BID Daily Newsletter Archives
Girl Scout cookie season is soon upon us and a new flavor is joining the fan favorites of Thin Mints, Tagalongs and Samoas, Lemon-Ups. This may well test many New Year's Resolutions, but these cookie sales also build business skills for the kids. Who knows, perhaps these early stage entrepreneurs will even be new small business customers for many financial institutions in the future. This is where we turn our attention today.Most community financial institutions (CFIs) have ramped up their focus on small businesses, but relatively few have seen the growth in this segment that they'd like. Understanding why is...
Did you know that Russia is the largest country in the world by land mass, coming in at a whopping 17mm square kilometers, according to Statista? Canada is second with 9.985mm, then the US with 9.83k and China with 9.6k. As you think about each community in these big countries and how they interact with each other, we shift your attention to the new Community Reinvestment Act (CRA) proposal.The FDIC and OCC have proposed changes to CRA regulations intended to both expand the ways banks can receive credit and reduce their regulatory burden. Of note, the...
Generation Z (ages 7-22Ys) orders for food delivery are the fastest growing, according to NPD Group research. This group is even finding ways to deliver food to school so they must be hungry indeed (although many schools have banned it). It looks like customers are getting younger by the day--something to think about when it comes to branches.According to published reports, costs associated with branch networks are in the range of $600k to $2mm per year, depending on size, location and other factors. This is a hefty chunk of change, despite economies of scale brought about by digitalization and consolidation....
Have you heard? The Hershey's Co. known for its chocolate will be saying goodbye to its three 26-ft long Kissmobiles. These vehicles were each made from three giant-sized chocolate kiss candies and drove around the country since 1997. It is often hard to say goodbye, but, that is what bankers will be doing soon with LIBOR too. While Secured Overnight Financing Rate (SOFR) is the designated replacement for the LIBOR rate, it faced its first test recently. The results raised new concerns about its usage and implementation. Community financial institutions (CFIs), working diligently on preparations for the planned phase out...
Mobile wallets are being used more these days. The most popular, in-store digital payment methods, according to McKinsey were: Apple Pay (40%); Google Pay (20%) and Samsung Pay (16%). Not surprising, perhaps, but it is nonetheless incredible to see that these three captured more than three-fourths of the payments in store.Also, not surprising that more community financial institutions (CFIs) are now joining the mobile wallet phenomenon, as more and more customers--particularly millennials and Gen Zers--are demanding the service.In 2019, over 36% of smartphone users...
Strange things have often been sighted in Las Vegas. But, did you hear about the pigeons that were sporting cowboy hats? This happened for a week in mid-December. No one seems to know why or who. One with a red hat was named Cluck Norris and another with a pink hat became Coo-Lamity Jane. I guess Las Vegas is still entertaining the masses in unique ways these days!After you finish looking for the video footage of these cowboy pigeons, we bring your attention to a topic that is more realistic--CECL and the latest news on the timing.The Financial Accounting Standards...
Science and weather can be interesting. For instance, did you know that mild weather in the fall can mean we see bigger spiders inside our houses? Or that the chilliest temperature recorded was -89.2 degrees Celsius (-128.56 degrees Fahrenheit)? Or even that raindrops can fall at more than 30km/hr?While you ponder these facts, we wanted to touch on the topic of severe weather and real estate today. Whatever your thoughts on climate change, severe weather patterns are affecting the real estate market. Flood prone communities are at risk of losing property value, and down the road, mortgage lenders...
Did you know that the idea of using the iris pattern of your eye for identification was first brought up in 1936? Frank Burch, the ophthalmologist responsible for this idea, would likely be surprised by how long it took to actually put his idea to use. Yet, today people are still incredibly skeptical when it comes to security measures that involve storing their fingerprints or irises in any sort of database. Despite such concerns, biometric payments are expected to exceed $1.67T per year by 2023. With this level of growth, it is important to know what this means...
We looked up the origins of the word, "question" to find this: "Utterance meant to elicit an answer or discussion." Today we have a few of those, and so we provide some points of discussion to start your day. Q: Now that California has legalized public banking, what could the potential impact be if the movement continues to grow?A: While not a new concept, momentum has been growing across the US for public banks--owned by the people of a state, city, community or country. Overall, it should be an interesting development to follow. While some community financial institutions (CFIs) may...
It is said that internal surveys typically get about a 35% response rate vs. about 10% or so for external surveys. Experts say surveys should take ...
A University of Scranton study finds only 8% of people attains their New Year's resolutions. So, as you slowly get back to work after the holidays and ponder that data point, we take a moment to recap major events from last year, as we look forward to what bankers can expect this year.Market Rates: Since loans are a huge piece of profitability at community financial institutions, we focus there first. Last year was a decent one for loan opportunity with a base market rate of about 2.70% and a corresponding loan rate of 5.20% to 5.70% or so. This year...
While the BID is on vacation for the holidays, we thought we would share with you the most popular articles of 2019. We hope this gives you a chance to catch up on or savor these "fan favorite" articles. Happy reading and Happy Holidays!Original Published Date: Mar 22, 2019Help Transition Business Owners To RetirementSpeaking of preparing for things, more and more baby boomers are speeding towards retirement. That means more and more businesses will need to be prepared to...Read More
Be sure to tell your customer-facing teams that if they want to be remembered, it is important to smile. Research has found that doing so when you meet someone helps them remember you later. As you ramp up your smiling today, you might also be pleased to know that helping customers save using apps can ramp up your deposit accounts. You can build your own app, or work with a company that already has one and meets your vendor and cyber risk management requirements, perhaps. One way to begin is for your bank to act as a behind-the-scenes custodial financial
University of Oregon researchers found that when people suppressed their emotions they were ranked by others as less likable, less extroverted and less agreeable than people who expressed their emotions. Think about that at work today as you interact with customers and colleagues. As you think about how much people need to see your face register emotions, you might also think about how much small business owners need your help in other ways too. For starters, an established small business typically has traditional banking needs while a faster growing one may have quite a different set.To get the ball rolling,
Pew Research finds about 27% of people have not read a book (in print, in part, in whole, audibly, or electronically) in the past year. It seems though that the more money you make, the more you read, as the percentages go up for that group. No matter what you have or have not read recently, it makes sense to do so, when it comes to cyber security. There are so many threats now, and hackers continue to evolve. Some protections still work well, like multi-factor authentication (MFA), but they are not infallible. Today we want to share
The US population will end this year at about 329mm. Of note, the age groups are: 74Ys+ (7%), 55 to 73Ys (22%), 39 to 54Ys (20%), 23 to 38Ys (23%) and
A survey by Deloitte of retail holiday shopping finds the top sources for shopping research are: online retailers (65%), web search engines (58%), retail stores (52%) and retailer websites or mobile apps (40%). Things have changed over the years, but this gives bankers decent insight into some of the trends perhaps.As you think about your own holiday spending this year, we note that competition for your dollars is probably very high. Along the same lines, competition for bank customers is also very high. Certainly, competing for younger customers can be a challenge for financial institutions of all sizes. As people
Bloomberg reports the top US corporate lobbyists this year when it comes to spending are: Amazon ($12.4mm), Facebook ($12.3mm), Northrop Grumman ($11.0mm), United Technologies ($10.5mm), and Boeing ($10.4mm). No matter what you think about lobbying, it is an embedded part of US politics. Since we don't want to get everyone riled up about politics this morning, let's switch now to something closer to home like workplace team building. You don't have to look far to find someone who has been pushed to participate in some sort of workplace team building activity, like the human knot or egg drop. Team building
Depending on where you live and how you get to work, you might not think about how many people ride Amtrak. Last year, it had 32mm riders and while that produced revenue of $3.2B, it still lost about $171mm. Amtrak has needed federal subsidies to keep going every year since it was created almost 50Ys ago (1971).No matter how you travel through the industry, you should know that while online searches often send people to fintechs and digital-only platforms, the data shows people still like dealing with a real person in many ways. Today we offer up some ways your
If you are trying to build deposits, you might want to alert your customers about a new survey from Fidelity Investments. It found 38% of baby boomers are too heavily invested in stocks. Good luck here, and let's hope some customers make the move to you.As you think about this, you might also want to think about the best way to onboard new customers too. After all, the onboarding of new online or mobile customers is often when the most fraud happens, so managing that risk is critical. As a result, the industry is increasingly looking to mitigate risk in
Maybe it is the fact that about 50% of baby boomers have no retirement savings or maybe it is something else, but a TD Ameritrade survey finds 66% of Americans in their 60s plan to keep working in retirement. At least that is some good news for community financial institutions (CFIs) seeking to keep experienced employees.That said, another survey by Crowe looked at how well financial institutions are attracting and retaining younger workers, and here there are definitely some issues. It also suggests big challenges could arise if bankers aren't careful to take action now.In the survey, a
Chapman University research finds the top things Americans are afraid of include: corrupt government officials (74%), pollution of oceans, rivers and lakes (62%); pollution of drinking water (61%); not having enough money for the future (57%) and loved ones becoming seriously ill (57%). No matter your fears, one that you see in banking is certainly financial technology firms (fintechs). The new fast-track bank charters for fintechs just got pushed into the slow lane by a federal judge, whose ruling provides breathing room to community banks worried about new fintechs gaining a competitive advantage. The OCC had established a new fast-track
HGTV research finds some of the things people with the cleanest houses always do include: making the bed before leaving the house, not wearing shoes in the house, opening mail every day and not leaving a room empty handed. No matter how clean your house is, some bankers say the regulators have taken steps to clean up capital ratios with the new community bank leverage ratio (CBLR). In releasing the final rule, the federal regulators said 85% of community banks should be able to qualify for the relaxed rules. What that means is that almost any community bank that fails
The Daily Mail reports the list of things guests notice when visiting your home include: how clean, organized and tidy it is; whether your walls are bright or neutral; how your furniture is arranged (people will often mentally rearrange it); and whether you have natural light (good) or artificial (bad). No matter what you notice, know that it is important for your security team to notice that ATM skimming is rampant. We point this out because some bankers have shifted and are now taking a more collaborative approach to this frustrating issue. In TX, there is a group of bankers
The University of Missouri reports studies show the typical person each day spends 70% to 80% of their waking hours doing some form of communication. These include: listening (45%), speaking (30%), reading (16%) and writing (9%). Whether you are chatting with someone or not, you know that in the digital world chatbots are gaining traction.Chatbots have been around for a while, but they have always fallen short when it comes to the ability to have natural conversations with people. Until now, that is. Facebook's artificial intelligence (AI) researchers have been aggressively working on algorithms that increase chatbots ability to respond
For those seeking to be more successful, here are a few things Entrepreneur surfaced that the most successful people do, but most others do not: they consistently read, they take advantage of introductions to others, and they do the little things in relationships that have an impact (remember names, follow up when they say they will do so, send a quick text to someone, etc.).Success is difficult to achieve and harder to hold onto, which is why we discuss practical approaches to competition today. We look at a few community financial institutions (CFIs) in FL since many have been hit
Experts will tell you young kids will typically ask 300 questions per day. Since we are dealing with adult readers here though, we only tackle three but with a bit more depth.Q: I know cybersecurity is incredibly important, but it can be very hard to keep up. What are some recent developments that could help me stay up-to-date? A: Cybersecurity is constantly evolving; banks would be remiss to take a piecemeal approach to addressing rising threats. Still, we call your attention to some rising threats, including a recent FBI warning about ways hackers are circumventing multi-factor authentication. "Living off the
Inc. reports some of the easiest ways to get people to like you more include: asking questions, talking more, giving your time for free, listening better and truly caring. Yet, the risk of doing something to upset people is always there and so are risks in banking.For instance, financial institutions looking to manage interest rate risk (IRR) have to think about many different things that impact it. One way to manage IRR is with an interest rate collar. An interest rate collar manages the exposure of interest rate movements and provides you with a certainty of
Forbes research finds there are things you should not say at work, if you want a great career. These include: "It's not fair"; "This is the way it has always been done"; "No problem"; "I am going to ask a stupid question" and "This will only take a minute." While some things shouldn't be said at work, others are important to share with all employees. One instance of this is when it comes to phishing scams and even stolen fingerprints; there is no shortage of tactics criminals employ. If you think you have seen it all though, think again. Criminals
Business Insider research finds people are "judgy" and will decide things about you in just a few seconds. These can include: judging how much they should trust you after only just meeting you, your socioeconomic status just by looking at you, and how smart they think you are after just meeting you. We bring this up because many community financial institutions (CFIs) need to periodically judge how much capital is needed to grow. Getting it can be challenging, depending on the market environment and opportunity. One source with plenty of money to invest is private equity markets, but getting them
Scientific American reported on some of the things that people don't know about themselves. For example, the way you view yourself is distorted, but you don't realize it. Also, your motives are often a mystery to you, and you often think you are better at something than you are. As you think about that this morning, we give you something else to think about too.Companies like Amazon, Square and PayPal have rolled out a variety of merchant services, but the overall effect on community financial institutions is not totally apparent yet. That may soon change, as a new initiative from
Inc. research finds the top things detail oriented people will notice are: what people are wearing, body language, misspelled words/improper grammar, the big picture and patterns that connect little things. Are you detail oriented?Details matter in banking all over the place, so for those who might get notification of interest to buy your bank in the future (or if you are planning to send one out), then care should be taken.Certainly, you must take any offer seriously, because you have a fiduciary responsibility to your shareholders to determine in good faith if the would-be buyer would bring more value to
Entrepreneur ranked surprising things successful people like: helping those who need and deserve it, sleeping in their own beds, mundane hobbies, working their tails off, and quiet time. Surprise!In community banking, another successful thing to do is to always try to be prepared for unexpected events. For example, when calculating interest rates, there is always an assumed "plus" in front of any percentage. After all, that is how nearly all financial models work and things can get really messy when that is not the case. That said, you may find regulators eventually asking your team if you have even considered
The top ranked activities to do in the US according to TripAdvisor travelers are: Lincoln Memorial (DC), Horseshoe Casino (MD), Sugarlands Distilling Co (TN), Chihuly Garden and Glass (WA) and Louisville Mega Cavern (KY). It's time to get active.Bankers actively think about many things in their business model. These include how to make better use of data, filling in gaps with the data needed, and most importantly, analyzing all this information to determine the best courses of action. Data analytics is not only becoming more important to financial institutions of all sizes, but will be necessary to help them with
There are 61 national parks in the US across 29 states plus the territories of American Samoa and the US Virgin Islands. The first one was Yellowstone (1872), followed by Mackinac National Park (1875 but decommissioned in 1895), then Rock Creek Park, Sequoia and Yosemite (1890). Community banks operating nationally can also help their customers expand their business beyond US borders. One way to do this perhaps is to consider a relationship with the Export-Import Bank of the US (EXIM). As a government agency, EXIM supports American jobs by facilitating the export of American-made products. The export credit
The top ranked US national park destinations according to TripAdvisor travelers are: Mount Rushmore (SD), Alcatraz Island (CA), Red Rock Canyon (NV), Glacier Bay (AK) and Great Smoky Mountains (NC/TN).No matter where you travel, if you're like most community banks, your assets are < $10B. That is well below the $250B level where regulators look extremely closely at stress testing. But, the practice should still be an important element of your risk management program.A well-designed series of stress tests can help you identify your institution's vulnerabilities and figure out how you'll manage its risks. While we know that stress testing
A Robert Half survey finds 67% of technology leaders say they believe they could log out and not check email, if executive management told them to stop. Interestingly, only 41% of their employees said these leaders would follow that sort of mandate.As you think about how you might handle such a rule, know that there are plenty of rules around small business banking. Even so, such customers are a mainstay for community financial institutions, so we provide you with some things to think about with this updated snapshot of small businesses. According to the SBA, at latest count
People check their email all the time. For example, did you know research by One Poll finds 20% of people say they have woken up in the middle of the night to check their work email? Also, about 50% of people say they read their work email after waking up in the morning but while still in bed.No matter when you check your email, if you see one from the boss saying the bank needs to raise capital, know that when you do so, you have more flexibility.Community banks can raise capital by utilizing Regulation A (Reg A), which exempts
Bankers get a ton of email every day, which is why we found research from the University of Sussex on this interesting. It finds the four primary reasons employees will log in remotely to answer work emails are: showing concern for a coworker, getting work done effectively, preserving their own well-being, or having control over their work.Speaking of work, the Department of Labor (DOL) in September announced a final rule to make about 1.3mm workers eligible for overtime pay. The new rules update existing thresholds last touched in 2004 and go into effect Jan 1.Here's a sampling of
People like to eat out. A survey by LendEDU finds that people ages 22 to 37Ys spend about $163/month on eating out vs. only about half that on new clothes ($82). No matter how you spend your money, suffice it to say that big banks have spent money on and are now rolling out their CECL provisions. We thought you might be interested in the early data. It seems many large banks are predicting substantial increases to their loan loss reserves under the new methodology, but of course these banks also have a lot more consumer loans too. So, this
Scientists have developed a structure that operates similar to an octopus. It senses, computes and responds without direct instruction from a central processor. This stretchable material senses touch and strain and could be used for things like soft robotics to prosthetic devices.As with octopus tentacles, customers in rural areas all around the US are already familiar with the reach of mobile services, and nearly 90% own smartphones. But, how do urban and suburban customers interact with remote services? Community bankers constantly monitor these things, as they formulate the mobile portions of their businesses.Banking deserts have spread throughout rural America. In
A study by a university in Singapore finds children who are told lies by their parents tend to lie more as adults. They were also found to be more disruptive, experience guilt and shame, be more selfish and manipulative. Looks like telling the truth is still good.The truth about recession has ramped up as well recently. While talk of a pending recession is nothing new and has been circulating among economists for the past few years, now the biggest banks are talking. Some of the largest banks are now predicting that a recession is likely to hit within the next
Scientific researchers have developed a small nanolaser that is capable of functioning inside living tissue. The laser could be used to sense disease biomarkers or treat neurological disorders deep within the brain such as epilepsy.As your team maintains a laser focus on compliance, we offer some thoughts around best practices to better ensure your bank is not only following regulations--but also minimizing risk.First, conducting compliance audits during times when there will be no other reviews, including examinations from bank regulators, can not only prepare you, but also reduce team stress. How often audits are conducted depends on the risk profile
Like the kink you can get in a garden hose, Alzheimer's researchers have found an amino acid that pushes out water as people age and forms a sort of molecular zipper that can get a kink. While scientists don't know how to fix it yet, knowing this could lead to breakthroughs. Farmers also use a lot of water and are good customers of community banks nationwide. This customer base has also taken on near-record levels of debt in recent years. As commodity prices and trade wars put them under additional pressure, bankers are looking at options and closely monitoring things.
Scientists have discovered that drugs like aspirin may lessen the adverse effects of ambient particle matter from air pollution on lung function by as much as 50%. Now you know.Other things to know that we have been asked by customers:Q: My bank is thinking about switching to a national charter from a state one. What are some of the top considerations?A: When banks talk about switching charters, it's often from federal to state. But, for certain banks, there may be valid reasons to consider a switch to a national charter. Banks considering such a change are typically larger and may
For the first time in 160Ys, the number of people in the average US household has increased from 2.58 to 2.63. Of course, back in the 1800s that number used to be closer to 5.79. In short, the population is growing slightly faster in the number of households.No matter how many people live in your household, at your bank people tend to drift in and out all day long. When doing so, we note that people hate waiting in line and may think they are waiting longer than they are. Indeed, people consistently overestimate how much time they actually spend
In case you were wondering, the average person in the US will move about 11x in their lifetime compared to about 4x for people living in European countries. Most people move locally within the same metro (41%), followed by long distance (23%), a nearby city (19%) or move regionally (17%).Lately, the Fed too has been moving rates around, as the economy shows some signs of slowing. Lurking below the surface is the Fed's tool of last resort - countercyclical capital buffers.Fairly new to the Fed toolbox, this measure allows regulators to raise capital requirements for the largest banks to help
You may not have thought about it, but the average square footage (sf) per employee in North America is about 150 sf/person. Large offices can be up to 400 sf in size, while small ones can be 90 sf.No matter how much or little airspace you have at work, we know that bank margins increasingly have less and less, while competition is intensifying. As such, you may want to consider another source of potential revenue--offering products and services to people who are currently unbanked or underbanked. A growing number of banks are offering innovative deposit and loan products to this
The average person has about 27 conversations each day that last about 10 minutes each. Also interesting - each person uses about 16,000 words per day in those conversations.No matter whom you talk to today, when talking to regulators it makes sense to be somewhat prepared. For example, if you've ever found yourself scratching your head over some of the questions and methods used by bank examiners, you can gain a better understanding of why and how they do what they do simply by looking at examination policy manuals. So, with that, we wanted to highlight the new Part VI
According to researchers, the average person knows about 600 people. That said, people say they only know 10 to 25 people well enough to actually trust them.When it comes to using alternative data, some financial institutions don't trust it very much, while others are tinkering around some. For those seeking to serve more customers--especially Gen Zers without much credit history--this can offer an option perhaps. There are companies whose lending-as-a-service platforms use alternative data, such as education and employment history, which can show borrowers can indeed meet their obligations and be good customers. Machine learning is also used to make
There are an estimated 7.7B people in the world today, so given the reach of the internet that is good news for community banks, no matter where you may operate. Perhaps closer to home though, there may be an opportunity in gaining and retaining college-educated staff. Consider that there are more women in America than men, and women as a group are now more highly educated than men. However, companies still find it more difficult to retain women in long-term and senior positions than they do their male counterparts. When it comes to attracting and retaining qualified women,
The ability to bounce back or how resilient you may be was researched by leadership development company, BetterUp. It found people who have low resilience are 4x more likely to experience burnout. Raise awareness at your institution and be sure to check in on employees to see if some of yours can be helped.Banks are quite resilient, particularly so when it comes to small business customers. In this area, we note a report from the NY Fed on nonemployer firms (establishments without employees on payroll). Nonemployer firms are an important part of the economy, despite only representing 3% of annual
Community banks thinking about ramping up video marketing might be interested to know a few facts. For instance, 45% of people watch more than 1 hour of videos a week and 87% of online marketers use video content to boost engagement.No matter your efforts in video, reaching customers remains important, especially when it comes to small to mid-sized businesses (SMBs). After all, SMBs are acting more globally, even as they continue to think locally. As such, community banks are recognizing that their most lucrative and appealing SMB customers and prospects may also benefit from foreign bank note services too. With
As you work on strategic planning for the next few years, one area to discuss is probably how to ramp up word of mouth opportunities with your customers. After all, McKinsey finds word of mouth is the primary factor behind 20% to 50% of all purchasing decisions, so it is critical to have a plan.Another critical area for banks is enhancing and building the digital experience for customers. The industry has spent a lot of time and money on efforts to enhance the digital banking experience for customers, yet only 25% of consumers believe there has been any real improvement
Since you are always looking to get new customers and retain existing ones, we want to point out that Neilsen reports 92% of consumers trust referrals from people they know, and people are 4x more likely to buy when referred by a friend. Mapping out your customers and trying to figure out who their friends are could be an easy way to boost business in 2020.Another area of focus for banks that is boosting business is mobile banking. The key here though is that app features can either greatly satisfy customers or turn them off.Offering too many features can actually
Community bankers are always trying to provide the best customer service, so as a gentle reminder this morning know that research finds: 33% of people will consider switching after just one instance of poor service, and after just one negative experience 51% of people will never do business with that company again. Stay on your toes out there and remind staff.Another area where community bankers are providing good service is in the payments arena. Here, we note that the US Payments Forum recently published data on the state of EMV chip adoption in the US and other trending
These days, people often look to the internet to search for health related ailments. In fact, Pew Research finds 80% of people say they have searched for a health related topic online, looking mostly for information on a specific disease/problem (63%) or treatment/procedure (47%).No matter what you look for today on the internet, one area that can pay off for your bank could be international payments. This is one area where, for many years, the biggest banks have captured and retained customers more than community banks. Given how much commerce is handled online, this needs to change and we can
As you ponder where to get lunch today, know that the government warns people most at risk for getting food poisoning, according to the data, are those who have kids 5Ys or younger, have immune systems weakened by illness, are 65Ys or older, or are pregnant. Be careful out there.As you analyze the risk of CECL and its impact, we offer our third and final article covering the AICPA's main points from their CECL practice aid. If you would like to read the previous articles, Management's Role When Outsourcing CECL or Taking a Fresh
It seems German researchers find taller people are less likely than shorter people to get diabetes. We kid you not--for every 4 inch increase in height above the average, men have a 41% lower risk of diabetes and women have a 33% lower risk. Strange data point don't you think?All day long bankers struggle to deal with other strange things, such as cyber threats. The good news is that more banks are sharing intelligence about them. But, there are still many banks whose board and management are nervous to tell others about what they've experienced. Many are also worried that
A study by the University of Chicago finds people who tend to anticipate feeling guilty about things tend also to be the most trustworthy. Of note, these people are not actually guilty about something, but rather anticipate feeling that way in given situations. For their part, community banks should not feel guilty in any way for working to level the technology playing field with bigger banks. One area perhaps is in the latest ATM advancements.Consider the fact that Diebold's DN Series of digitally-connected ATMs are built on a software and service-driven model that make them even more convenient for customers
In an odd twist, a recent study finds people are much more likely to return a lost wallet to its owner when it has more money in it. When a wallet has $100 in it, the likelihood is 72% vs. only 51% when it has less than $15 in it.People are interesting and as part of the never-ending quest for greater productivity and efficiency at work, most people over-schedule their days, leaving little, if any, free time for themselves. As it turns out, doing so can actually be counterproductive and can burn people out. According to The Harvard
It turns out that research by Policygenius finds people are 10x more likely to break up with someone if they think their partner is bad with their finances. Of note, about 20% of people say they think their partner is financially irresponsible.For financially responsible bankers we note that the AICPA released its 63-page CECL practice aid recently, so we share a few key messages today. This is the second BID in a series of three. You can find the first one here called, Management's Role When Outsourcing CECL. CECL loss estimates will need a lot more
You inherently know that being happy and positive is better for your health and business than being negative or pessimistic. Research from the University of Illinois supports this and finds optimistic people are 76% more likely to have good health scores, better blood sugar and cholesterol levels and other positive benefits than those who are pessimists.On a similar note, business optimism seems to ebb and flow these days. Surveys abound showing various levels of small business optimism. Three months ago, a report by Provident Bank found 80% of small business owners were anticipating higher revenue over the next
CNBC reported earlier this year that while 75% of Americans manage their own finances, only 17% said they use a financial advisor. Many business owners that work with communtiy banks also fall into this group, so providing education and help can benefit you and them.It also seems that people are spending more time at their place of business. That is exactly why banks of all sizes are instituting so-called "bank-at-work" programs to engage customers in the workplace and potentially accelerate growth. While community banks have more business customers than consumers, this may be a way to expand both.Indeed, according to
Research by the University of Scranton finds a huge 92% of people who set New Year's goals never attain them. It seems most people set goals that are too vague or too challenging. Add to that a heavy dose of procrastination and no support system, and you can see how this occurs.Back in 2009, the Fed set a goal to add liquidity to the system. If you recall, back then the Fed started the transactional account guarantee (TAG) program that allowed banks to deposit excess funds. This was after the Great Recession, so the insured deposits for excess funds was
An insurance study by Life Happens and LIMRA finds that while a whopping 84% of Americans say most people need life insurance, only 59% actually have it. Maybe it is procrastination, apathy, or a fear of death itself, but it does show people don't always do what they probably should. While we aren't telling you what to do this morning, we are providing insights in response to questions we received. We hope you find them helpful, as you sip your morning coffee or tea.Q: How can I ensure my customer service is as robust for my mobile channels, as it
A study by market research firm OnePoll finds 11% of people have never traveled outside of the state where they were born, and 13% say they have never flown in an airplane. In this day and age, that is pretty shocking. But, it also reminds us how interesting human behavior can be.In like fashion, the humans at the AICPA made a CECL practice aid available the 2nd week of September. This 63-page document provides a lot of good information for banks, but it may be a bit overwhelming to read too. So, we thought we would highlight
The Census Bureau reports about 13% of US adults have a master's, professional or doctoral degree. That shows there are plenty of smart people roaming around the country, so community bankers might want to brush up marketing efforts to find a way to capture them as customers. On another matter, banks should also brush up on a growing number of state privacy laws pertaining to the use of fingerprints, iris scans and voice prints to authenticate employees or customers - because your bank could face significant lawsuits even for technical violations.So states Chubb's latest Cyber InFocus Report, "Know the