While policy and technology questions continue to be debated around the digital dollar, the vital role that community banks need to play in this next evolution of money is indisputable.
For $3.1 billion-asset Blue Ridge Bank, innovation is priority number one. Yet in a recent interview, the Luray, Va.-based community bank quickly pointed out that innovation is not as much about the technology investment as it is about the cultural one.
As discussed in ICBA’s first Crypto Chronicles blog post, cryptocurrency emerged from Satoshi Nakamoto’s desire to create a “purely peer-to-peer version of electronic cash.”
Testimonials have long been a crux of an effective communications effort in helping to articulate and demonstrate a community bank’s value proposition to customers and its community. Here are a few tips to help community bankers make the most out of this important and effective tool for sharing their positive story.
With the London Interbank Offered Rate, or LIBOR, set to be largely discontinued in a few months, federal regulators are increasingly vocal about the need for financial institutions to be ready for the transition.
As the globe focuses on the rise of digital assets, the Federal Reserve is cautiously weighing whether to build a central bank digital currency (CBDC), which raises complex policy and technical considerations.
Faster payments have arrived. Accelerated by the pandemic, the growth in digital and contactless payments has pushed consumer and business expectations toward the real-time movement of money.
In the past several months, bad actors have escalated their attacks against critical infrastructure and industries. These actions are bringing renewed focus to the role of cryptocurrencies in facilitating criminal activity and helping foreign governments evade sanctions and to the resultant need for heightened regulatory intervention.
According to the 2020 Global Innovation Barometer from GE, COVID-19 had a significant downward influence on innovation. However, community banks found themselves in a different category—increasing their innovative thinking during the pandemic.
The past year has been a trying time for our nation, particularly for America’s elderly population who were disproportionately impacted — both in terms of hospitalizations and deaths — from the coronavirus pandemic.
In the wake of the high-profile cyberattacks on SolarWinds and Colonial Pipeline affecting national security and the everyday lives of Americans, cybersecurity has never been a more pressing concern to community banks.
CBDCs are taking center stage around the globe, with multiple research projects underway. As central banks lay the framework for digital currencies, how money movement is architected could have a significant impact on community banks.
What is galvanizing the world market to pursue central bank digital currencies? The factors are varied. In this edition of ICBA’s Digital Dollar Digest series, we explore the catalysts for global interest in central bank digital currency (CBDC).
Black-owned community banks have a long history of serving Americans historically left out of the mainstream banking system. Many well-established community banks continue this legacy today, but one troubling trend has emerged in the past two decades.
The payments industry is abuzz with excitement as one topic continues capturing headlines, with profound implications for community banks: Bitcoin. With digital currencies reshaping the U.S. payments system that community banks and their customers depend on, what exactly is Bitcoin and where did it come from?
While community banks have again proven their importance to local communities as Paycheck Protection Program leaders, public banking proponents in some states and municipalities threaten to undermine this system and its benefits to consumers.
To better protect their institutions and customers from email scams, community banks can make incremental technological changes. The following enhancements to email settings will increase email deliverability and improve security against phishing scams.
For community banks looking to strike a balance between high-touch services and high-tech capabilities, selecting the right technology partner is more critical than ever. This decision is amplified when it comes to selecting a core processor.
