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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

5 Ways to Get the Most Out of Your Data

Posted by Strategically Speaking

Wed, Feb 27, 2019 @ 11:00 AM

 

Data is indispensable. With it, you can make informed decisions to increase customer retention, employee satisfaction, and revenue. Without it, you’re risking your profitability, your performance, and in some cases, your credibility with customers, staff, and board.

But just having data isn’t enough. You need to know how to get the most out of it. Because if you’re still performing manual report processes or cobbling together data from various sources within a spiderweb of spreadsheets, you’re missing out on a significant amount of those key data points. And your leaders can’t make informed decisions because they’re only getting a portion of what they need … and the information they are getting, they’re getting too slowly.

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Topics: Credit Unions, Financial Institution, Community Banks, Data and Analytics

Why FIs Should Swipe Right for Fintechs

Posted by Nicole Harper

Thu, Feb 14, 2019 @ 11:00 AM

Swipe left (not interested), swipe right (interested). While it may not be as easy as a dating app to choose your next business partner, let’s explore a few reasons why traditional financial institution (FI) and fintech relationships may be a great match.

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Topics: Credit Unions, Financial Institution, Fintech, Community Banks

A History Lesson on Consumer Lending

Posted by Susan Griffin

Thu, Feb 07, 2019 @ 11:19 AM

Part 1: The Early U.S.

It’s always good to look back on how segments of banking originated based upon events or existing needs of the time. And, as the old cliché goes, you can't know where you’re going until you know where you’ve been. This is as much true in business as it is in life.

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Topics: Credit Unions, Financial Institution, Fintech, Community Banks, User Centricity

False Positives are Positively Costing You Money

Posted by Tammy Bangs

Wed, Dec 12, 2018 @ 11:00 AM

 

I visit with a lot of BSA and Risk officers in my role as sales engineer for our financial crimes solutions.  And let me tell you something … I hear a lot about false positives. I have heard folks in our industry call these the bane of their existence. Whether it’s with sanctions screenings, AML, card processing or any other type of fraud, getting too many false positives is a bigger risk for your institution than you may realize.

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Topics: Credit Unions, Financial Institution, Digital and Community Banking, Community Banks, FI Operations, Risk/Fraud

Holiday Shopping Safety

Posted by Strategically Speaking

Wed, Nov 14, 2018 @ 11:00 AM

Naughty or nice! A perfect holiday line to summarize what cardholders, financial institutions, and merchants wonder about each credit and debit card transaction this time of year.

We know once fall arrives that the holiday season is close behind. Physical stores and online sites begin promotions and holiday décor early, well before Thanksgiving arrives. Consumers start shopping early. We move fast. Fraudsters count on that.

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Topics: Financial Institution, Payments, Information Security, Cybersecurity

Reinventing Your Card Strategy for the Digital World

Posted by Jennifer Geis

Wed, Oct 24, 2018 @ 11:00 AM

Cards Come First as Payment-Of-Choice

When is the last time you used your credit card? Most likely, you used it within the last few hours – or at the very least, within the past couple of days. Consumers worldwide are depending upon and using card payments at increasingly higher rates. What’s the reason for the hike in card usage? Cards are convenient. Cards allow us access to a trail of our purchase history. We’re rewarded when using our cards with points, cash back, or other items. And lastly, cards offer a “buy now pay later” benefit that we all can appreciate. According to a study done by VISA and Pymnts.com titled How We Will Pay, 61% of all consumers say speed or trust is the most important reason for using credit or debit cards. Two-thirds of people prefer to use cards or mobile options over cash. And 77% of people would still patronize stores if they dropped cash.

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Topics: Credit Unions, Financial Institution, Payments, Digital, Community Banks, User Centricity

A History Lesson on Consumer Lending - Part 2

Posted by Susan Griffin

Fri, Oct 12, 2018 @ 11:00 AM

Part 2: From the 1900s to the New Millennium

In the early 1900s, banks and finance companies were unwilling to lend to many poor laborers, who then turned to corrupt moneylenders and loan sharks, which defines the term predatory lending. Edward Filene, co-owner of the Filene Department Store (later referred to as Filene’s) wanted to give his workers a way to save their money or obtain credit when hard times hit. He formed a savings and loan association for employees which later became the Filene Employee's Credit Union. This helped to form the Massachusetts CU Association established in 1909 by Edward Filene. This later served as a model for the Federal Credit Union Act of 1934.1

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Topics: Credit Unions, Financial Institution, Fintech, Community Banks, User Centricity

A Fresh Take on Preparedness for the C-Suite and IT Managers

Posted by Eric Flick

Wed, Sep 12, 2018 @ 11:00 AM

 

September is National Preparedness Month. Historically, this month has been promoted to bring focus to readiness for natural disasters such as hurricanes, tornadoes, and flooding. As we head into the peak of the Atlantic hurricane season, wildfires and flash flooding have captured the headlines.

In today’s threat landscape, any financial institution (FI) likely has a higher probability of a cyber event than a naturally occurring disaster – so it’s no coincidence that October is National Cyber Security Awareness Month. As responsible C-Suite and IT representatives, we recognize our responsibility to our FI and our customers to be prepared for both!

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Topics: Credit Unions, Financial Institution, Compliance, Cybersecurity, Community Banks, FI Operations

Conversational Payments: How Voice Technology is Changing the Way We Pay

Posted by Jennifer Geis

Wed, Aug 15, 2018 @ 11:00 AM

Communication and conversation have come a long way within the past decade. I realize I’m totally dating myself, but in talking with my 15-year old daughter, who was frustrated because her iPhone battery didn’t last as long as she’d like, I explained that phones used to be connected to the wall. In horror, she asked, “How did you get in touch with people when you’re not at home?” I then explained further that someone could actually pick up another phone in the house and listen in on your conversation. After a huge gasp, she said, “Wow, that must have been a long time ago!” In reality, it hasn’t been that long ago, yet it seems like ages when comparing how far technology and the way we communicate has progressed.

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Topics: Financial Institution, Fintech, Payments, Future Ready

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