According to the Federal Reserve, nine in 10 businesses (or 29.25 million) expect to be able to send and receive instant payments by 2023. Fortunately, in many cases, community-based financial institutions have begun the process to meet these needs.

“Today, in literal terms, everybody has to operate as that state-of-the-art bank,” says Kevin Piette, chief operating officer and chief information officer for State Bank of Cross Plains, in the newest episode of ICBA’s Communities of Innovation podcast.

Meet Lori Braegelmann, Online Training Specialist with ICBA’s Community Banker University! Lori will be taking over for Cathy Von Wahlde, who retires on May 2.

The first rewards credit card was introduced by American Airlines in 1934 to help it sell tickets. Ninety years later, merchants accepting credit cards and issuing co-branded rewards cards continue to create value for consumers and businesses.

Consumers and businesses are increasingly using payment platforms that allow them to pay or transfer money faster than ever before, with U.S. faster payments transactions topping $900 billion in 2020.

The importance of experienced advocacy representation of community banks’ payments needs has never been greater, which is why the ICBA Payments and Technology Policy team has imbedded resources into myriad decision-making boards, committees, and standards-setting bodies.

Community bankers are nothing if not predictable, and I mean that as a compliment. They are bright, enterprising, have a nose for the risk/reward dynamic and a sense of duty and loyalty to their customers and staff. They’re also deathly afraid of rising interest rates.

According to Meta founder Mark Zuckerberg, the metaverse is the future of life as we know it, where all activities will happen in a virtual reality world. To many community bankers, the idea of banking in the metaverse seems closer to laughable than it does to reality.

With inflation running hot, the Federal Reserve Board has recently begun accelerating its tapering program. In addition, the latest dot plot for the median Federal Funds rate show that short-term interest rates could increase three times in 2022.

If your bank is average, your credit portfolio will contain a concentration of over 70% in real estate loans. While you might have the best intentions for underwriting real estate loans with the utmost of care, doing what you can to maintain the credit risk, may not be enough.