TOPIC: Strategy

BID ARTICLE: Inquiry & Insight: Compliance, AI, Strategic Initiatives

Readers of the BID recently asked us about compliance management systems, AI to improve customer experience, and re-evaluating strategic initiatives. We provide our insight in today's article. Read Article

Have a questions for Steve Brown or one of our specialists? Email your questions to steve.brown@pcbb.com or ask them in the comment section below. 

    BID ARTICLE: Community Financial Institutions And Social Change

    Over the past year, the values of tolerance and equality have increased in importance for the US population in general. We look at how some financial institutions are reviewing their values and communicating with their employees and customers in light of this shift in today’s article. Read Article

      Looking for industry trends corresponding to Online Account Opening

      Person at a credit_union ($665MUSA)
      We use Meridian Link Xpress Accounts as our online account opening solution. Would anyone be willing to share a few metrics with me to gauge industry averages? Specifically, I'm looking for percentages of total retail applications corresponding to:

      Abandonment Rate (Incomplete Applications)
      Awaiting Information (Awaiting documents)
      Canceled/Declined (Due to internal/external charge offs, not qualified for membership, etc.)
      Confirmed Fraudulent Applications.

      Thanks,

      Craig  


        Denver Business Journal Article: Why Hedging Loan Solutions Can be Advantageous for Businesses

        In this recently published Denver Business Journal article, Cedric Buchanon, Market President at 5Star Bank, talks about how Borrowers Loan Protection allows him to "compete with all sizes of financial institutions in the market". Learn more by reading the article:  | https://www.bizjournals.com/denver/news/2019/12/13/why-hedging-loan-solutions-can-be-advantageous-for.html

          Ron Shevlin & Michael Berman talk shop: Fintech Strategy Hour 12/18/19 @3 PM ET

          Fintech is overrun with buzzwords hyping up the so-called Next Big Thing. But just because everyone is talking about something doesn’t make it right for your financial institution. Whether or not today’s hot fintech idea will translate into a function that support your FI's strategic goals and objectives comes down to strategy.

          Join Ncontracts’ CEO, Michael Berman and Managing Director of Fintech Research at Cornerstone Advisors, Ron Shevlin, for a candid video conversation about fintech trends and strategy.  Wednesday, December 18, 2019 @ 2:00 PM CT.

          You’ll hear about:
          • Tips for practically assessing industry fintech trends
          • The relationship between vendors and technological innovation
          • Fads that fizzled – and why it happened
          • The fintech year ahead
          • Aligning fintech with your business strategy
          • The regulators’ take on these partnerships
          Join us for this engaging webinar as two industry thought leaders share their insights on making smart and strategic fintech decisions.

            Ncontracts December Webinar: Fintech Strategy Hour with Ron Shevlin & Michael Berman 12.18.19 @ 2 PM CT

            Fintech is overrun with buzzwords hyping up the so-called Next Big Thing. But just because everyone is talking about something doesn’t make it right for your financial institution. Whether or not today’s hot fintech idea will translate into a function that support your FI's strategic goals and objectives comes down to strategy.

            Join Ncontracts’ CEO, Michael Berman and Managing Director of Fintech Research at Cornerstone Advisors, Ron Shevlin, for a candid video conversation about fintech trends and strategy.  Wednesday, December 18, 2019 @ 2:00 PM CT.

            You’ll hear about:
            • Tips for practically assessing industry fintech trends
            • The relationship between vendors and technological innovation
            • Fads that fizzled – and why it happened
            • The fintech year ahead
            • Aligning fintech with your business strategy
            • The regulators’ take on these partnerships
            Join us for this engaging webinar as two industry thought leaders share their insights on making smart and strategic fintech decisions.

              Cannabis-Related Banking Explained | Earn 1.25 hours CAFP, CERP, CFSSP, and CRCM | Free Webinar

              With cannabis-related businesses still sitting at the top of bankers’ minds, senior consultants from Abrigo’s BSA/AML Advisory Services team tackle bankers’ burning questions about CRBs/MRBs. Join us as we discuss all things cannabis, from the current state of cannabis laws to what bankers will need to know for 2020 and beyond. No matter if you're planning on banking these businesses or want to stay far away from them, this session has information you might not have considered.
              Join this webinar to learn:
              • Updates on cannabis laws, both current and upcoming
              • How to successfully bank these customers 
              • Common CRB banking errors and how to avoid them
              • Q&A will answer audience-submitted questions both live and post-webinar
              This session is eligible for 1.25 hours CAFP, CERP, CFSSP, and CRCM

              Thursday, December 12, 2019
              2:00 PM ET / 1:00 PM CT
              Register now! 

                Free Webinar | Optimizing Risk and Return: Findings from an Example ALCO Report

                Webinar: Optimizing Risk and Return: Findings from an Example ALCO Report
                Wednesday, Dec. 4  |  3 p.m. ET/2 p.m. CT

                Financial institutions and their ALCOs have been encouraged to upgrade their ALM practice to an outcome-based approach that informs decision making. An effective ALCO report can help demonstrate an institution's ability to manage risk at acceptable levels. Abrigo’s ALCO report is an in-depth analysis that shows financial trends in prior periods and proposes effective strategies to ensure that future performance improves current results.

                Join our free webinar to learn the important insights from an example ALCO report, the underlying assumptions that institutions should be able to support, and how to communicate those findings.

                Save your seat!

                  Survey Request | 2020 Business Lending Readiness Survey

                  How do you expect to manage your commercial lending process in 2020? 📋 Fill out our short survey to help institutions like yours benchmark their strategies against peers and highlight industry goals for the coming year. 

                  We aim to assess industry obstacles and evaluate strategies and best practices regarding various areas of the commercial lending process, including risk rating, pricing, underwriting, tracking ticklers, and more. 

                  Key questions that the 2020 survey covers includes:
                  • Length of time it takes to close a new commercial deal
                  • How institutions manage the borrower pipeline
                  • How institutions set prices on loans
                  • How many labor hours it takes to underwrite a loan
                  • How many categories institutions have in their risk rating scale
                  You'll be entered to win one of several $25 ☕️ gift cards just for filling it out and you'll be the first to get the results! Thanks in advance for your help. 

                  Take the survey! 

                    Monthly Financial Dashboard for Employees

                    EVP at a credit_union ($180MUSA)
                    I am looking for a simple Financial Dashboard that can be shared each month with all employees.

                    Does anyone have anything like this? I was hoping for something high level, that could provide basic information to all the staff of the Credit Union. If you don't have a dashboard, do you share anything at all each month with staff? If so, what do you share.

                    Thank you,

                      Demonstration | Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility - Join us August 27

                      August 27 at 12:30 PM - 01:30 PM EST
                      Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility
                      Cross-Channel Analytics, Big Data, and Machine Learning to Fight Fraud


                      Register Now

                      Financial institutions are facing common challenges in combatting fraud. Adding layers of protection to detect and prevent fraudulent activity, managing your alert volume, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams, and ultimately leads to a lack of visibility into your true fraud problem.

                      Join us for this presentation as we discuss the benefits of consolidating your fraud prevention and management functions with Verafin’s Enterprise Fraud Management platform. Learn how to reduce losses, strengthen prevention efforts across all channels and departments, and enable a full picture of fraud at your institution to drive strategic decision-making.

                      Register Now

                        Fraud Prevention Strategy

                        Employee at a credit_union ($248MUSA)
                        Hello everyone, 

                        We are looking to build a "fraud prevention strategy" internally that can be used org-wide when conducting risk assessments, making decisions on risky transactions (check deposits, account openings, etc.) and for the purpose of audits to show what our current processes are. 

                        We do have individual processes/procedures to manage different types of fraud and identity theft, but we do not have a specific "strategy" in place to prevent fraud. Our prevention of fraud is mostly trained prior to our employees going to their respective branches, with on-the-job training happening as these situations come up. While we have a great success rate in preventing fraud, we are looking for a ideas on building a strategy to encompass all of our current processes. 

                        Does anyone have any materials they are willing to share that show the setup of your institution's fraud strategy? 

                        Thank you in advance! 

                        Dylan Stocking
                        Northern Credit Union

                          Enter To Win - Contest Questions & Consent

                          AVP at a bank ($3.4BUSA)
                          We often hold prize drawings to generate sales leads for various lines of business.  In order to enter the contest, individuals must complete an entry slip, with their contact info, and indicate via check box if they wish to receive or decline solicitations from the bank regarding our products and services.  
                          We are planning to modify the entry slip to say by signing and entering the contest, you do agree to be contacted by the bank (so that the contest can generate more leads.)  We plan to check entrant’s names against internal “do not call” customer lists, but do not have clear procedures for handling non-customers. My questions are:
                          1. Does anyone see a problem with restructuring the giveaway entry slip to require consent in advance of entering the contest? 2. How do other institutions ensure you do not contact individuals, especially non-customers, who are listed on “do not call” registries?
                          Note, bank employees would be contacting sales leads – no robocalling. 

                          I would appreciate any feedback from others who have experience with this. Thank you!

                            Shelved Elves: Santa Ponders the Risks and Rewards of Outsourcing Toy Making

                            Hello, Bankers! Ever wonder what would happen if Santa outsourced toy making to third-party vendors? We did. This post originally appeared on the Ncontracts blog.

                            Shelved Elves: Santa Ponders the Risks and Rewards of Outsourcing Toy Making

                            It’s crunch time at the North Pole, and Santa is worried. Despite his elves’ best efforts, he’s not sure they are going to be able to produce all the toys he needs by Christmas Eve. He’s wondering if it might be a good idea to outsource toy making...

                            READ THE FULL PDF: Download the attached PDF

                              Using CECL Data to Drive Innovative 2019 Strategy?

                              What information will your management team use to make 2019 strategic plans? What about your CECL data?

                              Analyzing your CECL data can give you granular insight to guide a more thoughtful, innovative strategic plan. With a deeper understanding of long-term trends within your institution this data can help to identify products to promote or discontinue, assess validity of long-term goals, evaluate pricing structures and so much more.

                              To learn more, read this article by PCBB's Melinda Davis on driving business through innovative insights.