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3 Ways Financial Institutions Can Step Up for Underserved Communities

Perficient

The financial services industry must consider its customer experience game while also grappling with a sense of distrust from many communities due to systematic barriers, maintaining utmost accessibility due to the essentiality of the business, and the lack of financial literacy across the country. Trust and Transparency. .

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Compliance burdens: Reducing bank products and services

Abrigo

According to a recent survey by the American Bankers Association (ABA), more than 46 percent of respondents had to reduce offerings for loan or deposit accounts, or other services, at their bank because of regulatory compliance burdens. A recent Forbes commentary, Dodd-Frank, Community Bank Decline, And The Effect On U.S.

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Why banking technology makes sense – recession or not

Abrigo

Banking technology decisions now affect future growth With the possibility of a recession, community financial institutions may consider a delay or cut in technology spending. Technology for needs Instead of cutting, focus bank tech spending Undoubtedly, scholars will study the causes and effects of Southwest’s meltdown for years to come.

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GAO notes regulations’ trickle-down effects on smaller banks

Abrigo

The GAO acknowledged that community banks, credit unions and their professional industry associations reported increased compliance burdens and reduced activity in specific business activities, such as certain mortgage lending, as a result of Dodd-Frank.

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The Elephant in the Room: Branches

Jeff For Banks

The recently released FDIC Summary of Deposits showed the second year of branch decline. The most recent ABA study on delivery channel preference showed online banking eclipsing branch transactions for the 55+ set. This dates back to an interview I did with American Banker about a community FI that was opening coffee shop branches.