are no traffic jams along the extra mile.– Roger Staubach 

Those of us who have spent most of our careers in commercial lending realize that there are typically two peak seasons during the typical calendar year. These are April – June and September to mid-November. By mid-November, many lenders are following the lead of their business clients and starting the holiday slide into to year end.

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Topics: Customer Experience, banking, fintech, Commercial Lending, Relationship Management, customer satisfaction

The Real AI

Posted by Ron Mazursky

Oct 17, 2018 11:00:00 AM

How often have you called a customer service number and gone through this exchange: “Hello, this is [fill-in-the-blank]. Please say your name. Now say your account number. Now say your PIN or password.” If you get this far, how often did the IVR get it wrong? Finally, in tears, you beg for a real person to help you. Screaming, you demand, “Give me a real person! Give me a customer service agent!” Then either someone picks up the line or you hang up in frustration. This is not AI at work. Not even close to real AI. So, what can AI do for us today?

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Topics: chatbot, AI, artificial intelligence, banks, Credit Unions, voice banking, banking

Top Employee Cybersecurity Training Pitfalls to Avoid

Posted by Karen Crumbley

Oct 15, 2018 11:00:00 AM

A common approach for planning your employee cybersecurity awareness training is to forge ahead, complete it, and remove it from the checklist of “to do” items. Yet any Information Security Officer (ISO) will tell you that their goal for employee cybersecurity awareness training is to have a well-informed staff that is equipped to mitigate fraud.

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Topics: Cybersecurity, Gladiator, Cyberaware, cybersecurity awareness, awareness, banks, IT, Credit Unions

A History Lesson on Consumer Lending

Posted by Susan Griffin

Oct 12, 2018 11:00:00 AM

Part 2: From the 1900s to the New Millennium

In the early 1900s, banks and finance companies were unwilling to lend to many poor laborers, who then turned to corrupt moneylenders and loan sharks, which defines the term predatory lending. Edward Filene, co-owner of the Filene Department Store (later referred to as Filene’s) wanted to give his workers a way to save their money or obtain credit when hard times hit. He formed a savings and loan association for employees which later became the Filene Employee's Credit Union. This helped to form the Massachusetts CU Association established in 1909 by Edward Filene. This later served as a model for the Federal Credit Union Act of 1934.1

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Topics: fintech, Credit Unions, financial institution, consumer, consumer lending, banks

A History Lesson on Consumer Lending

Posted by Susan Griffin

Oct 10, 2018 11:00:00 AM

Part 1: The Early U.S.

It’s always good to look back on how segments of banking originated based upon events or existing needs of the time. And, as the old cliché goes, you can't know where you’re going until you know where you’ve been. This is as much true in business as it is in life.

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Topics: consumer lending, banks, Credit Unions, financial institution, fintech, consumer

4 Reasons Your Commercial Loan Process Is Costing You Valuable Business

Posted by Gary Lewis

Oct 5, 2018 10:30:00 AM

The competitive landscape associated with commercial lending has changed significantly over the last 10 years. It’s a safe bet that if your process of marketing, originating, and managing these obligations hasn’t changed significantly during that time, you could be losing market share. Here are four reasons why community-based institutions may be losing ground in the market today.

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Topics: Customer Experience, technology, banking, fintech, Commercial Lending

True Community in Financial Services

Posted by Danny Payne

Oct 3, 2018 11:00:00 AM

For those people that know me or follow me on social media … I am a long-time Cleveland sports fanatic. Outside of the 2016 NBA Championship by the Cleveland Cavaliers, it has been a life of suffering through some heartbreak and some bad teams. The team I love and give the most to is the Cleveland Browns. I am laughed at, the target of jokes, and often just asked, “Why?”

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Topics: Football, Community, Credit Unions, banks, relationships, small business, Customer Experience, consumer, customer satisfaction, Information Technology

Financial Fitness: Helping Consumers Achieve Their Goals

Posted by Hannah Day

Sep 26, 2018 11:00:00 AM

With consumer debt at an all-time high, many people are looking for easy ways to keep track of their finances. Financial institutions (FIs) have an amazing opportunity to cultivate customer relationships by helping customers aggregate their financial data into one personal financial management (PFM) solution so they have a full view of their finances.

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Topics: financial fitness, banks, Credit Unions, money management, debt, Millennials, Financial Services Industry, Budgeting

Seven Basic Truths in Commercial Lending, Part Two

Posted by Patrick True

Sep 21, 2018 10:30:00 AM

Part 2: Communication, Intuition, and Passion

Truth#4. There’s No Such Thing as a “Book and Don’t Look” Credit Facility 

Most experienced lenders would say that they never made a bad loan. While we can debate the accuracy of that statement, it is true that loans fail over time due to changing business or economic circumstances. Once a loan is on your books, it is your responsibility to make sure it is paid in full. 

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Topics: Customer Experience, technology, banking, Relationship Management, fintech, Commercial Lending

Data Encryption Overview - Is It Secret, Is It Safe?

Posted by Robert Hudecek

Sep 19, 2018 11:00:00 AM

The New York State Department of Financial Services (DFS) cybersecurity requirements for financial services companies went into effect on Septembers 4 of this year. On the surface, it may look like these regulations only pertain to the state of New York – but in reality, they include any party who processes or is otherwise permitted access to Nonpublic Information of New York State origin. Simply put, if your financial institution does work for any New York resident, you may now be subject to this regulation.

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Topics: Cybersecurity, Regulatory Compliance, banking, Credit Unions, banks, data encryption, Data

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