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Four Lessons We Can Learn from Online Lenders

Posted by Patrick True

Fri, Jul 26, 2019 @ 07:45 AM

Each year, the New York Federal Reserve releases a valuable survey that sheds light on the mindset of business owners and their borrowing preferences. Surveys conducted in the past three years point specifically to both the challenges and opportunities community-based lending institutions have in competing with non-chartered online lenders. Here are the key takeaways from the 2019 survey.

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Topics: Commercial Lending, Digital

Leveraging Digital Lending Technology to Create Stronger Client Relationships

Posted by Gary Lewis

Fri, Jul 12, 2019 @ 08:26 AM

While it’s relatively easy to prove that new lending technology can create operational efficiencies, you may not feel that it can make relationships stronger. In fact, some people feel exactly the opposite. Many lenders have resisted technological advancement associated with loan origination and underwriting, fearing that they will negatively impact the face-to-face experiences lenders have with clients. Most of us have been conditioned to think that technology simply produces gains in efficiency that help organizations save time and make more money. Up until this point, it has been about the ROI.

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Topics: Commercial Lending, Fintech, Digital

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

Best-In-Class Series, Part Two - Hiring Commercial Lenders

Posted by Gary Lewis

Fri, May 31, 2019 @ 07:00 AM

Of all the challenges facing financial institutions today, competition for commercial lenders ranks among the highest. The issue has been addressed in multiple articles, most notably the 2016 Bank Director magazine study indicating that the recruitment of loan officers was the number one issue for 40% of CEOs.

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Topics: Commercial Lending, Digital, 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

Building Small Business Relationships in the Digital Age

Posted by Susan Griffin

Fri, May 03, 2019 @ 09:00 AM

Next week is National Small Business Week. As we celebrate the success of small businesses in our local communities, we’re seeing the number of financial service providers increase in a market that was once only served by traditional banks and credit unions. This has created a battle for market share like we’ve never seen before. The biggest differentiator that incumbent financial institutions have always been able to claim is that their business is built on relationships. Used to be, when a customer had a need relating to finances, they knew their bank was there for them.

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Topics: Commercial Lending, Digital, FI Operations

No Shirt. No Shoes. No Card. No Service.

Posted by Nicole Harper

Wed, Apr 24, 2019 @ 11:00 AM

In a digital world, how long will cash remain king?

Two recent headlines got me thinking about cash. While I can appreciate the feel of a crisp new Benjamin, I don’t carry a lot of cash or use it often. Most of my cash is used for tipping or paying for the occasional home repair. I have no shame using plastic for small purchases which really annoys my husband (he’s a Brit).

Views about cash are personal and cultural. My husband, who grew up in the U.K., prefers cash over plastic for most everyday purchases. What we do agree on is the annoyance of coin. When we get it, we drop it into a giant Erdinger glass and feed our local Coinstar machine once a year.

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Topics: Credit Unions, Digital, Community Banks, Future Ready

Oh, the Humanity! Keeping Your Personal Touch While the Industry Goes Digital

Posted by Kevin Moland

Wed, Apr 17, 2019 @ 08:05 AM

In the middle of his emotional description of the horrific Hindenburg disaster, American radio journalist Herb Morrison blurted out, “Oh, the humanity!” That phrase has since become a meme used to caricature highly emotional responses to not-all-that-tragic events.

During conversations with my software company peeps, I frequently refer to the humanities degree hanging on my wall to alert them to my lack of technical training. In college, I caught a lot of flak for my choice of major. My left-brained fellow students didn’t see much use for my right-brained education. Over the years, however, the things I studied in school have gained in value. A very positive stint in banking led to a successful financial services software career. Along the way, I picked up a good bit of technical knowledge, but my primary value was always an ability to deal with people in a technical context.

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Topics: Credit Unions, Payments, Digital, Community Banks

Marketing Your Institution: Understanding Generations - Part III: How Your Institution Can Retain Boomers

Posted by Strategically Speaking

Wed, Apr 03, 2019 @ 10:01 AM


Millennials and Gen Zers may be nipping at the heels of Baby Boomers (born between 1946 and 1964)[1] … but they haven’t caught up yet. While developing strategies to attract and retain younger generations of customers remains paramount to the future success of institutions, it would be careless to exclude today’s most lucrative group from your marketing efforts.

The Boomer generation still controls 70% of the nation’s disposable income, and over the next two decades, spending by Americans over age 50 is projected to increase by 58% – whereas ages 25-50 will only grow by 24%.[2] And yet, organizations are spending 500% more on marketing to Millennials than to any other demographic group.[3] Unfortunately for community banks and credit unions, this oversight has led to nearly 25% of all Boomers being unhappy with the banking industry and 12% being actively disengaged with their primary institutions.[4] 

So, what can institutions do to make their Baby Boomer customers happy and increase retention rates? 

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Topics: Credit Unions, Digital, Community Banks, FI Operations

Tools of the Trade Series, Part Four - Creating Efficiencies Throughout the Life of the Lending Relationship

Posted by Patrick True

Fri, Mar 08, 2019 @ 07:00 AM

In part three, we discussed how technological innovations have changed the landscape of loan origination in recent years. That, in fact, has been where most tech investment in commercial lending seems to have been directed. But loan origination is just the beginning. So much more can be done to create efficiencies throughout the life of each lending relationship. As in the case of loan origination, these efficiencies will streamline the efforts of both borrowers and lenders and create a richer experience.

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Topics: Commercial Lending, Fintech, Digital and Community Banking, Digital, Community Banks, FI Operations, Data and Analytics

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