Citibank recently announced plans to eliminate overdraft fees beginning this summer, making it the largest bank thus far to implement this policy, according to the press release. The bank announced it would stop charging overdraft fees, returned item fees, and overdraft protection fees in an effort to be more financially inclusive.
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.
Excellent customer communication is the pinnacle of community banking. However, a new precedent for speed and digital offerings for your commercial customers has been set since the onset of the Paycheck Protection Program. Will people want to go into a bank branch to apply for a commercial loan when they were able to carry out the entire PPP loan process digitally? Now that these digital expectations have been set, there’s no going back. Bankers can’t revert to doing things the same way they did before the pandemic. It’s just not an option.
Springdale, Ark., Dec. 6, 2021 – Teslar Software, provider of portfolio management tools that aggregate and automate lending and deposit operations for community financial institutions, today shared commentary on what most significantly impacted the market in 2021 and what financial institutions should watch as we head into 2022.
In the banking industry, innovation and technology are top of mind for community financial institutions who want to stay relevant. As you search for solutions to your CFI’s needs, you will undoubtedly vet many vendors. Give yourself an advantage and be sure to ask the right questions during the discovery process. These are some of the most important questions you should ask when interviewing potential partners to ensure the relationship is going to be a good fit.
Community banks have always been good at creating lifetime customers, but evolving technology and customer demands can complicate your ability to satisfy customers post-pandemic. There is a running joke in the banking industry that the pandemic took five years of technology growth and pressed it into one. With the additional demands put on bankers by the Paycheck Protection Program (PPP), that joke is one hundred percent true. Now that these digital expectations have been set, there’s no going back. Bankers can’t revert to doing things the same way they did before the pandemic. It’s just not an option.
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.
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.
During the 2019 ICBA ThinkTECH accelerator, Mark Marionneaux, president and CEO of Zachary, La.-based Bank of Zachary, visited the Venture Center and spoke with several participants, one of whom was Joe Ehrhardt, CEO and founder of Teslar Software. Bank of Zachary has since partnered with Teslar Software for exceptions management and workflow tools to streamline manual processes.
The coronavirus pandemic of 2020 shook the American economy and uprooted day-to-day life for most Americans. We saw a lot of back and forth when it came to economic outlook and predictions. One factor that stayed strong was the housing market. In fact, demand increased and we saw record-breaking sales numbers in 2020. Despite increase in building materials in 2020, demand for new homes also stayed strong.