Why community banks are partnering with fintech startups

Bank Innovation

As big banks try to win over customers with digital upgrades that resemble slick user interfaces from fintech startups, community banks are looking at new ways to keep pace with customer expectations. Radius Bank, a one-branch Boston-based community bank with $1.2

Community Banks Debut FinTech Alliance

PYMNTS

To that end, news came earlier this week in the United States that a dozen community and regional banks have formed a group aimed at exploring the opportunities amid FinTech offerings.

Helping Community Banks Turn On The Innovation Switch

PYMNTS

Innovation has always been important for community banks, but the driving force of digitization over the last decade has greatly sped up the pace, said Kevin Tweddle, chief innovation officer for the Independent Community Bankers of America ( ICBA ).

Giving Community Banks The Contactless Card Boost

PYMNTS

However, there may be an opportunity to get more contactless cards into the hands of consumers — an opportunity that involves community banks and is backed by financial incentives. ICBA Bancard’s 1,600 community bank customers have issued more than 7.3

Rebeca Romero Rainey: A community banking resolution

Independent Banker

. “We look forward to serving you and your community bank in the year ahead.”. Happy New Year, community bankers! And if you haven’t done so already, I encourage you to also come up with a community banking resolution—one that helps you flourish as a professional.

Community Bank Acquires SMB Digital Bank Seed

PYMNTS

Community financial institution (FI) Cross River Bank is acquiring Seed , a small business (SMB) digital banking company, reports in Reuters said on Monday (June 24). Reports noted that the bank declined to disclose financial details of the takeover.

$175M Acquisition Turns Community Bank Into Fintech Player

Bank Innovation

Community banks can also play the fintech game. BankMobile — the digital bank, formerly a division of Customers Bancorp Inc. — was acquired by Flagship, a Florida-based community bank, for $175 million. “We

Community Banks Voice Frustration With Core Tech Providers

PYMNTS

Community banks are voicing their frustration with what they say is a lack of competition in the market for corporate bank technology providers, reports in The Wall Street Journal said Thursday (April 11).

Podcast: AI, Community Banks and the Compliance Jobs of the Future

ABA Community Banking

Former Comptroller of the Currency Eugene Ludwig talks about the current state of artificial intelligence in banking and the outlook for community banks and compliance professionals.

Study Affirms Community Banks’ Small-Biz Leadership

Finer Points

It’s something ICBA and the community banking industry say all the time: community banks are the nation’s leading small-business lenders. While community banks make up less than 20 percent of the banking system’s assets, they dole out more than half of its small-business loans. Community Banks Credit Unions Economy Regulation Regulatory Relief Small Business Small Business Lending

Indiana credit union agrees to buy community bank

BankThink

Indiana Members Credit Union will pay cash for Commerce Bank. Community banking M&A Credit unions Indiana

First New Community Bank In Decades Headed To US Market

PYMNTS

is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. The U.S.

Funding Circle Partners With Community Bank, INTRUST for Loans

Bank Innovation

The fintech is partnering with community bank, INTRUST Bank for this purpose, the companies announced yesterday. Exclusive Lending Online community banks fintech partnerships Funding Circle INTRUST Bank

Today In Data: Driving Contactless Adoption With Community Banks

PYMNTS

Community banks could put more contactless cards into the hands of consumers with the help of the Independent Community Bankers of America (ICBA). million: The minimum number of payment cards that ICBA Bancard’s community bank customers have issued.

Fundation Pulls Community Bank Into FinTech Collaboration

PYMNTS

Large financial institutions (FIs) are increasingly turning to FinTech firms and alternative lenders to augment their small business (SMB) offerings, but community banks are beginning to get on board with the partnership strategy , too. The latest to do so is Provident Financial , a New Jersey-based bank providing consumer and business banking services in New Jersey and Pennsylvania.

ICBA: Building Bridges For The Next Generation Of Community Banks

PYMNTS

Community banking can be one of the most rewarding and most challenging areas of financial services in which to work — that’s the view, anyway, of Rebeca Romero Rainey, president and CEO of Independent Community Bankers of America (ICBA) , who recently joined the nation’s leading advocacy organization that exclusively represents community banks. She was chairman and CEO of her family’s bank before making the move to ICBA. “I

MOXY Preps Launch Of New Community Bank With NYMBUS

PYMNTS

MOXY bank , preparing to be one of the first new community banks to launch in the U.S. in decades, has announced that it is working with technology solutions company NYMBUS to integrate its core digital banking and payment services. “MOXY’s progressive and innovative approach to banking will provide greater digital convenient, advocacy and personalized financial services to its users,” bank President and CEO Casey G.

Mastercard, Regal Help Community Banks Offer Corporate V-Cards

PYMNTS

In a press release , Regal said its agreement with Mastercard will allow banks to provide an integrated payables platform that supports virtual card payments. B2B Payments accounts payable B2B community bank corporate banking MasterCard News Regal Software virtual card What's Hot In B2B

Zelle Says It Welcomes Community Banks

Bank Innovation

Last week, Bank Innovation wrote about the difficulty smaller banks claim to experience offering their customers the P2P platform Zelle. The smaller financial institutions voiced concerns of long waits and an underlying bias on the part of bank-backed Zelle toward larger institutions.

Zelle Says It Welcomes Community Banks

Bank Innovation

Last week, Bank Innovation wrote about the difficulty smaller banks claim to experience offering their customers the P2P platform Zelle. The smaller financial institutions voiced concerns of long waits and an underlying bias on the part of bank-backed Zelle toward larger institutions.

Do Community Banks Really Need Zelle?

Bank Innovation

Bank-backed payment service Zelle crossed $32 billion in transactions in the last quarter, almost twice that of Venmo, but the P2P provider is not as omnipresent among banks as one would expect it to be.

Do Community Banks Really Need Zelle?

Bank Innovation

Bank-backed payment service Zelle crossed $32 billion in transactions in the last quarter, almost twice that of Venmo, but the P2P provider is not as omnipresent among banks as one would expect it to be.

Millennials Are the Future for Community Banks

Finer Points

And according to ICBA’s recently released 2014 American Millennials and Banking Study, this generation represents a major opportunity for community banks. Community Banks Forget what you think you know about Generation Y. The nation’s millennials—the biggest and most diverse generation of customers in our nation’s history—account for more than $1 trillion in annual purchasing power.

Community Bank And FinTech Partnerships Gaining Traction

PYMNTS

Community banking may get a boost from technology, if recent activity is any indication. In Florida, reported American Banker – in the community banking realm – Seacoast Banking has paired with SmartBiz Loans to shorten the loan approvals process. The relationship, which has been in place since the end of last year, has helped the bank log $700,000 in gains from selling loans, as measured in the first quarter of this year.

Regulators exempt community banks from Volcker rule

BankThink

Bank regulators finalized a proposal to exclude small institutions from the proprietary trading ban, as required by last year’s reg relief bill. Volcker Rule Community banks Regulatory reform Regulatory relief Federal Reserve FDIC OCC SEC CFTC NCUA

Finastra Gains Foothold Among Community Banks with Malauzai Acquisition

Bank Innovation

Finastra, which was formed from the union of Misys and D+H, and calls itself the world’s third largest fintech company in the world, has acquired American software company Malauzai in an attempt to strengthen its foothold in the American banking market.

CECL Will Change Community Banking

Banker to Banker

We are in agreement with the ICBA that FASB’s proposed current expected credit loss (CECL) model would place tremendous costs and regulatory burdens on community banks. However, it does not appear that the current proposal will be modified for banks under $10B in assets.

Mortgage Relief Recognizes Community Banks’ Unique Role

Finer Points

It was a long time coming, but persistence paid off when the Consumer Financial Protection Bureau recently updated its mortgage regulations to ease unnecessary restrictions on many community banks. Advocacy Community Banks Grassroots Regulation Regulatory Relief WashingtonUnder an interim final rule, the CFPB expanded Qualified Mortgage eligibility for balloon loans held in portfolio and exempted more rural lenders from escrow mandates. That […].

10 community banks that broke from the pack in 2Q

BankThink

These banks posted strong quarterly results at a time when many others struggled with thinner margins and rising expenses. Community banking Earnings Growth strategies M&A Net interest margin Commercial lending Mortgages

Time to finish reg relief for community banks

BankThink

Regulatory relief Regulatory reform Capital requirements Dodd-Frank Community bankingRegulators have taken a number of steps to implement last year’s reforms to Dodd-Frank, but there are several important items left on the to-do list.

Community Bank Persistence Pays Dividends

Finer Points

It wasn’t exactly what ICBA was advocating; nevertheless, nearly all community banks scored a major victory with the industry’s hard-fought exemption from a backdoor tax hike on most members of the Federal Reserve System. Following passionate industry advocacy to scrap a Senate-passed plan that would have required all Fed-member banks to pay for federal highways […]. Advocacy Community Banks Grassroots Regulatory Relief Washington

Chamber Of Commerce Backs Community Bank Bill

PYMNTS

Chamber of Commerce is voicing its support for legislation that would ease regulatory burdens for the nation’s community banks in an effort to improve access to funding for small business borrowers. Main Street businesses depend on community and regional banks for the financing necessary to get started, sustain operations, manage cash, make payroll and create well-paying jobs,” the letter stated. The U.S.

How Can Community Banks Sail Through Growing Pains?

ForwardBanker

Community banks want big-bank budgets for new capabilities. Big banks want that community-bank feel for their customers. Which of these banks has the more difficult climb? The post How Can Community Banks Sail Through Growing Pains?

Community Banks Aim To Amplify Competitive Edge With FinTechs

PYMNTS

With big banks pulling back from small and medium-sized business (SMB) lending in the wake of the global financial crisis, the market was ripe for someone else to fill the credit gap. Community banks approved 49 percent of SMB loan applications in November, according to the latest data from the Biz2Credit Small Business Lending Index. But small business lending is only one part of the banking puzzle.

Community Banks with the Largest C&I Loan Portfolios

BankThink

Ranking the banks Community banking Commercial lendingOn Mar. 31, 2019. Dollars in thousands.

For Community Banks, Big Business From Small Business Credit Cards

PYMNTS

For community banks serving small- to mid-sized businesses (SMBs), training an eye on credit cards can translate into additional revenue streams and tap into an unmet need for those SMBs. Kearney found 26 percent of small business cardholders have community banking relationships in place. Only 3 percent of them, however, have their credit cards with those community banks. Digital Banking community banks Featured News ICBA Bancard News SMB Visa

PayNet Links Community Bank BNB To Small Biz Loan Tech

PYMNTS

Small business credit analysis company PayNet is linking up with a community bank to streamline SMB lending for the institution. PayNet President William Phelan said in a statement that the partnership will allow BNB Bank to boost borrower experiences.

Countering The Aging Community Bank Customer Base

Banker to Banker

There was a time when the average community bank customer was the same age as the adult general population. Now, the average community bank customer is more than 5 years older than the general population and increasing in age at a faster rate.

Loan-Loss Plan Is Direct Hit on Community Bank Lending

Finer Points

It is no wonder that the banking industry strongly opposes the Financial Accounting Standards Board’s proposed reforms to loan-loan loss reserve calculations. The proposal would force community banks, in particular, to completely overhaul their approach to lending. Accounting Advocacy Community Banks Economy Regulation Small Business LendingThe following op-ed originally appeared Nov. 9 on American Banker’s BankThink blog.

How Community Banks Can Resecure Their CRE Lending Business

ForwardBanker

Commercial real estate loans have been integral to the success of many small banks. Long before the Great Recession made everyone in the banking industry rethink nearly everything about how they did business, numerous community banks were highly dependent on CRE loans for revenue.

Vendor Selection for Community Banks

Banker to Banker

Community banks continue to look for ways to control expenses. Banks have increased the breadth of outsourced processes and functions: everything from check processing, website management, payment solution and even some underwriting analysis and sales leads.

Community Banks with the Highest Returns on Average Equity

BankThink

Ranking the banks Community banking Performance reportsYear to date through Mar. 31, 2019. Dollars in thousands.

Cutting the red tape for community banks

Abrigio

By eliminating or revising some of the items that banks must include in their call reports the FFIEC hopes to streamline the reporting and decrease the amount of time spent on them. The article allowed banking executives to weigh in on the subject. Blog Bank Credit Union