One of the newest trends in banking litigation is the proliferation of “blind eye” fraud claims. The law underlying these claims isn’t new, but the rebrand to “blind eye” is sparking renewed interest and enthusiasm among plaintiffs’ attorneys, foreshadowing litigation to come. [Continue]
One of the important roles that community banks play in the American economy is providing credit to small businesses. What I consider to be the typical small company — $1 million to $10 million in annual revenue, 10 to 75 employees — often needs a line of credit or periodic term loans that are too small to attract the interest of the largest banks. [Continue]
Did you hear about the rural resident who came up with a creative way to deposit cash into his bank account? There’s no bank in his town but there is a post office, so he goes there and purchases money orders. Then, he electronically deposits those money orders in his bank, likely using an app on his phone. [Continue]
One of the best ways for banks to mitigate risks, therefore, is to have their own tailored agreements with customers that set forth the terms, guidelines and use of the products that third-party vendors provide. [Continue]
Amazon has totally transformed the retail landscape, including the supply chain and expectations of customers who want things immediately. Bankers trying to differentiate in a crowded marketplace are increasingly committing themselves to a service standard that clears the Amazon baseline. [Continue]
Hopefully this peace time will continue. However, in case it does not last, it is wise to consider steps that can be taken now to avoid (or at least mitigate) financial stress, which could lead to the need to sell your institution or take on partners. [Continue]
There is a distinction being made now between customer service and customer experience, or CX. The former involves interactions with your people while the latter refers to customers’ holistic encounters with your brand. Some companies spend big money and years of study to create a brand designed to deliver memorable CX. Yet investments meant to deliver on CX are destined to fail without a highly-trained workforce. Everything hinges on those people skills! [Continue]
It’s a big deal when any small business lands a big customer. Business owners dream of landing a Fortune 500 customer that will assure sales and boost profits. But of course, that’s not the end of the challenge. No small business owner wants to become dependent upon one big customer, so the ultimate goal is to land several big customers. [Continue]
Dan Brown, author of the bestseller “The DaVinci Code,” states that “History is always written by the winners. When two cultures clash, the loser is obliterated and the winner writes the history books — books that glorify their own cause and disparage the conquered foe. As Napoleon once said, ‘What is history, but a fable agreed upon?’” [Continue]
It used to be that the banking regulatory community gave you a pass on having a formalized and documented ERM program within your organization, but the tide, as they say, has turned. [Continue]