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]
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]