Credit unions and physical security during COVID-19
Technology can help mitigate vulnerabilities created by reduced staffing and lobby closures.
Credit unions, community banks and competing with fintechs
At this point, it’s a cliché to predict the downfall of big banks. Forecast for years, it wasn’t until the 2008 financial crisis when cracks appeared in the business foundation. Fintechs still ranked as somewhat of a novelty and posed no threat to the established giants. Fast forward to the present—where the leading brands give some financial Read More
Gaining an edge in the battle for deposits
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 Read More
Why it takes more than great service for banks to win over small-to-midsize businesses
Banks know, perhaps all too well, the growth strategy of targeting small-to-midsize business clients (SMBs) to win over more of their fee-generating accounts. That trodden path for banks of all sizes dates to at least the wake of the financial crisis. And it’s not always a path to riches: A recent BAI Industry Insights presentation at the Read More
Podcast: A community bank’s drive to thrive
As though today's banking industry hurdles aren't enough, community banks are fighting to keep their customers happy in an era of high-stakes high tech and increasing competition for all corners. Nancy Graves, CEO of the Bank of New Jersey, shares how her institution found its place in the market, which in turn has preserved an excellent standing among its Garden State clientele. From the Read More
‘Commarketing’: How smart community banks stand out in a crowded field
It’s lunchtime in Ann Arbor, Michigan, and Terry Kalinowski feels the need for a little live music. “Anything to break up the day,” says the 26-year-old paralegal. But unless he walks through the halls of the University of Michigan’s Moore Building to hear music majors rehearsing or takes to the sidewalks of Michigan’s third largest city—hopefully to Read More
How FinTechs finally found allure in community banks
The stereotype is that FinTechs play big. Really big. Only big. Big-dreamin’ entrepreneurs cruise Silicon Valley’s Sand Hill Road in big-money sports cars, looking for big-time venture capital so that they can finally, finally play ball with the big dogs of the banking world. Community banks? (Insert laughter here.) Don’t make Mr. Big Disruptor spit out his Read More
The definitive data dilemma: Community banks and the struggle to bag big benefits
Everyone has heard comments such as these: “Data is your greatest asset.” “If you don’t learn how to leverage your data, you’ll get left behind.” “Your number one technology challenge is to get control over your data.” But is it really true for community banks? If so, why are so few doing anything about it? Data update: Read More
Podcast: Community banking and the drive for excellence
The BAI Banking Strategies podcast kicks off season 3 with Jill Castilla, President and CEO at Citizens Bank of Oklahoma. The institution has roots that go back more than 100 years--to a time before Oklahoma was a state--and on this episode, Castilla talks about how her bank has learned to adapt to the times to stay healthy Read More
Don’t cell yourself short: Why community banks must transcend a mobile-first strategy
Customers don’t like hitting their local bank. That statement may not sit well with community bankers, but it’s a fact. A 2016 survey found that more than half of U.S. consumers prefer digital to face-to-face relationships with their banker. It’s a harsh reality check, no doubt, but also marks another milestone along the eroding trail of traditional Read More
Can community-based banks pass the millennial graduate test?
Across all industries, the hot question is this: How do businesses attract and retain millennials—the largest generation in American history by a landslide? Nowhere does this question resonate so much as in financial services. In fact, The Millennial Disruption Index identified banking as the highest-risk sector for disruption. Thus it’s no surprise that community-based financial institutions (CFIs) are moving Read More
Podcast: Millennials and community banking
How do community banks and credit unions best cater to the needs of millennial consumers and business owners? On the first episode of BAI Banking Strategies' new podcast, we talk with Graham Seel, founder at BankTech Consulting, about the impact millennials and technology have on community-based financial services organizations. Listen to the podcast on Soundcloud. You can read Graham's Read More
Peerless ideas, pleased customers: How to overcome 3 challenges in managing the life of the loan
Inefficiency in lending makes it tough for financial institutions to service customers effectively and grow the loan portfolio. Many of these inefficiencies are inherited and accepted as “just the way we do things.” But to work smarter—not necessarily harder—and provide customers a good experience, fresh ideas and processes can challenge the inefficiencies. Across the banking industry, loan Read More
Seven solid principles for winning customer trust
When consumers run into issues with a megabank, one of two outcomes are all but certain: Some customers will forgive, forget and stay—while others will take action, along with their accounts, and leave. In light of those potential actions, community bankers likewise have two choices: You can open your doors every morning and hope you get more Read More
Challenge and opportunity for community banks
Competitive, economic and regulatory pressures are driving community bankers around the country to make strategic decisions about the future of retail banking. To overcome the challenges and leverage the opportunities 2016 presents, they’re increasing efficiency, making acquisitions and expanding business lines. We spoke to the leaders of four banks with assets ranging from $200 million to $1.7 Read More
Three tips for growing core customer relationships
Have you heard this from a community banker? “We are uniquely positioned to service the affluent customer.” And, “Our service is second to none.”Don’t fool yourself. Your prospects don’t know about your service unless it causes problems for them. And, very few community-based financial institutions are more uniquely positioned to serve the affluent class than are their Read More
Rise of the super banks post-crisis
Bigger is better may not have been what the politicians and regulators envisioned post-financial crisis but that’s what we now have in the banking industry. In short, big banks in the United States have closed ranks and gotten much bigger over the past decade, while smaller banks have either merged their way into the middle tier ranks, Read More
Three branch models for the future
If you have only scanned the headlines from the business world, the news about bank branches seems grim, as every week brings more branch closings by banks and credit unions.In many of those instances, managers of the financial institution cite the changing nature of customer behavior. And yes, transactions are down dramatically, with volume dropping 45% since Read More
Three innovation tactics for community banks
Wells Fargo, Deutsche Bank and JP Morgan Chase have recently attracted attention with their innovation labs. Seems like every large bank has at least one lab in which they experiment with new technologies, business processes and products and services. It’s not surprising that the word “innovation” has become such a beacon for banks. Now that the dust Read More
Improving the asset liability management modeling process
Each bank is unique in that it possesses a distinct strategy, asset mix, product selection, customer base and risk profile that differentiates it from others. As such, the profitability and survival of each one of these institutions are largely determined by how well their boards and senior managers can balance current and potential earnings while maintaining adequate Read More