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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

Budgets are Like Battle Plans

Posted by Jerry Boebel

Wed, May 29, 2019 @ 10:30 AM

Improvise, Adapt, and Overcome

“No plan survives contact with the enemy.” This military axiom has been credited to famous generals from Napoleon Bonaparte to the more contemporary hero, Colin Powell. Your CFO was probably heard muttering similar sentiments right around the end of the first fiscal quarter after none of the expected Federal Reserve rate increases materialized.

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Topics: Community Banks, FI Operations

The Human Imperative

Posted by Deborah Matthews Phillips

Wed, May 22, 2019 @ 09:05 AM

Imagine one of the most deeply personal conversations of your life – a devastating terminal health diagnosis – being delivered by a robot.

This happened to a patient in a Fremont, CA hospital this year. He received the bad news when a telemedicine robot rolled into Ernesto Quintana’s hospital room and a remotely located physician informed Mr. Quintana by video call that his days were numbered.[1]

I imagined myself in such a situation, growing despondent over the depersonalization of our most sensitive encounters. As technology becomes pervasive across all areas of our lives, it’s time to reflect on critical philosophical questions about how and where to draw the line when technology becomes a poor substitute for human engagement.

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Topics: Credit Unions, Digital and Community Banking, Digital, Community Banks

The Power of Credit Cards: Drive Satisfaction and Competitive Value

Posted by Rich Dambra

Wed, May 08, 2019 @ 11:00 AM

As a community bank or credit union, you may be used to hearing that you’re important to your accountholders, not just in terms of product offerings, but to their overall financial well-being. But what if the value you bring to them could be further enhanced and solidified by issuing credit cards?

Credit cards have evolved beyond a simple payment. Today, they include purchase protection insurance and real-time alerts for worry-free purchasing, financial flexibility to cover unexpected expenses, and rewards programs for consumers who like to earn cash back or miles towards their next vacation.

As your cardholders continue to embrace credit as a tool to reach their financial and lifestyle goals, how are you supporting them?

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Topics: Credit Unions, Payments, Community Banks

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