Agenda

8:30 AM – 9:00 AM          Breakfast
9:00 AM – 9:15 AM          Welcome and Opening Remarks
9:15 AM – 10:15 AM        Follow the Path of Regulatory Change to Opportunity
10:15 AM – 10:30 AM      Break
10:30 AM – 11:15 AM      Win the Overdraft Trifecta: Revenue, Service & Compliance
11:15 AM – 12:00 PM      The Role of Transactional Activity in Relationships & Revenue
12:00 PM – 12:45 PM      Lunch and Networking
12:45 PM – 1:30 PM        The Power of Word-of-Mouth in Account Acquisition & Retention
1:30 PM – 2:00 PM          How You Win Against Payday Lenders in a Developing
Regulatory Environment
2:00 PM – 2:15 PM          Break
2:15 PM – 3:00 PM          Unlocking the Revenue Opportunities in Your Data

SESSIONS

Follow the Path of Regulatory Change to Opportunity

The financial services industry will exist in a post-Cordray world in 2018, after the first CFPB Director’s late 2017 resignation.

As one of the last remaining Obama administration federal bureau heads, Richard Cordray led an agency that was highly criticized by the Republican-majority Congress. His exit and the Republican response will unquestionably affect the CFPB’s rulemaking agenda and the future of the CFPB itself.

Christopher Leonard, attorney and CEO of Velocity Solutions, will provide an update on the latest developments in Washington, how they could impact revenue and compliance for community banks and credit unions, and how you can identify market opportunities for your financial institution in facing the impending regulatory sea change.

Christopher’s discussion will address among other topics:

  • The CFPB final payday lending rule, its likely future, and the opportunities for financial institutions to serve consumers who will be shut out by the closure of storefront payday lenders
  • The Congressional overturn of the CFPB’s arbitration rule, and what financial institutions can do to reduce litigation risk and the costs of class action lawsuits in its wake
  • Compliance automation options allowing the redirection of financial institution resources to more profitable activities as the economy continues to improve
  • Meaningful ways to optimize existing sources of non-interest income and to introduce new revenue sources

Win the Overdraft Trifecta: Revenue, Service and Compliance

In today’s retail banking environment, managing overdraft services has become more challenging than ever.  Bank and credit union executives need to stay on top of changing regulatory guidance,

and they must deliver the highest levels of service to their account holders, while keeping a watchful eye on one of the most critical sources of revenue: overdraft fees.

Financial institution leaders need to strike a masterful balance between revenue, service and compliance to win the overdraft trifecta.

In this session, we’ll:

  • Demonstrate that driving revenue, meeting compliance expectations and providing great service are not mutually exclusive goals.
  • Explore how the use of dynamic overdraft limits provides a valuable service to your account holders.
  • Address the importance of Reg. E and the vital role played by your new accounts desk in securing Reg. E decisions.
  • Explain how successful financial institutions have simplified and centralized their processes, resulting in vastly improved overdraft operational efficiencies.

The Role of Transactional Activity in Relationships and Revenue

It’s a fact that actively transacting accounts are the most profitable types of accounts.  And the more active the account, the stronger the relationship you can develop with your account holders to maximize lifetime value.

Most consumers view the debit card as their primary relationship with their financial institution, so why not leverage the debit card and reward your account holders for transacting with you?

In this session, we’ll explore how community banks and credit unions can successfully increase relationships and revenue without adding punitive fees.

It’s time to examine your complete product portfolio and leverage every opportunity to:

  • Increase transaction activity to drive revenue and relationships.
  • Adapt pricing and service tiers to model other industries.
  • Offer premium services to benefit your account holders and your FI.
  • Re-brand products and services to differentiate your offerings.

The Power of Word-of-Mouth in Account Acquisition & Retention

With the current retail banking environment and competing forces, we have more obstacles than ever in attracting new account holders. Successful bank and credit union executives know that growing your quantity of accounts is just the first step in nurturing a long-lasting profitable relationship with your customers or members. Those account holders must be fully onboarded, and you must retain their business for the long term. So how do you maximize the lifetime value of each account holder?

The answer lies in an effective merging of a powerful form of referral that has been around for generations with today’s digital channels. We’ll discuss the proven success of word-of-mouth from trusted friends, family, advisors and colleagues, and how to leverage this robust strategy using digital communication channels and technology.

Highlights of this session:

  • Build relationships – not just accounts – by attracting the right type of consumers through referrals.
  • How is the local branch involved in the process? Is it still relevant?
  • The difference between referred and traditional account openings.
  • How to successfully navigate a traditional form of referral into new digital channels

How You Win Against Payday Lenders in a Developing Regulatory Environment

Each year, 12 million Americans take out payday loans, spending $9 billion on loan fees*. But in October 2017, the CFPB issued a new rule that would dramatically restrict lenders’ ability to profit from high-interest, short-term loans. This rule has the potential to cripple the storefront payday loan industry, while opening up vast new opportunities for community banks and credit unions to step in and provide consumers with low-risk and affordable small-dollar loans.

As a community financial institution, it’s important to protect your account holders from predatory lending sources when they find themselves in need of emergency cash. Doing so will strengthen your relationship with this under-served market and help solidify your role as your account holders’ primary financial institution. In this session, we’ll explain:

  • How you can offer small-dollar, short-term loans to your account holders in a way that is affordable to your account holders and to your institution.
  • How new technology has made it possible to fully automate this process, leading to greater efficiencies.
  • The CFPB’s new payday lending rule and what it means to you.
  • How such a program can be simple, user-friendly and accessible to consumers 24/7.

*The Pew Charitable Trusts Press Release: “CFPB’s Proposed Payday Loan Rule Misses Historic Opportunity.” June 2016

Unlocking the Revenue Opportunities in Your Data

As Business Analysts, Charles Baker and Mike Lee work closely with our bank and credit union clients, providing in-depth analysis, identifying trends and addressing concerns.  Through the power of data analysis, Velocity’s Business Analyst team advises our clients on how they can better serve their account holders, while increasing profit.

Using actual client transactional data, Charles and Mike will demonstrate how your financial institution can discover untapped revenue opportunities that you should be leveraging right now!

In this enlightening session, these masters of analysis will focus on key operational areas such as:

  • The new accounts desk
  • Debit card activity
  • Reg. E opt ins
  • Transactional patterns
  • Account holder overdraft limits
  • Interchange revenue