Words From The Efficiency Experts

The banking industry is completely changing (and fast!) due to this global pandemic. While banks are typically slow to adopt technological changes, the pandemic has accelerated this process by years. Digital offerings are not just conveniences anymore, but legitimate necessities for customers now. This adaptation can be more difficult for community banks with more limited resources than it is for large banks, but community banks still want to be players in the game.

We have officially completed one quarter of 2021! The world is slowly shifting into a new phase of normal as covid cases and regulations are diminishing, but things still aren’t quite ready to go back to pre-covid routines. As a fast-growing startup, something exciting is always happening pandemic or not. We’re happy to share and recap just a few of the exciting things that have been happening so far in 2021.

Analyzing risk is essential to the success of a community bank, but how accessible is information in your organization? For many banks, accessing advanced reports is not a quick or easy process.

What if, as an end user, you could create or edit customer reports, sort or summarize the data, and export it to the format you need without waiting for your IT department? With Teslar’s advanced reporting this, and more, is possible.

Establishing and maintaining healthy financial habits is an important part of daily life, but collectively, American knowledge of the subject has been severely lacking. Multiple studies and surveys found that kids, teenagers, and young adults were not being taught how to manage personal finances, credit cards, retirement funds, or debt by their parents or by the education system. A study Bank of America conducted showed that only 16% of Americans ages 18-26 feel optimistic about their financial future.^[1]

In the final post of the Teslar Power Users series, we hear from Pam Lawson at NE Oklahoma and NW Arkansas-based Grand Savings Bank about how Teslar helps the bank navigate some of the challenges banks and bankers are currently facing. No matter what your bank’s current processes are or what role you serve at your bank, Teslar can help you and your bank become more efficient, streamlined, and empowered.

Teslar Software is on a mission to help community banks thrive. If your current processes are manual, outdated, and all too time-consuming, Teslar has a solution to help your team become empowered and efficient! Continuing our Power Users series, where we share real-life use cases of Teslar partnerships, Casey Gordon shares about the modules that Guaranty Bank & Trust, based in Belzoni, MS, love the most in Teslar.

No matter what solution your bank currently has or what role you serve at your bank, Teslar Software can help you and your bank become more efficient, streamlined, and empowered. In this series, we will chat with some of our Teslar Power Users to discuss how Teslar helps navigate some of the challenges banks and bankers are facing today.

At Teslar Software, we are in the business of creating highly efficient banks. We build tools designed to improve productivity and increase data accuracy throughout your entire institution. We provide community financial institutions with automated workflow and portfolio management tools to streamline and improve processes with easy access to relevant information needed to operate. Our innovative software is built on four pillars that we believe are essential to any financial institution that is eager to increase efficiency: Integration, Empowering Bankers, Streamlining Processes, and Scalability.

Consumer behavior is an important economic driving force. Although holidays are never about gift-giving or spending money, these cultural norms are still major factors for the economy. V Day is a staple day for retail industries like floral, candy, and jewelry. To get a deeper look at just how much we are spending, who is spending it, and what we are spending it on, we turned to NRF (National Retail Federation), who has surveyed consumers about Valentine’s Day plans annually for almost 20 years. 

While the economic effects of coronavirus have led to business closures, job losses, and a drop in GDP, some are taking this as an opportunity to pursue passions and take risks. That’s right, entrepreneurship is on the rise. Americans are starting businesses at the fastest rate in more than a decade. As of September 2020, applications for EIN numbers had surpassed 3.2 million for the year¹, with over 500,000 of said applications occurring from mid-Mach to the end of May alone². This number is, unironically, up 500,000 compared to the year prior¹.