A new form of investment scam has skyrocketed in recent years as criminal syndicates target consumers through online channels. Called “pig butchering,” this new scam is increasingly relevant, including among the consumers and communities that community banks serve.
Banks and their customers continue to be challenged by a rise in fraud and scams across payment types. Most significantly, check fraud has emerged over the past several years as a leading concern.
It’s an exciting time for ICBA Innovation, culminating in the long-awaited opening of ICBA’s Center for Innovation—an initiative more than a year in the making with the promise to help drive community bank innovation.
To ease the regulatory and economic forces pressuring margins and embrace new payments opportunities, community banks should focus on six key trends this year to drive their payments plans and activities
At a time when consequential failures at large, risky banks led to major media outlets erroneously directing blame to Main Street community banks, ICBA was there defending and promoting the community banking business model—differentiating community banks when it was needed most.
This time of year, we often take stock of our accomplishments and look ahead to the possibilities and opportunities awaiting us in the coming year. Certainly, when it comes to blazing ICBA’s innovation path for community bankers, we’ve upped the ante significantly in 2023.
As payments has evolved, so has ICBA Bancard, and with that came the opportunity to rebrand who we are in light of our why. I’m proud to introduce ICBA Payments.
As ICBA and our industry continues to differentiate and evolve, we are excited to announce the next stage of our journey as we rebrand from Community Banker University to ICBA Education.
We have been experiencing an acceleration in innovation since the start of the pandemic. MuleSoft reported that in 2022, 72 percent of customer interactions occurred over digital channels—nearly double that of 2021—proof that we are living the digital-first experience.
Our mission is central to everything we do, and the pride that comes from that every day is nothing short of inspiring. Much like the community banks we serve, ICBA is continuously evolving, growing, and building momentum.
What is the true nature of cryptoassets? Are they securities or commodities? This question, perhaps more than any other, has propelled policy debates over the past few years.
Federal banking regulators so far have approached regulating the use of artificial intelligence through the lens of existing regulations, rather than creating a new set of guidelines. But based on various regulatory announcements, there are some salient risks community banks should consider when using the technology.
To help separate fact from fiction, let’s start with a working definition of AI and related terms, before discussing a few notable use cases for community banks.
The significant upheaval in the crypto markets—and its impact on consumers and national security—has accelerated Washington’s attention to digital assets policy. Prudential banking regulators, the White House, and the Treasury Department have pursued a range of intertwining policy initiatives, all with direct consequences for the nation’s community banks.
Remaining aware of developments in the digital assets industry is critical as crypto entities seek greater access to the traditional financial system and policymakers in Congress deliberate paths forward.
With traditional backup and recovery systems at risk of compromise in the event of a malware attack on IT systems, ICBA helped found the Sheltered Harbor initiative to protect against cybercrime.
Sixty percent of all fintech startups are intersecting with the payments space in some manner. Increasingly, they’re partnering with banks or targeting their offerings directly to support community bank operations. Cue the rise of the banking- and payments-as-a-service relationship as exhibit A.
Innovation, like time, is constantly moving forward, which is why even before we wrapped up our 2023 ICBA ThinkTECH Accelerator program, plans were well underway for the first of three ICBA ThinkTECH Solutions Forums this year.
A lot has changed in the 15 years that Fannie Mae and Freddie Mac have been in federal conservatorship, including a restoration of the health of the mortgage market and the financial strength of these housing-focused enterprises. What hasn’t changed is the need for the federal government to follow established law and ensure its conservatorship of Fannie and Freddie is temporary.
FedNow launched on July 20—with eager anticipation from the payments industry. But in the past month, we’ve not heard much about transaction volume, use cases, or user experiences. Fortunately, our senior vice president of payments industry relations, Nick Denning, has been following FedNow closely and shared with me his insider’s view on where things stand for FedNow and community banks.
