Diversity is what drives change and furthers our ability to make a difference in the world. Different people coming together with their own unique approaches, ideas, and problem-solving skills makes for better business, better innovation, and pushes the world toward a better future.
In the current digital age, community banks are increasingly confronted with the challenges of legacy systems and paper-based processes. These outdated methods not only slow down operations but also introduce inefficiencies that can hinder a bank's ability to compete. Automated workflows and Robotic Process Automation (RPA) offers a cost-effective solution, presenting opportunities for banks to streamline their workflows, minimize errors, and boost overall efficiency.
As we continue to hear stories of businesses struggling to find and retain talent, it's becoming clear that this is the new normal. Many long-time employees retired en masse during the pandemic, leaving banks and other businesses struggling to attract new talent to fill those gaps.
In today’s financial landscape, community financial institutions find themselves navigating through a unique set of challenges. The wave of bank failures throughout 2023 put a spotlight on the volatile side of the industry, making it critical for community institutions to remind the world of their resilience.
In the dynamic realm of banking, efficient workflow processes are a common goal among financial institutions. Although there are many approaches, true process improvements are made by focusing not on a specific solution, but on the principles that drive efficiency.
One of the most significant of these principles is integration and its potential to redefine the way institutions operate.
The holiday season is a time of joy and generosity, and also a lot of shopping. While we’re busy decking the halls, many of us are also decking our shopping lists with gifts for loved ones. As the years go by, one thing has become increasingly clear: holiday shopping isn't what it used to be. But thanks to the power of fintech, the way we shop, budget, and spend during the holiday season has undergone a remarkable transformation. Some fintech solutions are making holiday shopping more convenient, secure, and personalized than ever before.
Despite current economic conditions, innovative banks are avoiding cuts to their tech budgets. However, many banks are still hesitant to venture away from their core providers and form relationships with other technology vendors. Investing in technology can help community banks improve efficiency, reduce operating costs, and reach more customers with an improved customer experience.
Commercial customers are typically a bank’s largest revenue stream. Meeting their needs and providing top-notch experiences for them is a high priority, but most financial technology is not built or suited for commercial customers or complex relationships.
With tightening margins, inflation, and high interest rates, community bankers face not only a challenging lending environment, but also a battle to sustain deposits. Customers are more knowledgeable than ever and are prepared to shop across multiple channels to find the right fit for their deposit needs. So how can community financial institutions look to compete with larger banks and credit unions to attract those customers?
Net interest margin is a central measure of a financial institution’s long-term success and viability. In an industry that is currently seeing abnormal trends of lower loan originations, excess liquidity, global staff shortages and supply chain issues, closely monitoring margins is of even more importance for banks wanting to avoid falling behind peers.