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FinTech Fundamentals: Cybersecurity in Banking Has Never Been More Important

Posted by Sebastian Fazzino

Thu, May 21, 2020 @ 10:00 AM

“Cybercrime is the greatest threat to every company in the world.” - Ginni Rometty, IBM Chairman, President & CEO.

Clients trust their financial institutions (FIs) to protect their personal and financial information. So, when data breaches happen, it’s easy for the client to rethink their relationship with the institution that jeopardized their private information.

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Topics: Cybersecurity, FinTech Fundamentals

FinTech Fundamentals: 5 Ways to Boost Your Digital Banking Efforts

Posted by Bryan McCarty

Thu, May 14, 2020 @ 09:59 AM

Just because your financial institution (FI) has an online presence doesn’t mean it’s driving new business or making your existing clients happy.

We’re at the beginning of huge transition to digital banking – for logistic and demographic reasons. That means it’s more important than ever to engage all your audiences in your digital platform – and make sure that platform is delivering throughout your organization.

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Topics: Digital Banking, FinTech Fundamentals

The Important Role Account Debtors Play During an Economic Crisis

Posted by Danielle LaPaglia

Thu, May 07, 2020 @ 10:00 AM

No one is exempt from the financial hardship and strain that COVID-19 is inflicting on our economy. We are all struggling on some level.

For financial institutions and alternative lenders, the No. 1 priority is to ensure payments continue to be received, whether from outstanding loans or open A/R. As if this challenge wasn’t daunting enough, you must also look ahead to position your portfolio for the future.

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Topics: Commercial Lending, FI Operations

5 Best Practices for Serving Customers Remotely

Posted by Sarah Henderson

Tue, May 05, 2020 @ 10:30 AM

In this time of economic uncertainty, your customers or members need you now more than ever. They need guidance. They need assurance. The 67 million Americans who will have trouble paying their credit card bills due to the COVID-19 pandemic need to know you’re there for them.

But how do you let them know you’re there at a time when you and your staff can’t physically be there to reassure them? If you’re one of the 75% of financial institutions who have reported at least partial remote deployment, we’ve put together five best practices you can use to better serve your customers or members remotely.

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Topics: Digital and Community Banking

COVID-19 Motivates Vendor Consolidation

Posted by Dennis Jones

Mon, May 04, 2020 @ 10:15 AM

As COVID-19 emerged in the US, financial institutions soon realized their response would be unchartered – every employee, every accountholder, every branch, and every community would be impacted. Business continuity quickly became priority-one and launching a complex, enterprise-wide pandemic response was a challenging reality for every financial institution.

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Topics: Payments

How Community Financial Institutions’ Business Continuity Plans are Working During COVID-19

Posted by Tom Williams

Fri, May 01, 2020 @ 08:45 AM

As we all strive to meet the challenges of the coronavirus pandemic, we find ourselves in a new normal due to the uncertainty surrounding the virus and our ability to respond. The good news is that community financial institutions (CFIs) have plans to deal with disaster events like a pandemic. These plans have provided the foundation for FIs’ pandemic response.

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Topics: Business Continuity

COVID-19 and Cybersecurity: How Real are the Threats?

Posted by Viviana Campanaro

Wed, Apr 29, 2020 @ 09:30 AM

2020 takes a significant place in the history books. A global pandemic of unprecedented proportions has changed the lives of millions of people as they entered a new way of life and social distancing became the norm. Political campaigns during this Presidential election year in the US have taken a back seat to health and economic initiatives to sustain our country during the Coronavirus outbreak.

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Topics: Cybersecurity

An Open Letter from a Business Continuity Strategy Manager

Posted by Tom Williams

Fri, Apr 24, 2020 @ 08:30 AM

Now that all financial institutions (FIs) are in the midst of navigating through the COVID-19 world, the execution of their Business Continuity Plan (BCP) and Pandemic Plan are in full gear.

This is an open letter to those of you that are responsible for the development, testing, maintenance and execution of the BCP within your organizations.

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Topics: Business Continuity

The 5 Stages of Economic Rebirth in America

Posted by Patrick True

Wed, Apr 22, 2020 @ 10:15 AM

To fight the COVID-19 pandemic, federal, state and local governments engineered a partial shutdown of the US economy beginning in mid-March. The full financial impact of the shutdown is unknown at this time, since it has not been determined when we will attempt to re-open shuttered businesses.

But there are steps we can take plan for the re-emergence of the economy.

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Topics: Future Ready

Three Reasons CECL Results Are Disconnected from Current Allowance for Loan and Lease Losses (ALLL)

Posted by Jerry Boebel

Wed, Apr 15, 2020 @ 10:19 AM

Since the Financial Accounting Standard Board’s (FASB) Current Expected Credit Loss (CECL) standard was announced in 2016, ProfitStars has worked with more than 180 of our clients to implement a CECL model.

As we worked with the first of our customers to go live at the end of 2019, we compiled support resources to answer the most common questions. The most frequent support topic by far has been trying to explain the gap from loan loss reserves under Financial Accounting Statement 114 (FAS 114, the current standard) and reserves determined by CECL accounting rules.

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Topics: Fintech

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