In September 2022, Cross River Bank entered into a consent order with the FDIC due to concerns about unsafe and unsound fair lending compliance practices. The order required three immediate changes: Strengthening of lending and third-party compliance controls, compliance with credit product and third-party disclosure processes, including seeking FDIC approval for new credit products or
Transformative Chief Information Officers (CIOs) steer their institutions through challenging times by aligning innovation with customer-centricity. Since the banking industry has changed more in the last five years than in the previous two decades, it is no longer just enough to keep banks buoyant. Successful CIOs need to drive transformational change and ensure technology is
As the banking industry undergoes a revolutionary transformation, it is more apparent than ever that legacy technology platforms must evolve to enable enhanced customer experiences, customer acquisition channels, and back-office operations. Many community banks find themselves questioning whether they have the right IT to support their business goals and enable growth. Here are five essential
According to a S&P Global Report, 90% of surveyed banks that partnered with fintech companies said they expected to reach a double-digit increase in total deposits, far outpacing U.S. commercial banks of similar size. In the banking industry, technology has a major influence on who surfaces as the winners and losers. One of the simplest
Credit unions have traditionally been known for their personal touch and community-focused approach to banking. However, as FinTech providers continue to disrupt the industry, credit unions have more opportunities to stay ahead of the curve and better meet the evolving needs of their clients. By partnering with FinTechs, credit unions can access cutting-edge technology and
The adoption of digital banking has been growing at exponential rates over the past several years. Fueled by an increase in remote lifestyles and evolved consumer preferences, digital banking channels now surpass that of the legacy banking channels. Many banks were already preparing for this trend and were able to quickly adapt as the COVID-19
Chad Quarles was interviewed for an article, Protect your community bank from business payments fraud, with Independent Banker. The article highlighted how to effectively protect your community bank and its customers from business payments fraud. “A BEC attack usually begins when the threat actor gains unauthorized access to an email account belonging to a bank
The number of community banks decreased by fifty percent between 2000 and 2022. In a market saturated with competitors, how can community banks survive and thrive? The answer remains to focus on and enhance your differentiation, namely customer care. Today’s clients are looking for availability and convenience in their banking. To be relevant and create
Higher Education organizations have many needs when it comes to collecting and issuing payments. According to a PYMNTS study, “Improving The Campus Payments Experience” colleges on average spend 2.7% of their annual budgets on payment operations. In the same study, over 72% of college payment professionals believe their systems are not as efficient as they
When we speak about FinTech disruptions we refer to the FinTech era that started around 2008 with innovations like blockchain, cryptocurrency, online lending, emergent finance apps and open banking. The more ubiquitous technologies of machine learning (ML) and artificial intelligence (AI) help financial institutions analyze data, predict customer behavior, and customize financial services. They also
