South State Correspondent

JANUARY 14, 2016

Community banks are fighting hard to maintain interest margin; trying to overcome intense competition and a low interest rate environment. There is currently an unusual market phenomenon that is compressing margins by up to 60 basis points. This phenomenon is little discussed and is going mostly unnoticed by many bankers. Community banks making fixed rate term loans today without an interest rate hedge are at a tremendous disadvantage to banks that are using loan hedges.

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Accenture

JANUARY 13, 2016

A bank’s core banking system is the underlying engine that drives and supports its key activities. It’s such an embedded and integral part of any bank that there might be a temptation to take it for granted. This would be. Read more.

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System 150

Abrigo

JANUARY 13, 2016

Sageworks recently announced its lineup for regional User Groups in 2016 , including events in Atlanta, Philadelphia, Los Angeles and Dallas. Each event will feature 2 tracks: one for users of Sageworks Credit Analysis and one for users of Sageworks ALLL. If a bank or credit union is considering these events…what should they expect to learn? Here are 4 key lessons to be covered during the Sageworks Credit Analysis User Groups.

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Analysis Groups Los Angeles Philadelphia 150

Celent Banking

JANUARY 13, 2016

Typically, analysts opine based on analysis of industry data, informed by product demonstrations, telephone interviews and occasional focus groups. This time, I simply share my own experience at a top-5 US retail bank to illustrate how even seemingly little things may have significant customer impact – both favorably or unfavorably. This past weekend, I had a document needing to be notarized.

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Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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South State Correspondent

JANUARY 13, 2016

What is your bank’s goal for your savings account compared to your money market account? The reality is that most banks haven’t thought of it and have their savings and money market accounts established because that is how they always have done it and that is what the competition does. The reality is that when you look at the aggregate performance statistics – balances, lifetime value, duration, convexity and cost to administer, there is very little difference.

Marketing 174

Marketing 174

Insights on Business

JANUARY 12, 2016

All companies, especially financial services firms , segment their customers to fine-tune their marketing based on unique circumstances. For example, a couple considering purchasing their first house has different needs than a couple saving for retirement. But that’s a pretty wide segment, and there can be a lot of variations within those groups. How do you go deeper into those segments to give customers more personalized service?

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social media Analysis Analytics Groups 79

Celent Banking

JANUARY 13, 2016

Celent feels (and others agree) that it’s important that banks deliver an omnichannel digital customer experience, but the term means different things to different people. Based on our own research, we believe that omnichannel is about delivering a customized but consistent financial institution brand experience to customers across all channels and points of interaction.

Customer Experience 100

Customer Experience Innovation Technology Branding 100

South State Correspondent

JANUARY 12, 2016

Tomorrow night’s Powerball lottery will be the world’s richest at an estimated $1.4B. Bankers, despite the odds, are even buying tickets both individually and in syndicates. The ironic part is that with such a big pot, the odds of you winning don’t change (still 1 in 292 million, or about the same as a quarter coming up heads 28 times in a row), but the expected winnings actually go down with a larger jackpot, not up.

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CFPB Monitor

JANUARY 14, 2016

Barbara S. Mishkin. The CFPB has announced that it will hold a field hearing in Louisville, Kentucky about access to checking accounts on January 27, 2016. In October 2014, the CFPB held a forum on checking account screening policies and practices. In his remarks, Director Cordray raised concerns about the accuracy of the reports obtained by banks and credit unions from specialty consumer reporting agencies that are used to determine whether to open a checking account for new customers.

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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper

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Independent Banker

JANUARY 13, 2016

By Camden R. Fine, President and CEO of ICBA. As I’ve said time and again, having a place at the policymaking table in Washington isn’t simply important for community banks—it’s essential. As I’ve also repeatedly assured, ICBA will always pursue and protect the interests of community banks, and only the interests of community banks, with unsparing energy and action—and we do.

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Insights on Business

JANUARY 12, 2016

All companies, especially financial services firms , use micro segmentation to fine-tune their marketing based on unique circumstances. For example, a couple considering purchasing their first house has different needs than a couple saving for retirement. But that’s a pretty wide segment, and there can be a lot of variations within those groups. How do you go deeper into those segments to give customers more personalized service?

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social media Analysis Analytics Groups 70

South State Correspondent

JANUARY 11, 2016

Every community banker is familiar with the Prime rate, and most community banks do not have many loans or deposits tied to LIBOR. The question comes up – should you have more LIBOR loans? The answer is a clear yes and while LIBOR is slightly harder to explain to some borrowers, there are 6 good reasons to switch from Prime to LIBOR.

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Community Bank Community 174

CFPB Monitor

JANUARY 14, 2016

Barbara S. Mishkin. A new FTC report , “Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues,” warns that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws. In the report, the FTC puts companies on notice that it intends “to monitor areas where big data practices could violate existing laws” and “bring enforcement actions where appropriate.” The report discusses the potential ap

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Big Data Data Utah Meeting 73

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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

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SWBC's LenderHub

JANUARY 14, 2016

As a financial institution, you may be aware of the importance of the quality of service that institutions need to offer through self-service channels. With hundreds of thousands of customers moving from larger financial institutions to smaller, more community-based institutions and vice-versa, the attention placed on institutions’ mobile and online banking capabilities has grown.

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Insights on Business

JANUARY 12, 2016

All companies, especially financial services firms , segment their customers to fine-tune their marketing based on unique circumstances. For example, a couple considering purchasing their first house has different needs than a couple saving for retirement. But that’s a pretty wide segment, and there can be a lot of variations within those groups. How do you go deeper into those segments to give customers more personalized service?

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social media Analysis Analytics Groups 70

ZootBlog

JANUARY 14, 2016

Over the past several years as banks focused on staying in compliance with myriad new regulations, innovation slowed—nearly to a standstill. In 2015, I predicted it would be the year banks took back banking. That was certainly true for our clients. They forged partnerships with companies that have come to be known as disruptors in our industry, gave mobile banking new meaning, and focused on creating a great customer experience.

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Innovation Industry blockchain Customer Experience 73

Disruptive Finance

JANUARY 11, 2016

“Do you think that Google and Facebook will enter financial services ?” This is a question that is in many people’s minds, whether they work in Fintech or in traditional finance. And indeed, the arrival of the GAFA (Google, Amazon, Facebook, Apple) in finance has been predicted and expected for years – with great excitement by some,(.).

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Google Apple Fintech Strategy 70

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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.

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SWBC's LenderHub

JANUARY 11, 2016

Another strong monthly payroll report was released this morning, with strong positive revisions from the prior month. The one caveat is the lack of wage inflation as the Average Hourly Earnings figure, month-over-month, was flat (actually rounded up to zero from a slight negative). That figure was expected to rise 0.2%, which is a pretty low bar to begin with.

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Report Marketing 69

Insights on Business

JANUARY 12, 2016

All companies, especially financial services firms , segment their customers to fine-tune their marketing based on unique circumstances. For example, a couple considering purchasing their first house has different needs than a couple saving for retirement. But that’s a pretty wide segment, and there can be a lot of variations within those groups. How do you go deeper into those segments to give customers more personalized service?

social media 70

social media Analysis Analytics Groups 70

ZootBlog

JANUARY 12, 2016

As a companion to our 2015: Year in Review post, we’ve synthesized some of the trends, challenges and opportunities shaping the financial industry in 2016. This year’s predictions include topics from the preceding year, with the addition of projected advancements in the areas of biometrics, enhanced customer experience, big data, digital payments, and innovation.

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Industry Trends Customer Experience blockchain 63

CFPB Monitor

JANUARY 14, 2016

Barbara S. Mishkin. The CFPB has released a report for FY 2015 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report dated December 18, 2015 reflects work performed by KPMG during the period June 15, 2015 to November 24, 2015. The audit evaluated the CFPB’s (1) budget process relative to CFPB policies and procedures established over budget formulation, execution, and monitoring; (2)

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Policies Compliance Regulation Operations 60

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.

Marketing

Gonzobanker

JANUARY 14, 2016

Hey, community bank and credit union marketers: Imagine that you’re sitting in your office, and your CEO comes in and says, “Got a minute? I’m putting together a presentation for the board, and I need to tell them what the Marketing department is really good at.” You’ve got a minute. What do you say? I would bet that of the many possible ways you might describe what your Marketing department is good at, you wouldn’t say, “We’re really good at refle

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Community Marketing Mobile US 60

Matt Wilcox Pro

JANUARY 12, 2016

Bitcoin wraps up its best year ever Currency is a social contract. Whether we’re talking dollars, euros, pesos, rubles, or yen, their worth is no more nor less than what the parties to a transaction agree they’re worth. The word currency came into fashion in the mid 17th Century CE. It was coined (so to [.

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Bitcoin 60

Jeff For Banks

JANUARY 10, 2016

Jerry Reeves, President & CEO of Sturdy Savings Bank of Cape May Court House in New Jersey and current Chairman of the NJ Bankers Association , penned an article The Golden Age of Banking in the NJBA's winter 2016 edition of New Jersey Banker magazine. He romanticized that more seasoned bankers might be reminiscing back to the "good old days", but newer bankers might see today as banking's golden age.

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CFPB Monitor

JANUARY 14, 2016

John L. Culhane, Jr. Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers. Politico also reported that in his new position Mr. Chopra will look at how to judge the financial solvency of colleges, examine state level consumer protections for borrowers, seek ways to make data more publicly available, and work on improving loan protections for military mem

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Leadership System Report How To 60

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Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.

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