Julie Esser

BNY's recently published, "2024 Voice of Community Banks Survey" looks at some of the challenges and opportunities facing community banks and provides some insights into where these critical financial institutions are focusing their strategies and resourcing. The accompanying report, authored by Shofiur Razzaque, Head of Community Banking & Solutions at BNY, discusses the results and focuses on digital transformation, cybersecurity, regulatory compliance, and customer engagement, emphasizing the critical importance of adopting modern technology while balancing the demands of regulatory requirements and the evolving needs of customers. The survey of more than 100 community banks nationwide, indicates that these institutions are increasingly prioritizing digital transformation by investing in AI, machine learning and data analytics to modernize operations and personalize services in order to stay competitive with larger institutions. With an emphasis on accelerated technical innovation in these areas also comes a heightened focus driving innovation and governance strategies around information security and data management to mitigate the expanding risks associated with these emerging technologies. When asked to identify the top challenges their institutions face in the next five years, “cybersecurity emerged as the leading long-term concern [27%], followed by customer acquisition and retention, and data management and analytics [24%].” Explore more insights from the full report: https://lnkd.in/d3VrHJTZ #CommunityBanking #DigitalTransformation #Cybersecurity #AI #DataManagement #BankingInnovation #CustomerEngagement #BNYMellon #cybersecuritymonth

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We're proud to be a #CDFI, and join the other CDFI's and Responsible Lenders across the country in making real change! Community Development Finance Institutions (CDFIs) have turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK.  They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023, lending from CDFI's hit a record high of £287 million - and CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. This growth reflects how CDFI's fill widening needs seen for the right finance at the right time.  Here’s what CDFIs achieved in 2023: - Supported 4,546 start-ups and SMEs with £102m of loans.  - 12,135 jobs were created or safeguarded.  - 99% of businesses had been declined by another lender.  - 371 social enterprises were supported with £119m of loans.   - Households saved £29m in interest repayments compared to high-cost lenders.   - CDFIs lent £66m to 85,208 individuals.  - CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about the impact of CDFIs’, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs Responsible Finance 👏

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Check out the newest blog post by our Advisory Board member, George Collins, on the #FHLBank System's relationship with community banks. In today's post, he debunks the argument that community banks rely so heavily on the FHLBs that any reform to the system would devastate these small lenders. #FHLB #communitydevelopment #bankreform https://lnkd.in/eWBTn6CA

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Small Business Lending Is Crucial in Fighting the Deposit Wars This Gonzo Banker article talks about how banks must develop a strategic approach to capture the small business lending market. By targeting underserved niches, employing dedicated teams, and leveraging automation, banks can streamline processes and reduce costs. The key is integrating technology and data-driven strategies to identify and prequalify potential borrowers. Discover in this article how to seize this market advantage. #SmallBusinessLoans #SmallBusinessLending #BankingStrategy https://lnkd.in/gytvkp78

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Join us at the upcoming CULytics Workshop, "Measuring What Matters: Implementing OKRs in Credit Unions." This engaging, two-session event is tailored for credit union executives and department leaders, offering practical tools and insights to set, align, and achieve key objectives that drive organizational success. [https://zurl.co/Ie8V] Session 1 Highlights: Introduction to OKRs: Understanding the Basics Crafting Powerful Objectives: What Makes a Good Objective? Defining Key Results: Distinguishing Between Key Results and Performance Metrics Interactive Exercise: Participants will draft preliminary OKRs for their organizations. Register Now: https://zurl.co/Ie8V Not a CULytics member yet? https://zurl.co/sL4B

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Two years ago, Filene published a report outlining the transformational change necessary for credit unions to confront and adapt to the increasingly severe impacts of climate change: https://lnkd.in/gkCGf2R6 Within the research, Inclusiv* CEO Cathie Mahon states, "as climate-related events accelerate, we can expect outsize impact on our most vulnerable people and communities." This research report offers an overview of the implications of climate change for credit unions, and recommendations for more effective climate risk management. It describes the climate-related physical and transition risks facing credit unions, the potential impact of climate change on credit unions, the current state of credit union approaches to climate change, and the opportunities available for credit unions from climate adaptation finance. It also provides concrete recommended actions that individual credit unions can take to begin to measure and mitigate the impacts of climate change on their organizations and the credit union system. *Huge congratulations to Inclusiv for being selected for a $1.87 billion grant through EPA’s Greenhouse Gas Reduction Fund!! Thank you to report authors George Hofheimer, Taylor Nelms and Jim Scott, CFA. #HappyEarthDay

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Discover the power of Community Development Financial Institutions (CDFIs): We’re sharing the essentials: - What are CDFIs and how do they operate? - What does the current CDFI market look like? - Where do CDFIs source their capital? - How are CDFIs paving the way for a more equitable future? - How can CDFIs be included in client portfolios? Dive in and see how CDFIs are making a difference. Find out more: https://lnkd.in/enRY9ECw #ImpactInvesting #CommunityDevelopment #CDFI #SocialFinance #EconomicEmpowerment

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💥 Congrats to Associated Bank for being ranked by J.D. Power as #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region. 📽 Watch Associated Bank's Michael Tischer explains how Personetics is successfully partnering with the bank to boost customer engagement, increase sales, and empower the financial well-being of its customers. By partnering with Personetics, Associated Bank provides customers with "Money Monitor," a financial data-driven, hyper-personalized experience aligning with their digital-forward strategy. 🚀 In just one month since the launch of Money Monitor and its actionable insights, the results have been astounding with an impressive average rating of 4.4 (out of 5) for insights and a remarkable 30% digital engagement rate across the board. To learn more about Personetics's offering Contact us at https://lnkd.in/dBgCq4PG #Personalization #DigitalInnovation #CustomerInsights #Testimonial #ASB #finance #Fintech #personalization #customerengagement #financialwellness #mobilebanking #digitalbanking #customerexperience #moneymanagement

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💥 Congrats to Associated Bank for being ranked by J.D. Power as #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region. 📽 Watch Associated Bank's Michael Tischer explains how Personetics is successfully partnering with the bank to boost customer engagement, increase sales, and empower the financial well-being of its customers. By partnering with Personetics, Associated Bank provides customers with "Money Monitor," a financial data-driven, hyper-personalized experience aligning with their digital-forward strategy. 🚀 In just one month since the launch of Money Monitor and its actionable insights, the results have been astounding with an impressive average rating of 4.4 (out of 5) for insights and a remarkable 30% digital engagement rate across the board. To learn more about Personetics's offering Contact us at https://lnkd.in/dBgCq4PG #Personalization #DigitalInnovation #CustomerInsights #Testimonial #ASB #finance #Fintech #personalization #customerengagement #financialwellness #mobilebanking #digitalbanking #customerexperience #moneymanagement

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For community banks -- particularly those with CRE concentrations -- not all stress tests are created equal. Patti Casaleggio has written a great piece about what banks should consider in their stress testing partner. This is especially important for banks trying to weight the considerations of picking between an advisory service or a software-as-a-service solution. https://lnkd.in/eqidjufe

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We meet weekly with businesses that are leveraging legacy technology to run their business. This is negatively impacting customer and employee experience, not to mention the risk of unsupported platforms and software. We see a stark contrast between organizations that are innovating and those that are not. ChoiceOne Bank is one of those organizations that are innovating and breaking an industry mold. I can't emphasize enough the importance of establishing a roadmap and a plan to position your organization for the future. Be nimble while providing an exceptional employee and customer experience!

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Growing deposits and increasing operational efficiency are top priorities for community and regional financial institutions, according to Jack Henry's sixth-annual survey of bank and credit union CEOs. Check out the rest today!

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The Federal Reserve Board issued a “cease and desist” order against Evolve Bancorp, Inc. and its subsidiary, Evolve Bank & Trust, that may have a chilling effect on bank-FinTech partnerships. In addition to a series of corrective measures — focused on shoring up what have been termed “deficiencies” in risk management and compliance — there’s particular focus on Evolve’s Open Banking Division (OBD), and the Fed’s Friday (June 14) release of the cease-and-desist order remains independent of the ongoing Synapse bankruptcy proceedings. #FederalReserveBoard #Evolve #FinTech #parthership #Synapse #fintechnews

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Thanks to Chris Nichols and SouthState Bank for sharing valuable insights on the origins and evolution of time deposits. I love this quote in the article "As the legacy knowledge of deposit gathering is passed down from generation to generation of banker, some of the finer points of liability structuring are getting diluted with some knowledge just plain forgotten about." In the current landscape, bankers must adapt their deposit structuring and pricing strategies to avoid unproductive, reactive measures. It's crucial to move away from the "Whack-A-Mole" approach that many have resorted to since the Fed's interest rate adjustments in March 2022. It's time for banks of all sizes to embrace a more strategic and informed approach to optimizing their deposit processes, products, and pricing. By studying and implementing the deposit best practices checklist, professionals can enhance their overall deposit management strategies. Check out the interest-bearing deposit best practices checklist here: https://lnkd.in/gFvngEFP #Banking #Finance #DepositManagement #BankingStrategies #FinancialInsights

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"Generation Z has the potential to be the greatest credit union generation, but we are struggling financially and we need credit unions to step up to help," says Lauren Paradise, governance consulting administrator for CUESolutions provider Quantum Governance, L3C. "Credit unions are the ideal financial institutions for Gen Z. Yet only 4% of Gen Z are currently members of a credit union. Why is that? Perhaps the answer lies in that many members of Gen Z don’t even know what a credit union is, or if they do, they have misconceptions that deter them from being members." https://hubs.la/Q02wjs530 #CreditUnions #GenZ #growth #marketing #CUESolutions

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To all #CDFI #CreditUnions Worried About Losing Certification: The CDFI Fund's revised CDFI Certification Application WILL NOT result in the loss of your certification, if you contact us now. CU Strategic Planning was at the forefront of advocacy to ensure the revision had the flexibility for credit unions to maintain CDFI Certification. Since then, CU Strategic Planning has been actively working with over 100 credit unions to ensure their recertification success. This includes creating advisory boards, community development mission statements, providing product design insights and defensible justification of product attributes. Most powerfully, with the depth of that expert consulting (not available through a technology company alone), we took a giant leap forward by merging two leading organizations to create a profound alliance with Callahan & Associates, Inc. the national leader in data analytics for credit unions. CU Strategic Planning is now a Callahan & Associates company leveraging the power of the most trusted data system in the movement. As THE credit union CDFI certification experts, we are and have been for the last 16 years working to ensure every credit union serving people of modest means can attain and retain its CDFI Certification. If you believe you are in jeopardy of losing your certification, come to the experts. No one has certified more credit unions as CDFIs than CU Strategic Planning. Learn more: https://lnkd.in/gbvdeYpe Schedule a call: https://lnkd.in/gr_FemEV

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👉 FREE EBOOK DOWNLOAD 👈 As #creditunions engage in their strategic planning sessions, they should consider what will really help them not just grow, but thrive, long into the future. Network Lending helps future-proof your credit union allowing it to more adeptly navigate market fluctuations and provide more flexibility with your liquidity management. #lending #fintech #strategicplanning #growth

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