“If we can’t get our core provider to somehow scale the cost of adapting quicker to their new products, or be able to work with a third party through an API, then our customers are being left behind.”
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Emmer: Minnesota’s fintech future is bright
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Already a leader in ag and medical innovation, Minnesota should next focus on becoming a fintech hub, Rep. Tom Emmer
wrote in a recent op-ed
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“Minnesota is poised to be a capital of fintech innovation,” Emmer said. “We have numerous startups and have attracted venture capital totaling almost $500 million. Our finance and insurance sectors already employ approximately 150,000 Minnesotans, a figure that is significantly larger than the national average. In addition, the greater metro area has been ranked the third best city for startups in the nation….Minnesotans can and should help lead the next digital revolution.”
(Photo: U.S. Rep. Tom Emmer addressing community bankers at ICBM's 2019 Day at the Capital.)
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Market needs FedNow...now, ICBA says
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The Federal Reserve should introduce its real-time payments service as quickly as possible with “essential features,” ICBA said in
a comment letter
.
The FedNow service, originally slated to launch in 2023 at the earliest, should be brought to market as “minimally-viable” ICBA said in order to give community banks an alternative to big-bank-backed The Clearing House’s RTP® network.
ICBA praised the Fed for the transparency of its proposed pricing model and urged it to keep pricing “reasonable, scalable and competitive with private sector alternatives.”
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Is your bank truly ready for a cyber attack?
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Earlier this year, ransomware – a type of malicious software designed to block access to a computer system until a sum of money is paid – closed a community bank for four days.
How would your business customers or your farmers respond if they could not conduct business with you for four days?
You need to be ready to answer questions, reassure customers, and manage the rumor mill. By “you,” we mean:
- The CEO needs to know enough about these types of attacks to answer the questions of your biggest customers.
- Marketing needs to know the IT terminology to write press releases and answer media questions.
- IT needs to know what the threats are, how to reduce the bank’s risk, and the ways they can respond.
ICBM has partnered with SHAZAM to bring your CEO, Marketing Director, and IT officers for training, discussion, and planning.
We want you to be ready!
Who:
CEO, IT Officer, Risk Officer, Marketing Director
When:
January 29 from 9 a.m. to 3:30 p.m.
Where:
ICBM Training Center
Investment:
$199 for 1st registration, $99 for 2nd/3rd from the same bank.
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Minnesota businesses defend against cyber attacks
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USDA lowers corn yield projections
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As expected, USDA decreased the expected 2019 national average corn yield by 1.4 bushels per acre and decreased the total 2018 U.S corn production by 118 million, compared to October USDA estimates.
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Minnesota ag department to hold hemp listening sessions
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Interested in hemp’s pending legality as a crop? The Minnesota Department of Agriculture is
holding listening sessions around the state
looking for input on industrial hemp. Meetings will be held throughout November in Detroit Lakes, Mankato, and St. Paul.
“We are actively reviewing the rules USDA recently released,” said Agriculture Commissioner Thom Petersen. “We want to ensure our state plan and upcoming rules work for those in the industry and we welcome input during this process. It’s important to lay a good foundation to ensure this new industry is successful into the future.”
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Webinar:
Training for the
U.S Dep. of Labor's final rule on overtime pay, which goes into effect Jan. 1.
Nov. 15 – 10:00-11:30 a.m. (CT)
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The award recognizes outstanding financial executives who are making an impact in their professions and in communities across Minnesota.
"
Thanks in part to Teresa Keegan, Fidelity is more than just the name of the bank. As chief financial officer, Keegan’s strong focus on culture at Fidelity Bank has helped achieve a high retention rate at the financial institution, with 52 percent of employees having more than five years tenure and 40 percent of employees reporting to Keegan with more than 11 years under their belts,"
Fidelity Bank said
on its website.
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“An equipment finance division is a natural complement to our business,” said Jerry Baack, president and CEO. “We continue to focus on providing commercial clients with the right products and services they need to grow in a competitive business environment.”
Kathy Hanson, vice president of equipment finance, Charlie Hicks, equipment finance, and Mark Decker, equipment finance, round out the Bridgewater Equipment Finance team.
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