Volunteerism, community outreach, donating — all FDIC-associated financial institutions know where we’re going with this one: it’s time to talk about Community Reinvestment Act (CRA) compliance. While CRA compliance can be a headache for FIs, we’re here to share a tool that can make the entire process infinitely easier: Kadince. If your FI has been seeking a modern solution to the modern obstacles surrounding CRA compliance, you’ll want to keep reading to learn more about the plethora of ways in which Kadince (and Zogo) can be of help. 

A Little Bit Of Background

Originally published in 1977, the CRA requires financial regulators to keep tabs on banks’ and other savings institutions’ community outreach efforts, including (but not limited to) volunteer hours and donations. But in the nearly 50 years that have elapsed since CRA compliance was introduced, so much has changed, including the ways in which financial institutions can both conduct and track their CRA efforts.

In this often chaotic, increasingly digital world, keeping track of anything at all gets harder and harder by the day — not just for individuals balancing their checkbooks and juggling a work-life balance, but for even the largest of high-powered institutions. For FIs, who must manage both their own and others’ finances, letting things slip through the cracks simply isn’t an option. When it comes to CRA compliance, the same standard applies, yet staying on top of everything that goes along with CRA compliance is no easy task. 

Enter Kadince

Kadince software is an easy, streamlined way to ensure your FI is complying with CRA standards and making a genuine effort to give back to the community. Just as the nature of community outreach has evolved over the years, so too has the technology available that helps institutions provide that outreach. With a fully online, easy-to-use system, Kadince makes CRA execution and compliance easier than you could ever imagine. By lightening the workload on the planning and tracking front, CRA officers and employees have more time to actually do those community outreach activities. 

The Kadince Difference

CRA compliance requires an abundance of scheduling, budgeting, decision making, volunteer tracking, and much more. For years, spreadsheets may have been enough to help CRA officers stay on top of all of the tiny details, which is crucially important as inspections from higher level financial regulatory agencies can come at any time. As an FI grows, however, and the community outreach follows suit, tracking every detail becomes even more cumbersome than trying to get employees to volunteer in the first place. 

Kadince software takes the guesswork out of the process for FIs across the board looking to bolster not only their data tracking but their outreach efforts, as well. Take financial education hours spent in local schools (which Zogo can be a huge help with) for example: Kadince allows FI employees to quickly and easily plan, track, and report on these volunteer hours. Using spreadsheets, this process is manual and time-consuming. But with Kadince, giving students the financial education they need becomes so much more manageable (and fun!). Plus, thanks to years of experience and an ecosystem of meaningful partnerships, Kadince can help to connect you with other tools, such as Zogo, to improve those outreach efforts.

Making CRA A Centerpiece 

It’s no secret that CRA outreach is mandated by the federal government — FIs do it because, well, they have to, but it doesn’t have to stop there. CRA is mandated because it’s such an essential need for so many people and communities across America. It falls on the shoulders of those with knowledge, resources, and time to engage with and give back to their communities, but with Kadince, CRA compliance becomes something much more meaningful. 

The mind-numbing hours of data entry are erased, the time spent trying to assign an employee to a CRA task is eliminated, and the worry that your FI may not be ready for a surprise inspection simply melts away. Without that time-consuming stress, you can get back to focusing on the things that matter most and  have far less of a headache throughout the process. 

To learn more about Kadince, head to their website and schedule a demo. You can also schedule a demo with Zogo to learn about how we can play a major role in your CRA efforts!