Monthly Archives: July 2018

Effective Immediately: OCC Is Accepting National Bank Charter Applications from Fintechs

July 31 — The Office of the Comptroller of the Currency announced it will begin accepting applications for national bank charters from nondepository financial technology (fintech) companies engaged in the business of banking.


Sageworks Relationship Manager

Sageworks Relationship Manager is a customer relationship management (CRM) tool purpose-built for community banks, based on feedback sourced directly from bankers, to increase transparency with customer relationships and free up time for bankers to invest in customer service and new relationships.

Without Sageworks, many banks must either struggle to configure a general, enterprise CRM for their needs or struggle to keep up with their customers’ needs through spreadsheets, email logs, calendar invites and other notes. Sageworks Relationship Manager centralizes this information in a platform that’s already configured to a community bank’s needs. It offers a unique 360-degree view of each customer and loan.

Institutions can provide high-quality service with access to this information, manage risky customers to protect and grow the institution, and build accurate forecasts. The software also notifies lenders of upcoming tasks that are due, helping the lending to team to identify and overcome bottlenecks. Enterprise CRMs or those that are not built for bankers can be used at community banks but oftentimes require significantly more time and resources for configuration and ongoing maintenance.

Conversely, with Sageworks Relationship Manager, institutions can be up and running quickly, allowing bankers to start serving customers better and faster immediately. Most CRMs have essentially read-only capabilities with other institution data management systems, so bankers are able to look at customer or loan-level data (for example, current ticklers), but are unable to make changes without clicking into whatever module manages ticklers.

Sageworks Relationship Manager is fully integrated with other modules of the platform, allowing bankers to use and change crucial customer or loan-level data without leaving the CRM. With this purpose-built, innovative solution, especially empowered by the efficiency and data management provided by other Sageworks modules it seamlessly integrates with, bankers save time, mitigate risk, increase their bandwidth for more customers, and better serve the ones they already have.



1-in-3 In-Store Payments May be Contactless by 2020

July 31 — New data from UK-based Juniper Research estimates that in-store contactless payments will reach $2 trillion globally by 2020. Driven by payment cards and mobile wallets, contactless will represent 15 percent of total point of sale transactions.


Will Credit Unions in Michigan Soon Be Providing Trust Services?

July 31 — A group of seven Michigan credit unions have formally applied to the Michigan Department of Insurance and Financial Services to establish a new, limited-purpose financial institution that will provide trust services primarily to credit union members. Formal acceptance of the application will begin a review process by state regulators that may last up to 100 days, at which time the organizers anticipate approval.


As Fintech Continues to Surge, Treasury Sits Up and Takes Notice

July 31 — Following $12.2 billion in investments across 371 deals during the second half of 2017, fintech investments reached $14.2 billion across 427 deals in the first half of this year. Investors are particularly interested in funding startups for emerging segments such as regtech and blockchain, as well as late-stage companies.


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