Overdraft is Not Over
Overdraft protection has been a frequent, contentious topic in the news for years, even before the Dodd-Frank Act became law in 2010. Now we’re seeing big headlines once again, but unfortunately the press is portraying a myopic view of the big picture. Overdraft services will always play a fundamental role in the banking ecosystem. The question is how to provide these services responsibly, compliantly, and most importantly: how to best offer the right liquidity options for consumers—and ensure they have the ability to repay. Velocity CEO and attorney Christopher Leonard is one of the industry’s foremost experts on this topic. In this session, Christopher will discuss the latest regulatory thinking on the topic, dispel the myths covered in the big headlines, and share the secret for providing short-term liquidity so everybody wins: the regulators, the financial institutions and your consumers.
Small-Dollar Credit and the Future of Short-Term Liquidity
The winning financial institutions in 2022 will be the ones that can provide responsible, affordable and convenient sources of short-term liquidity to their consumers and small business account holders. Consumers and businesses in Main Street America continue to struggle and to seek sources of short-term credit to pay their regular monthly bills, and without satisfactory options, they will turn to high-priced (even predatory) sources of liquidity. In this session, we’ll demonstrate how it’s possible to offer small-dollar, short-term consumer and business loans that are efficient, affordable and compliant.
Data Insights: Leveraging Your Data to Pay Dividends
Changes to large bank overdraft programs and Silicon Valley competition for short-term consumer liquidity require service realignment. Data can be the guide for you. In this session, Tim Barrett, Executive DDA Strategist, reviews how using internal and external data allows us to justify and realign overdraft programs. Learn the importance of digitally accessible liquidity solutions as an account acquisition and retention strategy. By using data, peer comparisons, and Velocity’s research on consumer account behavior, we can help navigate your strategic decisions around consumer liquidity management.
Why Small Business Loans Make Sense for Your Institution
One indisputable fact this pandemic has taught us is that digital lending platforms are no longer just a “nice-to-have” technology for your account holders – they are critical. Today’s retail and business account holders have faced enormous financial hardships and expect their primary financial institution to provide them with the liquidity they need to keep their business thriving. Further, they expect the convenience of accessing credit online, 24/7, from the digital device of their choice. The growing prevalence of small business owners who need loans of $250,000 or less who are going to non-bank financial technology lenders for those loans is a trend you can counter with the right technology.
The Account Acquisition War: How Small FIs Can Win
Consumer banking behavior over the past couple years was anything but typical. The COVID-19 crisis sent a flood of deposits pouring into financial institutions, but more than two-thirds of the gains went to the country’s 25 biggest financial institutions. Yet, the smaller financial institutions that employed numerous acquisition strategies saw some of their strongest years ever. In this presentation, we’ll explain how community financial institutions should leverage an automated account acquisition/engagement/retention strategy using a combination of digital referrals, social media marketing, direct mail and digital marketing.
The Big Problem in Banking and How to Solve It
(Digital Onboarding: Special Guest Presentation)
Community institutions are struggling to compete against national banks and Neobanks that collectively invest billions of dollars to capture market share. Digital transformation and other innovation initiatives can come with a huge cost. You can’t afford to wait years to transform your operations. There is good news: Innovation doesn’t need to be so hard. Sometimes, solving the right problem is easier than you think, and it can lead to a huge win. In this session with Digital Onboarding CEO Ted Brown, you’ll learn about the big, hidden problem in the banking industry that’s standing in the way of everything you want to achieve. Get practical advice that will change the way you think about innovation and what’s possible for community institutions.
Engagement & Reacquisition:
Why Just Having the Account Doesn’t Count
Many financial institution executives assume that once they acquire new customers or members, those consumers will embark on a journey to become loyal and profitable account holders. This assumption is often wrong. Once you take a close look at your account activity, you might find that a good percentage of your account holders never fully onboarded with you. In this presentation, we’ll discuss how you can leverage data and digital strategies to engage and reacquire account holders, drive cross-sales and boost transactional activity.
The Velocity Executive Summits are one-day events designed to help bank and credit union executives keep pace with the ever-evolving banking technology and developing regulatory landscape.
Executive Summit: Earn up to 4.5 CPE Credits
Program Level: Overview
Prerequisites/Advance Preparation: None
Delivery Method: Group Live
Field of Study: Management Services
For more information regarding administrative policies such as complaint and refund, please contact our offices at 954-847-5800.