logicpath Blog | Whoknew (5)

Why is Hacking on the Rise?

Oct 18, 2018 | Douglas Ceto

It’s no secret that privacy is a huge issue. It seems that nowadays we can’t go a week without seeing another data breach in the news. The most recent breach was Facebook, who recently got hacked and more than 50 million users were impacted. In 2017, we hit a new record high of 1,579 breaches, an upturn of 44.7 percent, which means we’re seeing multiple breaches per week, if not per day.

Topics: Trends

Four Places Your Branch May be Stockpiling Excess Cash

Oct 11, 2018 | logicpath

Whether a financial institution has 10 branches, or more than 100; they all face similar challenges when it comes to branch cash management. My colleague previously discussed that banks and credit unions shouldn’t fear running out of cash. However, there are many reasons a branch might feel the need to keep more cash-on-hand then they need, or in some cases they may not be aware of where the excess cash is.

Topics: Cash Management

How to Select the Best Lease Accounting Software for Your Bank or Credit Union

Sep 27, 2018 | LeaseQuery

Financial Accounting Standards Board’s Accounting Standards Codification (FASB ASC 842) and the International Financial Reporting Standards 16 (IFRS 16) are the first major updates to lease accounting regulations, and the changes are significant. With the regulatory pressures already placed on financial institutions, it’s critical to find solutions that enable you to ensure compliance, and fit lease accounting into your day-to-day routines. There’s good news, if your transition is handled proper...

What Financial Institutions Need to Know about the New Lease Accounting Standards

Sep 20, 2018 | LeaseQuery

Financial Accounting Standards Board’s Accounting Standards Codification (FASB ASC 842) and the International Financial Reporting Standards 16 (IFRS 16) represent sweeping changes to the way companies account for leases, and banking is one of the industries that is expected to be impacted most.

What is the Impact of Fintech Charters on Community Banks and Credit Unions?

Aug 23, 2018 | Teresa Romero

On July 31, 2018 the Office of the Comptroller of the Currency (OCC) announced the approval of the national fintech charter. This announcement followed the Treasury Department’s report about how non-banks, like fintechs, should be regulated. The OCC’s decision is based on government efforts to promote economic growth, and support innovation that improves financial services to customers, businesses and communities.

Topics: Regulations, FinTech

Inventory Methods You can Apply to Cash

Aug 16, 2018 | Meghan Quinlin

A good inventory system is important to a business’ growth. For most industries, inventory ties up cash figuratively; but for financial institutions, branch, ATM, vault and device cash is an FI’s inventory. Like any other business, not enough or too much inventory can be costly to the business and inhibit growth.

The History of Deposit Reclassification

Aug 9, 2018 | Kelly MacConnell

Deposit Reclassification has existed since the early 90s, but most people don't know the story behind the process that has helped financial institutions reclaim billions of illiquid assets to reinvest in their local markets. Here is the story behind this vital solution. During his time at KPMG as a National Partner in charge of Revenue Enhancement Consulting Services, Nicholas Ceto, Jr. worked with nearly every major bank in the country. Unfortunately, after more than 18 years at KPMG, Ceto reti...

Topics: Deposit Reclassification

Why Deposit Reclassification is Important to Financial Institutions

Aug 2, 2018 | logicpath

A financial institution’s main goal, like most businesses, is to increase efficiency and profitability, and one of those ways is to minimize non-interest bearing and low-earning assets. A large low-earning asset for most institutions is its Federal Reserve balance due to Reserve Requirements. Deposit Reclassification is important to community banks and credit unions, especially in a rising interest rate market, because it allows you to reclaim your Federal Reserve balance, and invest that money ...

Topics: Deposit Reclassification, Retail Sweep Program, Federal Reserve Balance

Four Factors to Consider when Assessing Branch Cash Inventory Management

Jul 26, 2018 | Kelly MacConnell

Inventory management can sound intimidating, however, having a good inventory management system in place is vital to the success of any business. When it comes to banks and credit unions, there are many variables that come into play when understanding cash inventory. How much needs to be ordered? How much cash is in transit? Do you have the correct denominations to satisfy customer requests? Here are four top inventory management factors you should consider for your financial institution’s cash:

Top 4 Financial Apps Customers Love

Jul 5, 2018 | Teresa Romero

The way your customers approach banking is drastically changing, and it’s no secret that fintechs continue to rise in popularity, but they don't have to be the bad guys. In fact, many banks and credit unions are leveraging fintech technology and partnerships to help create a better, more customized experience for customers. In a recent article from Forbes.com, the author, Martin Haering, analyzed the many variables of the banking environment and came to the following conclusion: