The secure file transfer experience for the customer has to be effortless; that’s a given. Security protocols should be paramount to any vendor that provides the transfer of sensitive documents, also a given. But beyond that, secure file transfer platforms can benefit a bank in other ways, by providing behind-the-scenes automation, document storage and more. [Continue]
Every startup begins with a vision. It’s a product, a mission, or a unique value proposition that spurs action, turning idle ruminations into a business plan. Banking is complex, requiring a unique combination of industry knowledge, business acumen, and identifying a target market to compete — whether it’s a de novo institution or expanding with a new online or bricks-and-mortar branch. [Continue]
Elite salespeople have mastered many skills, including positioning their value to prospects and clients as well as following a stage-based sales process. Even the cream of the sales team crop, however, can struggle with these three sales challenges. [Continue]
It can’t be said often enough: Nearly every horror story about a bank or its customers being the victim of a cyber attack starts with a misstep by the victim. These can range from carelessness to being duped by very sophisticated criminals. The IT world has considered human error the greatest obstacle to cybersecurity for a very long time. Those faxes from the Nigerian prince promising to make you rich are really no less sophisticated than your run-of-the mill phishing email today. [Continue]
Inflation. Continued supply chain disruptions. War in Ukraine. Yet another Covid variant. There’s never a shortage of bad news, is there? But if you’re looking for something on which to pin some real hope, consider this economic silver lining: In the last two years, there’s been a significant jump in the number of new business applications. According to the U.S. Census Bureau, in 2021, a record 5.4 million applications were filed to form new businesses. [Continue]
Financial institutions are facing increasing pressure to grow and improve while dealing with tighter margins and, as of late, being short staffed. As the Great Resignation and Great Retirement surge, attracting and retaining top talent has become even more difficult. Recruitment can be especially challenging for institutions in rural areas and for roles that require technical knowledge and skill. We keep asking how to attract more talent, but there are other ways to accomplish more even while short staffed. [Continue]
If you haven’t already, at some point you’ll be faced with the question: Is your bank willing to be a beta site for a new technology product? It’s tempting. You get a “sneak peek” of a new product and the chance to offer feedback. But being a beta site can be disruptive depending on the level of involvement, frequency of feedback requested, and risks to your existing process. [Continue]
My dear mother, who is 92, took issue with a recent column by my esteemed colleague, Justin Dullum, in which he declared the death of the personal check. Of course, Justin is correct; the paper check is a much less common form of payment than it was years ago. But I think my mother is also correct: A lot of people still rely on checks. [Continue]
This spring the Ag Press has been filled with breathless articles about the future direction of commodity prices. “Wheat Hits 14-Year High!” and “How High Can Corn Prices Go?” are two of our favorites. The sad fact is that a war in Europe has historically led to record prices for U.S. commodities (see 1914 and 1939). [Continue]
Just as banks must adapt their strategic goals and operations to changes in local business conditions, the broader economy, and consumer preferences, governance must also evolve in order to effectively oversee management and protect the interests of shareholders. “Right now a lot of organizations are stepping back to look at their structure and asking: ‘How can we enhance or improve it?’” said Karen Grandstrand, head of the Bank and Finance Group for Fredrikson & Byron in Minneapolis, who counsels financial institutions on governance. [Continue]