tag:blogger.com,1999:blog-2846357926153822852.comments2023-06-09T07:07:38.128-04:00OmniChannel & Digital BankingAnonymoushttp://www.blogger.com/profile/02478363993151264861noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-2846357926153822852.post-75464670659158837402014-12-03T13:01:20.877-05:002014-12-03T13:01:20.877-05:00Thanks for the feedback Ron. Thanks for the feedback Ron. Anonymoushttps://www.blogger.com/profile/02478363993151264861noreply@blogger.comtag:blogger.com,1999:blog-2846357926153822852.post-73792514092086982122014-12-03T12:57:53.483-05:002014-12-03T12:57:53.483-05:00Your thoughts here are spot on (except, maybe, for...Your thoughts here are spot on (except, maybe, for the one about Ron Shevlin). <br /><br />What I think a lot of CUs (and banks, for that matter) don't get here is how their technology strategy impacts their business strategy, and vice versa. <br /><br />If a CU's business strategy requires a set of products/services (or a certain level of quality) that can't be delivered by a single vendor, then the CU HAS TO develop vendor mgmt capabilities, and integrate apps and systems. <br /><br />But way too many CUs don't have clarity in their biz strategy to guide the tech strategy decisions.Ron Shevlinhttps://www.blogger.com/profile/03329100429467977434noreply@blogger.comtag:blogger.com,1999:blog-2846357926153822852.post-87654705645667622512014-09-16T10:11:18.729-04:002014-09-16T10:11:18.729-04:00Like any technology or new innovation you have:
1...Like any technology or new innovation you have:<br /><br />1. innovators <br />2. early adopters <br />3. early majority<br />4. late majority <br />5. laggards<br /><br />Everybody adopts technology and innovation at their own pace.Anonymoushttps://www.blogger.com/profile/02478363993151264861noreply@blogger.comtag:blogger.com,1999:blog-2846357926153822852.post-51036202786662023792014-09-16T08:44:26.754-04:002014-09-16T08:44:26.754-04:00The rapid developments in technology is, probably ...The rapid developments in technology is, probably inevitably, relentless : but the big unanswered question is, how will users react to the constant bombardment and pressure to stay up with the advances or be left behind.<br /><br />Anonymoushttps://www.blogger.com/profile/14912368105281429236noreply@blogger.comtag:blogger.com,1999:blog-2846357926153822852.post-32928734063847479192014-09-05T16:25:11.431-04:002014-09-05T16:25:11.431-04:00I think interstate and intrastate branching deregu...I think interstate and intrastate branching deregulation in the 1990's changed the banking model in the US. In my opinion, it didn't expose inefficient banks; it changed the rules to allow mass consolidation through acquisition and merger, creating nationwide intrastate branch banking. It was also a way to enact President Clinton's Third Way agenda to redistribute wealth that was acceptable to politicians on both sides of the isle. <br /><br />When the Community Reinvestment Act (CRA) was inserted into the branching deregulation, it forced banks to get high marks from community activists under the CRA, from organizations such as ACORN. That is what lead to reduced underwriting requirements, zero down no doc loans. It was to satisfy community activists like ACORN. It is estimated that the mega banks have paid over 9 billion dollars to theses community groups.<br /><br />Originally the lower underwriting and no down payment standards were intended to cover urban properties and low income borrowers, but as Fannie Mae and Freddie Mac liberalized underwriting for urban and low income borrowers they had to do it for all borrowers. That lead a housing bubble and to the bundling of toxic mortgage investments that lead to the financial crisis of 2007. <br /><br />All this to accomplish intrastate branch banking and mega banks too big to fail, and the worst part, the politicians on both sides of the aisle knew what was going on and its inevitable conclusion. As of November 10, 2011, the net cost of TARP was $29,616.4 billion dollars — (or 29 and a half trillion). That is income redistribution and politics at its best. <br />Anonymoushttps://www.blogger.com/profile/02478363993151264861noreply@blogger.comtag:blogger.com,1999:blog-2846357926153822852.post-72405762610085123672014-09-05T10:37:28.686-04:002014-09-05T10:37:28.686-04:00The decline in # of banks at the same time as majo...The decline in # of banks at the same time as major deregulation of the holding companies (1992) interstate banking, which you mentioned, and Interest rates on Deposits (Reg. Q)... do you think deregulations stopped protecting the inefficient banks more or less than it empowered the aggressive banks? If it is the former then we had "walking Dead" banks on regulatory sponsored life support for generations, Your thoughts David & Eric?<br />Carolyns Compliments & Complaintshttps://www.blogger.com/profile/17802315467954760834noreply@blogger.comtag:blogger.com,1999:blog-2846357926153822852.post-71555850785855324202014-08-19T12:43:07.000-04:002014-08-19T12:43:07.000-04:00Thank you for your comments Larry. Omnichannel mus...Thank you for your comments Larry. Omnichannel must move from "buzz" word to understanding to implementation. Credit union and bank executives face some significant challenges based on consumer's changing expectations in the banking market, and non-traditional financial service providers who are seeking to take the higher margin business away from banks and credit unions. Anonymoushttps://www.blogger.com/profile/02478363993151264861noreply@blogger.comtag:blogger.com,1999:blog-2846357926153822852.post-1149551191738486822014-08-19T12:21:02.008-04:002014-08-19T12:21:02.008-04:00Great article, David. We, at Akcelerant Software ...Great article, David. We, at Akcelerant Software (www.akcelerant.com) endorse much of what you said. It’s important that the technology used by Credit Unions and Banks support the Omni-Channel not only for the consumer-facing view, but also (and probably equally as importantly) for the all the staff of the Financial Institution. This includes the Loan Officer, the Underwriter, and all the valuable back-office staff. Without a single technology solution that can handle Sales, Origination, Service and Collection, a great customer experience can quickly turn miserable, unprofitable, or worse, into a sales lost opportunity. Further, while these initiatives should not be undertaken lightly (we agree), we heartily recommend that they should be undertaken soon, nonetheless. <br /><br />Larry Edgar-Smith<br />SVP, Product Sales Support<br />Akcelerant Software <br />http://www.akcelerant.com<br /><br />Anonymoushttps://www.blogger.com/profile/16110970763547459608noreply@blogger.com