When will the personal check finally die?

​​It’s happened to us all. You’re waiting in a long, slow line at the supermarket. You’re finally next. You start to envision the outside world again, sensing you will soon be on your way. Then it happens: The person in front of you takes out … gulp … a checkbook.

Is it time to explore Banking-as-a-Service?

Your bank probably uses at least one — if not many — SaaS products. Software-as-a-Service providers have exploded over the past several years and come in every variety imaginable, from e-signature platforms to many core accounting providers. The vendor assumes the responsibility of hosting the product in these subscription-based, web-based models. What about Banking-as-a-Service? [Continue]

Technology, talent and Banking-as-a-Service

Brian Love, head of banking and fintech at Travillian, invited financial institution legal advisor Stan Orszula, partner at the law firm of Barack Ferrazzano, to comment on how banks can adopt tech strategies and better attract talent. Orszula also shared his thoughts on what’s trending in banking. [Continue]

Digital transformation invites security challenges

Cybersecurity fintech Sequretek was recently named one of the ICBA’s 2022 ThinkTECH partners. Co-founder and CEO Anand Naik weighs in on today’s ever-evolving digital threats and latest developments, from balancing security with remote access for employees working remotely to the role of artificial intelligence and machine learning. [Continue]

When the future doesn’t live up to its hype

Data scientists have concluded at least half of all fintech articles contain the sentence: “Community banks are not known for being on the cutting edge of technology.” I’ve written it many times, and it hurts a little when I do. It happens to be true, but I’m wrong to be glum. Maybe the community of community bankers at large has seen too many tech promises fail to deliver, and so they remain skeptical of the Next New Thing.  [Continue]

Automation can reduce disparities in loan approvals

The Paycheck Protection Program included guidance from the SBA to prioritize loans to businesses owned by socially and economically disadvantaged individuals. Yet an October 2021 research paper, published by a group of New York University professors, found a disparity in the approval of PPP loans to Black-owned businesses. These differences in approval rates are not explained by factors like pre-existing bank relationships or applicant behavior. The paper’s authors suggest that preference-based discrimination occurs — and automation can make lending more equitable.  [Continue]

Community banks can succeed using data analytics

A company called Aunalytics has a pitch specifically designed for community banks: You can analyze your bank data with the same sophistication as the big banks — at a SaaS price. BankBeat spoke with Katie Horvath, the group’s chief marketing officer, about what’s lurking in the data. [Continue]

Fintech insiders tout community bank partnerships

Digital engagement with bank services — enrollment in online portals or mobile apps, and opt-in rates for electronic statements or billpay — has grown exponentially during the pandemic. Megabanks and super regionals spend big on technology, and continue to gain market share. In order to compete, community banks face pressure to invest in their technology offerings. [Continue]

​​Four things to consider for your digital transformation

It was just over a year ago that the banking world was turned on its head, whiplashed by financial uncertainty and widespread unemployment-inspired changes in retirement balances and consumer spending habits. But crisis has a way of accelerating innovation and transforming things for good. If they hadn’t already, the Covid-19 pandemic brought to light the fact that banks needed a digital transformation to make communication with loan recipients more flexible and personalized — at a time when bank customers needed them most.  [Continue]