LaSandra Hunt

It's a difficult thing in the digital world for banks to attract young consumers — and garner the loyalty of kids while they're young. U.S. Bank has found a promising solution through a partnership with fintech Greenlight. By integrating Greenlight's accounts and services into its own mobile banking app, U.S. Bank aims to attract the next generation of customers while providing valuable financial education and practical money management experience for kids The partnership addresses a critical gap in traditional banking offerings: the lack of transaction accounts for children. With Greenlight's debit card and money app, kids as young as 10 can learn to handle money and transact cashlessly, all while being subject to parental oversight. Parents can set spending limits, monitor transactions, and establish savings goals for their children, fostering financial responsibility from an early age. U.S. Bank sees two key benefits in this partnership. First, it differentiates the bank's "Bank Smartly" accounts, potentially attracting and retaining depositors who value financial education for their children. Second, by engaging with kids through Greenlight, the bank hopes to establish itself as the go-to institution when these young customers are ready for their first checking account. Greenlight's Brandon Horne, general manager of partnerships, emphasizes that the company's bank and credit union partnerships are an additional channel for growth, not a strategic shift. By embedding the parental experience in the bank's app, Greenlight gives financial institutions more ownership in the customer experience and facilitates a smooth transition as kids approach adulthood. Learn more in the full article by Steve Cocheo:

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When you choose Nymbus Core, your customers and members can bank on you to be there for them when they need you most. With our flexible, modern core, you can bank on us no matter how big your community grows. Nymbus Core. Your Core. Your Way. Learn more: https://lnkd.in/gNyjRV5T #BankOnUs #banking #fintech #finserv #GetaMoreCore

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The June Term Funding Profit Benchmark report is now available. #banking #creditunions #deposits #funding #profitability #communitybanking

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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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Digital banking does not reign supreme for all services.

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Unlike previous generations, Gen Z and the banks that serve them face a unique landscape as banking has become and will continue to be highly digital. Community banks have long been a trusted partner for individuals and businesses, yet as Gen Z’s banking needs continue to evolve, many community banks struggle to capture their attention. In this edition of Compound Interest, Maya Van Irvin examines why a generation known for its values-driven decision-making has not been choosing community banks and how these institutions might succeed at attracting them.   https://lnkd.in/eGDETNSP   #FinancialInstitutions #Banking #GenZ #GenZBanking

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Got questions about opening your Zenus Bank account? Here’s a quick FAQ on the documents you’ll need to get started. 🌍💼 Learn more:https://bit.ly/47jlE9S #ZenusBank #USBank #BankingBeyondBorders

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We believe open banking has the power to transform access to financial services—especially for low-wealth and marginalized communities. But with every opportunity comes risks. How can we make sure this innovation benefits everyone, not just those already financially secure? In our latest blog, we dive deep into: ✅ The potential of open banking to improve financial inclusion ✅ The risks it poses to vulnerable populations ✅ What needs to happen to create a more equitable financial future for all 📖 Read our latest blog post to learn more about how open banking could shape the future of financial inclusion: https://lnkd.in/gZt4Siw9 #FinancialInclusion #OpenBanking #EconomicJustice #FintechForGood #FinancialEquity #ConsumerProtection

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Federal Deposit Insurance Corporation (FDIC) has released their 2nd Quarter Profile. The report can be found at https://lnkd.in/g_C9hRV8. In the latest update, the Cost of Funds shows a continuation of increases, with the largest banks leading the trend. The cost of funds has increase to 2.66 for the quarter, as indicated in the graphic below. Isn't it time to incorporate the best science and art of the industry to managing deposits? Which of the items in the Interest-Bearing Deposit Best Practices Checklist have you implemented? https://lnkd.in/gFvngEFP #FDIC #Banking #Finance #CostOfFunds #QuarterlyReport

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NCBA Group has announced a significant shift in its retail banking strategy by eliminating monthly maintenance fees for all its consumer, commercial, and SME accounts, effective July 1, 2024. This move marks a departure from the traditional banking practice of charging monthly service fees and reflects NCBA’s commitment to enhancing customer satisfaction and reducing banking costs. The decision to waive these fees aligns with NCBA’s broader goal of accelerating its customer growth strategy. By removing the financial burden of maintaining an account, NCBA aims to make banking more affordable and accessible, particularly in a challenging economic environment. This change will apply to both existing and new account holders, allowing them to benefit from reduced account management costs. Mr. Tirus Mwithiga, Group Director of Retail Banking at NCBA, highlighted the bank’s focus on delivering value to its customers. “We’ve realized with the current economic landscape the customer values every shilling, and by eliminating the monthly account maintenance fees for both local and foreign currency accounts, our goal is to provide a product that ensures they get the full value of their money,” said Mwithiga. In a competitive Kenyan banking sector, NCBA’s initiative to offer fee-free accounts is expected to attract new customers, including younger individuals, SMEs, and those who have previously avoided traditional banking due to cost concerns. This strategic move not only supports NCBA’s growth objectives but also reinforces its commitment to customer-centric financial solutions. #NCBA #BankingInnovation #CustomerExperience #FeeFreeBanking #FinancialAccessibility #RetailBanking #BankingStrategy #CustomerGrowth To read more: https://zurl.co/WYLY

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Small businesses are the backbone of our neighborhoods. But too often, traditional banks aren't set up to give them the support they need to thrive. This is where Community Development Financial Institutions (CDFIs) come in. Unlike big banks, CDFIs offer flexible funding options and hands-on support, making sure that small businesses - especially those in underserved areas - have the best chance to succeed. Small businesses and local entrepreneurs bring life, jobs, and opportunity to our communities. By giving them the financial support they need, we’re not just building businesses - we’re building stronger, more resilient communities. Let's empower our neighborhoods by backing the dreamers, the doers, and the builders. Learn more about how we support small businesses and foster local economic growth at https://lnkd.in/ee3V5Y-F #CommunityDevelopment #SmallBusinessSupport #CDFI #EconomicGrowth #SocialImpact #Entrepreneurship

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As Gen Alpha grows to 2 billion members, banks and credit unions must begin engagement early to convert this next generation into customers as they grow up. In addition to meeting them where they are (YouTube), another key to making inroads with #GenAlpha is connecting with their Millennial parents.

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 "Deposit Solutions: Boost Your Deposit Growth" with MDC President & CEO Jeff Kline and ModernFi CEO & Co-Founder Paolo Bertolotti, PhD! Discover transformative funding solutions and get a sneak peek at the progress of the first credit union deposit network. See how this innovation could reshape your deposit strategy! #DepositGrowth #CreditUnions #MDCOwnerMeeting

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FNBO: Your Trusted Neighbor in Banking At FNBO, we're more than just a bank—we're a neighbor you can rely on. When you trust us with your financial needs, you enable us to reinvest in the community partners who work tirelessly to keep our neighborhoods strong. Our Comprehensive Banking Solutions: Personal Banking: From checking accounts to mortgages and loans, we offer a wide range of personal banking solutions to meet your individual needs. With our branch, mobile, and online banking options, managing your finances has never been easier. Business Banking: Whether you're a small startup or a large corporation, we have the tools and expertise to support your business. Explore our business banking solutions for checking accounts, loans, and more. Commercial Banking: Our commercial banking services are designed to help businesses of all sizes thrive. From cash management to financing solutions, we're here to support your growth and success. Wealth Solutions: Plan for your financial future with our wealth management services. Our experienced advisors can help you build a personalized investment strategy to achieve your goals. Our Commitment to Community and Financial Well-Being: Investing in Communities: For over 165 years, FNBO has been committed to improving the financial well-being of our customers and communities. We believe that strong communities are built on the foundation of individual financial wellness. Supporting Key Areas of Need: Through our holding company, First National of Nebraska, we invest millions back into our communities, focusing on areas such as affordable housing, entrepreneurship, education, and environmental sustainability. Our Mission and Core Values: Integrity: We uphold integrity in every interaction, ensuring transparency and honesty in all our dealings. Respect: We respect our employees, customers, and shareholders, fostering a culture of inclusivity and mutual respect. Passion: We approach everything we do with passion and dedication, striving for excellence in all aspects of our business. At FNBO, our mission is grounded in building and maintaining long-term relationships by delivering a superior customer experience. Explore our personal, business, and commercial banking solutions today to experience the FNBO difference.

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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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Credit card point redemption strategy and marketing matter. Bilt Rewards is losing Wells Fargo $10M a month on point issuance, ask consumers use it to pay their rent, and then nothing else. As a result, Wells is unable to make money off of balances and other services. When you getting in store credit card, you'll notice that many non-repetitive purchases like furniture will be on a closed loop card, mainly because they know it's a financing tool. In the other situation, there is an open loop option, branded as Visa or MasterCard typically, which is trying to be promoted as a "top of wallet card", which encourages regular card spend, drastically changing the financial modeling for the issuer. In this situation, the card is being used as a one-time use style card, but was modeled off of a top of wallet go to market strategy. How you market your card is extremely important, and compliance teams should take note, that is not always about legal compliance. Hats off to the Bilt team for great contract negotiations! #crrditcards

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