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  • How banks, credit unions can prepare for fintech disruption

    Community banks and credit unions face more competition and disruption than ever before. In an interview for the eBook, Agile Bankers – How Community Banks are Addressing Disruption, Risk and Growth, Tom Bugielski, CEO of Republic Bank of Chicago, says, “The retail banking challenge that we face today is something…
  • What banks can learn from what business borrowers dislike about online lenders

    As bankers know, online and “alternative” lenders are a small but growing group of players in the business lending market. Small business loans represented about $7.4 billion of originations from alternative lenders in 2016, according to data from Morgan Stanley’s Alternative Lending Group and the Cambridge Centre for Alternative Finance.…
  • Banks tap technology to challenge fintechs in online lending

    U.S. Bank this week rolled out an online small business loan platform aimed at helping it compete with fintech giants like OnDeck, which announced this month it had surpassed $10 billion in total loans originated to small businesses since its 2007 start. It’s one of hundreds of banks across the…
  • With consumers’ trust comes great responsibility: Approaching data security in a fintech-friendly world

    Highly publicized events in recent months, like the Facebook-Cambridge Analytica scandal, have heightened what is already an increasing concern of consumers – the collection and use of their data and personal information. Fintech apps have taken the world of financial information by storm in recent years. Between personal financial, budgeting/saving and…
  • This is why direct banking ranks #1 in customer satisfaction

    ...and tips for traditional banks looking to close the gap Even though an element of human touch is still a major consideration to loan applicants, direct banks, or branchless banks that operate online, are setting the bar for customer satisfaction. According to the J.D. Power 2018 U.S. Direct Banking Satisfaction…
  • Survey: Long waits and difficult applications aggravate small business borrowers

    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

    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…
  • A "No Data Entry" way to comply with customer ID regulations

    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 to assess the quality of an API

    Whether buying a new house or shopping for a new pair of shoes, you probably have a checklist for the features you’re looking for in a quality product. If you’re looking to invest in an application programming interface (API), then you should maintain the same standards. The potential that an…
  • How regulation and technology will shape the future of community banking

    Community banks will always meet a need for local decision-making and person-to-person service, but they must see relief from disproportionate regulatory burdens and must leverage technology for innovation if they are to thrive long term. That’s the gist of comments made by several industry leaders, including former FDIC Vice Chairman…
  • Better together: Banking and Fintech

    While Fintech companies were initially viewed as a banking competitor, the two are finding that there is greater benefit to working together. According to the 2017 World Retail Banking Report, 91 percent of banks and 75 percent of Fintechs responded that they expect to partner with one another in the…
  • Top pain points for business borrowers

    The Federal Reserve’s 2016 Small Business Credit Survey found that businesses more often express satisfaction with a traditional, small-bank lender than with online lenders, defined as nonbank alternative and marketplace lenders. But Peter Brown, vice president of strategy at Sageworks, notes that online lenders improved their satisfaction levels by more…
  • Infographic: Tech drives growth in accounting firms

    A major concern for many firms is whether or not their technology investments will pan out. The big question is: “Will this expenditure return a profit for the firm?” This concern often leaves firms clinging to their previously purchased, outdated technologies and prevents them from reaching their greatest efficiencies. Because…
  • OCC calls for “responsible innovation” amid fintech wave

    The Office of the Comptroller of Currency, recognizing the sweeping changes in technology and business practices that are affecting financial institutions, is recommending U.S. banks incorporate “responsible innovation” as they adapt quickly to these advances, but what exactly does that mean?  In a recent whitepaper (download), the regulator outlined the…