It only took a few years for the U.S. payments space to see the development of game-changing faster payments technologies, and consumers are taking notice. Experts say the time is now for community banks to prepare for a future where these speedier transactions are the new normal.
Steven Giles of Central Bank of Kansas City and Donald J. Hawkins of kinly meet in Westwood Hills, Kan. The community bank and the fintech have forged a symbiotic partnership.
Supporting local causes and charities is a core differentiator of community banks. To that end, some community banks have elected to form foundations to be lasting stewards of their charitable contributions.
Many community banks don’t offer their customers investment advice or brokerage services but contracting with a third party could bring opportunities to deepen relationships with existing customers.
Starting in 2018, ICBA’s ThinkTECH Accelerator has helped create a new ecosystem of community bank-friendly fintechs through a rigorous incubator boot camp involving hundreds of community bankers serving as mentors. Read on to learn about this year’s fintech cohort and their diverse mix of lending, cybersecurity and other solutions.
Instant issue cards are becoming more common at financial institutions, as they can maximize card usage and even attract customers. But another option, digital issuance, combines that speed with increasingly popular digital services.
Small Business Administration (SBA) lending has seen major changes in the past year. Amid these trends, some community banks are harnessing internal and external data sources to find potential SBA loan customers.
Americans were already headed toward greater adoption of contactless payments when COVID-19 changed the way they shop. Now, data shows that contactless payments will be a new normal for many, even after the pandemic. For community banks, it’s time to get ahead of the trend.
Using data from your community bank, an ad campaign or public sources allows your marketing efforts to find potential or existing customers who’ve already shown interest in your brand.
SPONSORED | Banks without faster payment solutions can no longer meet expectations or compete with the industry innovators. Learn more about real-time payments and how you can leverage this transformative opportunity.
