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Monday Night Football: It’s half-time for CECL

Posted by Brad Dahlman

Nov 5, 2018 11:00:00 AM

 

Fall is my favorite time of year, as the weather cools, the leaves change, and the football season heats up! I enjoy watching NFL football, and am often struck by how the momentum of the game can dramatically change at half-time. To the fans, half-time is generally focused on grabbing a snack or watching highlights. To the players and coaches, this 12-minute half-time break is all about assessing the first half and adjusting the game plan to have a successful second half. Great coaches and leaders find a way to refocus the team, adjust the game plan, and emerge with a team ready to win the second half.

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Topics: CECL, banking, Credit Unions, banks, Risk Management, Financial performance, Football

Banking’s Newest Four-Letter Word: Varo Receives Preliminary Fintech Bank Charter Approval

Posted by Nicole Harper

Oct 31, 2018 11:00:00 AM

 

The four-letter word currently buzzing around the banking world (perhaps among other choice four-letter words) is “Varo.” Recently, Varo received preliminary approval from the Office of the Comptroller of the Currency (OCC) of their application to start Varo Bank – the first mobile national bank. Is this the dawning of a new era in banking?

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Topics: fintech, banks, Credit Unions, FDIC, Vero, OCC, user experience, Federal Reserve

Reinventing Your Card Strategy for the Digital World

Posted by Jennifer Geis

Oct 24, 2018 11:00:00 AM

Cards Come First as Payment-Of-Choice

When is the last time you used your credit card? Most likely, you used it within the last few hours – or at the very least, within the past couple of days. Consumers worldwide are depending upon and using card payments at increasingly higher rates. What’s the reason for the hike in card usage? Cards are convenient. Cards allow us access to a trail of our purchase history. We’re rewarded when using our cards with points, cash back, or other items. And lastly, cards offer a “buy now pay later” benefit that we all can appreciate. According to a study done by VISA and Pymnts.com titled How We Will Pay, 61% of all consumers say speed or trust is the most important reason for using credit or debit cards. Two-thirds of people prefer to use cards or mobile options over cash. And 77% of people would still patronize stores if they dropped cash.

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Topics: credit cards, cards, banks, Credit Unions, Payments, Online Bill Pay, financial institution, Mobile Banking, consumer

Become More #CyberAware about Current Threat Trends

Posted by Karen Crumbley

Oct 22, 2018 11:00:00 AM

Cybersecurity attacks have become increasingly sophisticated and harder to detect. Cyber criminals are getting more creative in their methods to commit fraud by using a combination of technology along with social engineering to yield results. End users need to defend themselves by becoming knowledgeable on how these crimes are executed. Keeping up-to-date on current threats is an important step in safeguarding your information. Additionally, you can create awareness and educate other stakeholders by passing information along to increase your security and asset protection. Below is a list of trends that are occurring in the threat landscape.

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

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

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

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