Abrigo
OCTOBER 25, 2014
'Singer-songwriter Joni Mitchell was referring to environmental impacts when she sang, “Don’t it always seem to go/That you don’t know what you’ve got/Till it’s gone” in "Big Yellow Taxi." But chances are, many accountants have the same thought after a client leaves the practice – especially someone who was with the firm for several years.
South State Correspondent
OCTOBER 22, 2014
'If you look at the sensitivity in a bank’s budget, $1 of investment in new line of business usually doesn’t break even for two to three years. $1 invested in finding a new customer usually returns about 9%, while $1 invested in a new product is usually above 20%. This all compares to about a 40%+ return invested in improving processes (loan, branch, cash management, etc.) and about a 80% plus return spent on reducing customer churn, increasing lifetime value and/or helping cross-sell.
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Celent Banking
OCTOBER 21, 2014
'The digital transformation in financial services is about the move from the physical to the virtual world, from person-to-person interaction toward person-to-machine or machine-to-machine. It is Celent’s view that Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations.
Finer Points
OCTOBER 17, 2014
'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. And according to ICBA’s recently released 2014 American Millennials and Banking Study, this generation represents a major opportunity for community banks.
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CFPB Monitor
OCTOBER 23, 2014
'Richard J. Andreano, Jr. The CFPB has issued a final rule amending certain provisions of the 2013 Title XIV final mortgage rules. While in its press release the CFPB describes the amendments as “minor adjustments to its mortgage rules,” the final rule contains several major changes from the CFPB’s proposal. QM Points and Fees Cure.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Abrigo
OCTOBER 3, 2014
'Comedian and television writer/producer Larry David has said, “I''m not a person who embraces challenges. I run from challenges. I break world records running from challenges.” Humor aside, accountants don’t have the luxury of thinking that way. While accounting was identified as the most profitable industry of the last 12 months , it is not without its challenges.
South State Correspondent
OCTOBER 14, 2014
'For those of you that remember our data on the seasonality of bank marketing ( HERE for those that don’t), before October 24 is really one of the last chances of the year to drive any kind of effectiveness. October 24 through November 21 st is neutral and after the 21 st you might as well light your marketing dollars on fire, as it will produce the same effectiveness.
Celent Banking
OCTOBER 15, 2014
'Data analytics is not a new pursuit. SAS, for example, has been offering solutions since its inception in 1976. But owing to the inherent complexity of advanced data analytics platforms, experience with data analytics has been the domain of only the largest organizations. However, the last several years have witnessed an explosion in applications for data analytics, especially in the area of customer analytics.
Finer Points
OCTOBER 6, 2014
'A new report exposing the New York Fed’s coddling of Wall Street megabanks—particularly Goldman Sachs—is making waves in Washington. And why shouldn’t it? The ProPublica report exposes the New York Fed’s culture of deference to the megabanks it is charged with regulating as well as its marginalization of the few examiners who have spoken out. […].
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In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202
CFPB Monitor
OCTOBER 10, 2014
'Kim Phan The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit reporting issues affect Latino consumers, especially those who have limited English proficiency (LEP). Consumer advocates, industry representatives, state and federal regulators, and academics have been invited to exchange information on a range of issues.
SWBC's LenderHub
OCTOBER 18, 2014
'When you offer products and services, one of the biggest obstacles you''re faced with—often on a daily basis—is addressing objections. Hearing ''no'' is a typical part of the job. You have to be prepared and on the offensive to face and overcome being told ''no.''.
Abrigo
OCTOBER 27, 2014
'With the fourth quarter of 2014 well underway, both banks and credit unions are in the midst of reporting their results from the previous three months. While Q3 reports will trickle in over the coming days to meet the end of October deadline, a crucial piece of the puzzle the financial community and economists will be looking at is loan growth rates.
South State Correspondent
OCTOBER 16, 2014
'Back in October and November of 2007, yields dropped 20+ basis points and credit spreads increased by more than 10%. It ended up be a signal as the next month the US found itself in a recession. Yesterday we saw similar movements in the markets, as at one point the 10Y Treasury had moved more on a percentage basis than it had when the Lehman Brother’s collapse was made public and when 9/11 occurred.
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Celent Banking
OCTOBER 6, 2014
'We usually talk about how hard it is for the financial industry to innovate at the right pace, and doing the right bets. In my opinion Latin America lags a little bit behind, in part for not having anything similar to the US’ Silicon Valley. We see though, increasing efforts to generate the environment and providing places for the ecosystem to mingle.
Independent Banker
OCTOBER 29, 2014
'Out of Mom and Dad’s basement, millennials are primed to become your next best customers. By Ed Avis. Meet Jack Bauhs, your next customer. He’s a high school senior who lives in suburban Chicago. He is aware of the value of shopping local, he carries $10 or $15 in his pocket, and he knows that he has a lot to learn about financial things. And technology is important to him.
CFPB Monitor
OCTOBER 7, 2014
'Marc Patterson On October 1, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015. The webinar focused on the Loan Estimate and addressed specific questions regarding the content of the Loan Estimate form that relate to corresponding provisions of the Closing Disclosure.
Jack Henry
OCTOBER 29, 2014
'Author: Jason Schwabline, JSchwabline@jackhenry.com. Like looking for Waldo in a crowded scene, everyone in the financial industry is searching for the ultimate branch of the future. But are we looking too close to ourselves? Hoping that it miraculously appears right in front of us? Well I am not a psychic, but I have seen the branch of the future.
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
Abrigo
OCTOBER 28, 2014
'Have you ever wondered why your accounting firm lost out on a recent engagement? Do you get frustrated when clients show little interest in utilizing the firm’s additional services that are offered? A lot of accountants may assume that they lost a potential client because another firm presented a lower estimate. Or it may seem as though a client is too stubborn to consider thoughtfully the benefits of receiving strategic advice or financial planning assistance.
South State Correspondent
OCTOBER 23, 2014
'Sometimes the future isn’t that clear, and this one has us perplexed. We are not sure this is a step forward or backwards in technology, but we find it interesting. Nimbl , a San Francisco start-up now has an app available where you can request cash and a certified runner brings it to you.
Celent Banking
OCTOBER 30, 2014
'The game is afoot! The announcement from The Clearing House regarding real-time payments last week came as no surprise – indeed, it felt inevitable. The Federal Reserves’ significant work around the topic, and their clear determination that it would happen, seems a clear indication that they wouldn’t rest until it was delivered. The question then is how will it be delivered.
Independent Banker
OCTOBER 29, 2014
'Finding the right place, at the right pace in a volatile and uncertain mobile marketplace. By Collin Canright. It’s become a familiar story, usually with a new splash. Large banks and nonbanks, merchants and technology companies are pressing to solidify their inroads into the financial transaction business. Research and everyday observation show how consumers are increasingly using mobile technologies.
Advertiser: Data Robot
The buzz around generative AI shows no sign of abating in the foreseeable future. Enterprise interest in the technology is high, and the market is expected to gain momentum as organizations move from prototypes to actual project deployments. Ultimately, the market will demand an extensive ecosystem, and tools will need to streamline data and model utilization and management across multiple environments.
CFPB Monitor
OCTOBER 20, 2014
'Alan S. Kaplinsky and John L. Culhane, Jr. The CFPB released its third Annual Report of the Student Loan Ombudsman , Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints. Before turning to the substance of those complaints, and the conclusions drawn by the Ombudsman, we think it important to put the complaints and those discussions in perspective.
SWBC's LenderHub
OCTOBER 8, 2014
'If you have a rock star team of loan officers, and I’m sure you do, chances are they are offering Guaranteed Asset Protection (GAP) to each one of your auto loan borrowers. There’s no question to either financial institutions or borrowers, that due to many of its benefits, GAP is a necessary auto loan protection product that should be purchased whenever a customer finances a new car, truck, or SUV with you.
Abrigo
OCTOBER 29, 2014
'Multifamily, commercial and automotive loans are driving loan growth among banks in the Northeast, but increasing risk will draw fresh attention from regulators to ensure recent and future growth is sound, the Office of the Comptroller of the Currency said recently. The OCC on Oct. 28 released a report detailing substantially improving conditions among OCC-regulated banks in its Northeastern District, defined as Connecticut, Delaware, the District of Columbia, eastern Kentucky, Maine, Maryland,
South State Correspondent
OCTOBER 28, 2014
'Last week the boys and girls at the Joint Regulators (The FFIEC, plus SEC, HUD and others) rolled out the final rule (Final Rule) set (found HERE ) that structures risk retention under Section 941 of the Dodd-Frank Act for bank assets destined for securitizations.
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