Thousands of lenders across the country have loaned more than $230 billion to small businesses through the Paycheck Protection Program. While many banks focused on serving existing customers, perhaps equally as many attracted new customers. If your bank has acquired new customers through PPP, now is the time to solidify these relationships. [Continue]
Marketing in the middle of a global pandemic and the resulting economic turmoil isn’t easy. There’s a fine line to walk between continuing to put your message in front of customers and not seem like you’re trying to profit from dual crises. Use of social media to spread reassurances was a key theme of the earlier stages of the pandemic, with many banks opting to focus on messages of unity and togetherness. [Continue]
As the COVID-19 pandemic pushed the United States to a crisis point this spring, leaders at banks worked to figure out what was next for their businesses and their staff. Balancing the bottom line with staffing needs has required collaboration and breaking teams out of silos — from a safe distance — while also relying on HR staff’s already established relationships inside the bank. [Continue]
Since the beginning of her tenure as president and CEO of the Federal Reserve Bank of Kansas City in 2011, Esther George has proven herself “hawkish” as a monetary policymaker. In 2019, George voted against all three Fed Funds rate reductions, saying last September that sluggish economic expansion wasn’t concerning enough to warrant accommodation given historically low unemployment and stable inflation. [Continue]
Marketing is a particular application of a bank’s overarching brand identity and strategy. If you know who you are, you know what kinds of customers you’ll seek, what kinds of products you’ll offer and what the tone and content of your marketing will be. [Continue]
While banks kept work flowing in early spring through social distancing measures and remote workforces, they had to make quick decisions about another key program without knowing when the COVID-19 crisis would end or how bad it would get. Should they bring on board their interns? Or did the ever-changing nature of the crisis make that idea too complicated and risky? [Continue]
The Federal Reserve, with its enormous capacity for research, tells us the coronavirus recession has hit women and minority populations hard due to disruptions in the retail and service sectors. Federal Reserve Chair Jerome Powell said in June that the persons least able to weather an economic downturn are now carrying the greatest burden. [Continue]
Investigating claims of transaction errors or fraudulent activity is time consuming and expensive. Finscend, a 2020 ICBA ThinkTech accelerator participant, is applying artificial intelligence to the problem. Aaron Lazor, Finscend CEO and co-founder, explains. [Continue]
Industry roots sprout valued insights to strengthen your bank Uncertainty may be the greatest challenge a banker faces today. Natural disasters occur. Customers slip and fall. Banks are held up. The economy runs like a roller coaster… Having worked my entire career in the industry — first as a banker in New Mexico in the … Read more
Trust the partner who knows your business Having spent much of my career leading retail operations at a community bank, I know financial institutions don’t want to be the first to take on something new. Fortunately, they don’t need to write the cannabis banking playbook from scratch. The team at Shield Compliance has deep expertise … Read more