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Onboarding is among the most important interactions a bank will ever have with its customers. When done right, it has the power to drive significant returns on investment, boost customer acquisition and reduce churn. It becomes a catalyst for positive change, benefiting both customers and the bank. In today’s fast-paced digital world, consumers expect a seamless and convenient experience. However, many traditional banks fail to provide such an experience. Onboarding processes are often cumbersome, paper-intensive and time-consuming. This is where fintech providers can step in, armed with innov ..read more

When Silicon Valley Bank failed earlier this year, followed in quick succession by Signature Bank and First Republic Bank, regulators faced tough questions about their effectiveness and their actions to prevent such failures. In response to these events, greater regulation and scrutiny of incentive plans seemed likely; in short order, the Securities and Exchange Commission added the finalization of Section 956 of the Dodd-Frank Act to its Regulatory Flexibility Agenda with a targeted date of April 2024. Section 956 requires six regulatory bodies to work together to develop rules governing ince ..read more

 Relationships with small business clients typically start with a checking account, but deepening those relationships requires a stronger offering. Banks can help those customers by putting payments at the center, says Derik Sutton, chief marketing officer at Autobooks. “The checking relationship,” he says, “needs to be about facilitating money movement in just as much as it facilitates money movement out.” In this video, he discusses how banks can leverage payments to differentiate in the marketplace. Topics discussed include:  Creating Value for the Customer Enhancing Ad ..read more

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The following piece appeared in the fourth quarter 2023 issue of Bank Director magazine. What will the interest rate environment look like in 2024? If the summary of economic projections is any indicator, not even the group setting the rate knows. The Federal Reserve’s Board of Governors and the Reserve Bank presidents submit their economic projections every quarter, in conjunction with the Federal Open Market Committee’s March, June, September and December meetings. These include their estimates about the direction of inflation, growth in gross domestic product, the unemployment rate and, of ..read more

1. Deposit and Loan Product Review Banks should review their product lines to ensure that appropriate and competitive fee and rate structures are in place. It’s an important exercise to ensure that the institution’s products meet customer expectations, which have changed over time. Often, products are set up, and years go by without an honest evaluation of their profitability. Refresh and revisit product offerings, always with a lens of improving the customer experience. Now is a good time to tweak the product set to reduce expenses or increase income. 2. Develop a Robust Debit Card Program Th ..read more

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Whether out of necessity or by choice, in recent years, a large portion of companies have adopted a hybrid or remote-first approach to work. In a 2022 Gallup poll, workers cited improved work-life balance, more efficient use of time, control over work hours and work location, burnout mitigation and higher productivity as the top advantages of hybrid work. However, about one-third of those surveyed said they feel less connected to their organization’s culture since beginning a hybrid work arrangement, and 24% reported impaired working relationships with their colleagues. A distributed workforce ..read more