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SRM Perspectives on Key Industry Trends

TerraUSD Collapse is a Teachable Moment in Crypto

Posted by Patti Wubbels on May 19, 2022 12:01:10 PM

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Perspective matters when it comes to cryptocurrency.

The demise of the TerraUSD stablecoin has understandably spooked the markets. Any sudden freefall will panic people and make them wonder what’s next.

Investors, and FIs looking to offer crypto services, need to read between the lines and view this crash as an educational opportunity.

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Topics: Cryptocurrency, Digital Assets, Stablecoins, Blockchain, Crypto

Fintech is Redefining Community Banking

Posted by Paul Davis on May 2, 2022 9:30:00 AM

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Fintech is helping a growing number of banks and credit unions reconfigure the communities they serve.

Historically, financial institutions have focused on clients based on geography, be that a neighborhood or city for banks or a local company or industry for credit union membership. Over time, those boundaries became more fluid as banks entered new markets and credit unions expanded their fields of membership.

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Topics: Fintech, Vendor Contract Negotiation, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, Segmentation, Banking-as-a-Service, BaaS

Are Concerns of Crypto Regulation Overblown?

Posted by Larry Pruss on Apr 6, 2022 2:57:17 PM

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The Biden Administration’s Executive Order for digital assets observed that one in six adult Americans are involved with cryptocurrency, while other surveys place this figure closer to one in three. At the same time, a solid majority of Americans indicate they’d prefer to conduct crypto dealings through their financial institution.

This seems like a dream scenario for banks and credit unions looking for opportunities to deepen client relationships and pursue new sources of fee income to replace the overdraft/NSF revenue and interchange that is increasingly under threat.

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Topics: Cryptocurrency, Regulations, Cryptocurrency for Banks and Credit Unions, Digital Assets, cryptocurrency consultants

Crypto’s Resiliency Spurs Interest from Financial Institutions

Posted by Larry Pruss on Mar 16, 2022 9:30:00 AM

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Standing-room-only crowds during breakout sessions at recent industry conferences nationwide are a strong indicator of financial institutions’ growing interest in cryptocurrency and other digital assets.

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Topics: Vendor Contract Negotiation, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, Digital Assets, Blockchain

Executive Order Cements Crypto's Role in Mainstream Banking

Posted by Larry Pruss on Mar 9, 2022 3:45:20 PM

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The Biden Administration issued its anticipated executive order seeking to coordinate efforts among federal agencies to craft a national policy for digital assets.

While some pundits are worried about the impact of regulation, we assert that this effort brings digital assets, including cryptocurrency, into the mainstream, which should be a positive for financial institutions looking to operate in the space. 

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Topics: Vendor Contract Negotiation, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, Cryptocurrency for Banks and Credit Unions, Digital Assets, Blockchain

Key Takeaways from CUNA GAC: Challenging Times Ahead

Posted by Paul Davis on Mar 8, 2022 9:16:42 AM

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The CUNA Governmental Affairs Conference was in-person for the first time in three years, giving many credit union executives a long-overdue chance to have face-to-face meetings.

 

SRM made the most of the week, engaging with scores of executives, getting a sense of their challenges and opportunities, and lining up discussions to assist in crafting strategies and finding solutions for both.

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Topics: Digital Banking, Vendor Contract Management, Cryptocurrency, Credit Union Vendor Management, Cryptocurrency for Banks and Credit Unions, Loan Growth, Deposits, Overdraft

Volatility Shouldn’t Derail Your Crypto Strategy

Posted by Larry Pruss on Feb 22, 2022 9:30:00 AM

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Volatility tends to be a two-way street, so the recent price correction in Bitcoin and other cryptocurrencies shouldn’t come as a shock. Still, that doesn’t take the sting out of the size and speed of the recent decline in Bitcoin, which lost more than half its value between mid-November and late January.

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Topics: Vendor Contract Negotiation, Cryptocurrency, Bitcoin, Bank Vendor Management, Credit Union Vendor Management, Digital Assets

Finding the Right Partners Matters: Takeaways from Acquire or Be Acquired

Posted by Richard Whiddon on Feb 10, 2022 10:40:46 AM

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After a two-year hiatus, Bank Director's Acquire or Be Acquired was back with an in-person event in Scottsdale, AZ, last week.

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Topics: Fintech, Vendor management, Automation, Cryptocurrency, Mergers & Acquisitions, Expense Management

Merger Scrutiny, Overdraft Fees & More: Banking Regulation in 2022

Posted by Paul Davis on Feb 8, 2022 11:47:00 AM

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Financial institutions should brace for substantial regulatory change in the year ahead.

Turnover at the top of several federal agencies, including the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corp. (FDIC), foreshadows more scrutiny for FIs.

Everything seems to be on the table, including timelines for implementing the Current Expected Credit Loss (CECL) accounting standard, data privacy, and Bank Secrecy Act compliance.

There are, however, several areas that we believe merit the most attention in the coming months.

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Topics: Vendor management, Cryptocurrency, Interchange, Regulations, Mergers & Acquisitions, Overdraft

3 Key Considerations Before Rolling Out a Crypto Platform

Posted by Patti Wubbels on Feb 1, 2022 9:44:49 AM

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Many of you will remember the initial fear experienced when the Internet debuted in the 1990s. At the time, the popular narrative was that every business, no matter how big or small, would be on the information superhighway by the year 2000, replacing conventional media forms like newspapers, billboards, and the yellow pages. Fast forward nearly 30 years, and now everyone’s life is touched (and in many ways, sustained) by the Web.

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Topics: Vendor management, Cryptocurrency, Fee Income, Deposits

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