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Digital Payments Deliver in Money Moments of Need

Posted by Jennifer Geis

Wed, Dec 11, 2019 @ 11:05 AM

Most everyone would agree that technology has vastly changed the way we live our daily lives. With more than 203 million daily active users, Snapchat has taken over the way we communicate.1 When meeting someone new, the majority of Millennials and Gen Zers ask for a person’s Snapchat rather than a phone number. Gen Z uses TikTok – which was the most downloaded app worldwide for the month of September (2019) – to view the latest music, fashion trends, and how-to videos.2 Amazon has changed our shopping habits, with 92% of Americans reporting to have brought something on Amazon.3 And now, one in two adults with a U.S. bank account has access to P2P payments via Zelle right in their mobile banking app.4

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Topics: Financial Institution, Digital and Community Banking, Payments

A Four-Pronged Strategy for Growing Core Deposits

Posted by Patrick True

Fri, Nov 22, 2019 @ 08:30 AM

As 2020 draws near, community-centered financial institutions are facing increased challenges when attempting to grow core deposits. In the most-recent CSBS Survey of Community Banks, released in October, core deposit growth ranked higher than any other challenge faced.

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Topics: Commercial Lending, Financial Institution, Digital and Community Banking

Digital Bill Pay: The Next Big Tech Transformation

Posted by Jennifer Geis

Wed, Nov 20, 2019 @ 10:08 AM

Let’s face it, if someone asked us the top three things we hate to do, paying our bills would probably rank somewhere between going to the dentist and cleaning the toilet as far as our level of despise goes. Electronic bill pay has been around since the late 1990s and gained traction in the early 2000s as internet access became a household commodity. Since then, not much has changed with bill pay functionality to improve the experience or even make it more palatable. There have been two main ways to pay online, through your financial institution’s website or through your biller’s website. At first, financial institutions had a hold on the market with a consolidated – or one-stop stop ­– approach to paying bills. However, as consumers gained comfort with the internet, visiting multiple sites for multiple purposes, the demand for more robust feature/functionality surfaced. With features like instant payment confirmation, multiple payment options, and a better user experience, users’ preferences along with their trust and loyalty shifted away from the financial institution towards the biller. Currently, only 27% of consumers make their online bill payments through their financial institution.[1]

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Topics: Financial Institution, Digital and Community Banking, Payments

Alexa, Is 2020 the Year of Voice Commerce?

Posted by Penny Webb

Wed, Oct 16, 2019 @ 12:34 PM

Voice commerce, also known as vCommerce, is a buying principle that allows customers to make purchases using software applications on enabled devices with voice commands. The consumer typically interacts with a virtual personal assistant like Apple’s Siri or Amazon’s Alexa and the voice replaces the need for point-and-click or typing information in a search field. The customer utilizing the voice command technology can search for information and make purchases simply by speaking the request near an enabled device.

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Topics: Digital and Community Banking, Digital, Future Ready

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

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

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

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

Tools of the Trade Series, Part Three: Using Loan Origination Strategies to Create Efficiency

Posted by Patrick True

Fri, Feb 22, 2019 @ 07:00 AM

In recent years, financial institutions have been evaluating their commercial and small business loan originating processes. This has included a close look at the experience currently offered to loan applicants, credit officers, and credit administration staff. Recent trends in technology have created a renaissance in commercial lending.

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Topics: Commercial Lending, Fintech, Digital and Community Banking, Digital, Community Banks

Tools of the Trade Series, Part Two: Omnichannel Delivery Creates the Ultimate Customer Experience

Posted by Patrick True

Fri, Feb 08, 2019 @ 07:00 AM

 One of the most important topics of conversation among financial institutions in recent years has been the issue of delivery channels. This has taken two forms. Some articles have focused on demographic shifts, including the growing number of millennial clients and the beginning of baby boomer retirement trends.

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Topics: Commercial Lending, Fintech, Digital and Community Banking, Community Banks

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