Statista research finds the percentage of the US population with a social media profile is running at about 77% right now. Even more interesting perhaps is that it declined from 80%, as of the end of 2017. Maybe we aren't as social as we once were or maybe this is a result of the largest social media platforms deleting accounts they are unable to authenticate.Speaking of authentication, in banking, we note that many banks no longer rely solely on passwords anymore. Today, banks rely more on two factor authentication (2FA). This type of authentication checks a user's identity...
People typically use a few tricks to remember their passwords. Pew Research finds the most common ones are: memorize the password (86%), write it down (49%), save it in a note on a computer or mobile device (24%), save them in their internet browser (18%), or use a password management program (12%).Passwords are one way to authenticate someone to maintain their privacy. In banking, stringent privacy laws that are being enacted in the US and abroad are starting to force banks to question what they need to do to prevent running afoul of regulators and law enforcement.Indeed, since General Data...
Competition data can be interesting. eMarketer research finds that through the middle of this year, the top US company market share based on percentage of ecommerce sales belongs to Amazon. They have a whopping 49.1%, followed by much smaller players that include eBay (6.6%), Apple (3.9%), Walmart (3.7%) and Home Depot (1.5%). Now that is market share dominance!In banking, competition comes from inside and outside of the industry. In the competition for small business customers specifically, it is good to know that community banks still have close relationships with customers and that it is still a defining advantage. Yet, research...
Community bankers hear all the time about how regulations are being eased, but we wanted to put it to the test. We went to one regulator's website and looked at the number of pages of regulations bankers had to absorb in the first half of the year and then doubled it to approximate the annual load. Drum roll please... your team will need to deal with about 1,500 pages of rules just to keep up. We thought you might be interested to know how much you were dealing with as a team this year, as you prepare for 2019. Good...
We don't have to tell community banks that everything digital is all the rage. Look no further than statistics compiled by HubSpot: Wordstream research finds using videos on landing pages increases conversions by 86%, and according to Google, 50% of mobile users visit stores within 24 hours when using local search. In banking, digital has become more deeply embedded into lending than ever before. As such, many banks seem to be adding, extending, and upgrading online and mobile offerings to better compete. But a recent survey by the FDIC suggests small business lending may not be all things...
We found some odd facts that show people really like to collect stuff. For instance, the LA Times reports the average American home has about 300,000 items and the NY Times reports 10% of Americans rent offsite storage to hold all of their junk. As if that weren't enough, the Department of Energy reports a whopping 25% of people with two car garages don't have room to park cars inside them. Materialism it seems is alive and well in America still.When it comes to materials of another sort in banking, consider that higher tariffs on steel and aluminum are pushing...
The human voice is interesting. For instance, singing is believed to be right hemisphere dominant, while speaking is from the left. Further, conversational speech is about 60 decibels, but the loudest scream ever recorded reached 129 decibels. Finally, the English language has about 40 distinct sounds. Speaking of voices, you may also find it interesting that the rate of voice fraud has risen more than 350% from 2013 to 2017, according to an annual fraud report by Pindrop (voice security and authentication firm). Banks in particular have seen voice fraud rise swiftly. Consider that from 2016 to 2017,...
As a reader of this publication, you know we enjoy pointing out interesting statistics to help keep you engaged. With that in mind, take a look around your office today. As you do, consider that about 10% of your coworkers are left handed, while a mere 1% are officially ambidextrous (no dominant hand whatsoever). Enjoy the day no matter which hand is dominant for you.Speaking of dominance, the ICBA reports that community banks make almost 50% of small business loans, so it remains big business. Just how big wasn't really known, until recently. A new FDIC survey found...
A movie out now focuses on NASA's mission to land a man on the moon and in particular, it focuses on the life of astronaut Neil Armstrong. We aren't here to plug the movie, but it did get us thinking and researching. Did you know that there have been 536 space travelers (not including aliens) overall and 12 of those have walked on the Moon? When you next stare up at the stars, or at the Moon for that matter, consider that closer to home bankers travel daily to the world of ACH with customers. To catch up on the...
According to a Bankrate study, the most valuable college majors are: actuarial science, zoology, nuclear engineering, health/medical programs and applied math. They were judged on average salary, rate of unemployment among graduates and percentage of higher degree holders. Although banking and finance weren't among the top five, they are still important - especially in a competitive banking environment.No matter your educational background, most community bankers are starting to prepare for the test of CECL and are collecting additional loan data. The good news is that extra data collected can not only be used for these calculations, but also for strategic...
Using cumulative online surveys of the worst Halloween candy, candystore.com boiled it down to: circus peanuts; candy corn; wax cola bottles; Necco wafers; peanut butter kisses; tootsie rolls; smarties; and licorice. Whether you agree or not, it will be interesting to see how many make the rounds in your neighborhood tonight.Now that you are thinking of all things sweet, in the world of banking at least, some experts have turned sour on the amount of student loan debt in the US. After all, it has tripled over the past 10Ys and it also impacts many employees (who are still chipping
Dogs have an amazing sense of smell. That makes sense since they have about 300mm olfactory receptors vs. a measly 6mm for humans. Researchers have known for a very long time that dogs are really good at using their noses to sniff out drugs, bombs and other things. Now though, researchers are finding out they can also sniff out disease, such as malaria from socks worn by those infected and even cancer by smelling your skin. Dogs have truly pushed their snouts to the next level!When it comes to offering digital payments, small to mid-sized businesses (SMBs) have gone to
Inc. Magazine's list of the hottest industries to start a small business is thought-provoking. They crunched data from experts, fast growing sectors, investors and entrepreneurs and identified the following as the best: canned wine, disaster relief, beauty tech, eSports, elderly care, alternative-protein food products, influencer agents (turning social media followers into profits), and women's reproductive health care. Now you know where to focus your lending efforts in the coming year!As you think about these interesting areas, we continue the conversation on small business lending and competition. To do so, we switch to data from the recently released Community
Lyft just announced a subscription based transportation plan. For just $299 per month, you can get up to 30 rides for up to $15 each. Lyft claims this would be cheaper than owning a car. The idea of course is to attract people of all ages, leverage the digital world and keep customers coming to Lyft. Just as Lyft is doing with its customers, bankers know that small and medium-sized businesses (SMBs) are also important to attract and keep. While SMB lending has long been the lifeblood of community banking, the appeal of this sector has made it a hard-fought
Have you heard about the eco-friendly sneakers, Allbirds? They are made of wool, eucalyptus and even sugar. This company started online over 2Ys ago and has now opened a 4,800 sq. ft. flagship store in NYC with a "service bar" and plans to open 8 more stores. Given the number of retail closures these days, this sure is interesting and positive to hear - even if small.No doubt, Allbirds has a smooth online process for its customers, which helped its success. This is something that banks are working on as well to attract and keep customers in this rapidly changing
If you were wondering which animals are the largest of their kind in the world - wonder no more. Live Science has ranked them and you might be interested to know the largest living animal in the world is the blue whale at 100 feet long. Other interesting critters include the biggest bird (albatross), rodent (capybara), fish (whale shark), marsupial (red kangaroo) and snake (reticulated python).In the world of banking, some employees may feel their salary is large, while others may not. To get a better perspective, we take a look at two recent surveys that show similar trends. A
The tallest mountains in the world are Mount Everest at 29,029 feet, followed by K2 (28,251), Kangchenjunga (28,169), Lhotse (27,940) and Makalu (27,838). While the readers who are climbers already probably knew that, we ran across it and found it interesting, so we wanted to share.As you prepare to climb your work mountain today, we delve into the world of biometric security. It wasn't that long ago that biometric security measures such as scanning an individual's iris or fingerprints were considered cutting edge. But, this is definitely not the case anymore.The capabilities of cybercriminals have improved quickly, so new security
The World Atlas ranks the most popular sports in the world based on the estimated global following. We note the top 5 are: soccer (4.0B), cricket (2.5B), field hockey (2.0B), tennis (1.0B) and volleyball (900mm). The strength of these sports globally is interesting, but doesn't necessarily translate to the US.As a community bank, your institution's strength is in its customer relationships. So, it seems natural to bring up personal microsites. These are individual web pages functioning within your bank's larger, existing website. These provide your bank with another way to enhance and solidify your customer relationships.Both community banks and larger
We talk quite a bit about technology because everyone is using it and it is definitely having a huge impact on banking. That's one reason we were interested to see research by Pew that found 99% of those 18-49Ys old own a cellphone, 97% use the internet and 82% use social media. That's a lot of socializing!In social circles around town, there is some good news for community banks when it comes to digital payment usage and small-to-medium businesses (SMBs). According to a recent survey, SMB usage of digital payments surged 38% from 2017 to 2018
If you like to eat your vegetables, you will be happy to know that the US Department of Agriculture tracks which ones are the most popular. In order, the favorites are: potatoes (48%), tomatoes (27%), onions (8%), head of lettuce (7%) and carrots (5%). For those who aren't big fans of the vegetable, at least you have some trivia to drop on your friends during lunch.It's no secret that Midwest agriculture has been hit recently. In other parts of the country, however, crops such as apples, peaches, berries, citrus, grapes, nuts, and avocados seem to be doing just fine. A
President Teddy Roosevelt once said, "Speak softly and carry a big stick." It seems Amazon's virtual assistant Alexa must have been listening, because it is getting a whisper mode. That's right, Alexa will whisper back when you speak softly to it. We are not sure about the stick part, but we are interested to try our quiet mode on this gizmo.In banking, the volume has been turned all the way up to loud though, when it comes to digital transformation these days. According to a report by The Economist, one of the top investment categories for bankers is
It seems our long lost relatives, the Neanderthals, were not just a bunch of grunting brutes. A study that analyzed bones found they had a precision grip very similar to our own more modern day variety. It seems we still have much to learn!In the world of cybersecurity, bank teams are always learning to keep up with bad actors too. After all, it is often difficult to know how much security is too much. This is important when you consider a recent survey from FICO. It shows how fed up consumers are with the security hoops they need
It has long been known that cats eat rats. But, a new study finds that is not the case in New York City. It seems these rats are bigger, so scientists found the cats were scared of them and were instead seeking prey that would not fight back. Strange!Bankers that grade loans have occasionally been known to mutter "rats" too, probably because this activity has so many intricacies. When community banks evaluate commercial loan risk exposure, a key element is how each loan is graded. But, you may be surprised to hear that banks don't necessarily have a uniform loan
In technology news out there, it seems an analyst at Goldman Sachs estimates Google will pay Apple $9B this year for the privilege of being the default search engine in the Safari web browser on the iPhone. If true, that would equate to roughly $10 per iPhone user. That is something to think about.While not on such a huge scale, community bankers too have much to think about when it comes to technology. Here, almost half of the senior executives and directors responding to Bank Director's 2018 Technology Survey say their bank's technology budget increased between 5% and
Maybe this year is the year to get a flu shot. Look no further than last year's data from the Centers for Disease Control that found last season's flu epidemic is estimated to have killed 80,000 Americans. That is the highest level in 40Ys. No matter what, protect yourself and your family this flu season by frequently washing your hands with soap and water, just in case.While not as bad, there are plenty of risks in banking too, so preparation is important. For example, export finance might seem risky to some bankers, yet, done properly it can benefit your bank
Too much technology can fry your brain. At least that is what a new study seems to point out. Canadian researchers have released the results of a 10Y study on how children's brains develop over time and found kids that spend less than 2 hours each day watching screens scored better on cognitive tests than those who spent more time watching screens. Take care.As you ponder how much screen time you can handle, we continue our discussion on blockchain and cryptocurrencies, along with some tips to help safeguard your bank and customers. When it comes to digital wallets that some
Did you hear about the team of scientists that created a massively strong magnetic field? Unfortunately, this group of Russian scientists also blew up their laboratory in doing so. Apparently, the field was a real scientific whopper!For a while now, bankers have been hearing about another scientific breakthrough known as blockchain. While not as exciting as a magnetic field perhaps, blockchain has been advancing too. But, how should community banks approach it today?One way to track whether and when it's safe to look at this technology is by monitoring the regulatory and legal world. These days, there's plenty to watch,
The political scene has certainly become very toxic. We aren't going to ruin your morning by plunging into it, but we did find a recent survey on the subject quite interesting. A Pew Research survey found a whopping 68% of Americans surveyed said the news media favors one side when covering political and social issues; the same percentage lacked confidence that news organizations would be willing to acknowledge any mistakes made. No matter the news going on around us, as bankers, it is part of our job to stay on top of the latest ways criminals try to steal money.
Sadly, Pew Research finds a whopping 59% of teens in this country say they have been bullied or harassed online and have experienced abusive online behaviors. The top three forms of cyber bullying include offensive name calling (42%), spreading false rumors (32%) and receiving explicit messages they did not ask for (25%). Be alert parents!Social media has become ubiquitous in everyone's lives and BSA/AML has done the same in the lives of bankers. We have mentioned this before, but it is worth repeating - thanks to advanced technology and rising government mandates for fighting money laundering, Anti Money Laundering (AML)
As Halloween gets closer, we share that the candy corn was invented way back in the 1880's and was originally called "chicken feed". Today, the candy corn is 3x the size of an actual corn kernel and 35mm pounds of candy corn are sold each year. That is certainly sweet indeed!As kids soon flood into the streets with bags in hand seeking to capture the best Halloween candy, we are reminded that bankers are always looking to sweeten their business too by capturing more small business clients. According to a recent survey, one in five small to medium
All things old become new. If you are old enough, you may remember the refillable milk bottles back in the day. Well, now you can refill your beer bottles in Oregon. Specially formulated refillable beer bottles are being filled, returned, cleaned, and filled again by seven breweries. As the breweries scale up, cost savings are expected and customers could benefit from lower prices. Stay tuned to see if it catches on elsewhere.Community bankers have more to worry about than refilling their beer bottle though when it comes to natural disasters. Hurricanes and tropical storms are also problems that aren't going
You have probably seen people sitting on planes wearing masks to protect others or themselves from illness. Pollution in some cities worldwide is also a problem. That is why we were intrigued by a new invention known as breaze. You charge it up each night so its fans and filters can work all day as you go about your business. Who knows if this will take off, but it might help people stay healthier perhaps.On the banking front, the focus is always on keeping healthy, particularly when it comes to cybersecurity. Given October is National Cybersecurity Month, we wanted to
There have been some really interesting inventions this year. One that adds a new member to your family is known as Temi. This $1,500 robot runs around the house with you or your family as you do things during the day. It is intelligent, mobile and links to and leverages smart home devices, online content and video communications and is driven by your voice. Temi can turn on lights, order pizza, play music, make a video of what you are doing and call someone on its screen so you can talk to them.While Temi may not yet do everything banks
Siemens Healthineers is using artificial intelligence (AI) technology to try to predict how a heart responds to therapy. The idea is to get better diagnoses by simulating well in advance how patients will react best to which therapy. By capturing scans, pictures of the heart and tons of patient data, they are able to create a digital heart that can be compared to real outcomes. This is pretty interesting new technology and we hope it works out well. As bank technology ages, many are faced with a choice: should you keep your older mainframe going, replace an older mainframe with
Segway, the company that brought you the self-balancing scooter back in the day, has now ventured into roller skates. You simply jump on the skate without strapping in your shoes and off you go. They have 45 minutes of drive time on one charge and have a single wheel design. This could be the replacement for the hover board perhaps.As you roll forward through your day today, we delve into various ways banks are increasingly automating their way to greater efficiency, with a closer look at managing exceptions. For many community banks, the tedious task of managing exceptions is still
It takes a lot of work to keep your teeth clean. Most people use a plastic toothbrush, but a new startup is now offering a disposable variety made of recycled paper. This approach in theory will mean less plastic in landfills worldwide and it reportedly looks, feels, and works just like the plastic variety. It looks like plastic toothbrushes may eventually be going to the dogs...you have to love human ingenuity.In the banking industry, there has been a ton of change and ingenuity as well. One area in particular where this has occurred has been in mobile banking. As the
People all over the world are rejoicing the fact that an underwater autonomous drone using vision based technologies and artificial intelligence is out there hunting a specific kind of coral killing starfish. Humans have been doing this, but now this drone can do it 24 hours a day 7 days a week so it is much more effective. Good news for coral and reefs.This sort of technology is interesting and similar sorts of technological advancements are happening in the banking space. While not of the underwater variety, our fintech world means banks are racing to keep up. During the first
Researchers have found that people who nod off during the day are more likely to develop dementia. It seems falling asleep when you are supposed to be awake is a sign of having too many beta amyloid proteins in the brain (3x as many as those who stayed awake). These proteins have been found to trigger dementia. As you jolt yourself awake this morning, we shift our focus to online gaming. If you've ever played a free online game, you know that in most of them, players need resources to advance through the game. Those who play lots of online
How crazy is it that a woman who reportedly made it a habit to bite her nails had to have her thumb amputated after developing cancer. It seems the young woman of only 20 had contracted a rare form of skin cancer. Doctors say the chronic trauma and inflammation of biting her nails likely led to the skin cancer.For community banks, small business customer habits can also be a struggle. Between navigating separate platforms for banking, enterprise resource planning, human resources, and accounts payable, your small-business banking customers have a lot on their plates. As such, perhaps your bank could
A new study by the National Institute on Aging finds mice who fasted between meals lived longer and were healthier than those who snacked during the day. Even more interesting perhaps, the mice that lived the longest and were the healthiest ate only one single meal per day. This all runs counter to common understanding of what many consider to be human healthy habits, so more analysis will likely be forthcoming.No matter what you eat or when you do so, it usually requires reviewing some options. In banking, it is important to review options when it comes to employee benefits
Leave it to researchers to take away yet another dietary product people think is healthy. A study from Israel finds probiotics believed to be good for digestion and health, may not be all they are cracked up to be. The study found in 50% of people tested, the good bacteria from the probiotics went in the mouth and straight out the other end. In the rest, the good bacteria hung around briefly before being pushed out by existing microbes. As bankers, we know many things can give us discomfort and that hindsight is often 20/20. So, today we provide some
In a good news story, Bloomberg is reporting that the Great Barrier Reef is now showing signs of recovery, following a mass coral bleaching back in 2016. A milder summer along with huge coordination among public and private enterprises has apparently turned the tide on this issue. For our scuba diver readers and ocean lovers, this is refreshingly good news.Many community bankers we know now feel refreshed and in full recovery mode too following such strong economic activity. That said, many also say they continue to struggle in the battle vs. the fintechs.For some time now, fintechs like Square and
Sharks are normally really scary with all of their big teeth and ferocious appetites. But, consider a variety of shark known as the bonnethead that appears to be vegan! Yes, you heard us right - this shark eats seagrass from the bottom of the ocean and avoids other animals entirely. It is truly strange and obviously nothing for humans to fear.As that swims around in your brain, let's shift gears to a discussion on social media marketing by community banks. An ABA survey finds 76% of banks (95% of which had assets under $10B) believe that social media
A study by the University of Cambridge in the UK has found a way to split water into oxygen and hydrogen by mimicking photosynthesis in nature. The approach is scalable, so it is great for usage worldwide, as it both collects and stores energy in a much bigger way. This one looks like an interesting advance.In banking, technology and customer behavioral changes are driving changes to branches. Today though, most community bank branches have regular hours, but customers not so much. So, while one branch might have a steady daily stream of customers lining up for tellers, another might have
Goat yoga is all the rage, but we weren't expecting it to take goat research in another direction. A university in the UK did some research and found goats not only respond to human facial expressions, but also prefer smiles to frowns. It seems 51% of goats tested approached a happy human face first, while 30% went to the angry face. The remaining 19% did not seem to care. While not directly goat related, the average community banker would likely say BSA/AML (AML) compliance has become brutally tough over the years. Things are so tough now that many employees and
Engineers at MIT have done it again. This time around they figured out a way to get sprayed droplets to stick to whatever the target is. The issue they were trying to solve was that typically less than 5% of sprayed liquids actually stick to the target. The solution was surprisingly simple. Just spray the bigger drops through a fine mesh to break them into smaller ones, about one thousandth in size. The smaller droplets stick better when they land, thereby solving this problem. This approach has practical applications in painting, agricultural pesticides, among others. The impact of this interesting
Researchers at the University of Helsinki have found that taking more than 3 weeks of vacation each year may lengthen your life. The more than 40Y study found that people who took less than 3 weeks off in a year were 37% more likely to die than those who took more than that. This could be a good reason to extend your vacation time this year.As you calculate how many weeks of vacation you have already taken this year, we point out that Americans rarely add up the number of trinkets they collect on these vacations either.Between moving, collecting, inheriting,
Scientists have published a paper that finds long before the age of dinosaurs, a huge volcanic eruption that lasted for 1 million years wiped out the ozone layer, 96% of marine life and 70% of terrestrial species. Life that lived on land took 10 million years to recover from this extinction event that was more impactful than the one that killed the dinosaurs millions of years later.To community bankers and businesses operating in states throughout the country, worries over the extinction of personal privacy have led to a bevy of legislation lately. Add to the list CA, which passed the
In an interesting technology advance, Microsoft said it will now allow users to sign onto their accounts using its Authenticator app and an Apple Watch. No password is needed and authentication can occur right from the person's wrist. New things keep popping up in the technology world and the same could be said about interest rates in the banking world. In fact, now that interest rates are on the rise, people naturally are looking for a greater yield on their deposit accounts. Interestingly, the data shows people seemingly don't want to lock up all of their money to get a
Well, it seems you just cannot get any privacy these days. Researchers appear to have found a way to reveal the contents of a remote screen by using what is known as a side-channel attack. These researchers used machine learning with audio picked up by computer microphones to get sensitive information from the remote screen. The audio was from emissions leakage of the electronic components of the LCD screens. This type of audio eavesdropping goes to show how far machine learning has come! We are not sure it will help much in this regard, but the world of
To keep employees happy, it makes sense for management teams at community banks to keep an open mind. That is why we were amused to see Google has launched a new way for people to create a sticker version of themselves using selfies. The feature uses artist illustrations with machine learning, neural networks and other fancy tech. With these selfie stickers, you can customize face shape, hairstyle or other fun options. Enjoy this, as you test it out with employees and customers, perhaps.As you think about this, we point out that you don't need a sticker to know
Cookies in the technology world are messages that web servers pass to one another when internet sites are visited. They don't taste nearly as good as your favorite, freshly-baked cookie though. That said, since the EU passed the General Data Protection Regulation (GDPR), the number of third-party cookies in use has dropped 22% on European news websites. The law has clearly taken a huge bite out of those cookies. The data shows customer privacy is serious business worldwide and it will only get more difficult in the future. This is especially true when you consider the high level
A study in Ecology and Evolution Journal finds a potentially scary situation. Researchers testing DNA from pythons in FL have found 3% of the snakes carry genetic markers that could create a "super snake" interested in moving from the swamps to higher dry ground. That is a potentially risky situation slithering around.Some technology researchers might say yet another risky situation developing in and around banking might be the Internet of Things (IoT).Look no further than a report jointly issued by the Department of Commerce and Homeland Security. It warns of the risks created by the increasing number of
SBA data points out that 28mm small businesses in the US accounted for 54% of all US sales and produced 67% of net new jobs. Community bankers provide huge support for this key customer group. So, keep up the wonderful work in your own community, no matter where you are in this great country of ours.People seem to ask from time to time what is going to happen to banks given so much digital activity is swirling around. To gain a better understanding of the forces at work, we point out that digital literacy improves with youth. This
People are so active online that businesses and banks alike must continue to adapt. For example, research by reviewtrackers.com finds while 53% of customers expect a business to respond to negative reviews within a week, 63% who left such reviews said the business never responded. That is just crazy when you hear 94% of people say a negative online review has convinced them to avoid a business. Data is easy to get and switching businesses is so easy, you have to wonder whether it is really any surprise that people are doing so more frequently. As people become increasingly reliant
Survey teams are constantly quizzing small businesses in an effort to gain insight. A survey by Infusionsoft finds the top two digital marketing priorities for small businesses are driving sales (51%) and building brand awareness (48%). Maybe there is an angle here for community banks to help small business customers, particularly when you consider a whopping 62% of those businesses said they either don't know or did not think their marketing efforts were effective.As you think about the best way to target your small business clients for the rest of the year, we provide a discussion of the results from
You have to love the British. It seems a robber who stuck his finger in the pocket of his jacket and pretended to have a gun did not get the response he intended. Instead, a couple of businesses he tried to rob called his bluff and told him to get lost. After trying a few times, he now spends time sitting in jail. In the business world though, there are many things to shackle a CEO's time. On this matter, we found a Harvard Business Review CEO survey interesting. It tracked how CEOs spent their time, in 15-minute
You probably saw Facebook's stock tank after reporting weaker than expected revenue growth in Q2 and warning of a slowdown for the rest of the year. The stock sank 19%, dropping more than $100B in a single day. Besides being the biggest single one day decline in US history, it was also larger than the total value of Costco, Lockheed Martin, Starbucks, CVS, Lowes and others, according to Bloomberg. While maybe not quite as jaw-dropping, community banks are on track to comply with FinCEN's new anti-money laundering (AML) beneficial ownership rule, according to a survey by ARC Risk
Well it looks like Amazon won't be the only player in the drone delivery business, if all things work out. Now, Airbus has jumped into the act, with an automated delivery drone service that it has dubbed "Project Skyways". The drones land on specially-designed parcel stations that have a robot inside. The robot senses when a package is dropped off or delivered to the station and either loads or unloads it automatically. Who knows where all of this goes, but it is certainly interesting.Another area of interest that banks are monitoring is all about cannabis. Local municipalities are trying to
Elon Musk sure seems to have an active mind. He has rolled out limited edition hats, flamethrowers and other things that seem to have nothing to do with his primary business activities. Given it is summer perhaps, he has now announced Tesla is selling limited-edition surfboards for $1,500 each, and they are so amazing looking that they have already sold out. We wonder what he will think up next.As you think about catching a big earnings wave this year, we zero in to alert you about how some big banks are bowing to pressure from fintechs and offering fee-free mobile-only
A Pew Research study highlights something you already know. When you go online you are likely to be harassed, so prepare yourselves. In fact, a whopping 41% of adults say they have been harassed online and 66% say they have seen it happen to someone else. It looks like if you want to stay sane, disconnecting now and again can be a good move.Unfortunately for community bankers, it is impossible to just disconnect from the world around you, as the Current Expected Credit Loss (CECL) standard draws closer. So, banks are trying to ready themselves for the change. According to
It isn't anywhere near year-end right now, but that doesn't mean people aren't still working on their resolutions. Statista found earlier this year, people said their top resolutions were to eat healthier (37%), get more exercise (37%) or save more money (37%). If these are on your list, we hope you are making some progress at this point in the year. Shifting our discussion today to the markets and opportunity for bankers, things definitely are booming out there. Business is good and rates are rising, so profits are too. The Fed has slowly raised short rates, but longer maturities have
When high school kids head off to college, they often ask their parents and friends what sort of degree might make sense. That is why we found research by the National Center for Educational Statistics interesting. It looked at the most popular majors for bachelor's degrees and found the top ones were business (19%), health professions (11%), social sciences and history (9%), psychology (6%) and biological and biomedical sciences (6%). You might also be interested to find out more about how people are using bill payment these days. About $4T changes hands every year when consumers pay their
People love to drink coffee. Look no further than a survey by the National Coffee Association that finds 64% of Americans age 18Ys or older drink a cup of coffee a day. Interestingly, 79% did so at home, while the rest went to a caf? or some other location.As you sip your coffee this morning, we point out that community banks are not only the backbone of banking, but also the backbone of farming as well. After all, community banks provide 75% of all agricultural loans to American farmers. It is little surprise then, that many community banks are supporting
Is there anything anywhere that Amazon isn't into yet? This list certainly seems small, as they have announced a partnership with Marriott hotels. Amazon plans to drop an Alexa into every room to act as a personal assistant for weary travelers. That's right, guests will soon be able to order room service, get dinner recommendations, call housekeeping, and do other stuff simply by asking Alexa to do it.Speaking of speaking, we speak to a lot of bankers about their digital offerings. It seems that corporate CFOs aren't that much different from small business banking customers. Both are increasingly
People can be real fraidy-cats. At least, that is, if you believe a UK study on the percentage of adults who are afraid of the dark. Amazingly, the study found 64% of adults said they were still afraid of the dark, 67% don't like turning out the lights before jumping into bed and 36% said they regularly get the feeling that something or someone is in the room with them. That last one is creepy, so we are glad it is morning.In banking, no one is afraid of taking deposits or making loans, but that doesn't mean competitive pressures aren't
You may not know it but wrestling is considered to be the oldest competitive sport on the planet. It reportedly shows up on cave drawings dating back to 3,000 BC and in the Olympics around 708 BC. That is certainly an old sport, if not the oldest.Today we focus on how community bank technology teams are always wrestling with hackers who are working to take them down. Hackers seem to constantly find new ways to break into computer systems, so countermeasures are constantly evolving. This is an evolutionary cage match and neither hacker nor banker shows any signs of slowing
Research published in Nature Communications finds oxygen can now be extracted from water in zero gravity using star light and a semiconductor. This amazing discovery seems to provide a way for humans to take long space flights. So, suit up and get ready everyone!As you think about traveling to distant stars in the future, we bring our community bank readers back down to earth this morning as we delve into how wearable payment devices are gaining traction with some examples and discussion.Take, for instance, ABN Amro's Kerv payment ring. In early testing of its device, ABN Amro found
Let's face it - things cost money. Look no further than upper education. On the good news front, the Census Bureau reports 33% of Americans 25Ys or older have completed a bachelor's degree or higher vs. about 17% back in 1980. Since the data shows college educated people earn more than others that is good for the country. As for the bad news, consider that over the same time period, education costs have soared over 1,000%. It sure makes one think about the return on investment (ROI). When it comes to financial institutions, management teams, boards and investment bankers are
We thought it was interesting that CareerBuilder research found 58% of managers say they did not get any management training, and a survey by Harvard Business Review finds the same 58% say they trust strangers more than their own boss. This probably isn't the case at your institution, but training and trust are clearly very important. So, these might be worth a second look.Banks are constantly tweaking their product and service offerings in response to competitors and market conditions. Right now, this is especially true, given that short-term interest rates are rising, but longer ones seem to be barely budging.
You ever wonder about the person working just down the hall from you? Sure they are a colleague and very nice, but something sees a bit off too. After probing a bit more, you realize you have finally put your finger on it. They appear to be among the 7% of Americans who believe chocolate milk comes from brown cows or even worse the 485 who said they had no idea where it comes from! Moo.As you work each day to capture more customers, perhaps a discussion around chocolate milk with prospects (including a cookie) might be a great ice
Did you know that we are all so addicted to all things internet and social that 77% of us go online at least daily? That is just one finding of Pew Research that also found 26% of us go online almost constantly, 43% do so several times a day and 8% check things out 1x per day. As you think about your marketing efforts to capture and retain customers, this data is no doubt helpful, we would imagine.While many small and mid-sized business (SMB) customers of community banks most often focus within their geographic region, an increasing number
A new survey by EdenFantasys looked at how prevalent sex is in the workplace. What - good morning! Now that we have your attention, the survey found 14% of people say they have had sex at their place of work and of those, 19% have been caught doing so. While 44% have had a workplace romance, 70% of those said they hid their fling from coworkers and bosses. Finally, while 60% of all work relationships have ended in a breakup within 1Y, 25% of such relationships ended in marriage. Have fun out there, but not too much - at least
It is well known that many Americans are just not healthy and that shifting habits are a big underlying issue. The Department of Health and Human Services (HHS) finds only 33% of kids are physically active every day and spend more than 7.5 hours daily in front of a screen. Meanwhile, there is a 25% adult obesity prevalence rate in 32 states now. Staying healthy takes work. But it also makes you feel better, so good luck to everyone. It is also well known that checks are going the way of the dinosaur. Interestingly though, while digital banking is pushing