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.
By Rob Dixon
As consumer preferences and
lifestyles adapt to tech-driven changes, banks must update their payment card
offerings as well. Among consumers, there is a growing need to receive new or
replacement cards immediately as well as the desire for frictionless, contactless
transactions. Banks will need to embrace both contactless cards and instant
issuance to offer customers an innovative and convenient experience, and work
with the right sources to adapt quickly and cost-effectively.
By Tom Bengtson, Publisher
The foundation of currency is trust. The only reason any of us accepts the U.S. dollar as a unit of value is because we have all agreed it has value. This is something we have derived with our minds. Perhaps it was easier to accept the value of U.S. currency when it was backed by gold. Today, however, there is no asset at the foundation of money. Nonetheless, because we trust it, it is a useful medium of exchange.
By Carrie Nelson
Banks continue to prioritize digital when planning and creating budgets for the future. While almost all banks are now putting serious consideration into digital, the most successful institutions are realizing that digital is not just an experience on a device but rather a strategy that must be promoted and adopted across the organization.
Combining Savings Apps, Financial Education and Rewards.
By Kathleen Craig
Innovation is increasingly driving consumers to switch financial institutions. In fact, research from Resonate revealed that there are 5.6 million people in the U.S. who plan to switch banking providers in the next 12 months.