Independent Banker

OCTOBER 31, 2022

ITMs and VTMs are popular retail banking innovations among community banks. What’s on the horizon for retail banking? We spoke with two community banks that have ramped up their services to meet—and exceed—the changing expectations of customers. So how are retail banks meeting this challenge?

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Banking Trends Retail Trends Community Bank 151

Independent Banker

DECEMBER 31, 2022

I’ve always been a glass-half-full guy, and though 2023 is expected to be a challenging economic year, it also brings opportunity. We simply need to remember what makes us special as community bankers, and with that as our foundation, we can embrace this season of change in four primary ways: 1. Priorities for a successful 2023.

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Community Bank Community Hawaii Washington 218

CFPB Monitor

OCTOBER 5, 2022

On October 3, 2022, the Federal Reserve finalized a rule expanding Regulation II (Debit Card Interchange Fees and Routing), the implementing regulation for the Durbin Amendment. Federal Reserve Governor Bowman voted against the rule stating: “During the public comment process, community banks raised substantial concerns with the proposal.

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Regulation Cards Community Bank Community 78

Independent Banker

DECEMBER 31, 2022

Here’s how community banks can enhance their payments offerings. of banks’ revenues come from payments. Payments account for up to 30% of bank revenue, and that income stream is under attack. As 2023 kicks off, community banks can respond to today’s payments landscape by addressing five key trends.

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Trends Payments Community Bank Texas 140

South State Correspondent

JANUARY 30, 2024

The good news is that for many other areas, budgets are lower at banks compared to last year, and the fact that IT is still positive underscores the strategic imperative that banks face to digitize traditional operations, reduce costs, gain scale, and improve the customer experience. Technology-forward banks spend as much as 16.4%

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Capital Operations Customer Experience Comparison 195

Independent Banker

DECEMBER 31, 2021

Consumers are increasingly interested in buy now, pay later products, which are cutting into credit card usage. Here’s what community banks need to know about these products and how they can take advantage of this model. And FIS predicts BNPL will climb to 3% of global ecommerce revenue by 2023. By Colleen Morrison.

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How To Community Bank Community Lending 91

American Banker

JANUARY 23, 2023

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Cards Community Bank Industry Community 82

Jeff For Banks

JULY 13, 2023

On July 10, the Consumer Financial Protection Bureau (CFPB) issued a consent order (CO) against Bank of America, N.A. BofA), claiming, among other things, that BofA opened credit card accounts for new customers without their consent. But can it be for the community banks that would covet the customers that make up the $1.9

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Cards Community America Community Bank 78

Independent Banker

OCTOBER 31, 2022

AI can help solve customer pain points—but does it mean community banks will lose the personal touch they pride themselves on? As community bankers themselves tell us, the answer is no. The estimated amount of money banks will save by using AI applications by 2023. billion-asset Sunwest Bank in Sandy, Utah.

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Community Bank Community Customer Experience Data 91

Gonzobanker

SEPTEMBER 14, 2023

According to Cornerstone Advisors research, 47% of consumer checking accounts opened in 2023 are at fintech companies or online banks (not traditional banks). In doing so, Bank of New Hampshire is leading a trend in the United States on an important issue. bank’s fintech partners. 27 for Smarter Bank LIVE.

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How To New Hampshire Oklahoma Fintech 109

Jeff For Banks

MARCH 21, 2024

No one will forget the inflation that followed in 2021 to 2023, started first by supply chain issues, but then fueled by the Fed’s purchases and the obscene amount of cash handed out by the federal government. It was not until May 11, 2023, that the US national emergency was lifted, but sadly, the free cash handouts continue.

Marketing 145

Marketing Policies Report Atlanta 145

Abrigo

MAY 22, 2024

The Fed’s latest Small Business Credit Survey , conducted in 2023 and released in 2024, found that nearly 60% of employer firms had sought financing in the previous 12 months. With $580 billion in private-term loans and lines of credit and $62 billion in credit cards, they accounted for 56% of the small business financing market.

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Lending St. Louis Community Marketing 195

Abrigo

APRIL 22, 2024

The Fed’s latest Small Business Credit Survey , conducted in 2023 and released in 2024, found that nearly 60% of employer firms had sought financing in the previous 12 months. With $580 billion in private-term loans and lines of credit and $62 billion in credit cards, they accounted for 56% of the small business financing market.

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Lending St. Louis Community Marketing 243

PYMNTS

AUGUST 10, 2020

But with a 2023-24 timeframe to implementation, the Fed’s efforts will take a while to cross the Rubicon from concept to reality. As Waterhouse said: “The good news is … at least for the banks and from the consumers’ perspective, the next round, once we get clarity around what that is, should be a lot better than the first.”.

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US Payments Maine System 345

Jeff For Banks

APRIL 4, 2024

Although shadow banking mostly serves larger corporations, think money market funds buying commercial paper, bankers fear the trend will continue going downstream to more traditional community bank customers. Vacancy reached a record high in the fourth quarter and surpassed previous peaks last reached in 1992.

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Banking Trends Trends Millennials Oregon 113

PYMNTS

FEBRUARY 4, 2019

billion by 2023 — a CAGR of 30.9 consumers currently favor paying via credit card. The report also found that credit cards appear to be the most popular payment medium for online retail, travel bill payments and digital content purchases. . The number of card payments was up 10.1 billion in 2018 to $26.9

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Payments System Cards Policies 183

Gonzobanker

JANUARY 4, 2022

In 2022, community banks and credit unions will have to revisit and overhaul their overdraft policies and strategies. According to Terence Roche, partner at consulting firm Cornerstone Advisors , community-based financial institutions could: “Lower their NSF fee to the $5 to $7 range and market it as a convenience fee.

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Trends Fintech social media Strategy 188

Gonzobanker

DECEMBER 19, 2022

Financial institutions that relied on mortgage banking fee income as a key earnings component have been left to make big adjustments. As if that wasn’t enough, regulators took a sledgehammer to debit fee income with Reg II changes that will begin reducing card-not-present interchange fees starting in July 2023. Goes to Sen.

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Community Fintech Industry Innovation 216

Jeff For Banks

DECEMBER 8, 2022

The downside to all of the rate hikes is that we face a high risk of recession in 2023. Consumer credit has continued to rise at a time when credit card and borrowing rates are all up dramatically. In 2023, we will be there. I don’t expect better growth in 2023, and I don’t think the Fed does either, but they won’t say so. “It

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Marketing Policies Philadelphia Community Bank 78