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Fintech: Friend or Foe to Banks?
Wednesday, March 29, 2017 (191 reads)


Fins are back in style. Not the Cadillac fins from the 1950s – we’re talking about financial technology, better known as fintech. According to Fintech Weekly (yes, there is a publication and website devoted to the sector) fintech aims to provide financial services by making use of software and modern technology.
And the traditional financial industry is taking note – a recent panel of the New York Society of Security Analysts was devoted to fintech.



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A Whirlwind of Activity on Behalf of New York’s Community Banks
Wednesday, March 29, 2017 (83 reads)


In the past year, the Independent Bankers Association of New York State (IBANYS) continued our efforts on behalf of New York’s local community banks, and I’m pleased to report we have had significant success across the board. Last year, and now the beginning of 2017, have been jam-packed with challenges.



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New Year Brings Big Changes in Washington, Albany
Wednesday, March 29, 2017 (75 reads)


New York community banks will operate in a new environment in 2017 and the immediate future. The winds of change have swept through Washington, D.C. and, to a lesser extent, through Albany in terms of the legislative and regulatory arenas.



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Managing Credit Risk in 2017
Wednesday, March 29, 2017 (48 reads)


2017 is upon us. Improving economy. Rising interest rate environment. Stable net loan losses back to 2006 levels. New administration focused on reducing regulatory burden. Based on our experience of conducting loan reviews for over 30 years, here is what you can do to ensure credit concerns do not inordinately impact your financial institution going forward.



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PCSB Bank Continues Growth with Stock Offering
Wednesday, March 29, 2017 (63 reads)


Fresh off an acquisition, a rebranding and a new corporate headquarters, PCSB Bank will look to continue its growth by converting from a mutual bank to a public company and offering at least 20.1 million shares of stock for sale.



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New DFS Cybersecurity Requirements for New York State: What You Need to Know
Wednesday, March 29, 2017 (52 reads)


The state of New York late last year adopted a set of compliance requirements for businesses and organizations that report to the Department of Financial Services (DFS). The regulation, known officially as 23 NYCRR 500, will affect a wide array of industries, from banking and insurance to mortgage brokers. Although it went into effect as of March 1, the regulation is allowing affected organizations a transitional period of 180 days (i.e., until Sept. 1) to achieve the first round of compliance.



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New Approach to Bank Governance Needed
Wednesday, March 29, 2017 (37 reads)


In recent years, bank boards of directors have been approaching a tipping point in governance: regulators are pushing them further into overseeing strategy transformation, conduct and culture; and regulatory and other pressures challenge existing business models and the structures and operations that support them. Important obligations related to risk and regulatory reform continue to be heaped on top of long-standing board responsibilities, such as regulatory compliance.



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Strong Customer Loyalty Could Be a Sign of Weakness, Not Strength
Wednesday, March 29, 2017 (40 reads)


It’s one of the first lessons you learn in business school: Loyal customers are the best customers. They love your brand, wouldn’t dream of switching banks and have been with you for years. Focus on loyalty and you’re sure to beat the competition, right?



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What Top-Performing Business Developers Know Best Practices from Commercial Banking’s Elite
Wednesday, March 29, 2017 (39 reads)


As commercial banking industry’s profit margins near retail grocery business, demand for performance at all levels of an organization becomes critical. It is vital to understand what best performers do and how they do it, and to apply that knowledge within your team. Below is a collection of the best practices from some of the best business developers in our business. This know-how can be easily applied in other industries.



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Workforce Transformation 3 Essential Ideas to Help Solve The Bank Talent Crisis
Wednesday, March 29, 2017 (46 reads)


The banking industry is experiencing a double tsunami of disruption – on one side by a radically changing banking environment, and on the other by the need to attract, engage and retain the right talent to anticipate and address these disruptive changes.



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Social Marketing 101: Meet the Future Now
Friday, April 04, 2008 (5560 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 (3063 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 (7226 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 (3797 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 (4681 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 (3426 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 (4926 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 (3797 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 (3177 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 (3841 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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