Bankruption : how community banking can survive fintech / John Waupsh.

Format:

Book

Author/Creator:

Waupsh, John, author.

Language:

English

Subjects (All):

Community banks--Management.

Community banks.

Physical Description:

1 online resource (314 pages) : color illustrations, graphs

Edition:

1st ed.

Place of Publication:

Hoboken, New Jersey : Wiley, 2017.

Summary:

Community banking can flourish in the face of fintech and global competition with a fresh approach to strategy Bankruption + Website offers a survival guide for community banks and credit unions searching for relevance amidst immense global competition and fintech startups. Author John Waupsh is the Chief Innovation Officer at Kasasa, where he helps spearhead financial product development and implementation across hundreds of institutions. In this guide, he draws on more than a decade in the industry to offer clear, practical advice for competing with the megabanks, direct banks, non-banks, and financial technology companies. The discussion separates futurist thinking from today's realities, and dispels common myths surrounding the U.S. community banking model in order to shed light on the real challenges facing community banking institutions. It follows with clear solutions, proven strategies, and insight from experts across banking and fintech. All arguments are backed by massive amounts of data, and the companion website provides presentation-ready visualizations to help you kickstart change within your team. In the U.S. and around the globe, fintech companies and non-banks alike are creating streams of banking services that are interesting, elegant, and refreshing-and they're winning the hearts and minds of early adopters. Not a one-size-fits-all approach, this book offers many different tactics for community banks and credit unions to compete and flourish in the new world. * Analyze fintech's threat to the community banking model * Learn where community banking must improve to compete * Disprove the myths to uncover the real challenges banks face * Adopt proven strategies to bring your organization into the future Community banks and credit unions were once the go-to institutions for local relationship banking, but their asset share has been on the decline for three decades as the big banks just got bigger. Now, fintech companies are exploiting inefficiencies in the traditional banking model to streamline service and draw even more market share, as community banking executives are left at a loss for fresh tactics and forward-looking strategy. Bankruption + Website shows how community banks can be saved, and provides a proven path to success.

Contents:

Cover

Title Page

Copyright

Contents

Preface

Introduction

Additional Thanks

Chapter 1: An Overview of the Bankruption

Community Banking Has No Future

Community Banking Relies Too Heavily on Physical Proximity

Today, Data Proximity Yields Intimacy

Data Proximity Has Cast a Very Bright Light on the Cracks of Banking

Chapter 2: Community Banking Is Broken

What Is Community Banking?

1. Relationship Data-Based Lending: Just How Valuable Is That Soft Data?

2. Geographical Focus: Bank Local, and All That, Right?

Where Are All the Institutions Going?

FDIC's Three Reasons for Bank Charter Consolidation

Voluntary Closures

Bank Failures

Few New Banking Charters

Depopulation and Charter Consolidation Aplenty

Branch Banking Realities

Legislation Propelled Branch Numbers around the Country

Branch Density Sustains, for Better or Worse

The De Novo De No-No

These Days, There Are Plenty of Reasons Not to Start a Bank

When You Have a Limited Supply of New Banks, Community Banking Suffers

The Rise of the Challenger Banks

The United Kingdom Has Nearly 1,000 Financial Institutions, and It Wants Even More Banking Competition

This Has Given Way to the Creation of "Challenger Banks

The New Challengers Will Not Be Universal Banks

A Few of the Challengers and What Makes Them Interesting

In China, New Banks Spring from Digital Giants

A Quick Overview of the Fintech Landscape

Fintech" Is Nothing New

Fintech" Is Not Necessarily Adversarial to Financial Services Companies

Fintech" Does Not Mean "Startup Company in Financial Technology or Financial Services

Most Financial Services Companies Are Not Fintech Companies (Yet)

Fintech" Can Be an Adjective

Fintech" Can Be Delivered One of Three Ways

The Consumer Is the Change Agent

Fintech Is the Feedback.

Chapter 3: The Opportunity for Community Financial Institutions

Doing Nothing Is Safe, but It's Also Foolish

Expand Your Mind

Correlation Does Not Imply Causation

Because the Real Problem Is Inaction

Call It "Toe in the Water," "MVP," "Whateveryouwant," Just Try Something

Reputational Risk Is Mitigated When You Do It Right

It's Not a Family

It's a Team

Train or Fire the People in Your Organization Who Say, "I Don't Do Numbers

Bad People You Must Push

Good People Push You

Pressure Wash the Barnacles

Much Ado about Branching

Look at the Retail Industry as a Corollary

The Five Words That Will Kill: "How May I Help You?

As Andy Greenawalt Says, "You Are Misusing Your Humans

Do Not Let Sacred Geese Live

Market Your Market

Purpose Can Drive Change, Too

Shift to a Digital Community

Price Is Only a Concern in the Absence of Value

Overcoming the Challenges of the Digital Branch Starts with You

Welcome to Digital Community Banking

Move over Millennials

Make Way for iGen

Beware the Culture Danger

Understand Your Technology

Your Foundation Could Be a Bit Shaky

And So, the Story Goes, "Free Your Data

A Reliance on Professional Services Means You Get to Focus While Your End Users Get Best-of-Breed Offerings

It's Not about Having Access to "Data," It's about Focused Direction

Partner, Don't Incubate

Skip the Writhing, Pleading, Grasping at Straws Thing

Be Interested, Not Desperate

Some Thoughts about Working with Fintech Startups

Get More Efficient and More Proficient with Partners

Scale Delivers Results

For about Fifty Years, the Most Convenient Bank in the United States Was the US Postal Savings System

Brand Power

The Average Consumer Cares Very Little about Your Customer Service

Which Takes Us Back to the Scale of Brands.

And Today's Consumers Think Product Experience-First

Improve Your Member Associations

A Bit about the Banking and Credit Union Associations

The "Endorsement" Problem

Push Your Respective State and National Associations to Adopt More Contemporary Standards for Endorsed Vendor Review

Work with Entrepreneurs

Embrace the Entrepreneurial Generation with Small Business Guidance

This Ubiquitous Go-Millennial Write-up Ends with a Rare Pro-Boomer Stance

Chapter 4: Advice from Others

And, We Are in the Future

Advice from Others Much Smarter Than Myself

Pascal Bouvier, CFA

Jim Bruene

Jill Castilla

Hal Coxon

Penny Crosman

Matt Davis

Julie Esser

John Fishback

Andy Greenawalt

Matt Harris

Pradeep Ittycheria

Alex Jiménez

Brett King

Dan Latimore

Jim Marous

Scott Mills

JP Nicols

Suresh Ramamurthi

Steven J. Ramirez

Phil Ryan

Ron Shevlin

Scarlett Sieber

Shari Storm

Lee Wetherington

Chapter 5: Finishing Move

An Introduction to the End

We Expect More with Each Passing Day

The Future of Retail Banking Will Be Optimized

There Is No Doubt: Modern Retail Banking Is Dreadful

If I Have to Think about My Banking, You're Doing It Wrong

As an Accountholder, I Know I'm Getting Messed Over with My Money-Somewhere

The Year Is 2030, and No One Thinks about Banking

There's at Least a Decade until 2030

Here's the Tough List

I Hope That's Enough to Get You Started

About the Author

About the Companion Website

Index

EULA.

Notes:

"+ web site"--Cover.

Includes index.

Description based on online resource; title from PDF title page (ebrary, viewed November 4, 2016).

ISBN:

9781119273882

1119273889

9781119273868

1119273862

9781119273875

1119273870

OCLC:

961204937