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Don’t Fight the Tape: Get Beyond Chasing New Deposits

While certainly an arrow in the quiver, community financial institutions can’t solely rely on growing deposits to thrive.

It has been a wild ride for banks and credit unions. The shift from a low-growth, low interest rate environment to its complete opposite in less than 12 months has created significant turmoil for the entire sector, particularly with community financial institutions (FIs).

But returning to “normal” isn’t going to look at all like the status quo we’ve been in for the past 13

Evolution Can Be More Dangerous than Revolution: Digital Adoption for US Banks and Credit Unions

While there’s a lot of talk about industry or technology revolution, the fact is it’s generally evolution that transforms an industry and lays waste to stragglers and the stubborn.

One industry where we can see what digital evolution has done is in consumer retail. At the turn of the century, major department stores were the anchors of consumer retail.

No one would consider building a shopping mall (remember them?) without one or two major retailers to draw the crowds.

But changed

Lessons for Developed Market Fintechs – and Banks - in Emerging Markets

In about two generations, China has transformed from a largely agrarian country to the second largest economy in the world. That means Zoomers and millennials don’t even remember the “old” China.

The speed that this transformation of the world’s most populous country happened is staggering. In the West, it has taken nearly a century to transition from an industrialized society to a post-industrialized one.

Perhaps the speed of that transition in China had to do in some part with the fact that

How Community Banks and Credit Unions Remain Relevant in an Increasingly Digital-Driven Sector

There’s no doubt that there’s a significant gap between the banking industry’s long-term strategic challenges before the pandemic and after the pandemic.

When branches shut down, traditional financial institutions only had their existing digital banking infrastructure to rely upon. And sometimes, it was just the bare minimum.

I remember calling a local credit union to open a business account during that time. There was no way to apply for an account online. And when I called the bank to see ho

What the Supply Chain Crisis and Inflation Reveal About Banks’ Biggest Challenge

The first half of 2022 was a wild ride to be sure. But the fact is, after major shocks to the global economy, and managing (or not) the initial bumps and breaks that come along with shifting from a slow-growth, low-interest rate environment to a high-growth, high-inflation economy after 14 years, the deeper issues take time to arise.

It was interesting that in late March, as we started into this “next normal” phase, WSJ reported that due to supply chain issues and rising inflation in the grocer

New Generations Mean More Expectations from Banks and Credit Unions

An interesting article in Tearsheet discusses a recent CapitalOne study that shows how much concern there is for financial wellness within Gen Z.

It’s a significant amount.

Nearly 80% wish they were taught basic money skills at school. And 83% say they learn about finance from their families.

Let’s put this in perspective. Gen Z are people that are born between 1996 and 2002, more or less. That demographic has 86 million people in it.

The interesting thing is the baby boomers only represen