As America continues to combat the public health and economic consequences of COVID-19, local banks are doing their part to keep money flowing to small businesses. Ensuring that banks maintain liquidity, and have an interest rate benchmark appropriate to their business model, is critical to our nation’s recovery. [Continue]
Do you know how much it costs your bank to process a loan? If the answer is “no,” then how do you know if you are making (or losing) money on the loans you originate? Banks of all sizes experience pressure on profits. Certainly a variety of forces are contributing to any bank’s relevancy in its particular market. [Continue]
It the bank knows a business personally, the face time will be worth it. Digital applications will, this time, take longer. Banks with strong community relationships should have an advantage. It sounds old fashioned, but a face-to-face meeting is often the key to giving pause fraudulent applications. [Continue]
With so many businesses struggling with diminished or no revenue during forced closures, community-minded banks have stepped up to answer the calls for help and disburse emergency funding. Lenders everywhere have been under enormous pressure to meet the overwhelming demand – and meet it quickly. But even amidst such challenging circumstances, banks’ burden to “get it right” still exists. [Continue]
By March 31, three out of four Americans worked from home. Bank lobbies were locked, phone lines redirected, video chats had replaced corridor confabs. All for the greater good, the public health professionals had said, and hadn’t most of us quickly assented? [Continue]
The bank branch is changing. This was true before COVID-19, and changes will further accelerate as we consider branch strategies in the post-pandemic world. The functionality, design and purpose of the branch can and should be evaluated in response to post-pandemic human psychology and emerging safety best practices. [Continue]
As the first post-conversion business day begins, systems are up, clients can access online and mobile banking and their debit cards are working. Your nightmares of being hunted like Frankenstein by a mob of angry clients were unfounded. [Continue]
As bankers continue to rely on technology to enhance operations and stay competitive, third-party fintech vendors are becoming increasingly important. While technological advances help improve compliance, products and services and due diligence among other, they also carry significant increased risk when paired with such third party arrangements. [Continue]
I had an experience recently where an eagle-eyed operations employee at Prime Security Bank in Eagan, Minn., prevented a series of fraudulent checks from going through when she noticed that the signature on the checks did not match the signatures on the signature card. [Continue]
All banks are required to assess the risk of a pandemic to their business and have a plan to address providing continued service during such an event. Does your plan include a contingency to allow some employees to work from home? [Continue]