BID® Daily Newsletter Archives

February 2023

A recent study says that a financial institution’s lack of support for local charities would push customers to move their accounts elsewhere. We explore how your CFI can pick charities that make the greatest impression on your customers.
Businesses in practically every industry today are personalizing their messaging to their customers. However, personalization efforts in the financial services industry are lagging behind those in other industries. CFIs can reap a number of benefits by creating more personalized experiences for customers.
While fraudsters will try any and all methods across every generation, certain practices for each generation typically bear the most fruit. CFIs should be aware of the types of online fraud that each generation is most susceptible to, then educate their customers on ways to not fall prey.

January 2023

01/31/2023 - What Makes a Bank One of the “Best Banks to Work For”?
The annual Best Banks to Work For list from the American Banker showcases financial institutions that strive to treat their employees well. A reputation as a good workplace can help in both recruitment and retention efforts. We reveal what some of the banks on the list have in common.
01/30/2023 - Preparing for an Economic Downturn
Economic forecasts for 2023 include a soft landing, stagflation, and recession. No matter which proves to be accurate, CFIs should prepare for the worst by assessing and taking steps to effectively manage risk.
01/27/2023 - Guidelines for M&A Are Evolving
The regulatory environment for banking M&A is evolving. Regulatory agencies are assessing the current competitive environment with an eye toward improving measures of competitiveness. While much remains uncertain, the recent merger of U.S. Bank and Union Bank offers some insights that may benefit banking institutions.
01/26/2023 - Increasing Employee Engagement with a People-First Culture
Job seekers have the advantage across most industries, including the financial industry. By increasing employee engagement and creating a people-first culture, CFIs have an opportunity to keep high performers and stand out from the competition. We explain what employee engagement means and how you can practice it.
01/25/2023 - Greater Income and Control with Credit Cards as a Service
CFIs that want to issue credit cards have a new alternative to the agent bank model and the cost of investing in their own credit card-issuing system. They can leverage CCaaS fintechs. CFIs get more income and control — customers get broader product offerings and a more digital experience. We explore this option more.
01/24/2023 - The Value of Mining Proprietary Data
Data mining has become increasingly important for tailoring products and services to the needs and desires of customers. But not all data is created equal and CFIs should take steps to utilize customer information that others do not have access to.
01/23/2023 - Rising Interest Rates May Shut Some CFIs out of FHLB Funding
Some CFIs are finding that rising interest rates are causing their current calculated asset levels to show up as negative under the tangible capital rule used by Federal Home Loan Bank. Financial organizations across the country are asking for relief.
01/20/2023 - Catching the Last Wave of the ECIP Plan
The federal government is investing more than $8.28B in community development financial institutions and minority depository institutions through the Emergency Capital Investment Program. See how your CDFI or MDI can benefit before the application deadline Jan. 31.
01/19/2023 - Adding Supply Chain Financing to Your Offerings
Supply chain financing had already gained speed prior to the pandemic, but activity has picked up substantially over the past two years. What CFIs should know about the rise in supply chain financing and why they may want to consider adding it into the fold.
01/18/2023 - The Rise of Contactless Payments
While many daily tasks are beginning to resemble pre-Covid life, some habits picked up during the pandemic are likely to continue, including the use and expectations of contactless digital payments. We explore how to embrace this perpetual payment trend as it continues into 2023.
01/17/2023 - Three Major Trends in IT Spending
Trends in IT spending are constantly changing among CFIs. They also serve as the best roadmap for where the banking industry is heading. We provide an update on the latest investments financial IT teams are prioritizing, including three major trends.
01/13/2023 - Combatting Impostor Syndrome
With more than 50% of employees working remotely these days, a lack of regular face-to-face interaction between workers has led to an increase in what is known as “imposter syndrome,” where people begin questioning whether they are right for their jobs. By stepping up intentional communications with employees, managers can reduce the likelihood of losing good workers to such doubts.
01/12/2023 - What Does the Future Hold for Payments?
Fueled by innovation, emerging technologies, and customers’ changing expectations, the payments space is evolving at a rapid pace. We look at some of the top payments trends and suggest ways in which CFIs can ensure they make the most of these opportunities.
01/11/2023 - Now Is the Time to Consider BaaS
Challenging economic conditions coupled with the boom in embedded finance mean that BaaS is an attractive opportunity for CFIs seeking growth. We look at the BaaS market, various key success factors, and how some CFIs are capitalizing on this opportunity.
01/10/2023 - How CFIs Can Effectively Compete Against Neobanks
Nimble neobanks have an edge in the world of digital banking. But CFIs have advantages in the real world of finance, stemming from their traditional, brick-and-mortar businesses. Those traditions can help level the playing field.
01/09/2023 - As CD Rates Rise, Pressure Mounts on Banks to Keep Up
The latest Fed rate hikes have some challenger banks offering CD rates above 4%. CFIs may be reluctant to compete at that level, even as deposits outflows happen, but there are strategies CFIs can use to help convince good customers to leave deposits where they are.
01/06/2023 - Social Payments Have Moved from a Luxury to a Necessity
According to the Federal Reserve, 83% of consumers, ranging from the Silent Generation to Gen Z, routinely use mobile payment apps and digital wallets. Some users even keep a balance in these apps, treating them like makeshift checking accounts. With the popularity of social payments crossing the generational divide, integrating with social payment apps is a necessity for financial institutions to remain competitive.
01/05/2023 - What CFIs Should Know About the OCC's New Strategic Plan
The OCC has released a new strategic plan that prioritizes stronger, more modern community banks. Understanding where the regulator is emphasizing change within its own operations, and where it believes the biggest risks to consumers lie, is the best way to prepare for any likely regulatory changes to come.
01/04/2023 - Why Open Banking Is Growing Globally
Global open banking activity is predicted to reach $124B by 2031. From enhanced security to meeting customer desires, there is no shortage of reasons why US financial institutions should embrace it.
01/03/2023 - Externships Provide a Way to Plug IT Skill Shortages Remotely
As CFIs seek to plug gaps within their IT skill sets, externships provide a novel approach to supplementing expertise, identifying promising technology offerings, and recruiting qualified young employees.

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