Publications & Resources

January/February 2010
Managing Troubled Assets

Greater Than the Sum of the Parts – Leveraging VIP Synergies (Part 2)

By Anne K. Scully, WIB Service Corporation President

Synergy is the highest activity of life; it creates new untapped alternatives; it values and exploits the mental, emotional, and psychological differences between people. – Steven Covey

In the last issue of Western Independent Banker, we posed the question of “when does one plus one equal three?” Our answer: When you implement two WIB-endorsed VIP programs and create synergies that leverage the individual value-added benefits of each. In this article, we’re delighted to share with you more opportunities where WIB members can increase their overall benefit by implementing two or more mutually complimentary VIP products/services at the same time.

SecureWorks (Real-Time Log Monitoring/Reporting) – IBIS Insurance (Cyber Insurance Risk Management)

SecureWorks provides real-time, 24x7 security event & log monitoring, analysis and response to your bank. It helps your bank comply with Sarbanes-Oxley (SOX), Health Information Portability and Accountability Act (HIPAA), Gramm-Leach-Bliley Act (GLBA) and industry standards such as the Payment Card Information (PCI) Data Security Standard, which require log monitoring of systems that collect or store personal information and store financial records, but rarely offer specific guidance about what types of data to collect and how long to keep it. SecureWorks’ technology platform analyzes your server logs in real-time to identify and alert you to compliance-specific events.

IBIS Insurance Services can help your bank board mitigate its Internet liability exposures by offering this coverage as part of its overall D&O policy and at very reasonable prices. This is especially true if the bank can show it has taken proactive steps to mitigate potential exposures from GLBA, SOX, HIPPAA violations.

Deluxe Detect (New Account Fraud Prevention) and uMonitor (Online Account Opening/Funding)

uMonitor has partnered with Deluxe to offer Deluxe’s BANKDetect as part of uMonitor’s online account opening/ funding process. BANKDetect provides a comprehensive new account screening service that performs not only identity verification, but also verifies a person’s identity against a database of individuals with a history of committing fraud or account abuse. BANKDetect meets all regulatory requirements, ensuring uMonitor’s uOpen & uFund solutions meet all necessary regulatory compliance requirements.

BancLeasing (Equipment Leasing Program) and Profit Performance Group (Pinnacle Financial Strategies – Bank Operations Profitability Consulting)

BancLeasing's flexible equipment-leasing programs and consultants can provide community banks a viable new avenue for fee income, customer acquisition and retention. They provide banks with a comprehensive, cost-effective approach to the commercial equipment leasing business without having to purchase computer hardware or software, hire additional personnel or take any residual risk.

Pinnacle seeks to uncover opportunities for banks to generate new sources of non-interest income and decreases in non-interest expense. Their consultants help your bank to improve branch operations, loan origination and processing, loan review, customer service and training, and maximize efficiency of support functions to reduce overall costs. Validate required reserve information from the FR2900, identify potential discrepancies and legally includable assets and liabilities that minimize your reserve requirement and maximize investable funds.

WIB Workers Comp Self-Insurance Group (WIBSIG) and Intrasweep’s Insured Deposit Network Exchange Sweep (Demand Deposit Marketplace) – For California Banks

Now in its fifth year of operation and in excellent financial health, WIBSIG helps your bank protect your greatest assets – your employees – and your bottom line. With rates expected to increase another 10%-15% effective January 1, 2010 – in addition to the recent 9% mid-year increase – WIBSIG is well-positioned to protect your bank from the pending turbulent price swings in the marketplace and give you more control over claims management and loss control.

WIBSIG’s plan administrator is working with WIB Service Corporation and Intrasweep to place over $100MM deposits from its other California self-insurance groups (premiums and investments) in California community bank through Intrasweep’s Demand Deposit Marketplace (DDM) sweep product. With DDM, your bank can provide expanded FDIC insurance coverage to all of your customers – non-profits, commercial/business, high-net-worth – with 100% liquidity. DDM creates a network of community banks in which your bank can send, receive or send & receive deposits with other banks in the network. WIBSIG’s administrator will give WIBSIG bank members priority for the account deposits.