Local banks and community credit unions have faced a lot of new challenges since the beginning of the COVID-19 pandemic. Among them are increased demands on computer resources, including your online and mobile banking software. Both consumer and business clients are increasingly opting for banking service that skips the face-to-face experience as a matter of risk management, leading to greater bandwidth consumption and a higher transaction volume online. With those rising volumes come rising risks, because each one represents another potential inroad for hackers and other fraudsters. That means your banking software needs to be ready to rise to the challenge, with up to date security protocols and options that serve both your local commercial clients and the families who rely on you for core checking and savings services.
Take Care of Your Community
There are additional security applications and services you can add to any basic software package for additional protection, but the first step in keeping your institution secure is making sure all your core banking services are internally secure. That means finding software that is head of the curve when it comes to early adoption of new protocols for encrypting information from end to end, authenticating users, and preventing account infiltration. When you can promise your clients compliance with all of the current-generation protocols for data encryption and transmission, login validation, and secure wire transfer requests, it goes a long way to demonstrating the safety of banking with your institution.
Secure Loan Servicing and Financial Management
Community banks and credit unions are still the most common go-to for small businesses who need banking services, which means they are also usually the go-to for basic cash management and credit resources. When your small business customers can count on your software security, they’re more likely to apply for those credit resources with you, so they can manage everything in a single location. Even when there are less costly alternatives out there, many businesses choose to keep their services as consolidated as they can to minimize the administrative overhead involved in managing a small company’s finances. That means not only going to you for a basic business credit card or credit line, but also looking to your SBA programs when they need to invest in assets and, for many, eventually opening a merchant account to take credit card payments. Rising to meet those needs means being ready to serve secure solutions to all these core business baking needs.
Mobile Banking and App-Based Services
More and more, both consumers and businesses are relying on app-based services and mobile devices to handle their finances. That’s because they are easy to reference on the go, allowing for payments and account reconciliation from wherever they are working. When your app services integrate smoothly with your front-line web-based banking tools and offer all the same robust security protections, you’re poised to be able to offer local businesses the tools their larger competitors have typically used to maintain an advantage.
- Mobile payment gateways
- Business financing and credit management
- App-based payment services
- ACH payment portals
- Business checking services
These are the core electronic banking services for more and more companies, as consumer demands for a wider variety of payment options lead small businesses to offer as many options as possible, while still needing all the same staple financial services they’ve always relied on. Core services are a lot more complex than simply taking card payments, providing checking, and setting up access to the night deposit box. It still starts there, but the demand for electronic payment support and digital financial management is also driving the establishment of those services as core necessities for business customers.