Engaging the millennial generation is a challenge and necessity for all businesses—especially those in the financial industry. Millennials are about to reach their peak earning years. Plus, they’re reaching some of life’s biggest moments, like home ownership and parenting.
Commercial customers are increasingly using technology to more effectively and efficiently manage their money and process payments. And by leveraging treasury management products and cash management solutions, those customers can save time and reduce employment expenses associated with managing the financial aspects of their businesses.
From Apple Pay to Walmart Pay, alternative payment options have flooded the financial industry. But not all options are created alike.
“Like a gentle breeze, culture may be hard to see, but you can feel it.”
That’s William C. Dudley, president and CEO of the Federal Reserve Bank of New York, encapsulating the difficult task of entrenching cultural values within banks.
In today’s financial industry, banks face shrinking margins and customers have a myriad of options for financial services. Financial institutions looking to find the key to growth and continued success must take new approaches and look beyond offering traditional bank services.
The continual expansion of a global economy that trades increasingly online, across international borders and through digital currency has driven the U.S. Treasury Department to cast a wider net of OFAC violations, ensnaring not only financial institutions, but also everyone from unwitting small business owners to sophisticated corporations.
For all banks, meeting compliance demands is a requirement. But for many community banks, risk management is a strategic choice. It’s a choice designed to not only help your bank meet evolving compliance challenges, but also to strengthen your institution’s overall performance.
The United States Department of Homeland Security (DHS)—in collaboration with Canadian Cyber Incident Response Centre (CCIRC)—recently released an alert regarding ransomware variants. The alert, which served to bring awareness to this threat, provided tips for prevention and mitigation following numerous attacks on individuals and businesses in early 2016.
How does a community bank stay competitive in a marketplace dominated by rapidly changing technology advances and big-box banks with unlimited resources? They use technology to their advantage. And they not only compete by offering the latest and most robust digital products, but also by overhauling antiquated systems to save costs and leverage internal resources.
Since the FDIC released updates to the FFIEC Management Booklet portion of the IT Examination Handbook in late 2015, there have been many changes to requirements and expectations from regulators.