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Banks are taking sides: Fintech disruption or fintech partnership?

Joseph Lowe
Posted by Joseph Lowe

Today, online-only banks and alternative lenders pose a major threat to community banks that are unwilling to adapt to changing customer expectations. Startups, such as Better Mortgage, can offer mortgage loan decisions in just three minutes using only a credit score and stated income. Meanwhile, large banks such as Goldman…...

Local banks, focus on local SEO

Joseph Lowe
Posted by Joseph Lowe

Community banks and credit unions have built their brands around supporting local communities, small businesses and economies, but what if your bank isn’t well known by the locals? Today, local brand recognition is threatened by online innovation, as well as by large and online-only banks with deep pockets that have…...

Win back deposits with strategic branding

Joseph Lowe
Posted by Joseph Lowe

For community banks that are competing with online-only banks, large financial institutions and competition right down the road, factors affecting overall loan portfolio growth such as localized rate competition and balancing portfolio risk across loan concentrations are significant. However, as the Federal Reserve has raised interest rates, consumer pressure to…...

How community banks can win the battle for deposits

Joseph Lowe
Posted by Joseph Lowe

Across the country, community banks are facing an increasingly relevant problem: Large banks are winning the battle for deposits. From 2013 to 2017, total deposits fell at banks with $1 billion or less in assets by 7.5 percent as total deposits at banks with $1 billion more in assets increased…...

What do borrowers want?

Joseph Lowe
Posted by Joseph Lowe

There’s no shortage of information available on banking best practices, but these articles tend to leave banks and credit unions wondering what exactly accountholders’ expectations are and what specific processes can be improved to meet them. One clear trend may serve as a guiding light for financial institutions hoping to…...

The pros of loan spreading software

Joseph Lowe
Posted by Joseph Lowe

Discovering insights from data can be the difference between a defensible loan portfolio and a vulnerable one for financial institutions. Yet, community banks and credit unions that cannot afford dedicated data entry specialists must rely on time-strapped lenders, credit analysts, or loan administrators to complete data entry during loan spreading,…...

Two ways your financial institution should focus on customer service

Joseph Lowe
Posted by Joseph Lowe
mobile-borrowers-online-checking-account

The last time you received poor customer service from a business, what did you do after? If you’re like most people, you probably expressed your thoughts to your peers. In fact, 58 percent of people inform friends and family about a negative customer experience according to a Salesforce report. It…...

Assessing risk beyond the 5 C’s of credit

Joseph Lowe
Posted by Joseph Lowe

When assessing the potential risks a borrower presents a bank’s portfolio, the typical starting point for most lenders is the “Five Cs of Credit” – capacity, character, capital, collateral and conditions. But as a younger generation, burdened with excess debt, becomes the prime demographic for commercial and consumer loans, community…...

Prioritize SEO: Compete with big banks

Joseph Lowe
Posted by Joseph Lowe
seo-alphabet

It’s no secret that most borrowers research banks or credit unions before deciding whether or not to utilize their services. The question is, what is your financial institution doing to ensure its website is optimized so that it’s on the shortlist of banks that show up on a potential borrower’s…...

Is your institution prepared for C&I lending growth?

Joseph Lowe
Posted by Joseph Lowe

According to the most recent Federal Reserve Senior Loan Officer Opinion Survey, bank loan officers are easing lending standards for commercial and industrial (C&I) lending due to increased competition and a more favorable economic outlook. As banks and credit unions look to close out 2018 strong and drive growth into…...

How financial institutions can attract talented job applicants

Joseph Lowe
Posted by Joseph Lowe

This year, the U.S. unemployment rate dropped to 3.9 percent, which is the lowest rate since 2000. The tighter supply of labor means community banks and credit unions are among employers struggling to attract young talent and fill valuable positions. Retaining bank employees, particularly recent graduates, has become increasingly difficult,…...

How to secure borrowers with a CRM: Develop a referral program

Joseph Lowe
Posted by Joseph Lowe
connected-referral-program

Are you more likely to trust an advertisement or a friend’s advice? According to Nielsen’s Global Trust in Advertising Report, you’re more likely to trust people you know over advertising formats; 84 percent of respondents prefer recommendations from peers. While it’s no secret that consumers seek input from friends when…...

Enhance customer service through a CRM built for banks

Joseph Lowe
Posted by Joseph Lowe

When it comes to customer service, innovations in technology have changed the landscape. Banks and credit unions can engage with customers anywhere on any device across multiple platforms. This transition toward technology has redefined customer behavior and led to greater client expectations of superior customer experience – even in the…...

Understanding the borrower’s financial history: The key to lending in 2018

Joseph Lowe
Posted by Joseph Lowe

In the effort to win loans, understanding the borrower’s unique financial circumstances is a must, despite being an often rushed stage of the lending process. In order to make sound lending decisions without stressing about the probability of default, and in turn decreased defensibility for examiners and auditors, it’s important…...

Maximize the value of your CRM through relationship lending

Joseph Lowe
Posted by Joseph Lowe

Are you truly maximizing the benefits of your financial institution’s CRM? The ROI of a fully-integrated customer relationship manager (CRM) is no secret. A CRM offers a central record of customer engagements, efficient task management system and accountability of opportunities or assignments. However, streamlining the once time-consuming tasks with a…...

How community banks can resurge entrepreneurship

Joseph Lowe
Posted by Joseph Lowe

Millennials are expected to dominate 44 percent of the workforce in the next four years, and they’re aiming to take their careers in a new direction: entrepreneurship. According to the 2016 BNP Paribas Global Entrepreneur Report, millennials around 27 years old are setting out for entrepreneurship in droves, rather than…...

Forge borrower relationships and build trust with data management

Joseph Lowe
Posted by Joseph Lowe

Banks, small and large, store thousands of financial statements, tax returns, rent rolls, appraisals, credit reports and supporting documents annually. Ensuring that these documents are stored safely has increasingly become a concern, as data scandals, such as Facebook’s Cambridge Analytica scandal, and mega data breaches, such as Under Armour’s breach…...

Electronic Tax Return Reader: Boost customer satisfaction and save time

Joseph Lowe
Posted by Joseph Lowe

Across all tasks involved with the commercial and personal lending processes, one common bottleneck that banks and credit unions face every day is data entry. Manual data entry is not only a time waster, but a money pit as well. Poor data quality in the form of inaccurate or simply…...

4 Ways for banks and credit unions to market to millennials

Joseph Lowe
Posted by Joseph Lowe

The term “millennial marketing” is often touted across numerous industries in an effort to better understand a generation that’s growing in many ways. According to the American Bankers Association (ABA), millennials are the fastest growing customer base, account for 83.5 million people in the United States and is expected to…...

3 Ways to improve your bank or credit union’s customer service

Joseph Lowe
Posted by Joseph Lowe

Exceptional customer service is crucial for your bank or credit union’s success in the market. But what does customer service look like today? As technology expands throughout the banking industry, the definition of customer service has also broadened. It doesn’t just mean a polite interaction at the teller line anymore,…...

Hot summer reads to enhance your financial institution’s digital strategy

Joseph Lowe
Posted by Joseph Lowe

Have you completed a work checklist ahead of your next vacation? Some items to cross off the list include composing an out of office email, updating meeting invites and contacting clients to tie up loose work ends. What about creating a reading list? The week before a vacation can often…...