Research, reports and articles written by the team at Loomis and Co., Inc.
This article will assess data processing and security/fraud cost trends, the quality of the service provided by these outsourced entities, as well as the prioritization of technology challenges for community banks over the next five years.
In recent years, many community banks have cited rising uncontrollable compliance costs as a reason for selling or merging with another bank. While compliance costs have continually risen over the past ten years, we sought to establish whether their inexorable rise was really critical to the long term viability of a community bank.
It is evident that the new Dodd-Frank regulations and CFPB oversight are having major impacts on all banks, including community banks, but the extent of these impacts are still largely unknown. The 13th annual Loomis & Co. Community Bank Survey aimed to examine the effect of rising compliance costs on small banks and to offer insight into expected future trends.
Loomis & Co. examined operating costs of community banks, including technology, security and fraud related expenses. This article will assess the challenges that small banks face as data processing and security/fraud costs continue to grow.
Presented to New Hampshire and Vermont Bankers Associations on May 15, 2014.
Presented to New Hampshire & Vermont Bankers CEO Conference on May 16, 2014.
Presented to New York Bankers Association on October 30, 2014.