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Somerset Trust in rural Pennsylvania has partnered with RoamHR, a financial platform that assists the self-employed, to add tax-withholding help for contract and temporary workers to the bank's services.
Reality checks for communitybanks switching to a digital model: There is a lot of talk about digitalbanking however, not all digitalbanking falls under the same umbrella. Articles via The Financial Brand, Business Insider, Mobile Payments Today.
The megabank and communitybank recently announced they're offering accounts through the payment app. Both gave similar reasons: They need big tech to help them attract new customers.
Heritage Bank and Dime CommunityBank are among those financial services firms taking online and app-store reviews seriously. Here’s why all banks should pay attention.
Question: Community branch, personal service, mobile banking—which is the odd one out? For some time now, there have been discussions about the future of communitybanks in the age of digitalbanking. Answer: None. Otherwise, the industry is in trouble.
Many communitybanks, like Peoples Community in Wisconsin, say they proceeded despite the technological challenges presented by social distancing because the crisis has exposed the shortcomings of their digital systems.
Jane Gladstone, new president of Promontory Interfinancial Network, says the recession will accelerate the shakeout among the nonbank disruptors and that small banks have an opportunity to forge new bonds with the survivors.
The Texas bank is leaning on solutions from Lightico and MANTL to quickly set up accounts and handle loans when customers can’t sign documents in person because of the coronavirus emergency.
David Howard's leadership of the OceanFirst digital strategy and innovation team that has developed a robo adviser, an Alexa skill and other cutting-edge tools earned him recognition as one of American Banker's digital bankers of the year.
The North Carolina bank deployed Finxact's new technology, which runs on Amazon Web Services, to make Paycheck Protection Program loans and will use it next to offer business savings accounts and CDs.
SaveBetter.com from Deposit Solutions lets consumers shop for different savings products through one portal and provides national exposure for participating banks, which include Ponce Bank in New York and Central Bank of Kansas City.
After initially processing the loans manually, the Minnesota bank turned to "low code" software to build the electronic forms and workflows needed to approve loan applications. The result: a more than fivefold increase in the number of loans it could process in a day.
After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process.
Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.
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