Strunk at the Western Bankers Lenders & Chief Credit Officers Conference 2022

This week the Western Bankers Association hosted its annual Lenders & Chief Credit Officers Conference. Strunk was excited to attend and to present Quilo, a digital installment loan solution directed at consumers.

The three day event was hosted at The Ritz-Carlton, Laguna Niguel and was packed full of content for bankers. The agenda included sessions on “Growing Your Small Business Lending Program”, “Innovating through Digital Transformation”, “Loan Growth Through Technology and Automation” and a Legislative Update from Ken Gould, EVP with the California Bankers Association.

Strunk’s CEO, Dan Roderick, was pleased to present and demo Quilo during the Digital Consumer Lending session. Quilo is a fully turn-key FinTech consumer installment loan program that will allow your bank to compete in the world of digital lending. Quilo includes the ability to direct deposit funds to your account holders’ checking accounts for quick and easy access to funds.

Technology has changed the market for installment loans and Quilo can put community banks on the path to high loan growth and increased profitability. Quilo is a game changer. Utilizing the latest in technology, Quilo creates the opportunity to insert community banks in the middle of this quickly growing segment.

Bankers were enthusiastic about the solution and we look forward to continued conversations with many of the conference attendees. If your bank is interested in growing your loan portfolio and improving your margin, let us show you how Quilo can make that happen.

When is a good time to Review your Overdraft Privilege Program

Delaying annual reviews of overdraft programs until the next rule modification or updated guidance can lead to serious and expensive issues. Preventing a problem is almost always simpler and less expensive than trying to fix it. Despite the fact that the most current guidance was issued in 2010, a lot has changed in the overdraft industry since then. The media and lawmakers have been focusing more on overdraft fees, which has brought increased attention to this financial service. Just recently Regions Bank has been fined $191 million by financial authorities for charging ‘surprise’ overdraft fees on debit card transactions and ATM withdrawals. The CFPB announced that Regions Bank “committed unfair and abusive acts and practices when it charged overdraft fees on transactions that had a sufficient balance at the time the Bank authorized the transaction but then later settled with an insufficient balance”. In August, the FDIC issued new supervisory guidance on multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction, charging a consumer more than one NSF fee for the same declined transaction, without providing proper disclosures.

Financial Institutions should be evaluating these areas on a regular basis. Strunk can help your financial institution reduce risk while offering this important service by using consumer-friendly policies, compliant disclosures with simple, understandable language, and constant, continuing account holder communication. We will provide a thorough analysis of your overdraft program and its disclosures and make recommendations on how to update it to meet current regulatory requirements. Your financial institution will gain greater understanding of program usage as well as practical best practices. Strunk will also provide staff training, consistent communication around the program, correct disclosures and compliance with all regulatory rules. In order to assure the success of your overdraft program, it may be time to rely on an outside expert if limited resources and other projects now demand all of your team’s focus and attention. Don’t put program assessments off and run the risk of being let down.

Is Your Bank Ready for Digital Lending?

Digital banking on the deposit side of the house has been around for years as consumers have moved away from coming into branches to make deposits. Many of them now do their banking either through the bank’s website or mobile phone. Fintechs and other non-banks are now providing consumers with the ability to get installment loans either at the point of sale or via a mobile app. Are you ready to move to digital lending?

When I started in banking in 38 years ago, bankers across the country were talking about the “checkless” society. Payments were being made by credit cards and eventually debit cards and the number of checks slowly dwindled. In fact today only about 8% of debits in the United States are paper items. Now many believe there will be a “cashless” society as well.

I was in London last week and I was amazed how further along England is than the US when it comes to the payments systems. Not once in six days did I use any British pounds to pay for anything. All payments were “tap and go” with a chip enabled Visa credit card… 39 different payments from the London Underground to meals, sightseeing tours, taxis, concessions, etc. They virtually live in a “cashless” society already. The US banking systems are behind the times.

Digital lending is here and now is the time to get onboard. Quilo recently won the “Best of Show” at the Finovate Conference in NYC attended by bankers from all parts of the globe. Quilo was also given the “Choice Award Winner” at the ICBA convention in March. If you haven’t seen how the digital installment lending platform works you are missing out.

To see how Quilo will work for your bank contact Strunk at for a 45 minute web demo.

Where Did Your Bank’s Service Charge Income Go?

Banks across the country have seen a significant drop in service charge income with as much as 50% of what it was 10 years ago. Many banks attributed the drop in fee income in 2020 to a reduction in fees charged to consumers as we worked through the pandemic.

As we analyze the service charge income number nationwide we see somewhat of a rebound in the first six months of 2022 vs. 2021 but not in all cases. For years banks have subsidized free checking accounts with overdraft income. Now the regulators are looking at banks that generate a significant percentage of their fee income from NSF/OD fees. What is wrong with this picture?

If a bank is generating very little in the way of fee income from the checking accounts they offer than the percentage of income derived from overdrafts drafts that the bank receives from stop payment, check cashing, or other service charges will be very high. Unfortunately this is very misleading and banks should correct this problem quickly. How?

Begin offering non banking benefits to your checking accounts and charge a small monthly fee on each account. Strunk’s Value Checking program has prescribed this solution since 2011 and we would be glad to do a 30 minute demo to show you how it works. Some of the largest retail banks have discontinued fees for overdrafts and now is the time to look at an alternative.

Contact Strunk at to set up a call to see how it would work for your bank. The regulatory and consumer banking environment is changing. Now is the time to get onboard with a decade old strategy that works.

Bankers: How can you help your Small Business Customers Increase Sales?

Many small businesses would like to do more business with their community bank to help their customers finance large purchases. Unfortunately, digital lending programs from the Fintech’s have made bank’s lending products for customers of your small businesses a secondary choice.

Companies like GreenSky (now owned by Goldman Sachs) and CareCredit are providing a source of financing for consumers that purchase services from your small business customers. Take the HVAC or home improvement customer and see where their customer’s are getting financing. How about the local dentist or vet when a consumer has an unexpected emergency that makes it difficult to pay for those services out of pocket?

Using your bank’s underwriting criteria you now have an answer to the question with Quilo…quick installment loan. Quilo is a digital lending platform (personal computer or smart phone) that provides instant access to funds from your bank. It takes about 20 seconds once the consumer applies for the loan to have the funds ready for your small business customer to get paid.

It is simple and easy to manage and the interest rate is about half what credit card rates would be. Furthermore, your small business customer gets 100% of the sales price, not a discount like they receive now when providing financing via the Fintech’s to pay for the purchase. Industry experts say that all small businesses will have a buy now pay over time solution by the end of 2023. Quilo will allow your bank to compete in this space and help increase sales for your small businesses.

To see how Quilo will work for your bank contact Strunk at for a 45 minute web demo.

Strunk at the 2022 IBA, NBA, OBA & WBA Annual Convention

Strunk was pleased to attend the 2022 Idaho Bankers Association, Nevada Bankers Association, Oregon Bankers Association & Washington Bankers Association Annual Convention celebrating everyday heroes at the beautiful Coeur d’Alene Resort in Coeur d’Alene, Idaho July 11-13. These four state associations joined forces to put on what was an exciting and informative event, set in the most idyllic of locations.

In addition to the many engaging sessions presented by the association, attendees were able to enjoy activities at the resort which included a golf outing on Coeur d’Alene’s famous course with a floating green. Strunk team members enjoyed catching up with familiar faces and meeting many new ones. The highlight of the week was certainly the boat ride across the Coeur d’Alene lake to attend dinner as a group on the final evening.

Strunk introduced Quilo to this audience for the first time. Quilo is an all-digital loan and payment platform for community banks to offer POS financing direct to their account holders. Additionally, there is a merchant component of the program that allows banks to provide Quilo to their merchant customers as an additional revenue stream.

Customers will experience stress-free, instant access to funds via the digital experience online and on mobile devices, while banks will enjoy an ROA up to 5%. Bankers were excited to learn about this new program that is truly a win-win for account holders and bankers alike.

For more information on Quilo, visit

Installment Lending Made Easy for Banks

How easy is it for your customers to get an unsecured loan from your bank using your underwriting criteria? Many banks provide an online application form for consumers to fill out that can be four to six pages long. Then someone at the bank reviews the data, pulls a credit bureau report, and decides whether or not the loan will be made and on what terms. This process is cumbersome, inefficient, and very costly. So costly that many banks don’t even make loans for less than $2,000.

Industry reports show that 75% of consumers want to borrow money between 5:00 pm and 9:00 am each day…when your bank is closed. So how can the underwriting, funding, collection and reporting process be automated to make these loans profitably when consumers want the money?

Bring on Quilo…Quick Installment Loans. Quilo is a lending tool that allows your bank to make instant installment loans easily and profitably right from your website. The turnkey solution is easy to implement, monitor, and it will generate new customers as well. When was the last time you had a lending solution that provided a huge competitive advantage over your competition? How about Quilo for small businesses as well?

To see how Quilo will work for your bank contact Strunk at or 816-225-8793 for a 45 minute web demo.

Quick Installment Loans

Does your bank receive small dollar loan requests from time to time and you have to pass on them due to the unprofitable nature of making them? Do your customers have to fill out a 3-4 page loan application form online or at your bank for an unsecured debt consolidation loan, a home improvement loan, or a loan for a vacation? Do you manually pull the credit bureau report, review the report and application, and then decide whether or not to loan your customer the money?

Quilo does this for you all inside a smartphone app. With basic information like name, address, DOB, and social security number, the Quilo solution does a soft pull of the customer’s credit bureau report, decides whether to make the loan, at what interest rate, and for how much all in a matter of a few seconds. Quilo accommodates non-customers as well. The consumer just takes a picture of their driver’s license and a selfie and the app ensures the Patriot Act and KYC is covered before deciding to make the loan.

Millennials and Gen Z’s are already using this technology, just not with your bank. After a small set up fee the solution is paid for by the consumer when borrowing. No monthly minimums to worry about. Quilo for your small business customers is a tremendous new way to help them make sales to consumers.

To see how Quilo can be a huge competitive advantage for your bank contact Strunk at for a 45 minute web demo.

Bankers: How to Make Consumer Loans Profitably

For the past 40 years banks have refrained from making small dollar consumer loans due to the unprofitable nature of doing so. Industry experts say it costs anywhere from $85-$100 to book an installment loan and the interest received wouldn’t cover the expense. Even though in the 1990’s banks starting charging an application fee to cover this expense most bankers cringe when asked to make an $800 consumer loan…until now.

Quilo allows financial institutions to underwrite, fund, collect, and report the loans for around $.85, not $85. The smart phone lending tool gives instant access to installment loans from your bank 24/7, in the back pocket or purse of your customer.

The digital lending solution lets consumers apply via your website in about two minutes. Then they use the Quilo app to pay down or pay off other bank’s credit cards, replenish their checking account for recent debit card purchases of over $250, or get a virtual prepaid MasterCard to be used for online or POS purchases.

It can be used anywhere Apple Pay, Google Pay or Samsung Pay is accepted, added to your digital wallet, or added to your online account at any merchant. The reloadable card is easy to use and the loan program is easy to manage.

Bankers are familiar with digital banking on the deposit side but not lending. To see how Quilo can be a huge competitive advantage for your bank contact Strunk at or 800-728-3116 for a 45 minute web demo.

Quilo is a great opportunity for credit unions

Strunk recently attended the Cooperative Credit Union Association’s CU Marketplace in Worcester, Massachusetts to introduce Quilo. Digital technology should be a top priority and Quilo is the #1 solution on the market – an all-digital loan and payment platform empowering credit unions to offer POS financing directly to account holders.

Strunk CEO Dan Roderick was proud to have the opportunity to present Quilo at the event’s Executive Luncheon and Strunk representatives had many great conversations with credit unions that were very excited about the program.

Quilos can be used for new purchases online or in store, to pay down credit card balances, or move funds to a checking account. Account holders will experience stress-free, instant access to funds via the digital experience online and on mobile devices, while credit unions will enjoy net income up to 5% ROA.

Quilo has also been selected by CU 2.0 as one of their picks for a fintech that will make the best partner. To read the full article click here.

If your credit union has not had the chance to look at Quilo yet, now is the time! Contact Strunk at to schedule a demo today!