Strategic planning

While executives at the Buffalo, N.Y., bank said they would take a closer look at spending, especially given the potential for interest rate cuts, they described investments in tech talent as an essential cost of doing business.

Credit unions are slowly embracing the impact data analytics can have on the bottom line, but experts say goal-setting and measurable achievements must also be a part of the process.

The bank has been slashing expenses, but executives acknowledged they remain high. Between having to hire thousands of compliance employees and waiting on the next CEO to be named, investments in new technology or other long-term growth are limited.

As strategic planning season kicks off, credit union boards and executives must consider whether they’re doing enough to prevent evolving cybersecurity issues, including account takeovers.

Shares in the U.K.-based small-business lender fell 29% Tuesday after it sought to recalibrate expectations about its growth trajectory. So far, the company has pulled back lending more in the U.S. than in its other markets.

A large portion of business expensing, particularly travel and entertainment, takes place well outside of the office, making it tough for decision-makers to monitor, according to Yash Madhusudan, Co-Founder and CEO of Fyle.

The House Armed Services Committee approved a bill without a key provision that would allow banks a no-cost presence on military installations, a privilege some credit unions currently enjoy.

Credit unions collect more in fee income than their banking counterparts. That could become problematic as the political winds and consumer preferences shift.

The most profitable banks in American Banker’s annual rankings frequently produce year after year. That success requires rigorous budgeting and planning, timely analysis and more.

New technologies can increase lending and reduce risk but many management teams don't know where to begin with implementing them.