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New York State Report
Wednesday, November 12, 2014 (44 reads)


Forty years ago, a group of local independent community bankers from throughout New York State formed the Independent Bankers Association of New York State (IBANYS). Why? To ensure New York’s smaller banks had a strong, unified voice and presence in Albany on legislative and regulatory matters, and have an organization of their own, where they could build relationships and share experiences and ideas.



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Alternate Branching Strategies
Wednesday, November 12, 2014 (86 reads)


Traditional branch traffic is diminishing as customers opt for electronic delivery channels. Yet, there are options for community banks to use technology to better serve businesses and consumers, while minimizing brick and mortar investment.



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Winds of Climate Change to Affect Banks
Wednesday, November 12, 2014 (109 reads)


A massive report published earlier this year by Boston Common Asset Management (BCAM) takes banks to task regarding their concerns about climate change.
The report states: “Climate change is fundamentally altering the landscape in which banks operate. More than any other industry, the banking industry’s assets are widely distributed across sectors and markets, making it vulnerable to economic and political uncertainty caused by climate change.



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Cyber Security Still More Reactive Than Proactive Latest Data Breaches Mine Customers’ Information
Wednesday, November 12, 2014 (322 reads)


JP Morgan Chase and numerous other financial entities were hit with a cyber breach, discovered in July and disclosed in August, at which time the bank estimated that 1 million accounts had been compromised. In early October, the scope of the breach was made public, and an estimated 76 million households and 7 million small businesses were affected.
The attack was more serious than was apparent at first. Financial information was not compromised and there had been no breach of login information such as account or Social Security numbers, passwords or dates of birth. But the names, email addresses, phone numbers and addresses of account holders were exposed.



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The Tech-Savvy Board: Helping Directors Understand Technology
Wednesday, November 12, 2014 (36 reads)



Director responsibility for IT risk and strategy has become more consequential as customers migrate to electronic delivery channels. New laws, guidance and regulations require a higher level of board focus on the IT area. At the same time, many directors still classify themselves as technology novices.
Technology is a continuum. People tend to develop a high degree of familiarity and expertise with technologies that were pervasive in their formative years. If a bank board is comprised of directors of varying ages, each member will generally bring a set of skills and a frame of mind that is characteristic of his or her generation.



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Sticking to the Plan
Wednesday, November 12, 2014 (44 reads)


Since 1852, the National Bank of Coxsackie (NBC) has been serving the banking needs of the small, tight-knit towns and hamlets of the Catskills. But that history is about to expand.
As part of a three-year strategic plan, NBC is expanding northward to bring the “hometown banking” it is known for to the greater Albany region. In July 2014, the bank opened its eighth branch office in Glenmont, one of the fastest-growing suburbs in the Capitol region.



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Social Marketing 101: Meet the Future Now
Friday, April 04, 2008 (3622 reads)


Today's preteens and teens are tomorrow's customers. How do you reach the kids who grew up with the Internet – the iPhone, YouTube and Facebook generation? Youth culture has been ratcheted up to light speed, but the banking industry is slow to adopt new marketing strategies.
One reason is risk. While early adopters gain a head start against competitors in customer retention and acquisition, the return on investment must be evaluated versus waiting for the technology to mature and become commonplace.
“The financial service industry is up against a ‘commodification’ of products and services,” said Michael Seaton, vice president of Digital Marketing at Thornley Fallis Communications, an agency integrating social media with public relations. “New media – meaning social media tools and platforms – provides a range of choices to directly reach out and humanize the banking experience. Transparency and authenticity are front and center and brands must differentiate themselves around their actions, not slogans.”
“The demographics and psychographics of our customers are dynamic,” said Steve Coen, a consultant in the financial industry and retired CIO of Buffalo-w based M&T Bank. “Product and delivery demands are changing, and we must serve our customers on their terms; how, when and where they demand services.”



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New Approaches To Land Top Talent
Tuesday, September 25, 2007 (1767 reads)


Finding the right executive for an important position in banking, and particularly in the specialized field of wealth management, can make or break an organization’s performance. Unfilled positions and failed new-hires can cost an organization money and momentum and undermine their status in the marketplace.

Meanwhile, the task of identifying top talent gets harder all the time. A declining number of mid-career workers, fewer younger workers entering the workforce and a rapid growth in workers above the age of 55 are all contributing to a talent gap. Furthermore, with the walls separating the various financial services firms tumbling down, banks, brokerage firms, insurance companies, money managers and others are all searching for the same talent.



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Increase Your Customers and Deposits
Tuesday, September 25, 2007 (4977 reads)


Online banking is widely considered to be one of the all-time greatest applications of the Internet, yet many banks are squandering the opportunity to add droves of new online customers because they do not offer customers an alternative to signing paper documents to open an account online.



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Turning the Fair Labor Standards Act On Its Head
Tuesday, September 25, 2007 (2485 reads)


The Fair Labor Standards Act (FLSA), in its original form, was designed to protect workers by imposing overtime premiums, establishing minimum wages and abolishing the use of oppressive child labor. But today, nearly 70 years after the act’s inception, some believe it is the employees, counseled by plaintiffs’ lawyers, who are taking advantage of their employers.



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The Subprime Mortgage Crisis: Banks to the Rescue?
Tuesday, September 25, 2007 (2787 reads)


The rumors of the death of the subprime mortgage market are not exaggerated or even untimely. In fact, it seems as if a plague of sorts has infected the industry, and it started with the dubious and sometimes downright predatory habits of many mortgage bankers and brokers. Cries of irresponsible business practices in the industry and marketing schemes that drove lending guidelines are cropping up all over the media nowadays, but it seems like a little of the hindsight is 20/20 type rhetoric.

 



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New Accounting Standards May Be Opportunity or Trap
Tuesday, September 25, 2007 (2091 reads)


 In February of this year, the Financial Accounting Standards Board released Statement 159, which allows fair-value accounting for most financial assets and liabilities. This is no surprise, as this ...



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Richard H. Neiman
Tuesday, September 04, 2007 (2542 reads)


Since his appointment as the New York State Banking Department’s 43rd Superintendent in March, Richard H. Neiman has had plenty of weighty issues vying for his attention...

 

 



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Patriot Federal Bank is Loyal to Local Roots
Tuesday, September 04, 2007 (2139 reads)


For every bank there is always the risk of acquisition.

Community banks can thrive and grow, but the risk of a larger bank acquiring it is always there, said Gordon Coleman, president and CEO of Patriot Federal Bank in Canajoharie in Montgomery County.



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Protecting Against the Hidden Costs of Identity Theft
Tuesday, September 04, 2007 (1839 reads)


Identity theft is widely and correctly viewed as an insidious crime, wherein a person’s good name and financial standing are tarnished, often through the criminal misuse of credit and debit cards. But many of the programs and insurance policies designed to protect a person against the ravages of identity theft are extremely limited in scope...



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Strategic Flexible Working Programs Produce Results
Tuesday, September 04, 2007 (2406 reads)


Strategic flexible working is based on the core concept of traditional flexible working and telecommuting programs. But when elevated to a major corporate initiative driven by producing measurable results...



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