Legacy Systems Aren’t The Problem They Used To be
Legacy Systems are not the problem. The problem is likely you. I deal with this “legacy system” issue almost every day. The common complaint is, "Our systems won't let us do this." But, in the last three years, that excuse has become hollow. (By the way, I'm...
The only reason you should stop doing Customer Satisfaction Index (CSI) Surveys.
I once managed Customer Research for a financial institution client. We were doing quarterly surveys of home loan customers. Four consecutive quarterly surveys told us that a person in the department was a stone-cold five-letter word. Fully one-third of the...
A few reasons the response rates to your research survey are low.
I find there are six key reasons your audience doesn’t respond to your questionnaires. In order of importance, here they are: You have never responded to issues raised in previous surveys Your questionnaire is too long. You are asking the wrong questions. Your survey...
Interested in specialized compliance services for FIs under $500 million?
Regulatory expectations keep escalating, which means the cost of compliance keeps escalating. Often those costs exceed the resources available. And soon, we’ll be faced with the implementation of ALMA: the Anti-Money Laundering Act of 2020. We're not there to tell...
Are you ready to “risk focus” your BSA/OFAC Risk Assessment?
Want to get some insights into how you "risk focus" your BSA/OFAC Risk Assessment? Even better, would you like the pick the brain of an industry professional? Spend 10 minutes with our how-to video. Click the image to the right.Click the image above to view a ten...
AMLA Heads Up for Community Financial Institutions
No matter what it’s final form, we now know enough about AMLA to know it is going to require substantial changes to an institution's BSA/AML compliance policies and procedures. It follows that AMLA compliance will require financial institutions to allocate additional...
Hello Alma. Where have you been
On January 1, 2021, Congress enacted reforms to the U.S. anti-money laundering (AML) regime. These include Anti-Money Laundering Act of 2020 (AML Act) and, within the AML Act, the Corporate Transparency Act (CTA). Once past all the pedantic language, two big things...
What are you doing tomorrow?
A suggestion: the top of your list should be improving your core deposits of transaction accounts — both for consumers and small business. There will be a lot of movement in core transaction deposits this year. Unfortunately, most of that movement will be leaving the...
Not so fast OCC and CFPB
I’m a fan of innovation in the financial industry. God knows, it is needed. However, I'm not a big fan of regulation. God knows, there’s a lot that should be given the old heave-ho. But, there are limits. And, we’ve recently reached a big one. That’s why I’m opposed...
Is it time for you to stop advertising?
It's simple. No matter who you are, or how big or small your business, if you don't have a written advertising plan, with objectives, strategies and budgets, you're almost certainly wasting money. You’ll probably be better off spending it in an Atlantic City...