December 2024

Technology continues to insinuate itself into almost every facet of our daily lives, whether it is personal or work-related. As a result, protecting data privacy has become increasingly more relevant to every consumer and business. In 2022, 422 million people were affected by data breaches at U.S. companies at an average of 4.8 breaches per day.¹ Stolen data included bank account numbers, medical histories, Social Security numbers and more. Personal data is continuously being collected, shared or sold, so it is crucial that everyone understands how to protect it.

For more than 30 years, Spry has been dedicated to supporting community banks with a comprehensive range of brand optimization services, including print, promotional items, marketing solutions and streamlined operational strategies. Throughout our journey, we’ve witnessed significant shifts in the marketing landscape, giving us valuable insights into the future direction for community banks. Unlike large

In the fast-paced, high-stakes world of banking, resilience is one of the most critical qualities a leader can possess. Resilience — the ability to bounce back from adversity, adapt to change, and continue moving forward — is more than just a personal trait; it is a key organizational asset. For banking leaders, the constant evolution of financial regulations, market volatility, technological disruptions and heightened customer expectations requires a mindset that embraces challenges as opportunities for growth.

Banks approaching the Federal Deposit Insurance Corporation Improvement Act (FDICIA) requirement thresholds of $500 million and $1 billion in assets need to keep planning top of mind. Preparation is key to a smooth FDICIA adoption, and developing your roadmap early is pivotal to your success.

Artificial intelligence (AI) has dominated headlines and conversations over the last year, with various industries exploring what this technology means for automation, collaboration, communication and more. However, new challenges come with those opportunities to streamline processes, particularly in cybersecurity. Banks should know the following perils and tips to minimize risk when incorporating this technology into their strategies.

The Consumer Financial Protection Bureau (CFPB) updated Section 1071 of the Dodd-Frank Act. This change requires financial institutions to collect and report detailed data on credit applications from small businesses — particularly those owned by women and minorities.

In 2024, economic uncertainty continues to shape the lending landscape. Rising interest rates and tightened lending criteria have made it increasingly difficult for small businesses to access traditional financing. According to a recent survey, 77% of small business owners are concerned about their ability to secure credit, a sharp increase from previous years.1 Against this backdrop, SBA loans, particularly the SBA 504 and 7(a) programs, offer crucial support to both businesses and banks.

The role of the branch has undergone a significant transformation. Gone are the days when the branch was simply a place to handle transactions and consult with tellers about new accounts or loans. Today’s branches strike a balance between high-touch customer service and high-tech efficiency, focusing on personalized service while leveraging advanced technology to enhance daily operations.

Digital banking is here to stay, and everything from our online banking to our mobile apps needs to speak to that customer journey. To that point, my community bank recently upgraded our mobile app to offer enhanced product features and a stronger customer experience.

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Cybersecurity and fraud mitigation remain significant priorities for community banks as attacks get more creative and targeted. While today’s technologies assist with anomaly detection, flagging rogue transactions and spotting those that need greater scrutiny, at the end of the day, one of the main methods of mitigating this risk is to Know Your Customer (KYC).