Thinking Outside The Vault

The technology and techniques your institution relies on to provide excellent account holder service should change with consumer demand. Today’s consumers are less and less inclined to come into the branch for service. They want to conduct their financial business using their smartphones and devices — but email only goes so far. When you use 1:1 text messaging to engage account holders in conversation, your messages get read, and their needs get met. It’s a win-win for everyone. In this episode, we talk with a special guest, Scott McArthur, Chief Revenue Officer of Statflo. Scott brings a wealth of experience and insight to this developing field. He is also passionate about helping community financial institutions leverage this technology.

In this episode, we discuss:           

• What is 1:1 SMS (aka “texting”) communication?
• Consumer demand for this type of communication.
• How engagement with 1:1 SMS outperforms email by a long shot.
• How a tool like Statflo can fit into your institution’s consumer experience
• Why true personalization requires a conversation, not just data.
• What you can do this week to move closer to using 1:1 SMS technology with your consumers.
• 3 things you should know before you jump into 1:1 SMS communications.

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They say big changes are coming to the world of digital advertising. For some folks, it feels like the beginning of an earthquake, for others just tremors like we’ve felt so many times before. Whatever 2022 holds you can bet that the winners will be the marketers who leaned into the change. In this episode, we talk with CW Warwick the VP of Consumer Marketing and Thomas Shields the VP of Marketing Enablement at Kasasa about what changes to expect in 2022 and how to create positive momentum and growth for your community financial institution.

In this episode we discuss:

• Four big changes that will affect how community financial institutions market in 2022.
• What first- and third-party cookie tracking really means.
• How to use social media without feeling totally dependent on it.
• The power of 1:1 messaging.
• Ways you can use text messaging and direct mail to connect in meaningful ways with consumers.
• Things you can do this week to upgrade your marketing game.

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Reaching new borrowers is extremely challenging right now. There are privately funded marketplace lenders who are targeting consumers with sleek digital experiences and competitive rates. In this episode we talk with Chris Cohen, Kasasa’s Chief Innovation Officer about ways that community financial institutions can differentiate their retail lending portfolios and win back the consumers in their backyard. You don’t need to build everything in-house when there are partners who share your values and passion for helping everyday people.

In this episode we discuss:

• The challenges that community financial institutions are facing.
• How creditworthiness has changed.
• Ways that the pandemic economic situation differs from the financial crisis of 2007/2008.
• What Kasasa is doing to help our clients compete.
• How you can level the playing field.
• Stories from Kasasa Loan borrowers and what makes them raving fans.
• Action that you can take this week to help your lending team gain an edge.

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Everybody wants loans, and nobody wants deposits… except for the megabanks and neobanks. What do they know that community financial institutions don’t know? In part two of this two-part episode of Thinking Outside the Vault Kasasa’s Chief Research Analyst Patrick Dickson explains how community banks and credit unions can position themselves to bring in the right kind of accounts and build a very stable balance sheet. It has everything to do with your long-term strategy and your mindset.

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Listen to all the episodes of Thinking Outside the Vault.

Everybody wants loans, and nobody wants deposits… except for the megabanks and neobanks. What do they know that community financial institutions don’t know? In part one of this two-part episode of Thinking Outside the Vault Kasasa’s Chief Research Analyst Patrick Dickson explains what the competition is thinking and how community financial institutions can develop a counter-strategy. It all comes down to cultivating relationships with consumers that can lead to significant growth down the road.

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Listen to all the episodes of Thinking Outside the Vault.

Lots of financial institutions are sweating their loan-to-deposit ratios right now. Everybody is trying to re-balance their balance sheets in 2021. There are no two ways about it, competition for loans will be fierce in the coming year and the challenges are plentiful. In this episode, Greg Schultz, a Director of Product Management at Kasasa and our resident expert on the world of lending, makes predictions about the coming year and what he thinks the winning strategies will be.

Book: The Great Good Place by Ray Oldenburg

Kasasa Care

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If you’re frustrated with your institution’s website, there’s hope! In this episode, we talk with two of Kasasa’s experts on digital user experience and website strategy, Gabe Trevino and Anthony Rezendes. COVID-19 has pushed many users into digital channels, particularly the older, more tech-averse demographics. Now that they’ve discovered how convenient and secure it is, they’re never going back. That means the user experience for your website is more important than it’s ever been. Listen to discover the steps you can take right now to get started.

Discover FIRSTBranch.

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Most people value veterans' service and sacrifice in the armed forces, but it’s far easier to miss the value that veterans bring when they return to civilian life. They represent some of the most dedicated, disciplined, creative employees you could hope to see. If your community financial institution is facing a talent shortage, then recruiting more veterans is a powerful way to strengthen your team's culture and effectiveness.

In this episode, I talk with Kasasa’s Chief of Staff Joseph Cabrera about honoring veterans and the lessons of leadership and culture that he learned while serving in the Army.

Resources for hiring veterans:

https://hireourheroes.org/index.html

https://www.combinedarms.us/

Kasasa Loans

Kasasa Loan Success Story

Book recommendation:

Gates of Fire: An Epic Novel of the Battle of Thermopylae

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This pandemic and the economic aftermath can be overwhelming. But to succeed, we have to embrace business as unusual. Nothing about what we’re experiencing right now is normal, and very little of it feels comfortable, but buried in that challenge is an amazing opportunity to show up for your community and your account holders. All these new challenges can be distractions, or we can use them to help us focus on what really matters.

In this episode, we talk with Kasasa’s Chief Operations Officer Vennesa Van Ameyde about what she learned from steering Kasasa through COVID-19 and how you can leverage those lessons to prepare your financial institution for whatever comes next.

Learn about Kasasa Care

Lattice: https://lattice.com/

Slack: https://slack.com/

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In this episode we talk about the true lending rule, coronavirus rollbacks, Reg D, Appendix Q, and James McGuire’s not-so-secret-anymore passion in life. Stick around for the FAQ segment where we answer your burning compliance questions, including why that promotion with your local sports team could land you in hot water. If you care about staying on top of changes in the world of compliance — without falling asleep — this is the podcast episode for you.

Resource:
FDIC’s FAQ for financial institutions affected by coronavirus

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