Community banks have long served the small-business market, but given the pandemic impact, new opportunities have emerged to support these customers’ payments needs and address areas of friction.
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.
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
The SBA and Treasury Department just publicly released loan-by-loan information about Paycheck Protection Program loans, as they said they would on June 19.
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?
While we have never before experienced anything quite like COVID-19, we can identify a bright spot: community banks rising to serve the needs of their communities.
Literally overnight — the night of March 26 — community banks answered the call to support small businesses fighting to survive COVID-19. In that one day, 3,700 institutions became new Small Business Administration lenders to support the Paycheck Protection Program.
With irrefutable evidence that the United States is in a recession, zealous market watchers are now searching for clues as to its size and scope. At ICBA, we took the liberty of crunching the numbers in search of some answers, and our conclusions point to a short, sharp, and spotty recession.
As ICBA’s Executive Brief on digital wallets demonstrated, consumer use of digital payments technology is increasing due to the convenience and speed these options offers. The same rings true when exploring digital payments apps.
As we continue our relentless focus on customers in need, we must not let our guard down in continuing to urge Congress, the agencies, and the public to “wake up” to an overly-opportunistic credit union industry.
Innovators see the world not as it is today but how it can be, which is why ICBA has pledged a three-year commitment to its ThinkTECH Accelerator program--to help community banks foster innovation and address their customers' evolving payment needs.
Launching a new lending initiative during a pandemic was a challenge in itself, but add in closed branches, remote customers, and government provisions, and community banks faced a trifecta of issues in entering this brave new world of lending.
When I really need to focus, I’ve noticed the process usually starts with decluttering both my mind and my environment. I love the quote, “Starve the distractions. Feed your focus.” To clear my mind before starting a project, I know that I have to be purposeful with my attention.
With the Senate considering Paycheck Protection Program reforms after the House passed its reform bill last week, now is the time for community banks to urge lawmakers to enact our recommended changes.
During the pandemic, three types of attacks and scams have risen sharply, and bankers should anticipate seeing more of these threats throughout the pandemic’s duration. This blog explains them and how you can protect your community bank.
