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BID Newsletters
Jan 25, 2023
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.
Jan 11, 2023
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.
Nov 30, 2022
Embedded banking allows CFIs to provide financial products and services through non-bank, third-party partners such as retailers and service providers. In this second part of our embedded banking series, we explore ideas of how CFIs might partner with non-bank organizations to offer embedded banking services. We also address some of the legal, compliance and technology challenges associated with launching embedded banking.
Nov 29, 2022
Embedded banking could help CFIs expand into new markets, acquire new customers, and increase deposits. While there is huge potential for embedded banking, some CFIs are hesitant to give it a try due to perceived complexity and high cost. In the first of a two-part series, we discuss benefits and trends related to embedded banking.
Oct 26, 2022
Fintechs — once viewed as an existential threat to community financial institutions — are now increasingly seen as offering institutions an opportunity to innovate and thrive. However, fintech partnerships carry risks and the regulators are watching closely. We summarize six key areas from the latest due diligence guidance to ensure a successful and responsible partnership.
Mar 10, 2022
Discussion over the rules governing faster payments is still ongoing at a federal level. Meanwhile, customer adoption of existing real-time payment solutions continues to increase, with many new products on the horizon. Community financial institutions have a lot to think about before providing faster payment capabilities. Here are three steps to get you ready.
Jan 18, 2022
Community financial institutions know their customers well. Yet, this is no time for complacency as competitors abound. Technology is an important tool in understanding your customers’ shifting needs. Here are three key areas to use technology to more effectively respond to your customers.
Jan 11, 2022
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.
Dec 17, 2021
Treasury management services are needed by businesses more than ever these days. Are you ensuring that all these opportunities are properly addressed? With 66% of small businesses stating that they face financial challenges, cash management is especially important. Here are three tips to fully support your customers with their treasury management requirements.
Dec 14, 2021
Digital banking is a must for community financial institutions, with nearly 65% of the US population using digital banking in 2021. Yet, bankers can find it challenging to balance continuous digital innovations with daily tasks. We provide you with four important steps to assist you in your digital banking efforts.
Sep 20, 2021
As big banks JPMorgan Chase and BBVA pulled the plug on their “digital-only” brands, Finn and Simple, you would think community financial institutions would stay away from this endeavor. Yet, a peer in MA recently launched its own “digital-only” brand. Is this something for other community financial institutions to consider? Here are some of the advantages for your consideration.
Sep 15, 2021
The number of partnerships between financial institutions and fintechs is increasing with technologies advancing and competition intensifying. Community financial institutions interested in these partnerships may be keen to hear from their peers. So, we give you two successful examples along with the regulatory lay of the land.
Sep 1, 2021
Banking as a Service (BaaS) activity has been steadily climbing, but the pandemic put it into high gear. In 2020 alone, BaaS transactions hit $22.5B and rapid growth is expected to continue. We share the BaaS basics, the banking industry’s response to it, and how a community financial institution is staying competitive with it.
Aug 17, 2021
Community financial institutions are buying nonbanks more than ever. With the global fintech market growing to $143B this year and several financial advisors looking to sell, there is a rich field to choose from. We explore some of the reasons your peers are purchasing nonbanks and what to look out for, if you consider going down this path as well.
Jun 24, 2021
About 50% of people use at least two finance apps, according to Mambu worldwide research. So, how can community financial institutions keep their customers engaged with such a plethora of apps? Understanding app usage and what your customers are looking for in finance apps will put you on the right path to respond to the plethora of finance apps.
Jun 22, 2021
With Square officially becoming a bank and Google and Amazon intent on staying active in the financial services industry, competition is heating up. What are these technology vendors doing and how should you ensure your customer relationships are solid so you remain competitive? We answer those questions for you.
Jun 15, 2021
Despite the name, neobanks aren’t new. They have been around since 2009. Yet, these days, their presence seems to be expanding. Many bank customers have become more comfortable with digital banking since the pandemic, which has driven over 20MM Americans to have a neobank account. We explain what a neobank is, what customer benefits they provide, and the challenges they face.
Jun 11, 2021
Marketplace lending is expected to reach almost $559B in 2027 and has grown 33% in market share over the past 5Ys. Is this something that community financial institutions should be concerned about? We give you the background of marketplace lending, who their customers are, how the experience is different, and how to entice their customers to borrow from you instead.
Jun 14, 2021
Big banks such as Citibank, Bank of America, and Capital One have started offering virtual payment cards. Community financial institutions also have started dipping their toes in the water. We explore how virtual payment cards work, and the benefits of fraud protection and reduced costs. We delve into an example of a community bank offering virtual payment cards too.
May 27, 2021
Did you know that gig workers make up over one-third of the workforce in the US? Yet, their financial needs are mainly addressed by fintechs. We bring you up-to-speed on this labor sector including the reasons they want to work independently, why conventional risk assessment may not work, how fintechs are courting gig workers, and what financial services gig workers need.
May 24, 2021
Digital banking and the PPP were two key drivers in bringing CFIs and fintechs together during the pandemic. This shift in the fintech-financial institution dynamic will likely continue post-pandemic as CFIs look for ways to continue engaging their customers. We explore what fintechs are looking for and the steps CFIs should take for a successful partnership with a fintech.
Mar 4, 2021
Open banking has been a hot topic these days. Community financial institutions interested in open banking should consider that banking behaviors have permanently changed, the importance of starting conversations with their core and digital banking providers, and making data sharing transparency a priority.
Feb 16, 2021
Partnerships with fintechs have been increasing, due to the digitization spurred by the pandemic. Several community financial institutions are among those institutions engaging more with fintechs. We have three secrets for successful fintech partnerships to share, some of which came from your peers: fintech flexibility, removing internal barriers, and involving staff.
Jan 7, 2021
With tight competition for top-quality borrowers and high levels of deposits, lending has its challenges in 2021. Three ways to handle these challenges: book more working capital loans, manage CRE portfolio challenges, and monitor nonbank and fintech competition.
Nov 16, 2020
There is a proposal being reviewed by the Task Force on Financial Technology that would enable fintech companies to acquire special charters to act like banks. We give you some key highlights of this proposal.
Oct 21, 2020
The Department of Justice is reviewing its bank merger guidelines. The results could help smaller institutions.
Aug 27, 2020
Digital account openings have hit record levels due to the coronavirus. Is it time to update your digital onboarding process?
Aug 24, 2020
Google recently announced an expansion of its banking partnerships in digital banking services. We explore some of the benefits to consider in fintech partnerships.
Aug 5, 2020
Could Banking-as-a-Service be an option for your institution? Let's explore the "whys" for your institution.
Jul 17, 2020
According to a recent Citi poll, 91% of bank customers prefer an app to visiting a branch. This might be the right time to develop your banking app.
Jul 10, 2020
With the continued demand for digital, community financial institutions that work with financial technology firms could have an advantage over those that don't.
Mar 10, 2020
Just when you map your digital journey, another player shakes things up or technology zooms ahead in a big way. Here is how your institution can prepare.
Dec 20, 2019
One way to ramp up your deposits is to help customers save using apps.
Dec 12, 2019
Online searches often send people to fintechs and digital-only platforms. What can your institution do about this?
Dec 9, 2019
The new fast-track bank charters for fintechs just got pushed into the slow lane by a federal judge. Should this change your strategy?
Jul 5, 2019
Lately, fintech has become an increasingly popular topic of study for college students and working professionals alike. How your institution can benefit from this new trend.
Sep 7, 2017
Apr 10, 2019
Bankers everywhere want to modernize rapidly in order to meet their customers' expectations. To reach that goal, some are seeking fintech partners. What to consider if you find yourself ready for this partnership.
Mar 5, 2019
What can community banks do to keep their business customers in this fierce, non-relenting competitive landscape?
Feb 26, 2019
According to a GAO report, small business loans by online lenders grew from about $582mm in 2013 to $4.2B in 2017. We look deeper into this report, specifically around lending activities using alternative data.