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Big Banks = Big Satisfaction?

While some may have a negative association with ‘Big’ anything [Big Brother, Big Data, Big Whatever], recent studies have shown that Big Banks are overtaking credit unions in customer satisfaction. Many credit union members may feel their experience is local and personalized, but is bigger better – and do enough members feel that way to make a difference?   Credit…

Credit Unions: Improving Perception, Growing Business

Credit unions everywhere face the uphill task of conveying their value proposition to their members. Not only do they have to fight their competitors to provide more innovative products and better services, but they must tackle any negative perceptions in the community. As millenials join the workforce and start to open up their wallets, whether to buy a new car or their…

The Dodd-Frank Disconnect – The Price of Regulations on Community Banks

The Dodd-Frank regulations—enacted in response to the collapse of Lehman Brothers and the other near failures of 2008 and 2009—have caused banks to be more cognizant of the risks and more careful in their lending practices, extending loans only to the most qualified customers. The largest institutions are now subject to “stress tests,” a simulation developed by the Federal Reserve…

Community Banks Forced to Re-evaluate Technology’s Role in Serving Customers

During the 2016 FDIC Community Banking Conference, Strategies for Long-Term Success, a community bank executive delivered an eye-opening report: Her own institution, with assets of less than $300 million, was exposed to 800,000 cyberattacks every month. She discussed the importance of educating the general public on best practices for online banking, stating: “People don’t leave their checkbooks or wallets laying…

A Competitive Edge for Community Banks

In the mid-1990s, predicting that technology would transform banks protected by regulation and incumbency, Bill Gates declared, “Banks are dinosaurs, they can be bypassed.” Banks have avoided extinction, but in order to stay relevant, they need to innovate, harness digital disruption, and completely re-imagine their role in the customer experience. This shift in cultural mindset, especially for some of the older…