Integrating Technology in 2020

In a recent article by Tina Giorgio, president and CEO of ICBA Bancard, she discusses the top three industry developments that “should be on every community bank’s priority list in 2020 and beyond.” Change is the most consistent factor of the banking industry; new technologies will continue to emerge and new solutions will be created. Giorgio urges bankers to take full advantage of these opportunities. In her article, her top three developments are Internet of Things (IoT), Digital Wallets, and Customer-first approach.

A Case for Robo-advisors

Technology is changing the day-to-day operations of banks and their employees. Many are hesitant and resistant to a technology takeover, but many of these digital services can revolutionize the banking industry, giving employees more opportunities to do work that generates more revenue and has more meaning.

Why America Needs Real-time Payments

There are two types of people: those who never let their bank account get close to zero and those who at some point get near or below zero in their bank account. According to Aaron Klein, a fellow at the Brookings Institution (a government research center in Washington, D.C.), half of Americans have enough income and expense volatility that their bank accounts hit or get close to zero. Klein relents, “once you start getting near and hitting zero, the world becomes incredibly expensive: $35 for an overdraft, $50 for a payday loan, interest rates of 300-400%, late fees.”

Employee Resistance With Your Digital Transformation

It’s true nobody likes change, but it’s particularly frustrating to face changes that seem completely unnecessary. Chris Maher, CEO of OceanFirst Financial, noticed the biggest problem when going digital was a cultural and training gap among employees, “not surprisingly, if you work all day within a bank branch, you don’t personally have a big need to use mobile banking and wouldn’t be an advocate of that technology because it’s not important to you in your life.”

Banking Jobs of the Future

As digital banking continues to grow in popularity, it’s evident that the traditional model of banking is not coming back. Yes, there is still a demand, and therefore need, for in-person interactions and brick-and-mortar stores (read more on that here and here), but many aspects of traditional banking are more than likely gone for good. If the future of banking is digital, we can’t help but wonder, what does that mean for the future of banking jobs?

How Banks Can Attract Young Talent

The introduction of AI and digital technology has “forced banks to realize that human connection is what will set them apart and give them an edge. You can use all the technology you want but without the right people to deliver it, manage it, and embrace those changes, you will fail.”¹ Collaboration, empathy, creativity-- all of these new things are humanistic by nature.

Ending America's Retirement Crisis

Risky Business: Leveraged Lending

Leveraged lending offers credit to commercial businesses with high levels of debt, helps companies obtain funding for leveraged buyouts, mergers and acquisitions, and recapitalizing businesses. While many commercial businesses see success from these loans and are able to repay them, the high levels of debt and lower liquidity can reduce a business’ ability to respond to unexpected changes in economic conditions.

The Retirement Problem in America

The statistics surrounding the dire state of retirement in America are abundant. According to a 2019 Bankrate Financial Security Index survey, 21% of Americans aren’t saving any money at all. Forty eight percent of working adults are saving something, but still less than 10% of their annual income.¹

Company Culture: The Difference Between Good and Best

There are good companies to work for, bad companies to work for, and there are great companies to work for. What is it that makes a company the “best”? What is their company culture like? Harvard Business Review (HBR) researched the best places to work in the United States looking for these answers. We’re not just looking for what they do differently, but why the things they do see success.