OFFICIAL PUBLICATION OF THE COLORADO BANKERS ASSOCIATION

Pub. 11 2021-2022 Issue 5

Good company is just a call away

What Banks and Financial Institutions Should Know about Installment Payments

In its early days, Buy Now, Pay Later (BNPL) — or installment payments — started as a subset of consumers searching for more ways to budget and improve finances, but it was rapidly adopted across the board. BNPL quickly became a mainstream payment offering, and today, it is practically ubiquitous: virtually every large and midsize merchant in developed economies has considered, is in the process of launching or has already launched a BNPL solution.

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Man withdrawing money using digital wallet

Five Pressing Issues for Bankers in 2022

To find out how bankers will confront challenges associated with pandemic-induced digital acceleration, cybersecurity, regulatory changes and more, CSI surveyed banking executives from across the nation about their strategies and priorities for 2022. The results of the annual survey are outlined in an executive report and highlight the opportunities — and risks — inherent in today’s banking environment.

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Investment

CECL: Where we’ve been and where we’re going

As we reflect on the experience of the first 350 institutions to adopt the current expected credit losses (CECL) standard and prepare for the remaining 10,000 institutions to adopt over the coming years, it appears CECL may be achieving the results for which it was designed. While it’s difficult to distinguish the impact of CECL adoption from that of the pandemic, it appears the standard has allowed institutions to be more responsive to ongoing uncertainty than was common under the incurred loss method.

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Man using calculator

What’s the Real Motivation Behind Sweeping Changes to Overdraft Services? Avoid confusion and criticism with full disclosure and reasonable fees

Changing market conditions and renewed interest by regulators to address products and procedures perceived as harmful to consumers have recently fueled sweeping changes in some overdraft strategies. For undisclosed programs and those with fees that have steadily escalated over the years, such changes may be necessary as regulators attempt to rein in overdraft practices that run counter to their calls for transparency.

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Financial advisor

Washington Update: Cryptocurrencies: Unlocking Banking’s “New Frontier”

In case you haven’t noticed, cryptocurrencies are an increasingly hot topic of conversation in this country.

According to a Pew Research Center survey fielded in November, 86% of Americans said they have heard about cryptocurrencies, and 16% said they have invested in, traded or used them. Cryptocurrency use is growing particularly rapidly among younger Americans, with 31% between 18 and 29 telling Pew they have participated in crypto transactions.

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success

How to Attract and Retain Top Talent

When unemployment stood at 14.8% in April 2020, nobody imagined hiring would be HR’s greatest challenge just 20 months later. The sudden shift has employers seeking new ways to attract candidates and retain employees. Whether you are struggling to find top talent or enduring the Turnover Tsunami — we are all seeing the lingering effects of the pandemic through the tight labor market.

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couple working

Meeting Consumer Expectations in the “Digital Banking Era”

The results of the 2021 American Consumer Satisfaction Index (ACSI), a respected national survey of over 15,000 consumers, confirmed what some financial institutions have feared: A shift in consumer expectations resulting from digital banking/efficiencies taking precedence over good ol’ fashioned, friendly, face-to-face customer service. A trend accelerated by a global pandemic and more easily navigated by financial institutions with deeper pockets to invest in digital delivery. Which begs the question: how do banks, both large and small, keep pace with this trend?

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