David Peterson

SMBs are challenged to get the predictive data from the right technology needed to manage their accounts payable (AP). Any business that wishes to do so has access to its primary financial institution for online banking. This provides access to current and available balances, transaction history, access to conduct transfers and payments, and so on. But since by definition they are “small” businesses, their monthly activity does not warrant the high-end cash management services offered by their… Show more

SMBs are challenged to get the predictive data from the right technology needed to manage their accounts payable (AP). Any business that wishes to do so has access to its primary financial institution for online banking. This provides access to current and available balances, transaction history, access to conduct transfers and payments, and so on. But since by definition they are “small” businesses, their monthly activity does not warrant the high-end cash management services offered by their financial institution. So, nearly all SMBs “make do” with consumer online banking, as most financial
institutions offer no specific SMB online functionality. Now, most consumer online banking systems are
perfectly fine for a small business if all they care about is insight into what has already occurred.

There is no option for delivering technological wisdom through a look-ahead—the kind of look ahead required to predict income and expenses, including the element of time, which leads to predictable cash flow. Show less

Having money arrive in a business checking account is one thing. But posting to accounts receivable is quite another. Business accounting systems are not equipped to automatically handle real-time cash application from numerous sources. This results in manual effort to apply payments and additional time spent in reconciling what was received in the bank and what was actually applied. Manual effort means additional delays which defeats the whole promise of faster or even instant payments. What… Show more

Having money arrive in a business checking account is one thing. But posting to accounts receivable is quite another. Business accounting systems are not equipped to automatically handle real-time cash application from numerous sources. This results in manual effort to apply payments and additional time spent in reconciling what was received in the bank and what was actually applied. Manual effort means additional delays which defeats the whole promise of faster or even instant payments. What good does it do a consumer to pay their electric bill or loan payment using a real time payment method if that payment is not credited to the back end accounting system at the same speed with which it was paid? It may sound backward, but the recent increase in electronic and emerging instant payments has inadvertently lowered straight-through-processing rates. This inefficiency lowers businesses gross margins. Show less

Recently I had the opportunity to speak with David Peterson and spend some time talking about how enterprise solutions are integrated by financial institutions and whether he agrees that the time is right for organizations to think seriously about implementing these technologies. It was a really interesting hour and I know you’ll enjoy this summary of our discussion.

It’s seems like a no brainer: If you chase innovation, you can radically change your business. However, it has become a common trend amongst businesses to stick with what makes you feel comfortable. If your system makes you feel comfortable, then that’s good enough. That sort of mentality is going to come bite you in the bud – maybe it has and you haven’t realized it.

eBanking pioneer David L. Peterson, who serves as President of U.S. Dataworks, is working towards getting more and more… Show more

It’s seems like a no brainer: If you chase innovation, you can radically change your business. However, it has become a common trend amongst businesses to stick with what makes you feel comfortable. If your system makes you feel comfortable, then that’s good enough. That sort of mentality is going to come bite you in the bud – maybe it has and you haven’t realized it.

eBanking pioneer David L. Peterson, who serves as President of U.S. Dataworks, is working towards getting more and more financial institutions to wake up and keep up with the evolving world. Show less

By now, the message has been lost on no one: traditional financial services are at an inflection point. They must innovate to survive. At the enterprise level, however, innovation is far easier said than done.

Faced with change, some employees may simply wait out a new initiative to see whether it sticks. They may ask themselves, “Why should I alter my course and work hard to make this a reality when in a few months, it will be forgotten?” Perhaps they’ve seen it all before: senior… Show more

By now, the message has been lost on no one: traditional financial services are at an inflection point. They must innovate to survive. At the enterprise level, however, innovation is far easier said than done.

Faced with change, some employees may simply wait out a new initiative to see whether it sticks. They may ask themselves, “Why should I alter my course and work hard to make this a reality when in a few months, it will be forgotten?” Perhaps they’ve seen it all before: senior management taking up an initiative without the realistic processes or enterprise-wide buy-in needed for long-term success—ultimately allowing the idea to drift off into obscurity. Organizations that are not fully committed to innovation will never see any systemic change. Show less

Crises will come. They are inevitable. You just can’t be sure when or what form they will take. Your next crisis might be a situation you have rehearsed over and over—or it might be something completely out of left field. Regardless of what the crisis is or when it manifests, the key issue is whether you and your organization will perform at a high level at that crucial moment. Effective managers can create an environment where employees at all levels feel prepared to step up and shine in a… Show more

Crises will come. They are inevitable. You just can’t be sure when or what form they will take. Your next crisis might be a situation you have rehearsed over and over—or it might be something completely out of left field. Regardless of what the crisis is or when it manifests, the key issue is whether you and your organization will perform at a high level at that crucial moment. Effective managers can create an environment where employees at all levels feel prepared to step up and shine in a crisis. It starts with the organization’s attitudes towards employee behaviors that exhibit creativity and rapid decision-making in everyday situations. Show less

There is no time for a teller facing a gun to access the employee handbook on how to respond to a robbery. Likewise, in the case of a burst water pipe, shutting off the water supply as quickly as possible will likely mitigate the negative effect of the water pouring into computer equipment.

So, two key elements in crisis mitigation are:

Anticipating the types of crises likely to occur.
Brainstorming how to remediate those crises.

This expands the advanced thinking on… Show more

There is no time for a teller facing a gun to access the employee handbook on how to respond to a robbery. Likewise, in the case of a burst water pipe, shutting off the water supply as quickly as possible will likely mitigate the negative effect of the water pouring into computer equipment.

So, two key elements in crisis mitigation are:

Anticipating the types of crises likely to occur.
Brainstorming how to remediate those crises.

This expands the advanced thinking on potential crises beyond robbery training to include burst pipes, kids pulling out computer power cords, or a zombie apocalypse. (Okay, a real zombie apocalypse is extremely unlikely. But if you did brainstorm how to mitigate one, the resulting mitigation and communication strategies would be just as effective against a riot or epidemic infectious disease.) Show less

Does your experience with “good” solutions in the past impede your ability to come up with “great” new ideas?

The answer to that question fundamentally impacts the way you do your job. READ MORE ...

As I speak and write on innovation driven growth, the question I am most often asked is, “How can I get innovation started at my organization?”

The answer depends on what your role is in the institution and how free you are to innovate. If you are the CEO and you want innovation to flourish, you have the power and resources to make it happen. As you get further down the org chart, your ability to innovate may depend on how much your boss or supervisor values innovation. I believe each… Show more

As I speak and write on innovation driven growth, the question I am most often asked is, “How can I get innovation started at my organization?”

The answer depends on what your role is in the institution and how free you are to innovate. If you are the CEO and you want innovation to flourish, you have the power and resources to make it happen. As you get further down the org chart, your ability to innovate may depend on how much your boss or supervisor values innovation. I believe each person working at a financial institution falls into one of three innovation categories:

You are completely free to innovate (within reason).
You have a desire to innovate but are being blocked from innovation by someone higher up in the organization.
You are the innovation roadblock.

Click to find out more ... Show less

Every day, employees at your organization are making reaction versus response decisions, perhaps subconsciously.
- Do they react or respond to the odd request made by a prospect?
- Do they react or respond when a key system crashes or are faced with an online intrusion attack?
- Do you react or respond when you are faced with a disaster for which you are unprepared?

Most of the events we deal with are not life or death decisions to be made in an instant. We have the luxury to… Show more

Every day, employees at your organization are making reaction versus response decisions, perhaps subconsciously.
- Do they react or respond to the odd request made by a prospect?
- Do they react or respond when a key system crashes or are faced with an online intrusion attack?
- Do you react or respond when you are faced with a disaster for which you are unprepared?

Most of the events we deal with are not life or death decisions to be made in an instant. We have the luxury to carefully think about a situation, consider the outcome that would best suit us or our organization and then put into action a plan that would bring about that result. Show less

Thinktime is a way to create structure around creative thinking. While it may be possible to have an “aha” moment anywhere at any time, there are four elements required in order to allow true creativity to flourish. They are - Space, Time, Time, and Self-Confidence. Click on the full article to learn more ...

What if I told you that the more experienced you are…

…The less likely you are to come up with innovative ideas? Does that sound paradoxical? If so, you’d do well to consider the risks of autopilot thinking—and learn what you can do to overcome it.

Article on getting more RDC customers / more items captured via RDC, David Peterson interviewed and quoted in this article.

You make thousands of conscious decisions each day, regardless of whether it’s where you will have lunch or setting the strategic direction of your organization. Metacognition—that is, thinking about how you think—can make those decisions better. Read more ....

Tuesday was a unique opportunity for area business leaders to envision a more innovative future for themselves and their organizations. The event was the 1st Annual Innovation Summit, sponsored by the Valdosta-Lowndes Chamber, Turner Center for the Arts, and the Rainwater Conference Center. The program was created and facilitated by area entrepreneur David Peterson of i7strategies. Attendees heard from a diverse group of speakers on a common theme: How to achieve transformational growth through… Show more

Tuesday was a unique opportunity for area business leaders to envision a more innovative future for themselves and their organizations. The event was the 1st Annual Innovation Summit, sponsored by the Valdosta-Lowndes Chamber, Turner Center for the Arts, and the Rainwater Conference Center. The program was created and facilitated by area entrepreneur David Peterson of i7strategies. Attendees heard from a diverse group of speakers on a common theme: How to achieve transformational growth through innovation.
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We must break out of tradition and become more open to innovation. Rather than eschewing new ideas, we must seek them out. We must hire younger employees, and, when those employees openly question the status quo, we must listen. Not everything seen with a new pair of eyes is an opportunity for a breakthrough, but some are. If we are open to listening to those who are not steeped in our business, who see the trees and the forest, then we can obtain valuable insight.

Article on how financial institutions need to embrace innovation and make it a part of the strategic planning, featuring interview with David Peterson

Businesses need a dramatic shift in attitude. Millennials are maturing; they are already the largest generation and as they come into real earning power they will dictate every business’ future. So let’s dig into the real motivators behind the enigma of the millennial shopper ...

When developing new branches, banks must consider employee
hiring and retraining issues as much as they think about technology
and building design.

Over the past four decades, the U.S. population has grown by approximately 1.5 percent, but during that same period, the number of financial institution branches increased by 3.4 percent. Why would the number of branches need to grow at a rate over twice that of the potential new customers?

So, is this situation just “too bad” for banks? If you have more branches than you need, and they are too big, what can you do about that?

How does it look to a prospective customer who walks… Show more

Over the past four decades, the U.S. population has grown by approximately 1.5 percent, but during that same period, the number of financial institution branches increased by 3.4 percent. Why would the number of branches need to grow at a rate over twice that of the potential new customers?

So, is this situation just “too bad” for banks? If you have more branches than you need, and they are too big, what can you do about that?

How does it look to a prospective customer who walks into a 4,000-square-foot branch with only one visible employee and no other customers? Show less

Grounded! is an encouraging, motivational book that not only highlights management techniques applicable to seasoned executives, but also provides insight and wisdom to young entrepreneurs and all future leaders. It is a business book filled with gripping tales from David Peterson's management experience. As you trace David's experiences, you will not even realize you are learning important business lessons. Grounded! serves to encourage and motivate leaders to take action in order to be more… Show more

Grounded! is an encouraging, motivational book that not only highlights management techniques applicable to seasoned executives, but also provides insight and wisdom to young entrepreneurs and all future leaders. It is a business book filled with gripping tales from David Peterson's management experience. As you trace David's experiences, you will not even realize you are learning important business lessons. Grounded! serves to encourage and motivate leaders to take action in order to be more prepared when inevitably mitigating the negative effects of future events, and to be more thoughtful about who they hire and with whom they associate. And, maybe, to become better, more grounded people. Show less

William Mills Agency is pleased to announce the availability of Bankers as Buyers 2016 — a collection of research, observations and articles regarding technology solutions and services that U.S. bankers will buy in 2016.

2016 Hot Topics for meeting planners and organizations that want high quality and high energy presentations that will thrill and delight audiences

Millennials are replacing Baby Boomers as the primary account holders for financial institutions. Yet most FIs maintain a traditional focus on a traditional model for providing services, a model which millennials are not interested in. How can financial institutions begin the transformative changes that will be necessary to be the primary banking entity for tomorrow's best, most profitable customers?

Did you know that according to the Bureau of Labor Statistics, Millennials have already surpassed Baby Boomers as a demographic group in the United States? While these young people may not represent any significant percentage of your depositors today, you can be sure that, in the coming years, they will. According to the Johnson Center of Philanthropy, $41 trillion of assets will pass generationally between now and the year 2050. Put another way, the customers that represent 80% of your… Show more

Did you know that according to the Bureau of Labor Statistics, Millennials have already surpassed Baby Boomers as a demographic group in the United States? While these young people may not represent any significant percentage of your depositors today, you can be sure that, in the coming years, they will. According to the Johnson Center of Philanthropy, $41 trillion of assets will pass generationally between now and the year 2050. Put another way, the customers that represent 80% of your deposits will be dead in the next 20 years. Millennials will become your best, most profitable, relationships. You will want them as customers. The question is: will they want you as a financial institution?
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Patti Murphy reporting on a keynote delivered by David Peterson at the 2014 RDC.com Summit on Branch Transformation.

Check out this important report on the state of Financial Technologies. I am referenced on a story on branch transformation beginning on page 8

Are there too many physical bank branches and are they profitable? Are virtual branches in the future, and what may be challenges to their advancement? Learn more now. 22 minutes

Today's financial services are in a state of perpetual change. Just look at where we were five years ago compared to where we are right now -- then imagine where we'll be next year. Time flies as technology accelerates faster and faster. To get to the heart of this digital dilemma, we invited Q2's EVP of Strategy David Peterson to provide us with advice on what credit unions should be doing to keep pace with today's technology leaps. Specifically, we looked at the digital channel and how credit… Show more

Today's financial services are in a state of perpetual change. Just look at where we were five years ago compared to where we are right now -- then imagine where we'll be next year. Time flies as technology accelerates faster and faster. To get to the heart of this digital dilemma, we invited Q2's EVP of Strategy David Peterson to provide us with advice on what credit unions should be doing to keep pace with today's technology leaps. Specifically, we looked at the digital channel and how credit unions can now bring the branch to their members instead members going to the branch -- a totally new way to conduct financial services from a mere decade ago.
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Many U.S. financial institutions (FIs) have ventured into the world of online banking – some reluctantly and with hesitation. A strong argument exists for opening a virtual branch, but FIs that fail to recognize, support, and invest in this branch are giving little consideration to the potential benefits and revenues they could reap. To steer clear of common pitfalls, FIs must acknowledge the need for adjusting their business approach. How they respond to several concrete questions let FIs know… Show more

Many U.S. financial institutions (FIs) have ventured into the world of online banking – some reluctantly and with hesitation. A strong argument exists for opening a virtual branch, but FIs that fail to recognize, support, and invest in this branch are giving little consideration to the potential benefits and revenues they could reap. To steer clear of common pitfalls, FIs must acknowledge the need for adjusting their business approach. How they respond to several concrete questions let FIs know how far along they are on the path to building a financially viable virtual branch. Show less

Let’s face it: We have truly become a mobile society. And when it comes to banking, the evidence is overwhelming; customers of all ages demand and use the online channel for their banking needs. Is your virtual branch growing? If not, how well are you feeding it?

Recent statistics from Javelin show that 75 percent of all transactions already occur outside the physical branch. Yet, most community banks have not adjusted their business plans to accurately reflect the value of this resource. Considering the e-channel as a branch of its own – a virtual branch – enables banks to embrace changing preferences, experience cost savings and deliver the level of convenience and control consumers demand.

Recent regulatory changes have limited FIs non-interest fee income opportunities, forcing them to look for alternatives. A potential source of revenue may reside in the tried-and-true credit card. Many community banks have outsourced their card issuing programs, limiting the revenue potential these programs can generate. Consider that over 50 percent of all community bank customers carry and use a credit card, yet less than 5 percent of community banks have their own card.