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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

A Well-Thought-Out Communication Strategy Can Prevent Customers From Ghosting You

Posted by Patty Moore

Wed, Jul 10, 2019 @ 03:21 PM

Communication Strategy and your customers

“Ghosting” – if you’re not familiar with the term – is when someone you’re in a relationship with stops communicating with you, leaving without a trace.

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Topics: FI Operations, User Centricity

Best-In-Class Series, Part Four - Portfolio Management

Posted by Kristin Zell

Fri, Jun 28, 2019 @ 06:52 AM

Portfolio management should not only be about using data analytics to monitor risk, but also as a tool to fuel portfolio growth.

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Topics: Commercial Lending, FI Operations

Best-In-Class Series, Part Three - Creating Sales Champions

Posted by Richard Owens

Fri, Jun 14, 2019 @ 07:00 AM

There is an art to creating a sales culture within your organization. When done well, you create a cohesive team that transcends the efforts of individuals, where each is motivated by and through the success of the others. In the field of commercial lending, there are some unique challenges when building your team.

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Topics: Commercial Lending, FI Operations

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

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

Best-In-Class Series, Part One - Attracting Small Business Clients

Posted by Bill Roen

Fri, May 17, 2019 @ 12:36 PM

 A common goal of every financial institution in the country is to attract and retain good clients. For many, this includes a focus on the small business community. There are more than 30 million small businesses in the United States. How do you attract them to your institution?

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Topics: Commercial Lending, Small Business, FI Operations

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

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

Marketing Your Institution: Understanding Generations - Part II: How Your Institution Can Market to Gen Z

Posted by Strategically Speaking

Mon, Apr 01, 2019 @ 07:36 AM

The oldest among the rising generation known as Gen Z is turning 22 this year, which means this demographic has never known a world without cell phones and the Internet. Pew Research Center defines Gen Zers as anyone born after 1997, and Millennials as persons born between 1981 and 1996.[1] While Millennials grew up with landlines and dial-up Internet, Gen Zers are true digital natives whose instinctual relationship to technology leads them to expect instant and convenient everything.

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Topics: Credit Unions, Community Banks, FI Operations, Future Ready

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