Entries by Mike Sobba

Digital Lending to Attract Millennials and Gen Z’s

For years community banks have tried to attract younger consumers to replace older customers whose deposits generally leave the bank when they pass away. Also, baby boomers and the silent generation born before 1959 tend to be deposit gatherers rather than borrowers. During the pandemic in 2020 that continues on in 2022, consumer buying habits […]

Quilo Gives Banks a Chance

Strunk has recently partnered with Quilo to provide community banks the opportunity to make small dollar installment loans profitably through your mobile banking app. The Buy Now Pay Later (BNPL) craze is here to stay and you may have recently seen where Amazon has teamed up with Affirm to provide this service. Are you going […]

Banks Must Meet Consumer Demand. Don’t Let Fintechs Steal Away your Account Holders!

Consumer purchasing behavior changed in 2020 with the pandemic and retail shops closed in an attempt to stop the spread of the virus. Credit card transactions were up in 2020 compared to 2019 but credit card receivables were down substantially during the same time period. What happened? People of all ages have aligned themselves with […]

Protect your Customers from FinTechs?

For the past 40 years community financial institutions (CFIs) have shied away from making small dollar installment loans to consumers due to the unprofitable nature of the loans. Underwriting costs, funding, collections, and managing the loans generally exceed the interest received from the customer. Banking technology has been slow to adapt to the wants and […]