Peer-to-peer lending platforms have hit their stride, and the number of peer loans has grown 84 percent per quarter since Prosper launched in 2006. In that same period, originations for other types of consumer loans have fallen 2 percent a quarter.
In February, Attorney General Kamala Harris released a guide to help the state’s small- to mid-sized businesses protect against and respond to threats of malware, data breaches and other cyber risks. Key recommendations include:
In cyberattacks against multimillion-dollar companies, computer criminals break in and steal personal information from millions of customers. Though there will be big losses and maybe a high-profile resignation, the reality is, these retail giants will live to sell another day. But the stories that won’t make the front pages involve the most frequent targets, whose survival isn’t guaranteed: small businesses.
Compared to other industries, banks operate from a unique position, in that they have to focus intently on their own security, but also make sure their clients have the knowledge and tools to protect against computer criminals. Providing that protection usually comes down to a matter of security versus convenience.
Whether it’s newly designed branches or banks without branches at all, the banking industry is undergoing a physical transformation as consumers seek improved customer service and more digital options.
On a hot, sunny morning last fall, 69-year-old retiree Pamela Chappell of Citrus Heights hit rock bottom. She was scraping by on Social Security checks and a tiny pension while paying for medication to treat her lymphedema, a painful swelling in her legs. Then she got a letter from the IRS warning her that it was about to empty her savings account of $8,000 — every dollar she had — for back taxes.
This year could provide some of the first expansions in bank lending since 2008. So is the market back up to speed? No. But banks are slowly and smartly increasing their appetites for commercial lending, and the Capital Region will see its share of transactions.
Having just begun using social media in 2012, Safe Credit Union is relatively new to content marketing. But it hasn’t taken long for the company to discover the benefits of engaging online with its customers and potential consumers.
Today’s small farmer climbs an uphill battle to find land, secure capital and overcome the hefty start-up costs. Today, farmers make up less than 1 percent of the population (compared to 15 percent in 1950), they tend to be older (the average age is 57) and about 25 percent are expected to retire in the next 20 years. “This is a new problem for human society,” writes Sharon Astyk, author of “A Nation of Farmers.”
Robert Fay likes to tell the story of a client whose father worked with his grandmother long ago. She mentioned her plan to move her money to an investment firm. “I told her, ‘You should talk to me.’ After we had gone through all that [our bank could] do, I said, ‘Dorothy, you know I’m going to do the best I can for you.’ She said, ‘I know you will. And if you don’t, I’ll tell your mother.’”