Scott Kim’s Post

Being a part of this growth is more than a little exciting.

SoFi Bank Review (July 2024) SoFi Bank earns 4.5 out of 5 stars from the MarketWatch Guides team for its deposit accounts with no monthly fees and high annual percentage yields (APYs) up to 4.60% Ask how to get started!

For the first time in 15 months, more brokers are using the big four banks than non-majors, according to a new survey. Agile Market Intelligence https://lnkd.in/g-knDZe4

More Brokers Are Using Westpac than non-majors according to a new survey. #westpac #banking #bankingindustry #bankingandfinance #majorbank #australia #brokers #mortgages #mortgage #mortgagebroker #mortgagebrokers #mortgagelender

City Bank reports a solid 5% profit growth in the first half of 2024, showcasing its resilience and strategic growth in a dynamic financial landscape. As the bank continues to navigate challenges and opportunities, this performance underscores its commitment to delivering value to shareholders and customers alike. #CityBank #ProfitGrowth #FinancialResults #H12024 #BankingIndustry #EmergingTiger #BusinessSuccess #StrategicGrowth #EconomicTrends

2023 was an exciting year for Liberty Bank, with the launch of Owners Bank and our first branches in Western Massachusetts as some of the biggest milestones. We're exploring more of the ways that we can expand and enhance our services to better serve customers in new and existing areas. Read this article featuring Liberty Bank President and CEO, David W. Glidden, to learn more about our roadmap for 2024 and the 'I-91 corridor strategy' for expansion. #Banking #LibertyBank #OwnersBank #BeCommunityKind

BofA, Wells Fargo, Citizens, and CapOne led the charge to consolidate branches, collectively filing to close 47 branches across the country during the first 2 weeks of 2024. Is this an opportunity for Community Banks and Credit Unions to gain market share? The answer is a resounding "Yes!" This is the opportune time for Community Banks and Credit Unions to double down on their branch network, and utilize a multi-faceted approach to capture wallet-share left behind by the large FIs. https://lnkd.in/e2MNY-dM

Laurentian Bank finally released their “revamped strategic plan”, with ambitious double digit growth targets. This follows a tough year for the bank: - a board shakeup - a fired CEO - a 5 day service outage 🤯 - a failed sale attempt The revamped strategic plan prioritises commercial lending and makes investments into tech & ops. Analysts were underwhelmed and the stock dropped 5%. My take on Laurentian is a bit rosier: A week-long service outage is unforgivable, but I’d argue that strategically Laurentian was on the right path before their CEO was removed. During Rania Llewellyn’s 3 year tenure, the bank launched: - a mobile app - a credit card program with Brim Financial - online account opening By bank standards that's Usain Bolt level product innovation. -- Want more stuff like this? Subscribe to the Canadian Fintech Newsletter in the comments below 👇

A rule that I had with our team at Rebank was if I asked you what you thought the solution to a problem was, you couldn't just respond with "we need to spend more time on (x)". Apart from being a lazy response, it misrepresents the nature of time. Time is not a commodity. It cannot be bought, sold, saved or accumulated. If you want to allocate more time to a task, you also need to explain what task you're going to delay, delegate or kill, and why.

This is an interesting case study, where an already acquisitive bank (Independent Bank Group: 12 deals in 14 years) gets acquired itself in order to stave off a difficult macro environment. But will it be enough? In a mature market, there are three ways to grow, a. product innovation, b. diversification, and c. geographic expansion. Under pressure (both due to funding issues (deposit growth) and increased regulatory scrutiny) and in search for profitable growth, regional banks have been using the third route for a while. In my mind, at best, this gives banks an extension to keep the lights on for a bit and do what needs to be done. There are significant and more secular threats to regional banks because much more nimbler and/or aggressive players are gunning for their markets now. Just like geographic expansion was not enough for Independent, it may not be enough for a lot of other players. It may be a good idea to focus on the other two avenues of growth before that happens. https://lnkd.in/evTPye6W #growth #banking #businessstrategy #strategicplanning #innovation #diversification #expansion #businessmodels