The big announcements keep coming from Lending Club. While the partnerships with Google and Alibaba were big news, the deal...
In an opinion piece on American Banker, General Counsel of US Century Bank argues that community banks could gain a lot from using blockchain technology; unlike big banks they don't have resources to test ideas and spend millions of dollars; pooling their resources or joining a consortium would be the best way forward to begin to test usages of the technology; engaging with the big four bank vendors is another idea; FIS, Fiserv, Jack Henry and D+H provide the core banking software at most banks and ensuring a dialogue with them is crucial; increased efficiency can help community banks stay competitive in an environment that is becoming more crowded by the day. Source
What has been a standard feature at big banks for some time, real time messaging is now being offered by community banks who see the value in reaching customers more efficiently; the digital feature could also help the bank to reach more people who they would normally not have access to; “We can use it as a counseling tool to help strengthen relationships and improve a customer's financial health," said Ron Strand-Sorrell, EVP and COO at Axiom Bank, to American Banker as they recently rolled out the messaging; becoming more digital can also help the banks to better position themselves to attract millennials. Source.
Kevin Tweddle is Group EVP for Innovation and Financial Technology at the ICBA which is the leading trade organization representing...
More than 60 percent of community banks are not even considering using robotic process automation (RPA) according to a new...
Hot on the heels of Lending Club’s partnership with community banks, Prosper today announced a partnership program with Western Independent...
Community banks feel the pressure from fintech companies and big banks as technology is changing the way banks operate; a recent SourceMedia survey of 304 chief information officers of banks, credit unions and other financial services firms says 70 percent plan to invest more in technology in the near term; they are digitizing lending, making document collection easier, investing in mobile app technology and more. Source.
Making a strategic decision like what tech vendor to use for a community bank can make or break the future...
Nbkc is based in Kansas City and is one of the first community banks to create their own fintech accelerator;...
Small banks are unable to put endless resources into projects to test new technologies and must be more strategic in...