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in-2023-technology-will-continue-to-play-a-central-role
December 01, 2022
Loquat’s Approach to User Identity – Built for the Future
 
Despite the turbulence and disruptions in the Financial Services sector, a lot of technology advancements were made as we close out year 2022. In 2023, technology will continue to play a central role, facilitating financial institutions in shaping ideas and products that create and increase customer and member experience, all while reducing fraud.
 
“At Loquat, we are in a constant search for HOW we can make our customer’s journey a personal, pleasant and up-to-date experience. We believe in the future of Web3 and its chance to democratize the online experience, and enable users to reclaim control of their data.” – Minesh Valera, Chief Technology Officer at Loquat.
 
loquat-platform-uses-ai-and-ml-technologies
November 30, 2022
According to McKinsey “the new, high-performance credit decisioning models allow banks to define lending (and capital) parameters more precisely and thus sharpen their ability to approve creditworthy customers and reject proposals from customers who either are not creditworthy or cannot afford further debt.” https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/designing-next-generation-credit-decisioning-models
 
Loquat platform uses AI and ML technologies to remove biases that exist within the financial industry.
 
our-cco-pawneet-abramowski-offers-her-insight
November 29, 2022
Our Chief Compliance Officer (CCO) Pawneet Abramowski offers her insight into how financial institutions can approach security concerns in the digital age.
 
Loquat offers compliance and regulatory frameworks that act as checkpoints to reduce data breaches and fraud for the FIs we work with.
 
Tune into our executive interview with Loquat CCO Pawneet Abramowski:
remain-competitive
November 28, 2022
Banking as a Service (BaaS) helps local banks with a smaller footprint grow, adapt, innovate and, most importantly, meet the demands of their SMB customers.
 
Banking-as-a-Service platforms such as Loquat allow credit unions to:
 
Remain competitive by improving the customer experience
Combat potential revenue loss and member churn
Reduce fraud and customer acquisition costs
Increase speed and efficiency
Simplify time to market at whichever speed they desire to scale.
 
Learn more about how BaaS is revolutionizing the banking industry: https://loquatinc.io/blog/how-baas-is-revolutionizing-the-banking-industry-four-fast-facts/
November 27, 2022
“The milestone is an occasion to celebrate diversity and advancements while considering humanity’s shared responsibility for the planet.” – ANTÓNIO GUTERRES, United Nations Secretary-General, 2022
 
November 26, 2022
Happy Saturday! On this Thanksgiving weekend, we are continuing on our theme of gratitude and the positive impact it has.
 
In a fascinating TED Talk by Christina Costa, “There are several positive, psychological and social outcomes of gratitude like increases in happiness, decreases in depression, having stronger relationships and experiencing positive emotion. MRI studies show us that several parts of our brain and pathways are activated when we experience and express gratitude.”
 
gratitude-has-a-profound-impact-on-employees
November 25, 2022

As a research by Harvard Business Review suggests, “gratitude has a profound impact on employees.”

https://hbr.org/2022/04/research-more-powerful-people-express-less-gratitude

 
November 24, 2022

Happy Thanksgiving from Loquat!

what-is-gratitude
November 23, 2022
What is Gratitude?
 
Most people have an instinctive understanding of what gratitude is, but it can be surprisingly difficult to define. Is it an emotion? A virtue? A behavior?
 
As we are going into the Thanksgiving weekend, we looked into the science of it.
 
the-loquat-platform-is-designed-for-the-future
November 22, 2022
What Gen-Z Wants: How To Appeal To This Dynamic Workforce:
 
“The rate of change has been staggering… we are no longer walking, we are running at 1,000 miles an hour and the normal of today is going to be obsolete tomorrow. That ability to be flexible, agile and open to change is the only way to succeed.” https://www.oliverwyman.com/our-expertise/insights/2022/oct/what-gen-z-wants-how-to-appeal-to-this-dynamic-workforce.html
 
The Loquat platform is designed for the future by keeping in mind what Gen-Z wants. Our platform is flexible and agile to accommodate the changes ahead of us.
 
Learn more about the Loquat platform at: https://loquatinc.io/
according-to-boston-consulting-group
November 21, 2022
According to Boston Consulting Group’s Survey, “most of small business customers want a Hybrid Experience for their Complex Needs”.
 
“A bionic distribution network is a hybrid-banking model that has more seamless digital and in-person experiences—and ones that are not necessarily linked to a branch.” https://www.bcg.com/publications/2021/bionic-distribution-network-applications-retail-banking
 
Loquat offers a seamlessly integrated platform that allows the SMBs to bank the way they want – on their phone, laptop, or in the branch.
 
Learn more about what Loquat can do for your SMBs at: https://loquatinc.io/financial-institutions/
November 20, 2022
Sunday fun fact:
 
Millennials prefer communications with text messaging, chat and to a lesser extent, email. They would rather go to the dentist than pick up the phone; many will not work with companies that are ignorant of their culture.
 
“A different generation, with different wants, needs and purchasing styles, is aggressively taking the helm.”
 
cornerstone-of-loquats-solution
November 18, 2022
End-to-End Customer Journey is the cornerstone of Loquat’s solution. Specifically designed as a mobile first App for SMBs Loquat is uniquely positioned to provide to FIs both, the speed and efficiency to deliver digital banking through mobile, web, branch and face-to-face.
 
“In order to meet the needs and expectations of your customer or to win a new one, the entire customer journey should be well-thought-out to provide a frictionless and pleasant experience.” – Zarina Tsomaeva (CEO/Founder, Loquat Inc.)
web3-in-finance
November 17, 2022
What is Web3?
 
A group of technologies that make up the third generation of the Internet focusing on Decentralization, Privacy, Security, AI, and Machine Learning. The foundational building blocks of web3 are blockchains, smart contracts, and tokens (fungible and nonfungible).
 
One of the emerging battlegrounds that will define future investments in Web3 is the concept of identity – a risk and opportunity the innovation will pose regarding who owns what and how to build defensible profit tools.
we-provide-a-full-customer-journey
November 16, 2022
We provide a full customer journey as a simple, digital solution tailored to SMBs & local Financial Institutions to help keep up with market shifts without hefty system changes.
 
Learn more how Loquat provides an end-to-end digital banking journey: https://loquatinc.io/
entire-customer-journey
November 15, 2022
We cannot agree more with the latest from McKinsey on the importance of the end customer experience.
 
In order to win a customer or to satisfy the existing one, the entire customer journey, instead of touch points, should go well. And in a today’s world with the customer’s access to new technologies on a daily basis their decision journeys continue to evolve. https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-cx
bionic-distribution-network
November 14, 2022
A bionic distribution network is a hybrid-banking model that has more seamless digital and in-person experiences—and ones that are not necessarily linked to a branch. https://www.bcg.com/publications/2021/bionic-distribution-network-applications-retail-banking
 
Loquat’s platform demonstrates a high-level of care and vision for both digital and in-person experiences using Bionic Distribution Model.
 
Loquat’s propriety flow and best-of-breed technology and partners help credit unions to proactively deliver best-in-class solutions to:
  • increase retention
  • grow revenue
  • attract new members
global-sustainability-effort
November 13, 2022
Banks and Credit Unions should play a bigger role in a global sustainability effort. Adapting to new sustainability requirements may be demanding but it brings many new business opportunities for banks.
 
According to McKinsey the expected revenue from sustainable trade finance and cash management products will grow by 15 to 20 percent annually to total combined revenues of $28 billion to $35 billion in 2025. https://www.mckinsey.com/industries/financial-services/our-insights/sustainability-in-global-transaction-banking-a-market-imperative
 
Loquat, a banking-as-a-service platform (Baas), makes it easier for Financial Institutions to create sustainable products.
 
Learn more about what Loquat is doing at: https://loquatinc.io/financial-institutions/
November 12, 2022
Roughly two billion people worldwide don’t have access to banks or financial services like credit, insurance and investment — or even a way to formally prove their identity.
 
How do we bridge this divide? Mastercard ex-CEO Ajay Banga sits down with TED current affairs curator Whitney Pennington Rodgers to discuss how innovative public-private partnerships can help bring everyone into the digital economy — and why COVID-19 recovery hinges on financial inclusion.
 
 
Like the Loquat tree, our banking as a service digital platform helps credit unions, regional banks and community banks extend their branches to their SMB customers to help them bare more ‘fruit’.
 
We are driven by social responsibility, transparency, and an inclusive approach. Loquat helps small business owners of different ethnic and cultural backgrounds, sexual orientations and gender identities put their dreams into action.
veteransday
November 11, 2022

Thank you!

baas-helps-banks
November 10, 2022
BaaS helps banks with a smaller footprint to grow, adapt, innovate & meet the demands of their SMB customers. Our digital platform is designed for your small business customers!
 
Learn more about seamless integration & customizable features: https://loquatinc.io/
digital-banking-tools-are-necessary
November 09, 2022
72% of your customers believe digital banking tools are necessary right now! If you are a credit union, regional, or community bank, you risk significant losses due to a lack of digital adoption.
 
Learn how to modernize your customers’ journey: https://loquatinc.io/
November 08, 2022
What you can learn from people who disagree with you?
 
Youth leader Shreya Joshi diagnoses a key source of political polarization in the US and shows why having “uncomfortable conversations” with people you disagree with is crucial to bridging the divide. “When we are able to recognize what unites us, it becomes so much easier to have conversations about what divides us,” she says.
 
did-you-know
November 07, 2022
“Human plus” AI
 
Did you know that companies that effectively weave together AI with people and process are growing and making money.
 
According to Sylvain Duranton, a Senior Partner and Managing Director at Boston Consulting Group, to deploy a successful “Human plus AI” (https://www.ted.com/talks/sylvain_duranton_how_humans_and_ai_can_work_together_to_create_better_businesses)
 
– 10 percent of the effort is to code algos
– 20 percent to build tech around the algos, collecting data, building UI, integrating into legacy systems
– But 70 percent, the bulk of the effort, is about weaving together AI with people and processes, which also means building powerful interface for humans in order to maximize real outcome
 
 
Learn more how Loquat can help: https://loquatinc.io/financial-institutions/
November 06, 2022
In this fun and practical TED talk, Boston Consulting Group’s Nadjia Yousif offers advice on how to better collaborate with the technologies in your workplace — by treating them like colleagues.
 
the-growing-segment
November 05, 2022
“The growing segment of millennials and Generation Z hold their employers and companies they buy from accountable for things like environmental responsibility.”
 
A great interview on how marketing departments can take the lead on corporate responsibility and ESG initiatives.
loquat-is-the-fast
November 04, 2022
Loquat is the fast, secure & convenient way for financial institutions to offer digital banking to small businesses transitioning to a digital customer experience.
 
Learn more about what Loquat can offer your members: https://loquatinc.io/
digital-transformation-through-baas
November 03, 2022
Digital transformation through BaaS is an incredible opportunity for financial institutions of all sizes to expand their revenue sources at a low cost. It is agile & scalable for new market opportunities!
 
Fast, easy, & secure, we offer a path to the digital experience today’s community bank members are looking for.
 
We can authenticate, verify, & open a small business account within minutes. Onboarding customers used to take weeks–now it takes minutes!
 
Learn how we offer an end-to-end digital banking journey: https://loquatinc.io/
data-silos
November 02, 2022
Data silos severely limit a bank’s ability to extract data & analyze it to understand changes in customer or member behavior for reporting on regulatory compliance, developing new products, etc.
 
This results in customer churn & a potential negative reputation, which is not something any bank can risk.
 
Learn how our BaaS improves end customer journey and prevents silos through high-availability cloud-based API infrastructure: https://loquatinc.io/blog/how-banks-can-reduce-costs-and-increase-revenue-in-a-recession/
smbs-primarily-conducted-business
November 01, 2022
If it were up to SMBs, they prefer to bank with local financial institutions – to the tune of 89%!
 
However, 45% of respondents primarily conducted business with a large national bank due to the desire for innovative and convenient digital banking tools.
 
69% shared that the pandemic and resulting economic crisis have accelerated the dire need for convenient, digital banking solutions.
 
human-plus
October 31, 2022
“Human-Zero” vs “Human plus” AI
 
Did you know that only 18 percent of the companies in the world that are pioneering AI are making money with it. Those companies focus 80 percent of their AI initiatives on effectiveness and growth, taking better decisions – not replacing humans with AI to save costs.
 
In this fascinating Ted talk, Sylvain Duranton, a Senior Partner and Managing Director at Boston Consulting Group, shares his view on how humans and AI can work together.
 
 
“At Loquat, we use “Human plus” AI by helping FIs to develop powerful interface for humans. Our approach integrates manual touchpoints with AI while keeping the human element of the end-to-end customer journey in the forefront.” Minesh Valera, CTO at Loquat.
 
Learn more how Loquat can help: https://loquatinc.io/financial-institutions/
October 30, 2022
How to best serve shareholders, employees, suppliers, regulators and even planet Earth. Not easy… But there are some ideas.
 
October 29, 2022
“Human-Zero” vs “Human plus” AI
 
Did you know that only 18 percent of the companies in the world that are pioneering AI are making money with it. Those companies focus 80 percent of their AI initiatives on effectiveness and growth, taking better decisions — not replacing humans with AI to save costs.
 
In this fascinating Ted talk, Sylvain Duranton, a Senior Partner and Managing Director at Boston Consulting Group, shares his view on how humans and AI can work together.
October 28, 2022
No matter how strong we think we are.. we all need our champion! Understanding the power of human connection.
 
An inspiring Ted Talk for your Friday morning:
credit-unions-2
October 27, 2022
Financial institutions face an uphill battle in post-pandemic recovery.
 
Rising inflation & rate hikes, swiftly changing compliance regulations, technological disruption & now — a looming recession! 📉
 
This harsh reality is prompting bank executives to take a long, hard look at how and where they can reduce costs and open up more opportunities for revenue.
 
Credit unions, regional, & community banks can create more opportunities for revenue growth & reduce costs with the help of digital banking technology.
 
Learn how to make your bank recession-proof through digital adoption: https://loquatinc.io/blog/how-banks-can-reduce-costs-and-increase-revenue-in-a-recession/
rising-demand-for-baas-tools
October 26, 2022
With the rising demand for BaaS tools for SMBs and a market value of $19.14 billion in 2022 at a compound annual growth rate (CAGR) of 26.5%, financial institutions can’t afford to not invest in the future of BaaS!
 
Learn how we will equip your FI with the right tools to retain small business customers: https://loquatinc.io/blog/how-baas-is-revolutionizing-the-banking-industry-four-fast-facts/
October 25, 2022
Financial institutions face the reality that they will get left behind if they don’t keep up with the rapid pace of innovation. Small, local institutions such as credit unions are losing their bank members as their customers reluctantly switch to digitally advanced competitors.
 
BaaS allows banks to provide transparency by opening up their API’s to third parties in order to develop integrated financial offerings digitally.
 
Learn how local banks can futureproof their business through BaaS adoption:
happy-diwali-2022
October 24, 2022

Happy Diwali!

October 23, 2022
As hurricane Ian bore down on Florida just a few weeks ago, it was a startling reminder that climate-related weather events are an increasing threat.
 
The US is investing in technology to predict how bad storms like Hurricane Ian will strike in the future.
 
These supercomputers would enable scientists to access higher-resolution images of the earth’s atmosphere and oceans. This would give them a more detailed view on smaller patterns and trends emerging in storms being watched, as well as powering the simulation of more complex storm models.
 
Our hearts go out to the families and businesses recovering from this devastating hurricane!
October 22, 2022

When we ditch our assumptions and embrace the power of storytelling, we can regain our sense of child-like wonder.

An entertaining Ted Talk for your Saturday morning: https://www.ted.com/talks/zach_king_the_trick _to_regaining_your_childlike_wonder

October 21, 2022
Funfact. Did you know Miami has been ranked the best city in the US for foreign multinationals to do business in?
(Investing in America ranking compiled by the Financial Times and Nikkei)
 
The thriving Florida city finished first, achieving the most foreign direct investment per capita last year. Miami also scored high in catering to the special needs of overseas companies, including an airport with dozens of non-stops to foreign destinations and access to two of the largest shipping ports in the country.
 
Loquat is proud to be headquartered in the thriving metropolis of the south!
 
credit-unions
October 19, 2022
More than 30 million small businesses are registered in the United States and sadly 1 in 5 don’t make it past year one because they struggle to achieve reliable and consistent revenue.
 
This sobering reality means that small business owners need a banking partner they can trust that will play a critical role in helping their business survive.
 
Credit unions have the reputation of being for the small business owner, however, the lack of digital tools designed for speed, efficiency, security, and a personalized member experience means that they face losing even their most loyal members.
 
the-time-is-now-for-baas
October 18, 2022
What does this mean for financial institutions?
 
As small businesses continue to adopt technology to mitigate the effects of inflation and other economic hardships, they will expect their bank or credit union to offer digital features that can match and integrate with what they are already doing.
 
SMB owners are loyal to their banking relationships, but it’s a two-way street.
 
With speed, efficiency, and transparency, the Loquat technology allows bank members to open checking accounts, apply for loans, and be issued a debit or credit card in minutes instead of days.
 
The time is now for FI’s to leverage technology such as Banking-as-a-Service to break down the barriers to financial access, which is made possible with Loquat.
 
reducing-carbon-emissions
October 17, 2022
🌍 Sustainability is impossible to ignore in today’s world.
 
Reducing carbon emissions, addressing social issues in the workplace, and consumers choosing companies whose values align with theirs are only accelerating.
 
Technology can help pave the way for companies to adopt ESG initiatives and fully embrace sustainability transformation.
October 16, 2022
According to Goldman Sachs, investors have had an underlying fear that low interest rates would create a monster, better known as “zombie companies.”
 
A zombie company is typically described as a firm that survives on borrowing and barely produces a profit to service its debt.
 
The good news is, there aren’t as many out there as one would think.
October 15, 2022
Imagine if your local pizza shop could use AI to predict which flavor would sell best each day of the week. This is just one example of how small businesses can leverage the power of AI and machine learning for growth.
 
According to Andrew Ng, building a richer society by democratizing access to AI is possible.
October 14, 2022
An uncomfortable truth is that too many Americans still lack strong skills in personal financial management, which limits their opportunity to build long-term financial independence.
 
A 2020 Federal Deposit Insurance Corp. study found that about 7.1 million U.S. households are still “unbanked,” meaning they lack a checking or savings account at an insured financial institution.
 
Rodney Hood of the National Credit Union Administration shares his solutions to this growing issue in American Banker.
juniper-research
October 13, 2022

A new study from Juniper Research found that the value of the BaaS industry sits at $11 billion and the next 5 years of growth will be driven by the BaaS providers who offer a user-friendly banking and payments experience, improving relationships between banks and their customers or members.

loquats-three-pillars
October 12, 2022
“We’ve done our due diligence to ensure that the partners we choose reflect similar values as Loquat from an ESG perspective. In addition, we ensure that it provides stability, scalability, and customization for our clients.” – Loquat CTO, Minesh Valera.
 
Learn more about the Loquat approach to Digital Transformation in Banking with Minesh Valera: https://loquatinc.io/blog/the-loquat-approach-to-digital-transformation-in-banking/
October 11, 2022
Loquat founder and CEO Zarina Tsomaeva, and Rao Wu, Acuant Senior Director, Global Alliances, joined Mike Lawson on the CU Broadcast – a Credit Union talk show recently to discuss why we choose to work with best-in-class providers such as Acuant to prioritize speed, efficiency, transparency, and security for credit unions.
 
🎙 You can catch the episode here: https://lnkd.in/dssZSuAe
 
It can be tough to understand what a smart approach to digital success actually means for local financial institutions such as credit unions, community banks, and regional banks.
 
It may come as a surprise, but we don’t believe in automating 100% of banking processes.
 
💡 At Loquat, we believe in helping FI’s develop efficient processes and digitizing only the ones that make the most sense.
 
💡 A smart approach will integrate manual touchpoints with automation while keeping the human element of the customer experience – because we know this is a big part of community and relationship building between credit unions and their SMB members!
in-hard-economic-times
October 10, 2022

In hard economic times, it can be easy to lose sight of what is important: how to best serve our customers in times of need.

We agree with Gartner that it starts with creating a customer-centric culture, deploying listening, empathy, and customer engagement, and measuring the progress as we navigate periods of uncertainty.