When a bank enjoys active social engagement, negative posts or a customer review of a misfiring product is inevitable. Addressing these posts takes a multipronged approach: Though your first instinct might be to delete the message or respond defensively, only remove reviews that clearly violate company policies on harmful content. [Continue]
Even if the SAFE Banking Act passes the Senate, detailed regulations may not be unveiled for at least another year. [Continue]
Experts list several qualities for success on social media: Positivity, teamwork, differentiating yourself from competitors that offer similar products and services, and spotlighting important community work in a light-hearted way. Social campaigns that hit all the marks and maximize budget dollars will increase the number of followers, will attract new customers — and will possibly attract new employees in the process. [Continue]
Recent studies point to online account opening as an essential yet underutilized resource for community banks. [Continue]
Though cryptocurrencies could be seen as a threat to traditional finance — they neither need an intermediary nor are they tied to a centralized government, bank or regulatory agency — consumers still indicate a strong desire for a bank to be involved. Community bankers worrying that demand for cryptocurrencies might eclipse demand for traditional bank products will be well-served to remember that consumers attracted to decentralized finance still yearn for the security offered by a bank. [Continue]
The recent decision by Twin Cities-based Sunrise Banks to sell two of its former branch buildings to local nonprofits illustrates the commitment of the company and its CEO David Reiling. [Continue]
“Live first.” First International Bank & Trust’s approach to community banking is expressed in this seemingly simple yet often complex summary of the work-life balance FIBT desires for its employees. This individualized approach, along with the steady community leadership the Stenehjem family has adopted during the past 110 years, has successfully laid the cultural foundation for the $4.7 billion, Watford City, N.D.-based bank’s expansion across the Midwest and Southwest. [Continue]
As commercial real estate spaces emptied following the onset of the pandemic, industry experts questioned when — if ever — the CRE market would recover. Less than two years later, CRE has returned to a strong level and is expected to grow even more over the next 12 months as the growth of e-commerce continues to fuel the need for industrial CRE. However, inflation and ongoing supply chain shortages could throw a wrench into the long-term CRE economy as businesses finalize where their employees work in a post-pandemic economy. [Continue]
“When you face a crisis, you know who your true friends are.” The quote, attributed to basketball legend Magic Johnson, also pertains to how Kansas City, Kan.-based Bank of Labor, the nation’s only union-owned and labor-focused financial institution, has done business over nearly a century. It’s been a successful approach with far-reaching impact. [Continue]
“Make no mistake, cryptocurrency is here to stay,” Wipfli stated. “The questions banks should be addressing aren’t whether to embrace it but rather how to embrace it.” [Continue]