IC University Blog

By its very nature, community banking requires innovative thought and action. You operate in an extremely competitive business sector, seemingly dominated by large national and regional institutions with deep pockets. However, as a community bank, you offer advantages the big banks can’t match, enabling you to not just survive, but thrive.

When it comes to the security of your data, the importance of keeping your passwords safe is critical. Over 80% of hacking-related breaches are due to compromised passwords. Unfortunately, poor password habits are widespread. On average, a single password is used to access five different accounts; overall, 71% of accounts utilize duplicate passwords.

Microsoft 365 OneDrive and SharePoint have versioning. Many people consider versioning their disaster recovery solution and don’t utilize a 3rd party backup services for their Microsoft 365 deployments. Microsoft themselves state: “Versioning helps to protect SharePoint Online lists and SharePoint Online and OneDrive for Business libraries from some, but not all, of these types of ransomware attacks. Versioning is enabled by default in OneDrive for Business and SharePoint Online. Since versioning is enabled in SharePoint Online site lists, you can look at earlier versions and recover them, if necessary. That enables you to recover versions of items that pre-date their encryption by ransomware. Some organizations also retain multiple versions of items in their lists for legal reasons or audit purposes.” 

Cutting costs is an easy process, right? You pick a target, assess what it will take to get there, and make a plan to close the gap. Here’s the reality: The world of community banking is constantly and rapidly evolving, meaning you can no longer rely on a static vision of where you need to go. Moreover, if your cost-cutting initiative doesn’t start with your company mission as the guiding principle, it’s destined to fail.

The U.S. Federal Trade Commission (FTC)—a bipartisan federal agency that champions the interests of American consumers—has added certain businesses to the Safeguards Rule, which was designed by the FTC to protect customer information from being shared inappropriately as required by the Gramm-Leach-Bliley Act that has been in force since 1999.

Community bank spending on regulatory compliance continues to increase with the ever-growing number of regulations imposed on the financial service sector. This situation creates a significant challenge, requiring you to constantly evaluate and improve your operations — and not just to keep up with regulations, but also to satisfy rapidly changing consumer expectations.

In recent years, businesses across the country have struggled to attract and retain a high-quality workforce, a trend that’s been exacerbated by a highly disruptive pandemic. Community banks are not exempt from this predicament, and, in fact, they must grapple with a unique set of challenges.

Create meaningful, personalized, and efficient digital experiences for your prospects and customers — or they’ll take their banking business elsewhere. This is the reality of today’s financial services sector, accelerated by the trend toward a younger, more tech-savvy clientele.

A growing segment of community bank customers want it all: both digital and in-person interactions, coupled with highly personalized banking advice based on their individual circumstances. Smarter, savvier, and more informed than ever, today’s consumers are less concerned about brand loyalty and identity — and more than willing to switch to a competitor if you’re not satisfying their needs and expectations.

Banks and other financial institutions are prime targets for cybercrime — because that’s where the money is. In fact, recent statistics show that financial service firms were hit 300 more times than other businesses. Each of these cyberattacks typically costs financial service firms millions of dollars.