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Hometown, Community Banks Don’t Have to Disappear

By Michael Boukadakis

The Wall Street Journal recently detailed the demise of the National Bank of Delaware County (NBDC), a small community bank that had been in business since 1891, after it bought Bank of America’s sole branch in an upstate New York town. “People waited in four-hour-long lines at the Monticello, N.Y., branch and withdrew nearly half of their deposits, moving them to banks with more reliable technology … The community bank, which had been in business for more than a century, eventually sold itself in a fire sale,” the Journal dolefully reported. But despite cautionary tales, community financial institutions aren’t doomed.

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Bots Can Boost Banks’ Efficiency — But Watch for Pitfalls

Robotic process automation offers many benefits for financial institutions, but you need to prepare before you jump in.

By Jason Chorlins and Roberto Valdez

Robotic process automation (RPA) is quickly being adopted in the banking industry, trickling down from the biggest players to community banks and online-only startups whose customers may not have traditional accounts. Before you dive in, gain a better understanding of the many ways bots are being used in banking, the future potential, and the implementation considerations you shouldn’t overlook.

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Has Your Organization Spent Enough Time Focused on Your Customer Tax Reporting Requirements?

By Tara Ferris, Justin O’Brien and Paul Frasco

The last several years have shown a dramatic increase in the volume and complexity of customer tax information reporting (i.e., Forms 1099), highlighting challenges in the back office tax operations function responsible for tax reporting and withholding. These last few years have taught us that organizations would be prudent to focus on potential reputational risks of customer tax reporting and withholding as well as how to make their process more efficient and effective.

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Why Banks Are Losing More Than a Fifth of Small Business Loans

And What They Can Do About It

By Trevor Dryer

More than a fifth of small business owners chose not to apply for a traditional business loan because they found the process too complicated, a recent BMO Harris Bank survey found. It’s not too surprising, then, that research released by Mercator Advisory Group also shows that 27 percent of small businesses surveyed in the U.S. have already used an alternative lending platform. And that number is trending up.

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Browser-Based Core Processing System

Atlanta, Ga. // www.vsoftcorp.com

Looking to make core processing for banks and credit unions easier and less time consuming, VSoft Corp. has launched Wings, a flexible and comprehensive core processing system built on advanced browser-based technologies.

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