Teslar Software will be participating in an exciting virtual event alongside other fintechs tomorrow (Thursday, May 21st) at 11:00am CDT! The Alliance for Innovative Regulation, the ICBA, and the Venture Center are hosting “PPP Tech | Loan Forgiveness Solution Sprint,” a virtual event to showcase technology solutions to help with PPP Forgiveness-- reporting, managing, and servicing these loans. Each invited fintech will spend five minutes demonstrating their solution followed by a Q&A session with community bank leaders.
On Monday (April 20th) oil prices reached below zero for the first time ever at negative $37 a barrel, meaning traders were paying money to get people to take oil for the month of May. A recent article from NPR says, “It’s a sign of just how imbalanced the global oil markets are.”
We have launched a free product called Teslar Unite – PPP. This module is designed to assist community bankers and small businesses with the SBA COVID-19 PPP loan application process. By leveraging Teslar Unite – PPP, financial institutions will have a portal integrated in their own website that will allow their small business customers to easily download the PPP loan application, fill it out, upload it and track the status of the loan. This module is available for free to all community financial institutions during the dates available for small businesses to apply for the COVID-19 PPP.
Credit scores are a big deal. They’re used to determine if you can buy or rent a house, get a car, or even some jobs. FICO is implementing extensive changes to credit score calculations that will affect millions of Americans. An estimated 40 million Americans will see their score drop by 20 or more points, and equally as many might see as large of an increase.1
The Bureau of Economic Analysis recently released its advance estimate for the United States GDP for the fourth quarter of 2019, as well as the entire 2019 calendar year. They estimate real GDP grew at an annual rate of 2.1% in Q4 and 2.3% over the entire year. There were gains in both consumer spending and residential investment, a good sign for future economic expansion.
We're looking forward to our first conference of the year this weekend! This year is going to be jam-packed for Teslar! We're excited to showcase our software solution that will empower community bankers. We hope to see and meet both new and existing customers at one of these conferences throughout 2020!
The battle for deposits has become increasingly competitive for community financial institutions. Major retailers and tech companies such Apple, T-Mobile and Google are attempting to enter the financial services landscape, posing new threats to existing players. As a result, money that used to be stored in traditional bank accounts is now scattered across various channels that are typically not secured by the FDIC, such as the Starbucks app. And, large national banks still persist as significant competition. With their expansive budgets and vast resources, national banks have more freedom than their community bank counterparts to leverage technology and hire staff in their efforts to gather deposits and scale.
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.
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.
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.