When an organization is the victim of a cybersecurity breach, the immediate concern is the compromised data. The damage to brand reputation, potential lawsuits, regulatory fines and stringent compliance oversight are sure to follow — carrying a hefty price tag — all of which is a sober reminder that the breach itself is only the beginning of a long road ahead. [Continue]
Don’t know where to start with vendor contracts? Here are three steps designed to help your institution get started on a path to ensure value-driven vendor results on your next vendor contract renegotiation and/or technology evaluation endeavor. [Continue]
For many banks, the impact of the economic shutdown stemming from the novel coronavirus known as COVID-19 continues to create significant challenges. Amidst this however, it is important that management and the board continue to focus on the following key issues. [Continue]
As most bankers know, the decline of lobby transactions is accelerating, and financial institutions need to start thinking differently to maintain and attract new clients. With the growing popularity of mobile technology, and some regions becoming over-banked, it has become more apparent that the financial institution needs to become a way to distinguish yourself from your competitors. [Continue]
The Paycheck Protection Program established as part of the CARES Act provides that the Small Business Administration pay processing fees of up to 5 percent to lenders based on the volume of the PPP loans disbursed. Until recently, however, the SBA has remained silent on further guidance, leaving many questions regarding the reporting requirements, fee recognition and timing of receipt of the processing fee unanswered. [Continue]
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]