South State Correspondent
MARCH 25, 2015
'Honestly, we are not huge supporters of the opera and go there really only under special circumstances - like when we are forced to go there under gunpoint. Maybe it’s our ADD, or maybe we are too used to Game of Thrones, but in opera it can take a performer up to ten minutes to convey a simple concept such as, “She left me.
Abrigo
MARCH 26, 2015
'So meecard created by Whitney2327585 If you’re an accountant, a CPA or an auditor, March may very well be the most grueling month of the year. You’re probably up to your ears in #busyseasonproblems like being overloaded on caffeine, working on little sleep, and jealousy for missing out on the college basketball viewing parties happening in the outside world.
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Jeff For Banks
MARCH 27, 2015
'The Credit Union National Association (CUNA), the credit union equivalent to the American Bankers'' Association (ABA), states that credit unions exist to serve members, returning earnings to members in the form of lower loan rates, higher interest on deposits, and lower fees. Nearly four years ago, I tested the higher interest on deposits claim in a guest post with the exact title on The Financial Brand , an industry publication geared towards marketing executives at banks and credit unions.
Jack Henry
MARCH 25, 2015
'Author: Rob Hudecek, RHudecek@profitstars.com. Traditionally many financial institutions offered lockbox services because they had to, not because they wanted to; and usually only to secure a high profile loan or depositor. This approach rarely works (whether it be for lockbox or any other venture). It is not by accident that many of the articles published on this blog focus on customer service as the strength of a community institution, and is often directly related to the community it helps c
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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
South State Correspondent
MARCH 23, 2015
'If you are looking for a sweet spot of a new customer segment then we submit to you that you should be going after accountants, CPAs and tax preparers (collectively, “accountants”). While you might have competition, this group is less banked than the doctors, dentists and other medical practitioners, plus accountants are almost equally as profitable.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
CFPB Monitor
MARCH 25, 2015
'Alan S. Kaplinsky. We recently wrote about three studies that cast serious doubt on the benefit to payday loan borrowers of an ability-to-repay requirement, a payment-to-income (PTI) ratio ceiling, and rollover limits, three potential payday loan restrictions thought to be under consideration by the CFPB. The findings of these studies find support in another study released this week by Navigant Economics entitled “ Small-Dollar Installment Loans: An Empirical Analysis.” The study was co
Banking 2020
MARCH 26, 2015
'Debt collection is an industry with deeply entrenched practices; it’s slowly growing, subject to macro economic trends and credit cycles, and rife with litigation. These are the hallmarks of a mature industry, one that isn’t expected to demonstrate extraordinary technical foresight and innovation. However, change is coming. It will be driven by the regulatory changes we expect to see this year.
South State Correspondent
MARCH 23, 2015
'If you have ever been on Amazon or Zappos, you have seen the recommendations or the “customers that bought x, also bought this” either on your screen or been subjected to an email campaign. It has been said that 35% of Amazon’s sales are driven by behavior marketing, which is largely driven by their recommendation engine. Major banks employ the tactic as well and the methodology is what drives many offers behind Wells Fargo’s industry -leading product-per-customer metric or Capital One’s profit
Abrigo
MARCH 23, 2015
'It is only natural for community banks to have loan concentrations that result from the market(s) they serve and the markets they pursue. In today’s times, a high commercial real estate (CRE) concentration is often the result of community banks pursuing opportunity in the market. Consequently, interagency guidance on CRE concentration risk management , released in 2006, helps institutions pursue CRE lending with safety and soundness.
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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
MARCH 23, 2015
'Barbara S. Mishkin. The CFPB has released a report for FY 2014 prepared by KPMG of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report reflects work performed by KPMG during the period October 1, 2014 to February 16, 2015. The audit was conducted to evaluate various objectives specified by the CFPB.
SWBC's LenderHub
MARCH 26, 2015
'Does your institution take advantage of tax season to increase auto loan promotions? If not, perhaps that is something you should consider, and for good reason. As of March 6, according to the IRS , the average tax refund is $3,034, a 3% increase from the same time last year. In addition, car sales tend to rise during tax season. According to Edumunds , car sales peaked around May for most manufacturers.
South State Correspondent
MARCH 26, 2015
'Comedy may run headlong into drama for banks as asset-liability management (ALM) risk may bare its fangs for banks that aren’t careful. It is almost a joke on how much liquidity there is in the system and it would be funnier if banks were not potentially at the butt of the punchline. Unfortunately, for ALM practitioners, this environment is one that we have never seen so its lessons are likely to stick to the ribs of experience for some time.
Banking 2020
MARCH 24, 2015
'As March comes to an end, it’s time for consumers and financial institutions alike to start thinking about April, which has been deemed Financial Literacy Month ! For over a decade, Financial Literacy Month has been backed by many organizations including the National Foundation for Credit Counseling , Money Management International , and the United States Congress, among others.
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CFPB Monitor
MARCH 23, 2015
'Alan S. Kaplinsky. In its study of consumer arbitration dated March 10 th , the CFPB concluded that relatively few consumer arbitrations have been filed. In a recent Consumer Law & Policy blog , Professor Jeff Sovern states that he is “skeptical” of my position that the CFPB’s conclusion can be explained, in part, by the fact that most consumers use informal methods for resolving their disputes with companies.
Tomorrow's Transactions
MARCH 26, 2015
'Technologically speaking, the credit card as we know it should have vanished long ago. It’s surely not got much longer. As you may recall, the UK Government has for a while been looking at APIs in banking… The UK Government is to launch a ‘Call for Evidence’ on how APIs could be used in banking to improve transparency and help customers compare financial services providers.
South State Correspondent
MARCH 25, 2015
'After releasing Spanish text banking last year, Wells Fargo & Co. releases their new mobile banking app where you can set your primary language preferences to Spanish. This is key as capturing the Latino customer should be the focus of any large retail bank.
Javelin Strategy & Research
MARCH 26, 2015
'Javelin recently put out a report, Trust, Technology and the U.S. Consumer , that tracked the long term effects of the interplay between innovation and trust. Technology providers like Apple, Google, Amazon, PayPal-eBay, and Facebook have been making solid gains in consumer perceptions of trust and privacy since 2011, while top banks and payment networks have lost ground.
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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.
CFPB Monitor
MARCH 26, 2015
'Barbara S. Mishkin. Effective March 25, 2015, the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption. This new exemption applies only to the sale of condominium units on and after March 25, 2015, but also will include condominium units within projects currently registered with the CFPB that are offered for sale on and after March 25.
ABA Community Banking
MARCH 22, 2015
'FTC receives 1,000 complaints daily, as draft bill emerges Retail Banking Risk Management Customers Cyberfraud/ID Theft.
South State Correspondent
MARCH 23, 2015
'When Goldman Sachs reports that 33% of Millenials think they won''t need a bank in five years, know that they could be right. Below is a graphic from CB Insights that shows how there is a startup fintech company that almost covers Wells Fargo''s entire business model. Look closely as they take Well''s website and map back to each startup.
Javelin Strategy & Research
MARCH 26, 2015
'Apple Watch is Tim Cook’s first new product launch, and the Cupertino-based company is doing everything in its power to make sure it succeeds. Javelin is cautiously optimistic; we’re already crunching consumer data to prepare a report on how to build banking, payments and retail experiences for Apple Watch and other smartwatches. No matter how many new devices we see hit the market, it’s always interesting to look at the theatrics behind a successful launch (or at least a seemingly successful l
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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.
CFPB Monitor
MARCH 26, 2015
'Barbara S. Mishkin. The American Bankers Association has submitted a 46-page comment letter on the CFPB’s proposed prepaid card rule. In the letter, the ABA makes the following key comments: Additional clarity is needed in the definition of the term “prepaid account” to avoid banks being subject to second-guessing by examiners and plaintiffs’ attorneys.
ABA Community Banking
MARCH 23, 2015
'Smaller banks appeal to them, in spite of their high-tech leanings Retail Banking CSuite Customers Community Banking Feature Feature3.
South State Correspondent
MARCH 23, 2015
'If you are looking for a sweet spot of a new customer segment then we submit to you that you should be going after accountants, CPAs and tax preparers (collectively, “accountants”). While you might have competition, this group is less banked than the doctors, dentists and other medical practitioners, plus accountants are almost equally as profitable.
Javelin Strategy & Research
MARCH 27, 2015
'A colleague of mine forwarded me an inbound email for an upcoming conference the other day titled “Chip Cards to Result in Massive Online Fraud”, asking where I stand on this, as if he didn’t know that this was effectively lighting the blue touch paper on a Roman Candle and running for cover. I replied with a three word answer… “PILE OF @SS” A couple of days on, I have decided to condense my thoughts into this post, which encompasses some of the data driven
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