The Teslar team had an amazing time in Orlando, FL last week at the ICBA Live conference! Conference attendees Joe Ehrhardt, CEO, Account Executives Colin Savells and David Hamrick, and Director of Marketing, Courtney Martin sat down to discuss their favorite parts of the event.
There are two types of relationships with technology: digital immigrants and digital natives. Digital immigrants are those who have integrated into technology and did not grow up with it, like today’s older generations. Digital natives are younger people, mostly children and adolescents, who were born into technology. As digital natives are entering adulthood, we’re seeing a shift in the “American Dream.” Young people are becoming more and more detached from tradition. Less people are getting married, buying homes, having children, attending church, or joining political parties, among other things.
“Fintech” is defined by the Oxford Dictionary as “computer programs and other technology used to support or enable banking and financial services.” This takes shape in a broad array of products and services.
In July 2016, in the small town of Duncan, Arizona, the last bank branch in the town closed its doors. They direct traffic to their nearest branch… 40 miles away. It is a popular belief nowadays that bank branches are on their way out and digital banking is taking its place, but are we looking at the whole picture? Don’t community banks offer a lot more to the communities they serve than just a place to make deposits?
The Census Bureau collects household information in order to understand the nation’s people and economy. The data describes where people live, their living arrangements, ages, income, education level, commuting patterns, and occupations.1 This information helps all members of the community in different ways. Following the constitutional mandate of equal population representation, the data is used to apportion seats in the House of Representatives and draw district boundaries. Conducting a census every ten years is required by the U.S Constitution.
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.
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.
On Wednesday, December 4th, The University of Arkansas in Fayetteville hosted a distinguished lecture by Reshma Saujani, Founder and CEO of Girls Who Code, a non-profit that offers learning opportunities in computer science skills, build confidence, create career pathways, and be a support system for girls in grades 6-12. Saujani is an advocate for education and gender equality in the workplace, specifically tech fields.
It’s long been known that the traditional banking system just doesn’t work for the lifestyle of today’s consumers. Fintechs have noticed these problems and created digital solutions to almost all banking needs but there is still a lot of hesitation for community financial institutions to partner with these companies—but why?
How do we describe the holiday season? Magical, wonderful, exciting, warm… busy, stressful, distracting. If we’re being completely honest, the holidays make it really hard to stay focus and remain productive among the crammed schedules and extra time off. Aside from the hustle and bustle of family plans and travel, you’re likely finding your schedule filled holiday parties, charity drives, and many other events the season brings.