February 2020

Why Banks Need To Develop Their Own Customer-Facing Technology

Controlling your tech future - picture of a mobile phone
CONTROLLING YOUR TECH FUTURE

The build or buy decision should be a constant question in most bank’s decision making, and unfortunately, most banks default to the “buy.” In some cases, this is appropriate, but in many, it is not. In this article, we look at the two major overriding reasons of why your bank may want to hire and build out a development team in order to deliver a more customized banking experience to your customers. If you think your bank is too small, then read on.

 

One Reason To Develop Your Own Customer Interface

How To Compete Against GSE Multifamily Lending

Multifamily Lending
MULTIFAMILY LENDING

Government-sponsored enterprises (GSEs) have been lending to borrowers for many decades.  The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) have popular multifamily lending programs so much so that they now control the bulk of the market. For example, Freddie Mac’s total multifamily finance activity for 2018 was $77.5B, and Fannie Mae’s was $65.4B which means that if you have to compete, your bank needs to do so carefully as you have a high probability of getting adversely selected. 

 

Don’t Make This Bank Marketing Mistake (It's Common)

Bank Marketing
BANK MARKETING

Since you probably spent time today discussing the Super Bowl ads (Smaht Pahk, Google, and Snickers were our favorites), we wanted to highlight an all-too-common mistake that many banks make. It can be argued that despite its high price, Super Bowl advertising is one of the best deals in marketing as you are assured a certain level of attention. Unfortunately, some brands waste it.  Tim Pannell, the CEO of Financial Marketing Services, asked us last week what we thought of the picture below as it highlights the concept of waste in marketing.