Below you'll find a list of all posts that have been categorized as “Banking”
The community banking industry is abuzz over loan servicing companies. Third-party loan servicing is one of the biggest community banking trends of the decade. The loan servicing software market is a $522.3 million industry and is expected to grow to a $785.6 million industry over the next five years.
Having an efficient back office that essentially runs itself is one of the best ways to stand out in today’s saturated community banking industry.
The main problem is that community banks don’t have as many risk management resources at their disposal as larger federal banks. They’re also less likely to get a generous government bailout if something goes wrong. So community banks need proactive risk management systems that leverage resources they already have.
Lending and leasing for vehicles can involve remarketing off-lease and repossessed vehicles. At the end of those contracts, many community banks simply want to obtain maximum value for the pre-owned vehicles in the most efficient manner.
Customer service outsourcing is one of the most valuable tools available to community banks. When you outsource customer communications, not only will customers be more satisfied with your services, you can also save a lot of time. Outsourcing takes the complexity out of communications and gives you a tremendous competitive advantage.
Compared with national banks, community banks have the advantage of a main-street understanding of the unique economic climate of the cities and towns they serve. That gives them an enviable ability to match lending strategies to local needs like regional economic booms or contractions.
It’s not about upgrading to a state-of-the-art system that can handle millions of accounts and loans; it’s about leveraging technology to provide the best possible loans and services for clients who depend on you. To help, we’ve created this quick guide to the top community bank technology trends of 2020.
Major IT advancements now make for quick implementation of innovative services, so that community banks can realize the benefits of the latest advancements without massive expenditures of money and time.
