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3 Electronic signature benefits for banks

Kylee Wooten
Posted by Kylee Wooten

Implementing new technology can often be met with skepticism. Why fix something that isn’t broken? Just because it isn’t broken, per se, doesn’t mean it’s perfect. Take signatures, for example. It’s hard to comprehend something as simple as a signature can be an obstacle to a financial institution’s speed and…...

Sageworks’ Martin: A better borrower experience is worth offering

Mary Ellen Biery
Posted by Mary Ellen Biery

Banking leaders can look at the apps available in their own everyday lives to understand how small business and middle market borrowers’ expectations for speed, convenience and transparency have been shaped, according to Sageworks Vice President Steven Martin. Sageworks VP Steven Martin speaking at the Barlow…...

Improving banking customer satisfaction with technology

Kylee Wooten
Posted by Kylee Wooten

Technology has drastically changed the ways we interact with different industries, from shopping to taxiing around town. For the first time in its five-year history, the annual Economist Intelligence Unit survey revealed that keeping up with changing customer behavior and technology are the most important trends to bankers – even…...

Survey: Long waits and difficult applications aggravate small business borrowers

Mary Ellen Biery
Posted by Mary Ellen Biery

The good news for banks and credit unions? Small-business borrower satisfaction is higher for these lenders than for online lenders, according to a new Small Business Credit Survey by the Federal Reserve. The not-so-good news? Satisfaction with online lenders has increased over the last two years, even as net satisfaction…...

Human touch + high tech = business lending growth

Mary Ellen Biery
Posted by Mary Ellen Biery

Even though mobile apps and online services are the norm in most people’s everyday lives, research shows that when it comes to borrowing, business owners still value personal service and existing relationships, too. About 90 percent of small business owners in a 2016 Aite Group survey said familiarity or previous…...

Banks praise passage of Dodd-Frank regulatory reforms

Kylee Wooten
Posted by Kylee Wooten

For the past eight years, community banks have voiced their struggles of competing under heavy regulations set forth by the 2010 Dodd-Frank Act regulatory reform law, which generated more than 20,000 pages of regulations. In a landmark victory for post-crisis banking policy, Congress voted to enact the bipartisan Economic Growth,…...

Credit unions introduced to new automated cybersecurity examination tool

Marin Goodwin
Posted by Marin Goodwin

In the 2018 Data Breach Investigations Report (DBIR), Verizon reported over 53,000 security incidents, including 2,216 confirmed data breaches in 2017. Financial institutions have high stakes when it comes to cybersecurity and credit unions are natural targets for these types of attacks: as nonprofit entities, they are likely to have…...

A “No Data Entry” way to comply with customer ID regulations

Thomas Curley
Posted by Thomas Curley

The Customer Identification Program rule, or CIP, implements section 326 of the USA Patriot Act, which requires banks, savings associations, credit unions and certain non-federally regulated banks to have reasonable belief that they know the true identity of each customer. These laws were established with a goal of preventing money-laundering…...

How are your peers preparing for CECL?

Mary Ellen Biery
Posted by Mary Ellen Biery

As financial institutions lay the groundwork for transitioning to the current expected credit loss model, or CECL, many are curious about how peers are preparing for CECL and where they are in tackling what’s considered the biggest accounting change in banking history. After all, the FASB’s guidance on CECL is…...

Three reasons bankers consider a CRM

Sageworks
Posted by Sageworks

Managing a loan portfolio while handling the three-pronged goal of maintaining high-quality customer service, growing loans and prospecting is the difficult task asked of lenders. The work that goes into managing the portfolio can sometimes mean growth initiatives don’t get the attention they deserve. With the right customer relationship manager,…...