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Banks Are Missing an Opportunity to Double-Down on Data

At my day job, I’ve always tried to hammer home to community banks and credit unions that data is the key to customer service. Specifically, utilizing customer engagement data points across all channels, financial institutions can better serve and protect customers by identifying cross-channel fraudulent behavior.

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Four Back Office Requirements for Community FIs to Recapture Commercial Accounts, Market Share from Big Banks

By Steve Bartels

The ability for community financial institutions to recapture large commercial customer accounts from big banks has long been hampered by the strain on back-office resources. The lack of automation to serve commercial customers has seen market share among community FIs drop drastically. Community banks with fewer than $10 billion in inflation-adjusted assets held 57 percent of deposits in 1994, according to a December 2018 Harvard report on bank consolidation and financial inclusion. Today, they hold just 20 percent. It’s no surprise that the largest FIs in the country have doubled their collective market share. With larger development and back office teams, big banks have built robust offerings that address risk and fraud more comprehensively to service large business customers.

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Regtech Pioneer Believes Adaption Is Accelerating

By Justin Dullum

Jo Ann Barefoot has been doing a lot of globetrotting lately. Since being named the first female Deputy Comptroller of the Currency in 1978, Barefoot launched a career in the private sector and describes herself as a “serial entrepreneur.” She is currently CEO of Barefoot Innovation Group, something of a think tank for financial technology, regulatory reform and the future of banking. She is a co-founder of Hummingbird Regtech (industry shorthand for regulation technology), and is a senior fellow emerita at Harvard University’s John F. Kennedy School of Government’s Center for Business & Government.

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Payment Realities

By Tom Bengtson

Was anyone surprised when the Fed announced Aug. 5 it would create a real-time payment and settlement service? The Fed has been the backstop clearing house for payments for more than a century; the evolution of those payments to digital is no reason for the Fed to back away from the crucial work of facilitating payments and settlement.

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Myth Busting: Does Technology Threaten Tradition?

By Tim Klatt

If yours is a bank rooted in tradition, you’ve probably spent decades building your customer base and establishing your business and brand within your community. You know your community, and it knows you. Though tradition can and should be a core part of your financial institution’s identity, it can threaten forward progress if it leads to a “status quo” way of thinking.

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