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What Financial Institutions Need to Know About Artificial Intelligence (AI)

Posted by Jason O'Brien   |  October 26, 2017 at 10:28 AM

Artificial intelligence (AI) is quickly becoming a commonly used term for financial services firms around the globe. The phrase—AI—tends to make some people tremble in their shoes as they feel we’ll have an apocalyptic situation on our hands where robots take over the world. Aside from the Steven Hawking and Elon Musk doomsday predictions, AI’s place within the financial services world is meant to pull together multiple technologies to analyze data, foresee solutions, and make decisions.

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How One Financial Institution Increased Their Payment Transactions By 43%

Posted by Brad Young   |  October 5, 2017 at 12:44 PM

When a financial institution expands its products and services in one area, the residual effect in other parts of the institution likely requires a reaction. This was the case at USALLIANCE Financial. Their team saw rapid growth as a result of increased indirect lending efforts, which required the team to react to their members' needs. The need to support these new borrowers with an effective loan pay platform became a challenge for USALLIANCE.

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2017 Trends in FinTech

Posted by Brad Young   |  June 1, 2017 at 9:24 AM

When it comes to any area of technology, one thing's for sure: it's ever changing and evolving. Financial technology, or fintech, is no exception. And while it can be tiring to keep up—let alone stay ahead—in the industry, we must do so, since falling behind quickly allows our competitors to gain ground. 

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Office Computer Tips for the Power User

Posted by Judd Gallagher   |  May 17, 2017 at 2:02 PM

Every now and again, I remember the early days of computing and how important shortcuts were. I might be dating myself, but those early days behind a computer included a lot of DOS commands to search directories and copy, move, and delete files. We would write ‘batch’ files in DOS and save them to perform repetitive tasks. Windows' earliest versions delivered an interface with icons and shortcuts. Then, with the web, we got hyperlinks and bookmarks. Now, we have apps we carry around with us! Times have definitely changed, but the essence of computing is still about efficiency and organization. 

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Essential Tips for Accepting Loan and Credit Payments Online

Posted by Jason O'Brien   |  May 5, 2017 at 10:03 AM

As consumers continue to move toward a completely digital life, they are embracing different forms of online billing and ways to accept payments, including EMV or chip card use, and an increase in mobile connectedness. Customers use an average of 3.6 different payment methods each month for their bills, according to the 2016 Annual Billing Household Survey. Mobile payment use increased dramatically, with 33% of online households reporting to have paid a monthly bill through their mobile phone, a 22% increase compared to last year’s survey. 

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Integrating Payment Reconciliation with Your Core

Posted by Jason O'Brien   |  February 13, 2017 at 4:43 PM

Payment processing options and consumer convenience are all the rage these days. You can barely peruse a lender trade publication or website without reading about the growth of Fintech and financial management applications and how they will ultimately affect the relationship account holders have with their financial institutions.

And, these are things we should be talking about. Technology and changing consumer expectations will have an impact on traditional financial transactions, and lenders have to be prepared to meet this consumer demand or risk losing engagement with a future generation of borrowers.

However, financial institutions should not lose sight of the implications that deploying new payment technology can have on their back-end operations, processing, and bottom line.

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4 Things Consumers Expect from a Payments System

Posted by Jason O'Brien   |  January 19, 2017 at 5:14 PM

Consumers are empowered to do almost everything themselves online or via mobile—from comparing prices to checking in at the airport. Where there’s a will, consumers want a way, and that includes procuring their own customer service in the fastest, most convenient way possible. Here are a few things your financial institution can do to ensure you are meeting today’s consumer preferences and needs.

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Serve Indirect Borrowers with Convenient Online Payment Solutions

Posted by Connie Miles   |  July 28, 2016 at 9:30 AM

Indirect lending programs grew substantially over the last several years due to intense competition in the auto lending industry. Credit unions, in particular, saw substantial growth in their auto loan portfolios, nearly 30% since 2012, according to Forbes. That's due in part to an improved economy and can be attributed to their participation in indirect lending programs. 

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How Do Your Self-Service Touch-Points Stack Up?

Posted by Jason O'Brien   |  January 14, 2016 at 9:30 AM

As a financial institution, you may be aware of the importance of the quality of service that institutions need to offer through self-service channels. With hundreds of thousands of customers moving from larger financial institutions to smaller, more community-based institutions and vice-versa, the attention placed on institutions’ mobile and online banking capabilities has grown.

As consumers move, or consider moving, their banking relationship, they will be equating your convenient, self-service options to those of other financial institutions, and you will need to make sure you measure up in order to retain these new accountholders and lure those on the edge of making the transition.

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FinTech: How Does It Affect You?

Posted by Jason O'Brien   |  September 10, 2015 at 3:56 PM

It’s not often that you hear about a credit union doing something technologically innovative on the national news—if ever. But, how often do you hear about a technology firm offering innovative financial services? If you answered, “about five minutes ago,” you’ve definitely been paying attention. 

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About the LenderHub Blog

SWBC's LenderHub blog is a one-stop resource for lenders. Come here to learn tips and best practices for risk management, income generation, marketing, operational improvement, and customer retention, as well as to learn about industry trends and SWBC news.