What Banks Can Learn from Tech

Looking at the success of others, we can see what consumers want. Something Apple, Google, and Amazon all have in common is that they thrive with simplicity. Consumers love the sleek, uniform, and easy-to-use features of Apple products. People love how easy it is to find information with a quick Google search. People love finding what they need, buying it with the touch of a button, and having it on their doorstep within a day or two. It’s the ease, the simplicity.

Strategies for Deposit Growth in 2020

For the first time in ten years, the Federal Reserve cut interest rates this past July. Then again in September… and then again in October. Prior to these cuts, rates had been steadily rising. The quick and sudden shift in the direction of interest rates has left financial service providers re-strategizing how to grow deposits in the coming year.

Tips for Saving Money Over the Holidays

1. Budget Ahead of Time

Most of us have resigned to going for broke when it comes to the holiday season. We often overlook just how many people we need to buy for, just how much food we need buy, and all the parties we need to attend. Try budgeting first to see how much you have available to spend and remember all the small details that add up. We tend to miss minor expenses like postage for Christmas cards, ingredients for cookie exchanges, home décor, travel expenses, etc. Most importantly, set a realistic budget. Don’t make it too tight.

Community Banks Ahead of Curve in FDIC’s Q3 Profile

The FDIC recently released its latest Quarterly Banking Profile for Q3 with positive results. The results include all FDIC-insured institutions. The profile is described by the FDIC as a “report card on industry status and performance.” The report looks at balance, loan performance, quarterly income, annual income, ratios by asset size, loans to small businesses and small farms, and ratios for community and non-community banks.

Welcome Jon to the Team

Please join us in welcoming Jon to our support team as the newest Support Engineer!

Protecting Yourself Against Online Shopping Scams

Fraud is not something new to us. The growth of technology has caused an influx of varying scams. Most people are aware of identity theft and the precautions to take. First-party fraud is also on the rise, with people intentionally fabricating all or part of their identity to avoid paying for products or services or to receive reduced rates.¹ With online shopping at large and the holiday season upon us, we want to talk about online shopping scams we’ve been seeing lately that we might be more likely to fall for.

Celebrating Past Traditions While Moving Toward the Future

Amidst the digital age, we continue to search for traditional banking’s place in the financial industry. Community banks, naturally, have less resources and smaller staff than larger competitors, but their small size offers agility and flexibility. To compete in today’s technology-dominated market, community banks must stay strong in these offerings in order to keep their edge.

Consumer Sentiment Stays Strong in 2019

Consumer sentiment is the measure of how optimistic consumers feel about their finances and the state of the economy. There are two major reporters of consumer sentiment: The Consumer Confidence Index by the Conference Board and the Michigan Consumer Sentiment Index by the University of Michigan. These are both conducted by household survey and report monthly.

What Customers Need from Their Banks

The Banking Administration Institute (BAI) conducted interviews with customers of lending institutions, hoping to gain insights on digital lending. These clients were from small and middle-market businesses and, as the BAI’s efforts found, they were more than willing to talk—in fact, they gave straight and direct comments. Turns out they were eager to talk about their banking experiences!

Are Women Being Left Behind in Tech?

In December 2019, The University of Arkansas in Fayetteville hosted a distinguished lecture by Reshma Saujani, CEO and founder of Girls Who Code (a non-profit that offers learning opportunities in computer science skills and helps girls in grades 6-12 build confidence, create career pathways, and have a support system). Saujani is an advocate for education and gender equality in the workplace, specifically tech fields.