As interest rates rise, it can be tempting for community banks and credit unions to overpay for new deposits in an attempt to avoid repricing risk. However, this can lead to short-term net interest margin squeeze and long-term retention issues. Learn how to use analytics, targeted marketing, and transparent communication to set pricing for deposits and achieve funding goals without overpaying.
he COVID-19 pandemic has had a significant impact on consumer lending compliance in the financial industry. From operational difficulties to risks to consumers, financial institutions have had to adapt their processes to meet the increased demand for loan modifications and accommodations. Learn about the role of consumer lending software and the importance of compliance in enterprise risk management and consumer protection.
Exception tracking is a crucial part of the loan origination process, and can greatly benefit from the implementation of a digital lending solution. In this article, we will explore how digital lending solutions can streamline exception tracking and provide a more efficient and effective way for financial institutions to manage their loan requirements.
As digital payment platforms become increasingly popular, financial institutions face new challenges in preventing and mitigating P2P fraud. In this article, we examine the steps that institutions can take to effectively protect themselves and their customers, including defining and understanding the difference between fraud and scams, utilizing analysis tools and monitoring systems, and finding the right balance between risk and user preferences. We also consider the role of the CFPB in regulating P2P fraud and the potential consequences for institutions that fail to adequately protect their customers.
To improve customer experience and loyalty, community banks and credit unions must think differently about how they engage with their accountholders and anticipate their current and future needs. In this article, we will explore six tips for reimagining customer experience in the banking industry
Are you tired of the time-consuming and complex process of managing construction loans? Construction loan software can help streamline the process, providing tools for project management, budget tracking, contract management, and document management. Discover the benefits of using construction loan software for your construction business.
The famous real estate investor that once planned to tear down Carnegie Hall and replace it with a rather boring, but most likely profitable 40-story building once said, “The best investment on earth is earth.” While this may have been true for much of the past, the Covid-19 pandemic has challenged this notion, as the shift to “work from home” and “shelter in place” orders disrupted traditional commercial real estate (CRE) markets. However, as Covid-19 restrictions ease and a gradual return to the office takes place, we are starting to see a resurgence in urban markets and an increase in
One thing all BSA compliance professionals can agree on is that the requirements for identifying money laundering and terrorist financing are becoming increasingly complex globally. To address this, the 2021 National Defense Authorization Act (NDAA) brought significant reforms to the Bank Secrecy Act (BSA) and other Anti-Money Laundering (AML) laws, with over 200 pages of changes. In this article, we will explore the most significant changes that financial institutions and individuals involved in BSA compliance can expect as these updates are implemented. First, the NDAA has introduced new reporting requirements for beneficial ownership. Under the updated regulations, certain U.S. companies
‘Ransomware attacks are a major threat to financial institutions. One solution that has gained widespread attention is the concept of “air gapping,” which involves storing sensitive data in a separate location to protect it from being encrypted by ransomware. In this article, we’ll explore the benefits and limitations of air gapping and provide tips for implementing it in your institution.”’
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