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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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Currency Only Works to the Extent People Trust It

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.

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Why the Traditional Business Model for Banks Is Dead

By Michael Goodman

In 2016, leaders in the financial services industry felt pretty good about their future. While digital forces roiled other industries, life in financial services seemed well protected against the chaos. Incumbents had cemented relationships with large customers over decades, vertically integrated business models insulated them from external shocks and banking regulations erected difficult-to-overcome barriers for new competitors.

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The Path to Customer Loyalty

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.

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2023 Will See B2B Cross-Border Transactions Reach 14 Billion

Driven by the introduction of blockchain-based payment networks, business-to-business cross-border transactions are expected to hit 14 billion in 2023, rising from 13.5 billion in 2019, a 7 percent increase.

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