Growth is the synthesis of change and continuity, which is why we recently kicked off its application period for our third ICBA ThinkTECH Accelerator cohort--to maintain the program's momentum and ongoing quest to identify technology solutions that solve for community bank pain points.
While policymakers continue debating new approaches to mitigate the coronavirus' ongoing impact, one issue has attracted newfound scrutiny as the pandemic’s economic consequences unfold: How will these financial pressures affect the U.S. housing market?
Unless you have been living on a desert island for the past few years, you would be hard-pressed to miss the technological revolution that is sweeping our nation’s financial system and the larger global economy.
Catching synthetic identity fraudsters remains difficult, and the fall-out of not detecting it, is substantial. AI company Coalesce estimates that synthetic identities account for more than 20 percent of losses in a loan portfolio, and for credit, they average 4.6 times the typical loss.
When I think about customer-permissioned data sharing, I am reminded of the scene from the movie, Ferris Bueller’s Day Off where Ferris and his best friend, Cameron, leave the keys to a Ferrari with an attendant only to discover later that the valet has taken the luxury sports car out for a joy-ride.
Well before coronavirus saturated our headlines, community banks accounted for 60 percent of small-business lending, served 58 percent of small businesses nationwide as their primary lender, and lent over $1.5 trillion to small businesses in 2019 alone.
Central Payments, the payments arm of the $238 million-asset Central Bank of Kansas City (CBKC) never imagined that a few days into their Falls Fintech accelerator program, they’d have to transition to a fully virtual experience. But due to COVID-19, that’s exactly what happened.
It’s no surprise that community banks have been financial first responders during the coronavirus pandemic. Their mission, vision and commitment to community is well-known, but research reveals the true extent of their impact.
Back in 1985, the first Macintosh computer debuted, and by today’s standards, it was a boxy, clunky, slow unit, yet Consumer Reports gave it a glowing review and cited the mouse and use of icons as technological breakthroughs. This demonstrates a key point: 35 years is a long time when we consider the rate of technological change.
With U.S. consumers paying approximately 15 billion bills valued at $4 trillion annually, nearly 30 percent of all consumer spending comes in the form of bill payment. This market presents significant opportunities for community banks.
Crisis response is not a new concept for community banks that have weathered economic recessions, natural and man-made disasters, and previous pandemics—all of which presented unique challenges that tested the industry’s resiliency and provided valuable lessons
Given today’s competitive labor market and rising employee expectations, finding the right talent for your bank can be challenging. So, why not look internally and focus on the human capital that you already have?
In celebration of ICBA Bancard’s 35th anniversary, I sat down with our Chairman Greg Deckard, president, CEO and chairman of State Bank Northwest to reflect on key milestones that have led to the organization’s success.
Community Banker University® has noted an uptick in the number of bankers completing online training. Unfortunately, we have also seen a few instances where bankers are completing courses, but the system is not marking them as closed.
On June 5, 2020, the Paycheck Protection Plan (PPP) Flexibility Act was signed into law by the President. The PPP Flexibility Act could help organizations that may still be closed or partially closed meet the requirements for forgiveness.