Nearly one in four consumers lack a solid understanding of all the products and services their financial institution offers, according to the 2017 Segmint Consumer Bank Marketing Report. The report goes on to reveal that 89 percent of consumers believe that their financial institution should be sending them more information than they are currently receiving.
CECL is coming! Are you prepared to leverage this new model or prepared to scramble? CECL — the Current Expected Credit Loss model — comes into effect for SEC institutions in 2020 and if you’re not already working to understand the challenges of CECL, you should be preparing how to adjust your methods to remain compliant and competitive.
Lenders already have practices and policies in place to govern ALLL, so all that really has to change are the inputs—and the way organizations think about estimating losses. The fundamental concept, however, is the same: take all reasonable steps to predict the future state of the portfolio.