special report: banking › files › publication › 68646d24... · 2019-01-16 · according to a...

30 COMMERCE • www.commercemagnj.com

continued on page 32

W ITHIN TWO YEARS, “MORE than half of all new bank

account applications willinvolve mobile devices,” says JavelinStrategy & Research Director of DigitalBanking Emmett Higdon. “Banks can nolonger afford to stitch together piece-meal solutions for mobile prospects andmust provide a consistent, compellingmobile experience across all lines ofbusiness.”

More than 1 billion mobile phoneusers will have made use of their mobiledevices for banking purposes by 2018,according to a report from JuniperResearch. Most banks have at least onemobile banking offering, either via mes-saging, mobile browser or an app-basedservice.

COMMERCE presents the followingspecial report on industry trends beingtracked by banking associations; howNew Jersey banks are serving theirclients with mobile apps, services andtechnologies (from bank presidents andCEOs); how consultants and technologyfirms see the future of banks and bank-ing; and analysis and insights frombanking practice leaders from account-ing firms and law firms.

New Jersey BankersAssociation (NJBankers)John E. McWeeney, Jr.,President and CEO

Recent surveys indicate thatmore American consumers are embrac-ing new, breakthrough technologies to handle their banking, according to NJBankers President and CEO John E. McWeeney, Jr.

“A survey conducted by MorningConsult on behalf of the AmericanBankers Association found that 40 per-cent of Americans manage their bankaccounts online more frequently thanany other method,” reports McWeeney.“Twenty-six percent use their mobiledevices most often to conduct theirbanking business, while 18 percent visittheir bank’s branch the most frequently.”

By age, 46 percent of Americans aged18-29 use mobile banking the most,while 52 percent of those aged 65 andolder do most of their banking online.Business customers also benefit fromtechnology. “Remote deposit captureallows business customers to makedeposits from the convenience of theiroffice and not waste valuable time driv-

ing to a bank branch,” explainsMcWeeney. “Similarly, more banks andsome non-banks are offering an auto-mated process for online business loanapplications.”

Bank branches are evolving to meetthese changes. “We’re seeing fewerbranches as more transactions are han-dled electronically,” says McWeeney.“Newer branches will be smaller withless staff and more self-service options.Customers will be the beneficiaries ofnew technologies as they can choosewhat best meets their needs among a myriad of banking services.”

American Bankers Association Rob Morgan, VP, Emerging Technologies

Just as mobile bankingwas a natural progression

from online, blockchain and artificialintelligence will be the next “big things”in banking, according to Rob Morgan,vice president, Emerging Technologies atthe American Bankers Association.“Technology isn’t changing the businessof banking, but it is bringing banking tocustomers on their terms.”

COMPILED BY MARTIN C. DAKS

CONTRIBUTING EDITOR

Banks are racing into a digital world,where paperless transactions are thenorm. The pace of change is fast, andcustomers expect 24/7 account access

with lots of “bells and whistles.”

The Future of Banking:

Digital Apps, Big Data and

ArtificialIntelligence

SPECIAL REPORT: BANKING

Collaboration between banks andfinancial technology firms, or fintechs, is also improving. “Fintechs and banks are partnering to create a better experi-ence,” Morgan says. “They started byworking on the consumer space and arenow developing tools that make it easi-er for businesses to interact with finan-cial institutions.”

Today’s business conveniences includeutilities that let even smaller enterprisesembed cash acceptance tools andappoint scheduling systems into theirweb sites. “Banks have always partneredwith their small business customers tohelp them succeed; today they are doingthe same thing with technology.”

But Morgan insists that bank branchesaren’t going away. “There are fewerbrick-and-mortar transactions, but moreof a focus on building professional relationships.”

Independent CommunityBankers of America Kevin Tweddle, GroupExecutive VP, Innovation & Financial Technology

Banks are accelerating the pace ofmobile adoption, according to Indepen-dent Community Bankers of AmericaGroup Executive Vice President ofInnovation & Financial Technology Kevin Tweddle.

“Financial institutions are improv-ing the consumer experience,” he says. “FANG companies (Facebook,Amazon, Netflix, Google) have raisedthe bar, and now banks and other industries are working hard to maketheir customers’ experience simpler and better, too.”

Financial technology has had a signifi-cant impact on consumer lending, headds. “There are also wealth manage-ment apps like Marstone, which make iteasy for consumers to invest while deliv-ering financial literacy to customers.”

Banks are also making it easier for busi-nesses to take orders and process pay-ments in a mobile environment. “Ofcourse, there’s a heightened sensitivityaround data breaches, but if you considerthe number of actual security incidentsgiven the volume of mobile and onlineactivity—a PwC digital banking surveyindicates that 46 percent of consumers useonly digital channels, up from 27 percentfour years ago, and 60 percent of smart-phone users do mobile-only banking—thenumber of breaches are not that bad.”

He notes, though, that younger con-sumers tend to value convenience overtrust. “Community banks have alwaysfocused on the customer experience, but now all banks have to work on providing a more personalized digitalexperience.”




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* * *

BANK PRESIDENTS/CEOs

Atlantic Stewardship Bank By Paul Van Ostenbridge,President and CEO

Atlantic Stewardship Bank(ASB) employs the latest

technology and it is continually upgraded.Both businesses and consumers can accessand transact on their accounts 24/7, any-time, anywhere. The ASB App allows cus-tomers to deposit checks, access balanceinformation, transfer funds and pay bills.POPmoney© allows customers to “PayOther People” directly from the ASB App.

Additionally, businesses enjoy the bene-fits of remote deposit capture to depositchecks right from their office. The newASB Apple Watch App allows customersto quickly check the balances of variousaccounts, as well as the locations of theirATMs and ASB branches. We are commit-ted to meeting the needs of our cus-tomers and, as such, we will continue to provide the latest in high-tech servicesfor their ease and convenience.

Bank of AmericaBy Robert H. Doherty, New Jersey President

We’re making significantinvestments to enhance our

digital tools to meet the increasing andchanging needs of our customers whowant to access their accounts and com-plete transactions from the palm of theirhands. Our mobile banking platform is an evolving source of increased customerengagement and satisfaction, addingthousands of users every day. Today,

we have more than 24 million mobileusers and nearly 35 million digital users.We’ve recently added new digital capabili-ties, such as a spending and budgetingtool and a simplified person-to-personpayments experience with Zelle. We’reconstantly evaluating the changing needs and behaviors of our clients and are always looking at innovations in tech-nology that deliver a safe and seamlesscustomer experience while keeping themin control of their information.

BCB Community BankBy Tom Coughlin, President and CEO

BCB is a community bankthat is at the forefront of

technology as it relates to our businessclients. To retain and attract new cus-tomers, community banks must offer the same hi-tech financial products as our larger competitors with the communi-ty bank service of interacting and know-ing our customer. BCB is focusing on small





Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (”Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith, Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2018 Bank of America Corporation. GCB-156-AD ARTHPGK5

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Helping your business grow here and anywhere. bofaml.com/commercial

business, as we realize they represent a big opportunity for our bank. BCBCommunity Bank provides the servicesneeded to maximize opportunities whileminimizing risk. Today’s business runs at light speed. To keep up, we have the tools and equipment to meet your business needs. Our suite of productsinclude Online & Mobile Banking, RemoteDeposit Capture, ACH Origination, EscrowFunds Cash Management and Credit CardProcessing Services, just to name a few.We have implemented these tools for ourclients to run an efficient, successful andprofitable business.

Columbia BankBy Thomas J. Kemly, President and CEO

Columbia Bank under-stands that business owners

and executives have many daily pressuresmanaging their businesses, and can makebanking services easier with our onlinesolutions. We offer convenient, 24/7 tech-

nology-based services designed to savetime and add value to the business bank-ing experience. Our business bankingplatform features a full range of business-friendly services, including online bill pay-ments, mobile check deposits, immediateaccess to transaction/payment informa-tion, and imaged checks for record-keep-

ing efficiency. With our mobile businessbanking app, users can perform the samebanking activities on any device with thesame look and feel; mobile, tablet ordesktop. Security is another importantpart of our online services. We offerenhanced risk and fraud analytics as wellas layers of additional security for transac-tion and sign-on processing. Our goal isto make business banking an enhanced,efficient and secure experience.

ConnectOne Bank Frank Sorrentino III,Chairman and CEO

“With mobile technology,individuals and businesses

don’t need to stop into a branch asoften,” reports Frank Sorrentino, CEOand Chairman of ConnectOne Bank.“For example, we’re adding the Zelleapp that will let our clients send moneyto and from their personal accountsfrom their ConnectOne Bank app. In the future, we’re likely to see morereal-time payments and fewer checks,continued introduction of online lend-ing products, and banking apps that will let businesses access and managetheir own books, records and account-ing software, enabling them to managetheir businesses from their mobiledevices,” Sorrentino says.

ConnectOne’s new retail modelreplaces tellers with banking relation-ship specialists that can assist businessowners with a wide range of advisory





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and other activities, “transforming the branch into a meeting center, where business owners can connect with bankers for advice, training or even with other business owners forrelationship-building meetings.”

The pace of change is accelerating, he adds. “Forward-thinking institutionsare working diligently to remove frictionfrom client transactions, while buildingout their infrastructure to meet thesenew developments. A bank is no longerjust a limestone building with leathercouches. Now, it’s a verb: you don’t go to a bank as much as you bank.Successful banks will keep ahead of the curve of change.”

Lakeland Bank By Thomas J. Shara,President and CEO

Technology and the any-time, anywhere world we

live in certainly drives the way we dobusiness. The fact is we may never meet

our future customers face to face. Westill need branches, but now we focuson enhancing the customer experiencethrough a multi-channel delivery system.Today, we need to be where our cus-tomers are…online and mobile banking,a worldwide ATM network, a “live per-son” call center and a dynamically inter-active Web site are equally importantdelivery channels. And, we’re usingsocial media, redefining the skill sets ofstaff and designing branches to furtherenhance the customer experience.

Peapack-Gladstone BankBy Doug Kennedy,President and CEO

We know that technolo-gy is driving most business

today and that we live in a world whereclients need instant access to informa-tion. We work hard to anticipate needsand provide the most innovative solu-tions. For our professional servicesclients, we recently launched an online

virtual sub-accounting service calledMyEscrow, which allows for easyaccounting and management of escrowfunds. Our attorney, property managerand municipal developer clients neededan efficient and transparent way to dobusiness and now, with MyEscrow, theycan open and close virtual sub-accounts,manage transactions, and view, printand download statements and reports in real-time. We also offer our commer-cial clients online wire solutions, remotedeposit capabilities, positive pay fraudprotection, online banking and a mobileapp that includes mobile deposit. Thetechnology we offer is safe and wealways keep client security and privacytop of mind.





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PNC BankBy Linda Bowden, NJRegional President

The adoption of mobileproducts and services is no

longer a trend—it’s a fact of daily living.In the United States, analysts estimatethere are 224 million smartphone own-ers. Clearly, the ability to conduct trans-actions anytime, anywhere is a conven-ience that customers expect as a matterof course. PNC recognized the potentialto serve clients through mobile bankingtechnology 10 years ago as we intro-duced Virtual Wallet. Now, deposittransactions via ATM and mobile bank-ing applications accounted for an aver-age 52 percent of total deposit transac-tions in 2017 alone. Wealth manage-ment clients can use PNC Wealth Insightto view account information, while smallbusiness owners use PNC Cash FlowInsight to integrate accounting datawith receivables and payables activity, as well as automate invoicing.

We’ve just scratched the surface of the changes mobile technology promisesto deliver. More recently, corporatebanking clients were provided the abili-ty to pay for VISA® corporate card pur-chases through Apple Pay. Increasingly,success will be defined by the ability to help clients conduct transactions and achieve their financial goals withone simple swipe.

Provident BankBy Chris Martin, Chairman,President and CEO

Business clients areincreasingly seeking digital

services which allow them to completebanking transactions quickly and effi-ciently. They request the same tools theyare comfortable using for their personalbanking. Provident Bank offers an inte-grated experience across both our busi-ness online and mobile channels, whichprovides the ability to access balances,make transfers, pay bills and even

deposit a check from any location using a mobile device. We offer anonline platform and an app exclusivelyfor business users, where enhancementsare developed around the functionalitythis audience demands. We always lookto support a product mix for businessesby offering scalable solutions that workfor a broad range of business clientele.We are keenly aware that being com-petitive in this space requires not onlymarket research and source data, butalso using the most important resourcewe have available—asking and listeningto our clients.

Regal BankBy David Orbach, Chairman

While we take pride inbuilding one-on-one rela-tionships with our cus-

tomers at Regal Bank, we recognize thattoday’s business owners also want con-venient, efficient, self-serve options. TheRegal Bank Mobile app enables business





clients to check balances, make trans-fers, pay bills and deposit checks usingtheir device’s camera. This year, RegalBank will introduce four new technolo-gy-based services, starting with our ownpeer-to-peer payment platform called“Pay Someone.” With “My Spending,”customers can track spending, developbudgets and manage finances through asimple graphic interface. “MobiMoney”enables customers to control their debitcard by setting spending limits and geo-graphic boundaries, all from theirmobile device. Also making its debutthis year will be “Instant Issue,” a servicethat allows customers to obtain a tem-porary replacement for a lost or stolendebit card from any Regal Bank branch,which is crucial in time-sensitive situa-tions such as business travel.

Valley National BankBy Ira Robbins, Presidentand CEO

Creating relevancy andvalue in today’s banking

industry is key to our continued success.To support these goals, we initiated ourtechnology roadmap in 2017—a three-year plan to overhaul many of our inter-nal operating systems, infrastructure,digital and mobile offerings and auto-mate our data processes. We are now in the beginning phases of implement-ing a new commercial loan originationplatform that will allow us to enhanceturnaround times on credit decisioningand improve the overall customer expe-rience. We will also be introducing anew business online and mobile plat-form in 2Q that will provide innovativedigital resources and tools which willallow our customers to spend less timeworrying about their banking and more time focusing on their businessobjectives.

* * *

BANKING TECHNOLOGYAND CONSULTING FIRMS

Aite GroupChristine Barry, Research Director

The bar for customerexpectations around user

experience have risen dramatically asfintech players enter the market,observes Aite Group Research DirectorChristine Barry.





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“Personal experiences are also impact-ing expectations on the business side,especially as customers no longer com-pare their digital experience with onebank to that of another bank, butinstead compare it against their bestdigital experience in general,” explainsBarry.

Online offerings are also becomingmore customer-centric, rather thanproduct-centric and bank-directed.

“The goal is to have all of the mostimportant information available for a customer as soon as they enter thesite, without having to click multipletimes or to search for it,” says Barry.“Each customer can customize theirdashboard to meet their own individualneeds. Additionally, banks are no longerviewing fintechs as competitors, insteadseeing them as potential partners thatwill enable them to quickly deliver theproducts and services their customersare now demanding.”

Barry also sees business banking con-tinuing to assist small businesses, as

“product silos will be gone, and bankswill sell guidance, automation and effi-ciency. Analytics will be used to a fargreater extent, so banks can help theircustomers understand how they aredoing compared to other businessestheir size and can make actionable rec-ommendations to help them improveoperations.”

Bankrate Greg McBride, Chief Financial Analyst

The march of bankingtransactions to a mobile

platform will continue, according toBankrate Chief Financial Analyst GregMcBride. “Financial institutions want to support customers when, where andhow they want to bank,” he explains.

Features like smartphone-basedremote deposit capture have alreadyhad a big impact with customers, saysMcBride, “but now banks are movinginto artificial intelligence, which will

also be a game changer. Bank ofAmerica, for example, has Erica, an AI“chatbot” available in the mobile bank-ing app that can assist with a variety oftransactions.”

As more customers, particularlyMillennials, do more mobile banking,traditional branches are becoming “lessof a transaction center and more of aconsultation center,” adds McBride. “Inan increasing number of branches, tellerlines are disappearing, and are beingreplaced by a concierge who directs a customer to the appropriate banker or terminal, for opening an account,wealth management, mortgage or otherservices. Banks and financial servicesorganizations will continue to evolve toremain relevant among Millennials andthe generations that follow them.”





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Condusiv TechnologiesJames D’Arezzo, CEO

“Banks must deal withthe performance issues thatartificial intelligence (AI)

will cause for ultra-large databases—typically run on Microsoft SQL servers,”explains James D’Arezzo, CEO of I/Oreduction software company, CondusivTechnologies.

AI can be used for new automatedcapabilities such as data-driven manage-ment decisions; automated customersupport; fraud detection; claims man-agement; insurance management; auto-mated virtual financial assistants; predic-tive analysis in financial services; andwealth management advisory services.offered to lower-net-worth market segments.

D’Arezzo says CIOs are already underpressure to provide timely responses toincreasingly complex requests for dataanalysis, and AI applications—which arefar more demanding in terms of both

data throughput speed and quality—will vastly increase that pressure.

Intensive hardware upgrades “oftennegate the cost-reduction advantages AI has to offer,” notes D’Arezzo. “A bet-ter way for the industry to manage AI isto increase the performance of its exist-ing infrastructure, particularly SQL data-bases, which could produce the sameefficiencies at a small fraction of thecost of new hardware.”

FinPro Don Musso, CEO

“Almost every one of our 400 community bankclients are involved in

mobile,” says Don Muso, CEO of FinPro,a bank management consulting firm.“They’re all adding it as a delivery alter-native. I expect to see blockchain tech-nology adopted too, but that’s probablya couple of years away.”

At the branch level, banks in Asia andEurope have rolled out interactive ATMs,

“which are screens that let customersconnect with tellers, lenders, and theycan even buy rail, air and theater ticketsthrough the interactive boxes. TheUnited States has been slow to adopt thisthough, and I’m not aware of any banksin New Jersey that are using this yet.”

The increased digitization of data is streamlining everything from stresstesting to automated underwriting, headds. “Artificial intelligence will be usedto help price consumer loans, mortgageloans and business loans.”

Musso thinks that these and otherdigital advances will drive the rise of the “human branch,” where individualbankers with a laptop will be able toopen accounts, move funds, and demon-strate products and services. “This willlet banks bring their ‘branch’ to theircustomers,” he predicts. “Banking hasbeen in an evolution that’s quicklybecoming a revolution as the rate ofadoption is speeding up dramatically.You must be in the digital world to compete.”





continued from page 44HIGHER EDUCATION


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Business School offers a flexible AACSB-accredited MBA program in both tradi-tional and accelerated options. MBA stu-dents may pursue a concentration—inAccounting, Finance, Management,

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Fiserv, Inc. Virginia Heyburn, VP for Strategic Insights

The move to mobilebanking is continuing

to pick up steam, and financial institu-tions will have to innovate to keep up with the developments, according to Fiserv, Inc. VP for Strategic InsightsVirginia Heyburn. Fiserv provides tech-nology solutions to banks and otherfinancial organizations.

“The challenge is that the mobilespace is moving so fast that banks have to innovate quickly to keep up,”explains Heyburn. “Financial institutionsare now competing against nonbanks like Apple, Google andAmazon that are moving into financeand consumer-friendly payment applica-tions. Right now, many banks managepayments in silos, like commercial and individual, but this generationexpects speed, ease and convenience in financial services.”

Meeting these needs requires morethan just technology, says Heyburn.“Banks have to change their culture andadopt new strategies that enhance cus-tomers’ experience.”

This change will require investmentand integration across all lines of com-munication, she adds, including tablet,cell, branch and computer. Additionally,financial institutions need to deepentheir understanding of data.

“Banks are already sitting on moundsof valuable data that can let them giveconsumers tailored advice on financialservices,” Heyburn observes. “But theyneed to integrate the data and analyzeit so they can assist individual and busi-ness customers with their daily financialdecisions.”

The move to mobile and data miningmay actually empower smaller banks.

“Community banks may not have thelarge capital base of bigger institutions,but they also aren’t burdened with thehuge legacy systems their big competi-tors have,” says Heyburn. “It may be

easier for a smaller institution toreimagine banking and—since communi-ty banks often work with just a few vendors—it may be easier to control the changeover.”

Javelin Strategy & ResearchBy Emmett Higdon,Director, Digital Banking

Banks are failing atmobile account opening

while consumers continue to start agrowing percentage of overall applica-tions via smartphone. With nearly 1 in 3checking account applicants turning firstto smartphones, mobile origination is ahuge problem for the banking industrythat is long overdue for a makeover. A combination of poor user experience,confusing fraud screening processes, and an inability in most cases to save andresume applications continue to forceapplicants offline, or to competitors.Banks must better integrate their productmarketing content with mobile banking




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continued from page 46HIGHER EDUCATION

experiences and provide clear supportand guidance during the application—even when it means suggesting that thecustomer come into a branch. Within twoyears, more than half of all new bankaccount applications will involve mobiledevices. Banks can no longer afford tostitch together piecemeal solutions formobile prospects and must overhaul theirsiloed legacy applications to provide aconsistent, compelling mobile experienceacross all lines of business.

Technology Briefing Centers Inc.Jack Vonder Heide,President

The biggest bankingtrends are speed and convenience,“especially in the lending area,” says Jack Vonder Heide, president of Technology Briefing Centers Inc., a research and education organiza-tion serving the banking and financialservices sectors. “Many banks are

automating their loan application,underwriting and funding processes.”

Financial institutions have been quick to adapt technologies like Venmo,Zelle and others that let individuals sendmoney to each other quickly, he adds.“Other online bill payment systemsenable recurring bills to be paid auto-matically. Because of advanced paymenttechnologies, Millennials carry muchsmaller amounts of cash compared to older generations.”

And as Millennials reach an age where they become decision makers in businesses, “banks are acceleratingtheir efforts to automate business banking.”

One of the biggest trends is in theaccounts payable area. “New techno-logies enable invoices to be received,reviewed, approved and paid withoutpaper documents or paper checks,”Vonder Heide notes. “They’re alsobeginning to explore partnerships with other lenders to enable more customers to get their loans approved.

“The process is automated, and the bank retains the customer relation-ship without compromising its under-writing standards. In coming years,we’re likely to see more automation,more flexibility for the customer, andmore partnerships between banks and other companies.”

The Boston Consulting GroupCarsten Baumgärtner,Global Leader, CorporateBanking Segment

“Over the next five years,we expect 30 percent of traditional cor-porate banking revenues to be accessi-ble solely through digital channels,” saysCarsten Baumgärtner, global leader ofBCG’s corporate banking segment.

Some bankers are waking up to thecurrent challenges. In BCG’s CorporateBanking Executive Survey, which gaugedsenior management views on digitiza-tion, a large majority of respondents (86percent) said that digital will change





Online or on campus

both the competitive landscape and the economics of their businesses.However, less than half (43 percent) stated that they have an explicit digitalstrategy. Only 19 percent believe thattheir organizations have market-leadingdigital capabilities.

“Digital is forcing sweeping changesin corporate banking, and institutionswill need to adapt or see their competi-tiveness and market share steadily spiraldown over the next few years,” saysBaumgärtner. “Now is the time to devel-op a more coherent digital strategy todecide where to play and how toinvest.”

According to a new report by BCG,Global Corporate Banking 2018:Unlocking Success Through Digital, “cor-porate banks have huge amounts ofdata that can be put to use in myriadways. Unlocking this data is critical todigital transformation because it allowsbanks to position themselves as partnersthat offer highly tailored solutions totheir clients.”

* * *

ACCOUNTING

Baker Tilly Virchow Krause, LLPBy Tim Kosiek, BankingPractice Leader

To assist our bank andnon-bank financial services clients, weaddress the challenges presented by theemergence of “fintech” companies—from their fundamental technology

frameworks to their ability to satisfyregulatory compliance requirements.Emerging technology platforms appliedto deliver services such as mobile bank-ing and online lending are significantlymore dependent upon cloud-based solu-tions and the use of third-party vendors,particularly to obtain and apply the datacritical to those services. Developing thepolicies, procedures and internal con-trols necessary to facilitate these busi-ness applications requires a broad rangeof thinking and expertise. In addition,the regulatory environment has not nec-essarily kept pace with the emergenceof these service applications. Mostnotably, the requirements for third partyvendor risk management and BSA/AMLoversight have not been fully alignedwith the dramatically changing environ-ment. Developing the processes andobtaining the documentation sufficientto demonstrate compliance with lawsand regulations continues to requiremeasurable time and attention from our clients.





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Crowe Horwath LLPTim Reimink, ManagingDirector, PerformanceConsulting Group

As banks move moredeeply into mobile activities, securityand convenience are two big concerns,says Tim Reimink, a managing directorat Crowe Horwath LLP.

“Bank customers are moving up theadoption curve for mobile paymentsusing their phone rather than a card,and for using person-to-person paymentapps, like Venmo or Zelle,” he explains.“People are becoming more familiar andcomfortable with these forms of pay-ment, which are moving them furtheraway from cash and cards and makingthe mobile phone even more central tobanking services. At the same time,banks of all sizes are becoming morefocused on data security and protectingtheir reputation and brand from dam-

age associated with a breach of cus-tomer data.”

Other trends involve communitybanks, “which are increasingly empha-sizing treasury management services fortheir business customers as value-addedservice, as a means for customer reten-tion and as a source of fee income,”notes Reimink. “Meanwhile, banks of allsizes are deploying technology solutionsto streamline the business lendingprocess and provide online portal accessto business customers.”

At the branch level, employees arebeing positioned to act proactively,

“providing information sharing andadvice, instead of simple transactionhandling and account opening.”

Goldstein Lieberman& Company, LLCBy Phillip E. Goldstein, CPA,Managing Partner

Banks are our businesspartners. We send clients to them foreverything from loans (primarily) to anarray of ancillary business products. Wedon’t pretend to know their businessbetter than they do. We simply insistthat they be at the forefront of theirindustry in exchange for the referralsand advice we provide. Our bankingpartners must be aware of and imple-menting the latest technology alongwith exceptional service. They mustoffer the gamut of mobile banking serv-ices that customers demand—85 percentof Millennials bank on their mobile



Fox Rothschild’s financial services team knows the industry inside and out.

Credit unions and other financial institutions look to Fox for guidance in corporate governance, membership expansion, mergers and conversions, member business lending & more.

Efficient. Thorough. Proactive.

We’ll take it from here.

YOU WANT A LAW FIRM THAT’S FOCUSED ON PERFORMANCE.

WE HEAR YOU.

Christopher J. Pippett 610.458.6703 | [email protected]

phones. Paying, shopping, transferringfunds and depositing—all must be avail-able and made simple to transact. Wetreat our clients like family, which is whythe banking partners we choose are areflection of our own firm. We helpthem by insisting that they are as up-to-date and as current as we are ourselves.

KPMG, LLPBy Tom Lally, CPA, CGMA,Audit Partner, New JerseyBanking Leader

Community, regional andlarge banks are all focused on how theycan enhance their “customer experi-ence” to be more in tune with Millen-nials and other generations, who nowhave many more options to choose fromfor their banking services. It is all aboutconvenience and offering a customizedexperience for their broad range of cus-tomers, whether they bank online, usemobile or still like to come into thebranch. To remain successful, they

will need to be able to adjust theirofferings quickly as new technologymakes new services and increased convenience possible.

* * *

LAW

Fox Rothschild LLPBy Christopher J. Pippett,Esq., Chair, FinancialServices Industry Practice

Fox Rothschild’s FinancialServices Industry Practice Group remains

deeply engaged with industry groups to stay on top of the latest issues facing financial institutions. That allows us to prepare our clients for market changes, so they’re not simply reacting. The increasing number of states legalizing cannabis has created a thriving industry and a growing demand for financial services. Our group has developed a keen understanding of the compli-ance issues facing financial institutionsthat service this unique business. Our attorneys stay at the cutting edgeon issues of cybersecurity, a rising concern to all financial institutions,actively advising boards and manage-ment on their regulatory and fiduciaryresponsibilities. We study how the industry approaches pressing issues, so we can help our clients tackle the distinct operational challenges theyface. Nimble, entrepreneurial andresourceful, we’re always positioned to assist our clients as markets, techno-logy and regulations evolve.





COMMERCE NEWS

CIANJ MEMBER LAKELAND BANK marked February 2018, known forValentine’s Day and American Heart

Month, by showcasing its caring culture. When a customer visiting thebank’s branch in Franklin suffered a heart

attack, employees and a customer used an onsite defibrillator to help save the person’s life.

“My staff and a customer did a great job and were able to revive the individual,” says Lakeland Bank Area Branch Manager Karen McDougal. “We are proudof our bank’s program to provide the very best in cus-tomer and colleague safety.”

Lakeland Bank initiated its Heart Safe Program about10 years ago at all of its branches and offices to helpfight sudden cardiac arrest. The program involved the

installation of an automated external defibrillator(AED) at all locations as well as CPR/AED training for staff.

An AED is a portable device that checks the heartrhythm and can send an electric shock to the heart to try to restore a normal rhythm to treat sudden cardiac arrest.

The incident in February is the first time an AED has been used at a branch since Lakeland installed the equipment. Lakeland Bank partners with Team Life, a medical training provider and safety equipmentsupplier, to ensure its safety program meets currentstandards.

“We are proud to be part of Lakeland Bank’s HeartSafe Program. and that investment paid off with a lifebeing saved,” says Team Life President Jim Schatzle. n

Lakeland Bank’s Heart Safe Program

Helps Save a LifeBY DEBRA ROMANO

CIANJ EXECUTIVE VICE PRESIDENT

Lakeland Bank Area BranchManager Karen McDougalstands with colleagues

Catherine DiSalvo and AdnanShoukat, who recently assistedwith using the onsite, automat-ed, external defibrillator to help

a customer having a heartattack at the Franklin Branch.

Gibbons P.C. By Michael J. Lubben, Esq.,Director, Corporate Dept.

The banking business haschanged significantly in the

past 10 years. Increased regulatory bur-dens, technological enhancements andcustomer demands have caused many of our clients to transform how theyconduct business. Most of our bankingclients no longer require in-person loanclosings. Closings are conducted remote-ly by e-mail and by phone. Signaturepages are often transmitted, signed andprovided in escrow in advance of clos-ing. Data privacy is a huge concern.Electronic closing binders have supplant-ed bound volumes of closing binders.Companies dealing with personal infor-mation have sought our advice in deal-ing with the storage and encryption ofSocial Security numbers and other sensi-tive financial information. Increasedbanking regulations have led foreignfinancial institutions to seek our advice

with respect to the reach of U.S. stateand federal banking regulations andhow they could impact the foreign parent of a U.S. branch or representa-tive office.

McCarter & English, LLPBy Veronica Montagna,Esq., Partner, Corporate,Securities and BusinessTransactions Practice

Banks’ legal needs reflect ever-chang-ing market conditions, statutes, regula-tions and technological advances. Somebanks choose to grow to absorb costsrelated to Dodd-Frank, and, in increas-ing numbers, we help them merge,acquire or be acquired. Some prefer tostay small, and we help them meet theirobligations under state and federal reg-ulations and laws. With much of bank-ing going from storefront to remoteand digital—mostly to satisfy youngercustomers—we guide banks on regula-tory requirements regarding sensitive

personally identifiable information likeSocial Security and account numbers. We negotiate contractual indemnifica-tion clauses with third-party providers of digital security. If banks get hacked,we guide them on appropriate respons-es—to their customers, to regulators and to law enforcement—after deter-mining whether the hack represented a true breach. We represent a CentralJersey company developing biometrictechnologies, which can potentially beused to help banks and other financialinstitutions prevent identity theft.

Norris McLaughlin & Marcus, P.A.By Joel N. Jacobson, Esq.,Member, ManagementCommittee; Chair, RealEstate Practice Group

Our banking clients continue to facechallenges arising from increased cyber-security risks and enhanced regulatoryscrutiny arising from the 2008 financial





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crisis. Community banks have beenadversely impacted by Dodd-Frank Act requirements, which were primarilygeared toward larger banks. Lending ismore restricted because of the reductionin the number of community banks andregulations such as the increased reserverequirements for certain commercialmortgage loans classified as HighVolatility Commercial Real Estate Loans.Although the Trump administration haspledged to change the regulatory land-scape, the pace of change has been relatively slow.

NPZ Law Group, P.C.By David H. Nachman, Esq.,U.S. Managing Attorney

As an immigration andnationality law firm, we

routinely assist banking institutions,hedge fund companies, private equityfirms and investment advisors with theirquest to adhere to industry regulationsregarding information technology and

cybersecurity. Our firm prepares non-immigrant work visas (H-1B) for banksand investment firms, which hire tech-nology professionals who are experts in Internet security and highly complexencryption software technologies. Wealso prepare L-1A and L-1B work visasfor intra-company transferee executivesand managers who come to the UnitedStates to work in the information tech-nology sector. With the current focus onprevention as much as real-time protec-tion against known and new cyberthreats, NPZ Law Group, P.C. anticipatesa growing need for IT specialists to meetmore stringent industry regulations inthe future.

* * *A Conversation withNJEDA CEO Tim Sullivan

New Jersey EconomicDevelopment Authority(NJEDA) CEO Tim Sullivandescribes his highest priori-

ties as identifying programs and initia-

tives that will advance Governor PhilMurphy’s goals—and aggressively goingafter opportunities to support economicand business growth in the GardenState. COMMERCE asked Sullivan to dis-cuss these priorities, and how he intendsto deliver for New Jersey. The Mission: “We are the state’s eco-

nomic development agency, responsiblefor carrying out the Governor’s econom-ic policies, whether that means partner-ing with state agencies, with cities andtowns or with the private sector andlabor to foster a strong job creationstrategy.”Priorities: “Specifically, we’re focused

on our urban centers and making surewe are doing our best to foster job creation, particularly around transit.We’re supporting and encouraging New Jersey’s innovation economy, bothon the startup and small business side,and on the industry side, with a focuson clean energy, green energy andtransportation infrastructure. We’re alsofocused on manufacturing, making sure





HALF OF THE 15 MILLION Americans with depression can-not tolerate or do not respond to

antidepressant medication. The Trinitas-St. Joseph’s Behavioral Health Networkis using the FDA-cleared BrainsWayDeep TMS to deliver TranscranialMagnetic Stimulation (TMS) as a treat-ment option for these individuals.

TMS has no systemic side effects andrequires no hospitalization or anesthe-sia. To date, the therapy has beenproven effective in more than 60 clinicaltrials worldwide. As TMS is a non-drug,non-invasive treatment, patients are

awake during the procedure and canget back to daily activities, includingdriving, immediately following the session.

“TMS is indicated for the treatment of adults with major depression whohave not responded to at least one antidepressant,” says Trinitas-St. Joseph’sBehavioral Health Network Chairman of Psychiatry Dr. Carlos Rueda. “Depres-sion is believed to be caused by electri-cal dysfunction of one region of thebrain, known as the dorsolateral pre-frontal cortex. Through a highly focusedand targeted magnetic stimulation,we’re able to boost the function of the

brain in this region, allowing for a remission of the depression.”

Trinitas-St. Joseph’s is partnering withHPR Treatment Centers (a division ofTMS Centers of America) to open twotreatment facilities in Essex County byJune 2018, followed by another six sitesthroughout Northern New Jersey overthe next year.

“This partnership allows us to workwith two of the leading medical institu-tions in the state to provide a compre-hensive continuum of care to treat thosesuffering from depression,” explains Ben Klein, founder and CEO of HPRTreatment Centers. n

COMPILED BY JOHN JOSEPH PARKER

CONTRIBUTING EDITOR

The FDA-cleared BrainsWayDeep TMS is a non-invasivetreatment that stimulatesthe brain using magnetic

fields at an amplitude similarto what is used for an MRI.

PATIENT CARE

Trinitas-St. Joseph’s Behavioral Health Network Offers Alternative

Treatment for Depression

we are positioning New Jersey toreclaim its rightful place as the capital of American invention and innovation.”Clean Energy: “I’m excited about

clean energy. The governor signed anExecutive order in the first few days ofhis administration directing New Jerseyto rejoin the Regional Greenhouse GasInitiative (RGGI). That is an essentialcomponent of a strategy to both recog-nize the seriousness of climate changeand to maximize the economic develop-ment and job creation opportunitiesthat transitioning to a clean energyeconomy represents. Whether that’s off-shore wind, solar or new technologies tofoster our clean energy future, we wantthose technologies here in New Jersey,not only for the benefit of our residents,but also for the jobs associated with thecompanies in that industry.” Biotech and Life Sciences: “We are

also really ramping up our efforts andcapabilities around technology and lifesciences, led by the Biotechnology TaskForce created by the New Jersey legisla-

ture last year. We own and operate alarge technology campus on the Route 1 Corridor, home to many young andambitious high-tech companies, particu-larly in the area of pharmaceuticals.”The Jobs and Economic Opportunity

Commission: “The governor signed anExecutive Order creating the Jobs andEconomic Opportunity Commission. Thatis a governance framework for bringingtogether state agencies and key repre-sentatives from the governor’s office tothink about and tackle the multi-discipli-nary policy challenges before us. So, togo back to clean energy—a great exam-ple—it combines energy policy, laborand workforce development, economicdevelopment, transportation and otherforms of infrastructure—there’s a great

opportunity for collaboration and partnership.” New Brunswick, an Innovation Hub:

“We’ve launched a new initiative in NewBrunswick, an ‘Innovation Hub,’ a reallyattractive and exciting developmentopportunity located right by the trainstation, co-located with Rutgers. It willbe an inflection point in New Jersey’seconomic trajectory. The Innovation Hub gives us the opportunity to bringtogether corporate research and aca-demic research and foster the nexusbetween higher education and econom-ic development. We hope to advance itvery quickly.”New Jersey Means Business: “Every

state has an organization like the NJEDAthat is trying to promote their state andattract businesses. It’s very competitive.One of the things we offer is the rightvalue for the money. New Jersey is not a low-cost state, and it is unlikely tobecome a low-cost state. While otherstates can compete primarily on cost,they don’t provide the value we pro-





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vide, whether it is quality of life, a strong transportationsystem, our great education system, or a commitment todiversity and the values that make New Jersey special.” New Jersey’s Small Business Program: “One of the

things small businesses struggle with is access to capital.It’s their lifeline. We can provide direct loans to smallbusinesses up to $500,000. We also have our PremierLending Network, comprised of 25 banks that we part-ner with throughout the state. So, if, for whatever rea-son, the bank would not be able to provide the fullfinancing on a small business loan, we can offer financ-ing for a small piece of that loan. That can be incrediblyimportant for small businesses. We also offer help tosmall business owners to grow their businesses andengage in best practices and accounting and auditing,purchasing and so on. Our network of partners at ourSmall Business Development Centers helps us with tech-nical assistance. We’re also making sure these programsare taken advantage of by women-owned, veteran-owned and minority-owned business. There is a lot of growth potential in these underserved markets.” Supporting Nonprofits: “Nonprofits are an increasing-

ly important part of our economy and our client set.Besides the important social services that they provide,nonprofits create a lot of jobs. Most are reasonablysmall tax-exempt organizations. We have access to thebond market, so we can help them facilitate those trans-actions, which are very important for lowering their cost of borrowing.” NJEDA in Action: “I recently visited Ammon Labs in

Linden which does diagnostic testing, blood testing andmedical screening. The company got help from us andProvident Bank to purchase their building, renovate it,and outfit it with equipment. Ammon has added morethan 50 jobs in the past year. It’s a great story—a fatherand two sons, first- and second-generation entrepre-neurs who are passionate about the positive impact theycan have on the lives of the people they are workingwith. That’s the kind of thing we want to do more of.”—By Rosemary Dreger Carey, Contributing Editor. n




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