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Fintechs and Risk Management

Posted by Craig Laures

Wed, Sep 18, 2019 @ 10:00 AM

Fintech providers play an important role in the financial services industry. Banks and credit unions rely heavily on fintechs to sustain compliant efficient operations, process payments and other data, protect information and deliver service to customers in a variety of ways. Partnerships with fintechs offer expertise you may not otherwise have the resources to acquire. Thus, the reward for engaging with trusted providers. On the other side of the reward equation is risk inherent with third-party relationships.

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Topics: Fintech, Partnership, Community Banks, Risk/Fraud

Better than Before: How to Make Digital Banking More Personal & Meaningful than Banking in the Branch … By Leveraging Your People in the Branch

Posted by Lee Wetherington

Wed, Aug 28, 2019 @ 11:00 AM

I’m tired.

We just moved, and I grossly underestimated the work involved.

I had prepared for the pain of packing, loading, unloading, and unpacking everything we own; but I hadn’t accounted for the real work of establishing new relationships for everything we need. Things like utilities, Internet, garbage pickup, grocery store, dry cleaners, dentist, dermatologist, pharmacist, eye doctor, doctor doctor (sic), barber, hair stylist, manicurist, pedicurist – don’t judge, I require a lot of pruning to be presentable.

But what about a new financial institution? Do we really need one?

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Topics: Digital and Community Banking, Digital, Community Banks, Future Ready, Modern Membership

Five Ways Lenders Can Grow Portfolios During Slower Economic Cycles

Posted by Patrick True

Fri, Aug 23, 2019 @ 07:30 AM

Throughout much of 2019, the economic debate has been whether the US economy would enter a recession in the next year or two. In the short term, it appears that the economy keeps moving along, albeit more slowly in some industry sectors. Most economists are predicting slower GDP growth in 2020 than the previous 2 – 3 years. That brings challenges for commercial lenders that wish to grow their loan portfolios during the next twelve months. But there are strategies that can be deployed to nurture growth in any economic cycle. Here are five methods that should be considered when attempting to grow your portfolio, even as the current cycle begins to slow.

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Topics: New & Trending, Commercial Lending, Credit Unions, Community Banks

Why Openness Is Critical to the Future of Banking

Posted by Stacey Zengel

Wed, Aug 21, 2019 @ 11:00 AM

As someone who reads this blog and follows the industry, you’ve likely heard a lot of talk about open banking recently. Headlines with references to “Open APIs” and “Shared Data” continue to appear in inboxes and popular topics with industry reports.

We know that in today’s market, consumers don’t compare financial institutions (FIs) so much as they compare experiences. As we speak, tech behemoths like Google and Amazon continue to take an innovative approach to customer engagement and expansion. A Celent report even notes that Amazon has been recently negotiating with big banks to launch a checking account, and the company has also formed a mortgage lending unit.*

Consumers clearly want freedom, flexibility, and choice. And it naturally follows that the FIs that will thrive in the future will be those that demand an open platform that is focused on optimizing the end-user experience for today’s consumers.

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Topics: Information Security, Community Banks, FI Operations, Future Ready

Aggressive Competition for Core Deposits

Posted by Craig Laures

Wed, Aug 07, 2019 @ 11:00 AM

From January 1, 2019 through June 30, 2019 I’ve enjoyed meeting face to face with 172 community financial institution (FI) executives and managers representing 91 FIs. These FIs are diverse with total assets ranging from $31 million to $2.15 billion, various charters and specialties. These FIs are found in the smallest communities as well as large metropolitan markets and every size community in between. We discuss, in varying levels of detail, their objectives, initiatives, and projects important to the FI’s success. While each conversation is unique, the struggle to sustainably grow deposits seems to rise to the top as one of the most pressing issues during the past six months.

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Topics: Commercial Lending, Credit Unions, Community Banks

Data Protection Regulation and the Impact on Vendor Management

Posted by Jenny Roland-Vlach | Compliance Analyst, Advanced | CISM

Wed, Jul 31, 2019 @ 11:00 AM

General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) has been an intimidating new reality for numerous organizations. And for good reason. For many organizations, GDPR represents an entire shift in privacy culture. For financial institutions (FIs) who process the personal data of data subjects residing in the European Union (EU), GDPR pushes them beyond what was already required by the Gramm-Leach-Bliley Act (GLBA). Much more is now required in how data is obtained, stored and processed, and even destroyed.

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Topics: Compliance, Community Banks, Data and Analytics

How Bad Is It?

Posted by Brynn Ammon

Sat, Jul 20, 2019 @ 12:00 PM

If you’ve ever been given bad news by a doctor, chances are your first question was, “How bad is it?” You wanted to know where you stood among the rest of the people in your bad situation. Are you going to die? Are you going to be in the hospital? Will it be painful? Will it require surgery? Will it require major life changes? Is treatment going to be expensive? All those questions and more run through your mind in a fraction of a moment.

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Topics: Credit Unions, Compliance, Community Banks

Enjoy The Fireworks (While They Last)

Posted by Joe Rezac

Wed, Jul 03, 2019 @ 07:29 AM

Tomorrow will be our country’s 243rd birthday as an independent nation. During the celebration, hopefully all of you get a chance to enjoy some good company and good barbeque. There is also another milestone that we could hit later this month, although I’m not aware of any firework displays or parades happening for it. If the current US economic expansion lasts through July 2019, it will be the longest expansion in the country’s history – a period of 10 years and counting. This milestone is also worth celebrating!

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Topics: Financial Institution, Community Banks

Digital Banking vs Digital Experience

Posted by Danny Payne

Wed, Jun 26, 2019 @ 11:05 AM

OK … let me begin by identifying myself. I am half Gen X and half Millennial in my habits. Let’s just say borderline on the age. Yes, I am that guy. I am notorious for downloading the app for every restaurant, gas station, movie theatre, hotel, airline, etc. And yes, I have an app for each of my credit cards and my bank. I like to see how a company represents itself digitally. Additionally, I can often earn points with my purchase, get things cheaper, and sometimes, even get them for free.

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Topics: Digital and Community Banking, Digital, Community Banks

Why Backup is a Critical Part of Your Cybersecurity Strategy

Posted by Eric Flick

Wed, Jun 05, 2019 @ 11:05 AM

It is often overlooked, but it is important to note that backup is a critical part of your cybersecurity strategy. What does backup have to do with your cybersecurity strategy? Backup is a back-office process. Cybersecurity is a frontline approach.

Although there are several frontline and defensive-minded approaches that are more critical than backup, backup is often overlooked. It’s an important part of your multi-layered approach to cyber readiness.

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Topics: Cybersecurity, Community Banks, Data and Analytics

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