Mobile banking – Dinahs Doodles http://dinahsdoodles.com/ Mon, 07 Jun 2021 08:49:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://dinahsdoodles.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Mobile banking – Dinahs Doodles http://dinahsdoodles.com/ 32 32 The Community Financial Corpora – Consensus Says 6.7% Potential Rise https://dinahsdoodles.com/the-community-financial-corpora-consensus-says-6-7-potential-rise/ Mon, 07 Jun 2021 08:16:53 +0000 https://dinahsdoodles.com/the-community-financial-corpora-consensus-says-6-7-potential-rise/

Community Financial Corpus found using ticker (TCFC) now have 2 analysts covering the stock with consensus suggesting a rating of “Hold”. The range between the high target price and the low target price is between 30 and 27 and has an average target of 28.5. With the stock’s previous close at 26.7, this indicates that there is a potential upside of 6.7%. The 50-day MA is 26.33 and the 200-day moving average is 23.31. The company has a market capitalization of $ 154 million. More information on: http://www.cbtc.com

The Community Financial Corporation acts as the banking holding company for the Community Bank of the Chesapeake which provides commercial and retail banking services to individuals and businesses. Its deposit products include savings, money market, demand deposit, IRA, SEP and term accounts. The company provides loan products, such as commercial real estate and other non-residential real estate, residential first mortgage loans, residential rental mortgages, construction and land development loans, loans on Home equity and second mortgages, commercial loans, consumer and commercial equipment. It also offers safe deposit box, night deposit, safe deposit box, automated clearing house transaction, wire transfer, automated teller machine (ATM), online and telephone banking, mobile banking from retail and corporate, remote deposit capture, reciprocal deposit, merchant card, credit monitoring, investing, positive payroll, payroll, account reconciliation, bill payment, credit cards and vault services strong. As of December 31, 2019, it operated 12 banking centers in Waldorf, Bryans Road, Dunkirk, Leonardtown, La Plata, Charlotte Hall, Prince Frederick, Lusby and California, Maryland, as well as in Fredericksburg, Virginia; four loan production offices in La Plata, Prince Frederick, and Leonardtown, Maryland, as well as Fredericksburg, Virginia; and 15 ATMs. The company was previously known as Tri-County Financial Corporation and changed its name to The Community Financial Corporation in October 2013. The Community Financial Corporation was founded in 1950 and is headquartered in Waldorf, Maryland.


Source link

]]>
QIB awarded Islamic Bank of the Year in Qatar and UK https://dinahsdoodles.com/qib-awarded-islamic-bank-of-the-year-in-qatar-and-uk/ Sun, 06 Jun 2021 06:48:27 +0000 https://dinahsdoodles.com/qib-awarded-islamic-bank-of-the-year-in-qatar-and-uk/

(MENAFN – The Peninsula) The Peninsula

Doha: Qatar Islamic Bank (QIB) received the prestigious “Islamic Bank of the Year in Qatar” award for the 9th consecutive year and “Islamic Bank of the Year in UK” at the Islamic Bank of year 2021 of Banker Magazine.

The two prestigious titles were awarded to QIB Qatar and QIB UK respectively, in recognition of their outstanding performance through 2020 and their success in outperforming the competition in terms of financial performance, digitization of banking products and innovation in the world of Sharia compliance. banking in Qatar and the United Kingdom.

Founded in 1926, The Banker Magazine is read by top decision makers from the world’s largest financial institutions. Through its annual Islamic Bank of the Year awards program, the publication produces comprehensive rankings of top Islamic financial institutions to promote and reward excellence within the global Islamic banking community.

Commenting on the awards, Bassel Gamal, CEO of QIB Group, said: “We are honored to have once again received the Islamic Bank of the Year award in Qatar as well as in the UK, further testimony to our success. in sustaining banking in Qatar and beyond with the support of the Board of Directors and the efforts of all QIB employees.

“QIB has transformed Islamic banking in Qatar, the region and around the world with innovative and digital products and solutions. Our customer-centric approach and commitment to excellence have positioned us better to continue to execute our long-term business strategy, while remaining focused on creating value for our shareholders and revolutionizing the industry ”, Gamal concluded.

Rated “A1”, “A- / A-2” and “A” by Moody’s, S&P and Fitch with stable outlook, QIB has managed to maintain positive financial performance levels in 2020 despite the impacts of the COVID- pandemic. 19. QIB recently announced the results for the period ended March 31, 2021. Net profit attributable to shareholders of the Bank amounted to QR 750 million for the period ended March 2021, an increase of 9.1% from compared to the same period in 2020.

Being the first and only Islamic bank in Qatar to introduce end-to-end digital products through its mobile app, such as instant finance, instant credit card, digital onboarding, and domestic worker digital account, QIB continues to serve its customers in the fastest, safest and most convenient way. Thanks to QIB’s award-winning mobile app, new customers can open their first account and existing customers get personal financing or a credit card in just a few simple steps in less than 5 minutes.

QIB is also the only Islamic bank in Qatar to launch a business-only mobile app, an integrated host-to-host (H2H) online payment management solution for its large businesses and SMEs, and the only Islamic bank in Qatar to launch a suite of integrated services through its smart point of sale, including postal delivery services and telecommunications billing and payment.

QIB UK posted positive financial performance on key metrics in 2020 including net earnings, return on equity, cost-to-income ratio and non-performing loan ratio. The Bank has also launched a mobile banking project which now allows private customers to access their bank accounts via the Internet or mobile. This digital solution enables QIB UK customers to manage their banking needs remotely, including account, card and payment management from anywhere in the world, 24/7.

MENAFN060620210000063011010ID1102218186

Disclaimer: MENAFN provides the information “as is” without any warranty. We do not accept any responsibility for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this item, please contact the supplier above.


Source link

]]>
QIB named Qatar Digital Bank of the Year and wins Best Mobile Banking Experience award https://dinahsdoodles.com/qib-named-qatar-digital-bank-of-the-year-and-wins-best-mobile-banking-experience-award/ Sun, 02 May 2021 07:13:00 +0000 https://dinahsdoodles.com/qib-named-qatar-digital-bank-of-the-year-and-wins-best-mobile-banking-experience-award/

Qatar Islamic Bank (QIB) was recognized as ‘Digital Bank of the Year’ and ‘Best Retail Mobile Banking Experience’ in Qatar at the 2021 Digital Awards of Asset Triple A magazine.

This recognition reflects QIB’s success in maintaining its leadership in digital banking in Qatar, enabling its clients to meet their banking needs remotely through the Bank’s innovative digital channels and services.

The recognition of the award took place in a virtual ceremony on April 28, during which QIB was represented by D. Anand, Managing Director of QIB – Retail Banking Group, and Dinos Constantinides, Director of Strategy and digital from QIB.

Dinos Constantinides said, “QIB continues to revolutionize the digital banking scene in Qatar with the introduction of innovative digital products and services related to everyday banking needs, from opening an account to instant execution of personal finance and financing. credit card.

Last year, we launched a new banking channel, the QIB Corporate Mobile app, while constantly improving our Retail Mobile app as well as Internet Banking portals for individuals and businesses.

As a result, and in light of the pandemic, we have experienced the highest level of customer engagement ever on QIB digital banking channels, enabling all of our retail and business customers to remotely meet their banking needs.

D. Anand, said: “Thanks to our relentless investment in upgrading our mobile banking services, the QIB mobile app has become the preferred channel of all of our retail customers and the one stop shop that offers them the most trusted banking. fastest and most secure. experience in Qatar.

With over 100 features and services, the mobile app now enables our customers to meet most of their banking needs in minutes, from sending local and international money to full control of their accounts and cards 24 / 7 and from anywhere in the country. world.”

QIB’s recognition as “ Digital Bank of the Year ” follows the Bank’s exceptional success in launching a series of new digital banking solutions in a short period of time to help clients meet all of their remote banking needs, and in light of COVID-19, where QIB has seen an acceleration in the introduction of innovative digital products and services.

The Bank has also been successful in dramatically increasing customer confidence and the use of digital channels to meet most of their banking needs in just a few minutes, including local and international transfers and payments, card application and management. and financing, opening and managing new or additional accounts and much more.

QIB received the “ Best Retail Mobile Banking Experience ” award for providing its retail customers with the best, safest and most secure banking experiences through the QIB mobile app, and for its success in the introduction of innovative services and app updates over the past year.

With over 100 features, the QIB mobile app has become the preferred banking channel for customers and a digital one-stop-shop to meet all their banking needs from any location in the world and anytime with 24-hour accessibility. and 7 days a week.

Read also




Source link

]]>
Moven Partners with UAE-Based FinTech Solutions Consulting Firm https://dinahsdoodles.com/moven-partners-with-uae-based-fintech-solutions-consulting-firm/ Mon, 26 Apr 2021 06:03:30 +0000 https://dinahsdoodles.com/moven-partners-with-uae-based-fintech-solutions-consulting-firm/

We welcome this opportunity to collaborate with Moven to transform and revolutionize the digital banking industry. Mohammed Muzammil Riyaz, Senior Vice President CSG

Moven, the only fintech solution that holds a U.S. patent for financial well-being, announced its partnership with Center Systems Group (CSG), a major player in disruptive solutions for financial services companies in the Gulf States and beyond.

Moven turns data into actionable insights that improve financial health through integrated smart banking experiences. Solutions are delivered through companion apps, SDKs, and APIs, which also include a complete banking solution in a box.

The company can also provide a one-of-a-kind user experience as a front-end to a challenger bank that allows established banks and credit unions to seamlessly launch a new challenger bank, or provide a banking platform for FinTech.

CSG is an influential technology company providing a diverse range of IT services with a solid and growing reputation in financial services solutions in key markets around the world, particularly in the Middle East, Asia and Australia. The strength of the company is to work with selected partners around the world to provide innovative world-class solutions to its customers.

“Moven continues to strengthen its global footprint through partnerships in international markets,” said Bryan Clagett, Director of Revenue at Moven. “Center Systems enjoys an excellent reputation in the Gulf region and beyond, and we look forward to working with Muzammil and his team to help bankers modernize their mobile banking environments.”

“We welcome this opportunity to collaborate with Moven to transform and revolutionize the digital banking industry,” said Mohammed Muzammil Riyaz, Senior Vice President of CSG, “and it sets a precedent for quality delivery services for customers. fintechs.

At the start of 2020, only 3% of U.S. consumers considered a digital bank to be their primary bank. By the end of the year, that percentage had risen to almost 400%.

Challenger banks will continue to drive deposits from traditional banks, and the Moven / Center Systems Group collaboration will enable financial institutions to create new digital banking solutions and generate revenue from day one.

About Moven

Moven has been a leader in providing innovative technology solutions to financial institutions for over a decade. Partners have relied on Moven’s patented data-driven Financial Wellness® platform to deliver real-time insight into their customers, resulting in reduced attrition, increased engagement and business opportunities. ‘improved income. Moven pioneered the concept of Alternative Consumer Financial Profiles with CredScore®, a proprietary scoring measure based on generally accepted financial well-being principles.

Offering three unique delivery options, Moven is well positioned to support custom models exclusive to the needs of individual financial institutions. To learn more, visit moven.com.

About Center Systems Group

CSG is an internationally renowned disruptive technology consultancy based in Dubai, United Arab Emirates. It focuses on providing a range of fintech consulting services, digital transformation services, resilience management services and blockchain application platforms around the world, as well as collaborating with Gulf countries to establish digital banking protocols. With several branches around the world, they have embarked on digital banking with the aim of providing premium services in a budding market.

Share the article on social media or by email:


Source link

]]>
Five security tips to follow in digital payment transactions https://dinahsdoodles.com/five-security-tips-to-follow-in-digital-payment-transactions/ Sun, 25 Apr 2021 02:00:00 +0000 https://dinahsdoodles.com/five-security-tips-to-follow-in-digital-payment-transactions/

The advent of technology has triggered an evolution in various industries. The digital payments segment is no exception. Although digital payments are not an entirely new concept, the Covid-19 pandemic has accelerated the adoption of payment methods such as UPI (Unified Payment Interface), credit / debit cards, banking services. mobiles, etc., across the country.

While these are very convenient and largely secure means, it is best to exercise caution when making payments online, given the increase in cases of cybersecurity breaches.

Here are five tips for ensuring secure digital payment transactions.

Avoid saving card details

While this sounds basic, it is essential to ensure that your debit / credit card details are not saved when shopping online. Many of us tend to save the details to avoid entering all the details from scratch in the future and allow for faster payments. However, it is best to erase your card information after making your purchase online to ensure that it is not at risk of being stolen.

Use a private window for transactions

The most effective way to protect yourself while making digital payments is to avoid suspicious apps and websites and always rely on trusted official apps suggested in the App Store.

Abhishek Soni, CEO and Co-Founder of Upwards, said: “Using a private / virtual browser and secure connections starting with HTTPS: // for transactions will improve financial security. They are designed to provide banking services. Safe online and prevent cookies and credentials from being stored. Additionally, it is important to log out of the page once you have completed the transaction for added security. “

Do not share passwords

This is common advice but essential to preserving your financial security. Passwords for your internet banking accounts should be very strong, should never be shared with anyone, and should be changed regularly to avoid falling prey to cyber attacks. Also, be sure to let your bank know in case you receive fake calls from anyone asking for details like your passwords or ATM PIN. Additionally, it would be better to use one-time passwords (OTP) to complete your transactions as they are more secure.

Praveen Dhabhai, COO of Payworld, said, “A person should always use debit / credit cards on trusted websites and apps, never share OTP with anyone to protect the transaction. In addition, you should always use a virtual keyboard and log out of websites at the end of transactions. “

Avoid public computers / WiFi networks

When transacting online, it would bode well to avoid using public devices or WiFi networks, as they are more prone to cyber attacks, theft and other fraudulent activity. It is also important to only use reputable and verified websites. Trusted websites often offer higher levels of protection for online payment transactions.

Anil Pinapala, Founder of Vivifi India Finance Private Limited, said, “Even if you are in a hurry, avoid doing cashless transactions from a public computer or using a public Wi-Fi network. These transactions are very dangerous and expose you to data theft, which is becoming more and more common. Make sure to use a personal computer and a reliable Wi-Fi source for all financial transactions. “

Beware of fraudulent apps

There are many illegitimate apps on the App Store and Play Store. Fortunately, these can be identified through multiple negative reviews, a low number of downloads, and the lack of a “verified” badge.

Soni said, “When you download apps to your smartphone, make sure it is a verified app on the App Store or Play Store. Even for mobile banking or mobile wallet apps, this must be legitimate. If the app asks for permission for camera, phone contacts, SMS reading, etc., be careful before installing it or deny access. “- Mint New Delhi / TNS


Source link

]]>
Alternative payments via mobile technology https://dinahsdoodles.com/alternative-payments-via-mobile-technology/ Fri, 23 Apr 2021 04:10:17 +0000 https://dinahsdoodles.com/alternative-payments-via-mobile-technology/

Wabag, in Enga province, is considered the least populated provincial capital in the country.

It is located on the Lai River and the Highlands Highway runs through the town between Mount Hagen and Porgera.

Tucked away in this city is one of Bank South Pacific Financial Group Limited (BSP) top mobile merchants, Esrae Trading, an active advocate for cashless ecosystems and a frontline financial inclusion point of contact, educating its consumers on the convenience and economic benefits of paying by mobile. Payments.

This SME retailer continues to influence the payments landscape by driving cashless payments through mobile payments. They appeared earlier this year, generating the second highest volume of transactions in Papua New Guinea.

Consumers in Enga Province are embracing the paradigm shift towards mobile banking, a much safer way to transact.

Elsie Sumnan, owner of the store, said: “My customers educate each other on how to pay using mobile payments. When a customer successfully makes a purchase on their phone, the message kicks in and more and more people start paying with their phone. “

I keep teaching my clients about mobile payments and how it is cheaper for them to pay, I tell them, mobile banking is convenient because you just use your One Bang phone (multifunction phone), you don’t need credit, just dial * 131 #, and I make sure they know it’s cheaper than EFTPOS and the card, bank charges 10 toea tasol, ”Ms. Sumnan added.

“My customers know they have a cheaper option to earn Cash Back Rewards using mobile banking rather than using their cards to withdraw cash. I can help provide this banking service to the customer and for me as a merchant there is no charge. “

The payments landscape continues to evolve at an increasing rate with consumer needs and / or demands pushing for advanced convenience and cheaper options for purchasing goods and services, household items, and utility payments.

BSP understands that digital adoption will encounter geographic dependencies given the availability and scope of the service, particularly in rural areas of PNG. This financial gap offers the opportunity to resolve payment constraints through the enhancement of existing digital solutions, focusing primarily on the mobile banking platform.

BSP is seen as a digital enabler for the masses, we assess the adoption of channels by the broad masses, and we recognize the importance of our USSD mobile banking platform, it is a critical rail that enables BSP to ” reach out to the most rural areas of PNG and influence financial inclusion.


Source link

]]>
How a community bank built its strategy from an ROA / ROE analysis https://dinahsdoodles.com/how-a-community-bank-built-its-strategy-from-an-roa-roe-analysis/ Thu, 22 Apr 2021 06:10:34 +0000 https://dinahsdoodles.com/how-a-community-bank-built-its-strategy-from-an-roa-roe-analysis/

Subscribe to The Financial Brand FREE by email!

Despite banks’ emphasis on the importance of digital transformation, “strategic transformation” may be more beneficial for a large percentage of banks and credit unions. The importance of digital for the industry is not in question, but the vast majority of traditional institutions are caught between the biggest banks with their mega budgets, on the one hand, and a growing number of new exclusively digital competitors. , on the other hand. .

Rethinking may be the most powerful antidote to this high-stakes competitive threat.

Many bright minds in the industry are grappling with this challenge, looking for a way out of the pack and, most importantly, to fortify themselves against the twin threats just described.

Second Generation Community Banker Jay Tuli, President of Massachusetts Leading bank, was familiar with several financial institutions that had built strong brands and had great success in taking a niche approach to banking. One is Live Oak Bank, of Charlotte, now the largest SBA lender in the country. Another is the Signature Bank of New York, which has grown to $ 74 billion since it opened in 2001, with the primary focus of serving the multi-family homeowner market as well as law firms and, more recently, payments based. on the blockchain.

The success of these and other institutions caught Tuli’s attention as he pondered how to further grow Leader Bank, a successful residential mortgage lender. The $ 2.4 billion bank is an offshoot of a mortgage company founded by Tuli’s father, Sushil Tuli, who is the bank’s president and CEO.

What are we doing really well?

Something else helped merge the thinking of young Harvard Business School graduate Tuli as he took on more responsibility in the family bank. While browsing through performance data from Massachusetts banks covered by a Financial management consulting group, he was struck by the fact that of the top five banks in the state, either return on assets or return on equity, the most specialized in something. One focused on franchise loans, another on the mass haves, and others were SBA lenders or credit card specialists.

“They are all doing something really, really good,” said Tuli. The financial brand. But coming down to the bottom of the list, he noticed that institutions tend to be the ones that are “everything for everyone” – perhaps offering acceptable products and services, but little stands out.

After digesting all this information, Tuli became a strong supporter of the concept of niche banking. Leader Bank was already a major mortgage lender at the time. But the management of the bank decided to double that strength and also focus on a few other strengths rather than stretching.

Because of this decision, they refuse to do a lot of things that other community banks do. “We don’t offer credit cards, we don’t do trust services or wealth management, we don’t provide auto loans or student loans,” says Tuli. “We want to be better in just a few areas.”

Niche Banking is profitable:

At the end of 2020, Leader Bank was # 1 among all Massachusetts banks and savings banks with an ROE of 33.28% and ROA of 3.80%

Tuli argues that when a financial institution tries to be everything for everyone, it prepares itself to be chosen by specialists. Card, mortgage and auto loan specialists have long been around, but the advent of fintechs and the digital age has amplified this threat.

SIGN UP FOR THIS FREE WEBINAR

Consumer loan reshuffle

Join a discussion on the new lending landscape and explore proven ways to attract, acquire and retain

Wednesday, May 19 at 2 p.m. ET

A banking upheaval is underway

Not so long ago, consumer banking preferences were primarily based on geography. “The main driver was proximity to a branch because everything had to happen in the branch,” says Tuli. “Banks are differentiated by their location. They even put it in their name. But over the past decade digital banking has changed things so geography doesn’t matter as much. “

“There is an upheaval taking place in the banking sector. What matters most to customers now is “How do your products meet my specific needs?” “
– Jay Tuli, Leader Bank

“There is an upheaval in the banking industry,” says Tuli. “What matters most to customers now is, ‘How do your products meet my specific needs? “. An increasing number of consumers have moved from “place to persona”. As Tuli explains: People are more likely to think this way: “I’m a student; I am a young saver; I need an auto loan; I need a student loan. As a result, they are likely to identify more with a vendor who does what they need really well compared to “the bank in their backyard”.

Some readers may recall that Capital One was originally a card specialist – a niche player – but, through acquisitions, has grown into a full-service bank. So isn’t there value in a large-scale banking approach?

There are, and Tuli talks about it below. But first, read how Leader Bank adapted the concept of niche banking to its own situation.

Advantage in details

On the loan side, residential mortgage credit is Leader Bank’s niche. His success there provided the resources to spur growth in other areas.

Unlike many community institutions, business banking services have become a huge source of deposits for Leader Bank. This results from another application of a niche approach.

“On the deposit side, we made a radical change a few years ago,” explains Tuli. “Rather than trying to do banking, we decided to focus on just four areas. Of course, if a customer outside of those four countries wants to open an account, ”he adds,“ we’re not going to say no. But we’re not going to target all businesses.

The four verticals are:

  • Law firms
  • Municipalities
  • Property managers and owners
  • Doctors, dentists and healthcare companies.

In a word:

The key to a successful niche strategy is having the people, products, and technology that are unique to the market you are targeting. This is how you differentiate yourself.

The real niche value lies in small differences, emphasizes Tuli.

“Let’s say I’m a law firm that does real estate closings. It means I’m really busy at the end of the week. If a bank caters to this niche, they can keep their wiring room open until 7:00 p.m. on Friday. It’s a fine detail, he says, but those details are worth paying for and they’re worth it for a client to move a relationship. “The more weeds and details you get, the more you start to differentiate yourself from other banks.”

The challenge of retail banking

Beyond the mortgage business, Tuli admits that it is difficult for a community institution to compete with the big banks in retail banking.

Unlike meeting the specialized needs of real estate law firms in their market, where Leader Bank has a distinct advantage over Bank of America, a market segment such as recent college graduates is a whole different story. These young consumers want a truly elegant mobile banking experience, and BofA is going to win this game, observes Tuli. College graduates are a huge market in the United States and the giant bank will invest $ 1 billion to try to get it right.

The executive believes that the answer to the success of consumer banking services for community institutions is to take an integrated approach to products where the relationship counts. In a way, this strategy combines elements of niche banking and generalist.

For example, as a mortgage specialist, Leader Bank offers unique products to consumers. However, if you want them, you have to open a bank account with Leader. “We recover a lot of consumer accounts this way,” says Tuli.

A better way:

If you are just offering a standalone credit card, how are you going to win against Capital One? But if the card is integrated with other products, it is more difficult for competitors to choose you.

How to repel FinTechs

An integrated product approach also contributes to fintech / neobank competition, argues Tuli. Most of them compete against each other on the basis of a specific product, such as student loans. Right now they don’t have much to integrate, but that will eventually change.

So how can community institutions compete when this happens?

By doing a lot more with their technology, that’s Tuli’s answer.

“In a way, you could say that banks should to be fintechs, “ he declares. After all, a large chunk of their budget is already spent on technology, he points out. The specifics of using dollars need to be reoriented to some extent, but Tuli believes that a key part of the change at many banks and credit unions is simply mindset. “What are fintechs doing?” he says. “They are hyper focused on specific target segments.” And they create solutions that address specific problems.

Leader Bank has done the same not only for its mortgage business, but also for its targeted verticals. One example is two software programs created by the bank under the direction of Tuli, which automate the often manual functions of rent collection and rent deposit of landlords.

In-house construction technology is still unusual for community institutions, but Tuli believes that is another thing that gives the bank an edge.

“It gave us a lot of confidence, so when we look inside the bank and say, ‘Okay, we have this problem, how do we fix it? », Declares Tuli. “We ask, ‘Is there a product that we can buy? If not, can we build it? It is definitely a weapon in our arsenal.

The answer isn’t always to build in-house by no means. With fewer people entering branches, for example, the bank needed a way to digitally convey the type of face-to-face referral a new customer would get at a branch. In this case, “building it” was not the best option and they turned to Digital integration to replicate the getting started – digitally guide new customers through the sign-up process.

This enabled Leader Bank to speed up the process of transforming its seven branches from transaction centers into brand centers.


Source link

]]>
Do the right thing with the Standard Bank business credit card https://dinahsdoodles.com/do-the-right-thing-with-the-standard-bank-business-credit-card/ Thu, 22 Apr 2021 04:00:00 +0000 https://dinahsdoodles.com/do-the-right-thing-with-the-standard-bank-business-credit-card/

A vital facet of growing your business is having access to capital at all times. A credit card is a valuable and effective tool that helps you manage your finances and access financing when you need it.

As a business owner you want a credit card that gives you control over your purchasing power when the opportunity or need arises, which is why Standard Bank has launched its new Visa Business Credit Card.

Our business credit card not only gives business owners the license to make the right choices, but also gives them access to cash to grow their business and manage their expenses in real time. With sophisticated activity reports, you’ll be able to track and monitor expenses and operating costs, allowing you to make informed decisions about running your business.

“The Visa Business credit card enables our customers to run and manage healthy businesses. It offers a convenient way to optimize your cash flow, manage your reimbursements and monthly fees, and manage expenses and card custodians through real-time information, ”says Ethel Nyembe, Payments and Cards Manager. group at Standard Bank.

The Visa Business Standard Bank credit card also gives you cash flow and cash at your fingertips while being interest-free for 55 days, and with a minimum 5% refund and low monthly fee, it offers credit. more affordable.

“Liquidity is essential for business growth and for managing business costs. You don’t want your business to be derailed by large purchasing items, ad hoc office expenses, or unforeseen extras. At the same time, you don’t want to run out of opportunities to grow your business due to lack of funding. “

Business Credit Card customers can download and use Standard Bank’s mobile banking app or online banking platform to manage their account, view balances and their latest transactions.

Standard Bank has also ensured that customers who use the Visa Business credit card for qualifying purchases get additional benefits by associating it with the UCount Rewards program. With UCount Rewards for Business, customers earn up to 1.25% on card purchases, up to R5 per liter of fuel at Caltex and up to 5% at our rewards retailers.

“If you’re looking to grow your business by accessing additional funds, the Visa Business credit card is one way that will help you get things done again. Standard Bank is committed to partnering with businesses to provide solutions that will facilitate their recovery and that of the South African economy, ”says Nyembe.

The Visa Business Standard Bank credit card is accepted worldwide.


Source link

]]>
How two banks are going digital https://dinahsdoodles.com/how-two-banks-are-going-digital/ Wed, 21 Apr 2021 19:56:04 +0000 https://dinahsdoodles.com/how-two-banks-are-going-digital/

Lake City and Sterling National are the latest US banks to launch new digital banking services, targeting both consumers and businesses.

Lake City Bank, based in Indiana, unveiled a “The next generation” digital banking platform to serve business and retail customers.

Called Lake City Bank Digital, the platform is designed to combine digital functionality for customers into a device-independent solution. Previously, this would have meant using four separate online and mobile solutions for business and home accounts.

Customers will be able to view accounts, pay bills and transfer funds as well as manage cards and subscription services. It will also include financial management tools, with budgeting, planning and savings functions.

“Our commitment to Lake City Bank Digital is linked to the relational strategy that has driven the bank since its creation,” said David Findlay, President and CEO of Lake City Bank.

“We made this decision very intentionally to ensure that we are not only competitive on the digital banking front, but also positioned for long-term competitiveness with competitors of all sizes, especially digital services offered by much larger banks. Despite the challenges inherent in deploying this digital platform during a pandemic, it was essential that we move forward to be at the forefront of delivering this next-generation platform. “

Elsewhere, New York-based Sterling National Bank has partnered with cloud-based digital banking platform BrightFi.

The bank will provide banking solutions to support the BrightFi platform, following similar strategic partnerships it recently signed with Google Pay and Rho Technologies.

“We are thrilled to partner with BrightFi to create and deliver an innovative set of services that bring digital banking solutions to those who need them most,” said Matthew Smith, executive managing director of Sterling National Bank. “We see our collaboration with BrightFi as an opportunity to create and deliver seamless banking experiences to current and future customers.”

Many bank management teams have realized that offering digital banking services is a way to challenge market share in the aftermath of the pandemic.

However, recent research from Capgemini has revealed that many large established US banks are not structured for digital change.

This presented an opportunity for fintechs, with research revealing that 36% of customers discovered a new financial service provider during the crisis and planned to continue using them after the pandemic.



Source link

]]>
MainStreet Bancshares Reports Strong First Quarter 2021 Results https://dinahsdoodles.com/mainstreet-bancshares-reports-strong-first-quarter-2021-results/ Wed, 21 Apr 2021 19:04:08 +0000 https://dinahsdoodles.com/mainstreet-bancshares-reports-strong-first-quarter-2021-results/

MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the holding company for MainStreet Bank, reported net income of $ 5.5 million for the first quarter of 2021. Net income of $ 5.5 million represents an average return on equity (ROA) of 12.95%, an average return on assets of 1.32% and $ 0.65 per common share (basic and diluted).

Net interest income was $ 13.5 million and non-interest income was $ 1.4 million for the quarter ended March 31, 2021, an increase of 31% and 2% respectively over the same period in 2020. Half of the increase in net interest income for the quarter came from the costs of establishing the Paycheck Protection Program (P3).

The company’s cost of funds for the quarter ended March 31, 2021 was 1.11%, down from 2.11% from the same period a year ago. The company is focused on reducing financing costs, increasing fee income and improving operational efficiency. The company’s efficiency ratio was 52% for the quarter ended March 31, 2021, a solid improvement from the 61% efficiency ratio reported for the same period a year ago.

Total assets were $ 1.7 billion as at March 31, 2021, a 31% increase over March 31, 2020. Net lending was $ 1.3 billion as at March 31, 2021, of which $ 180 million was dollars in PPP loan balances. Asset quality remains strong, with non-performing assets representing 0.08% of total assets as of March 31, 2021.

Non-interest bearing deposits represented 32% of total deposits of $ 1.5 billion as of March 31, 2021. Seventy-five percent of total deposits are core deposits – a markedly positive development over the years. last eight quarters.

The Company continues to be heavily capitalized and, on April 6, 2021, the Company entered into a Subordinated Note Purchase Agreement for a $ 30 million aggregate principal amount private placement of 3.75% of Fixed Rate Subordinated Notes. variable due in 2031. The Company intends to use the net proceeds from the issuance of the notes for general corporate purposes, including the potential withdrawal of existing subordinated debt and principal to support growth. of its banking subsidiary, MainStreet Bank. Performance Trust Capital Partners, LLC was the sole placement agent for the offering.

“With 2020 behind us, our customers are starting this year with strength and confidence,” said Abdul Hersiburane, Chairman of MainStreet Bank. “We are focused on aggressively adding new loan and deposit relationships to the mix.”

“We are fortunate to be in such a robust and resilient market,” said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. “With the addition of $ 30 million of ultra-low cost subordinated debt to our capital stack, we are well positioned to pursue growth opportunities.”

ABOUT MAINSTREET BANK: MainStreet operates seven branches in Herndon, Fairfax, Fairfax City, McLean, Leesburg, Clarendon and Washington DC MainStreet Bank has 55,000 free ATMs and a fully integrated online and mobile banking solution. The Bank is not limited by a conventional branch system, as it can offer professional clients the possibility of Put our bank in your office®. With robust and easy-to-use online merchant banking technology, MainStreet has “put our bank” into thousands of businesses across the metro area.

MainStreet Bank offers a full line of payment solutions for financial technology companies and has a team ready to create a perfect solution for their needs.

MainStreet Bank offers a robust line of business and professional lending products, including government lines of credit, commercial lines and term loans, residential and commercial construction, and commercial real estate. MainStreet is also working with the SBA to offer 7A and 504 lending solutions. From sophisticated cash management to enhanced mobile banking services and instant issue debit cards, MainStreet Bank is always looking for ways to improve lending. experience of our customers.

MainStreet Bank was the first community bank in the Washington, DC, metro area to offer a complete online business banking solution. MainStreet Bank was also the first Commonwealth of Virginia-based bank to offer CDARS – a solution that provides multi-million dollar FDIC insurance. Further information about the Bank can be obtained by visiting its website at mstreetbank.com.


Source link

]]>