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competition
The rise of new technologies and the rapid adoption of everything digital solidifies fintechs’ roles in financial services. We highlight six fintech trends and suggest how CFIs can capitalize on them.
Comprehensive “super apps” that manage messaging, financial services, payments, and other tools are targeting small businesses. We detail what these apps can do and how you can compete.
Private equity firms are actively targeting the lending market for small and midsize businesses, and they have deep pockets to use in their pursuit. In order to remain competitive, CFIs must focus on and highlight their expertise in this area.
Around 55Ys ago, the USPS ended its postal banking services. Yet, a new USPS check-cashing pilot program seems to be indicating a possible resurgence. The stimulus checks from the pandemic shined a light on the issues for the unbanked in accessing these funds. Now, with some bipartisan momentum, USPS could become a competitor to many community financial institutions. We unpack the details and give some insights.
Google recently launched a program for small businesses called Stride. Are they trying to grab your customers?
CRE lending competition is heating up, mainly due to nonbank lenders. We give you an update.
Half of community banks cite decision speed as a competitive advantage over big banks for small business loans. How to ensure this advantage will last.
Big banks are bowing to pressure from fintechs and offering fee-free mobile-only accounts. We give you the details on what is happening and how best to compete.
In our fourth "Inquiry and Insight" issue, Steve Brown answers questions on phishing, CECL and online lending competition.
It’s important for CFIs to benchmark their performance against other institutions to gauge their CFI’s standing. We discuss criteria for selecting peers, tools for research, and what metrics to compare.
What draws small businesses to nonbanks for loans? We outline determining factors that are giving nonbanks the edge, plus tips to beat the competition.
Shadow banking represents nearly 50% of global financial assets. With a lack of clear regulatory oversight and transparency within the sector, industry experts fear its growth could pose significant threats to the banking industry.
More and more CFIs are partnering with fintechs to automate and improve their ag lending practices. We share details of how such partnerships are enhancing banking relationships with farmers and ranchers.
A successful transformation for any organization necessitates more than deciding that change is needed. CFIs should carefully think through long-term goals, make sure leadership has a shared vision, and allocate appropriate resources before setting out to make meaningful change within their institutions.
As the banking industry has pulled back its lending activity, nonbanks, such as private equity firms, have moved in to fill the lending gap among large syndicated loans. We discuss what this could mean for CFIs and their participation in the syndicated loan market.
Digital-only spinoffs are becoming an increasingly popular way for CFIs to test new products and technologies, expand their reach, and target new demographics. We review the pros and cons of digital-only offshoots, and look at examples of CFIs currently experimenting with this new model.
Digital banks are known for superior customer service, as well as easier and faster digital capabilities. CFIs can combat this by enhancing their own digital channels. We detail some best practices on how to accomplish that.
Pay by bank, a service that allows consumers to log into their bank accounts during an online purchase rather than entering a credit card, will debut as a new efficient payment method this year at online US retailers. While the service is more secure and eliminates the need for retailers to store consumer credit card data, it also means no fee revenue for credit card issuers.
The financial industry’s largest players are gearing up to introduce a new digital wallet aimed at competing with behemoths like PayPal and Apple Pay. Though it is still unclear how everything will play out, CFIs should keep a close watch on what they are planning while continuing to focus on their own digital offerings.
For CFIs to successfully compete with digital-only competitors, they first need to understand what draws people to such non-traditional banking in the first place. We dive into who is switching to neobanks and fintechs, as well as what services you can provide to retain these customers.
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.
What can community banks do to keep their business customers in this fierce, non-relenting competitive landscape?
The Department of Justice is reviewing its bank merger guidelines. The results could help smaller institutions.
Customer rewards programs matter. Converting loyalty programs to loyal customers necessitates simplicity, creative thinking, and ongoing awards. Anything short of this will leave customers flat and see them jump ship for other financial institutions with more appealing rewards programs.
Fintechs like Square and PayPal have been successfully wooing merchants to use their credit and debit card payment processing systems. What can you do to fight back?
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.
A number of challenger and foreign banks have recently exited or scaled down their presence in the US. N26 is the latest casualty. What’s behind these less-than-successful attempts to come to terms with the US retail banking landscape? We look at the lessons community financial institutions can learn from this apparent exodus.
Google has announced it is ending its embedded banking experiment, Google Plex. But with many other big nonfinancial brands making forays into the space, and embedded finance startups receiving over $4B in investment this year alone, it seems likely that embedded banking is here to stay. We explore what this could mean for community financial institutions.
Today we answer questions from bankers on public banks, core deposits and Google's checking accounts.
Although there has been talk of the post office getting into the banking business, according to a new Treasury report, this is not happening right now at least.
As you work on updating your employee benefits for 2019, you may want to know what other companies are doing. Some benefits are being cut and others are being added. Some of these changes may surprise you.
The surge in fintech activity has many possible repercussions for community banks. What the latest advancements mean for your bank.