Innovation is a high priority for many community bank leaders, so it’s critical that we have a foundational definition of innovation.
Elder financial abuse has been on the rise for the past decade, but so has data analytics technology, which banks can be use to fight this fraud. Experts share strategies for community banks to protect their customers from identity fraud.
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.
The reality is that most community banks aren’t likely to switch to a new core due to perceived time or cost restraints. That makes leveraging that existing core relationship all the more important to reaching strategic goals. Here’s how to make the most of this vital relationship, according to community bankers and core providers.
Social distancing, working from home and quarantining have challenged notions about the use of technology and the automation of historically manual processes. The explosion of new solutions, coupled with the need to interact with customers using digital platforms, puts more pressure on community banks than ever before to innovate and perform.
BankFirst has partnered with a fintech company to help consumers track their spending on subscription services, as well as help the community bank grow interchange income and marketing opportunities.
Many community banks are moving their software, hardware and even core systems to the cloud in search of more flexible, scalable and affordable services. Community banks and vendors say a migration requires proper planning to give your cloud its silver lining.
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.
It’s essential that community banks understand and leverage their position in the small business marketplace for the health of our communities, our country and the economy.
As a result of COVID-19, some bank functions are being done remotely. But what about transitioning to a new core provider? Both banks and vendors report that there are clear benefits—and some drawbacks—to switching core systems remotely.