Category: Milan, TN

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ATA WELCOMES NEW PARTNER – MILAN, TN

ATA WELCOMES NEW PARTNER

MILAN, TN. — ATA adds Miles Anderson, CPA to its partner group, effective January 1, 2024.

Miles began his career at ATA over ten years ago. He has worked in a variety of industries but has created a focus in ERISA audits and tax services for individuals and businesses.  As partner, he will help lead the Milan location and be responsible for meeting client’s needs and goals as well as mentoring and providing professional development to others in the firm.

“Congratulations to Miles on his contributions and hard work,” said Managing Partner John Whybrew. “Exciting times are ahead for him and the future of our firm. Without a doubt, Miles will make a positive impact in his new role.”

“I’m thankful and excited for the opportunity to take the next step to grow professionally in my career,” said Miles Anderson.  “The leadership of ATA has done an exceptional job in mentoring me and instilling core values important to our firm that revolve around customer relationships. I look forward to what the future holds at ATA.”

Miles received his Bachelor of Science in accounting from Christian Brothers University and his Masters of Accountancy from Tennessee Tech University. He is a member of the Member of First United Methodist Church of Milan, TN as well as a founding board member and graduate of Gibson County Leadership Alumni Association.

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About ATA

ATA is an advisory firm that works with clients on all aspects of their business needs. ATA guides its clients towards success by providing consulting services that are not traditionally associated with the accounting industry. For example, Revolution Partners, ATA’s wealth management entity provides financial planning expertise; ATA Technologies provides trustworthy IT solutions; ATA Digital focuses on growth through the design and development of marketing and digital products as well as offers video, social media, and digital content for small businesses; ATA Capital is an investment banking firm dedicated to providing clients with M&A brokerage services; and lastly, ATA Employment Solutions is a comprehensive human resource management agency.

ATA has 16 office locations in Tennessee, Arkansas, Kentucky and Mississippi. Recognized as an IPA Top 150 regional accounting firm, it provides a wide array of accounting, auditing, tax and consulting services for clients ranging from small family-owned businesses to publicly traded companies and international corporations. ATA is also an alliance member of BDO USA LLP, a top five global accounting firm, which provides additional resources and expertise for clients.

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Financial Institutions and Banking Milan, TN

What’s Your Bank’s Plan to Counter Ransomware Attacks?

Cybersecurity continues to be a key risk that businesses face today, and banking is among the industries most affected by cyberattacks. Some experts estimate that around a quarter of all malware attacks target financial institutions. Of particular concern are ransomware attacks, which have increased dramatically in the past couple of years.

The threat of ransomware is so serious that the National Institute of Standards and Technology (NIST) — developer of a widely used cybersecurity framework — recently published a draft Cybersecurity Framework Profile for Ransomware Risk Management (the Ransomware Profile).

Ransomware and risk management

Ransomware is a type of malware that encrypts an organization’s data. Once malware has infected a system, the attackers demand payment in exchange for the encryption key that unlocks the data. In some cases, they may also steal an organization’s information and demand additional payment to avoid disclosure of that information to authorities, competitors or the public.

The Ransomware Profile outlines several basic preventive steps organizations can take to protect themselves against the ransomware threat, including:

  • Use antivirus software at all times,
  • Keep computers updated with the latest security patches,
  • Segment internal networks to prevent malware from proliferating among potential target systems,
  • Continuously monitor for indicators of compromise or active attack,
  • Block access to potentially malicious web resources,
  • Allow only authorized apps, and avoid use of personal apps — such as email, chat and social media — on work computers,
  • Use standard user accounts, rather than accounts with administrative privileges, whenever possible,
  • Restrict personally owned devices on work networks,
  • Educate employees about social engineering (for example, to not open files or click on links from unknown sources without scanning for viruses or taking other precautions), and
  • Assign and manage credential authorization for all enterprise assets and software, and periodically verify that each account has only the appropriate access.

Organizations also should take steps that will help them recover from future ransomware events, including developing and implementing rigorous backup and incident recovery plans.

Backup strategies and incident response plans

Simply keeping backups of data isn’t enough. Any significant gaps in recoverable data or delays in restoring systems can be devastating for banks. So, they must back up data daily and test and periodically validate it. Also, banks should store backups offline to prevent a ransomware attack.

A well-designed backup strategy is worthless, however, without a solid incident response plan. This critical step helps banks restore systems quickly and minimize downtime in the event of a ransomware or other attack. A cyberattack is highly stressful. So, to avoid a paralyzing panic, your response plan should provide step-by-step instructions on who does what and when. The plan also should be kept offline to ensure that it’s accessible if your systems aren’t.

Be prepared

All banks should have a comprehensive cybersecurity plan to prevent ransomware and other cyberattacks and to minimize damages should an attack occur. If your bank doesn’t have a plan or you’re unsure whether your plan provides the protection you need, contact one of our industry leaders about conducting a cybersecurity risk assessment with ATA Secure.

© 2022

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Keep Your Customers Satisfied

Over the past few years, community banking has withstood rapid technological changes, unprecedented economic challenges during a pandemic and new demands from its customer base. To maintain profitability amidst all this turmoil, you need to ensure that your bank retains its existing customers. After all, studies show that attracting a new customer typically costs five times more than retaining an existing one.

Here are three fundamental questions to help improve customer satisfaction and, ultimately, retention.

  1. What’s your core deposit base?

A good first step is to identify your core deposits and develop an understanding of customer behaviors. Differentiate loyal, long-term customers from those motivated primarily by interest rates. A core deposit study can help you distinguish between the two types of depositors and predict the impact of fluctuating interest rates on customer retention. Banking regulators strongly encourage banks to conduct these studies as part of their overall asset-liability management efforts.

Core deposit studies assess how much of your bank’s deposit base is interest-rate-sensitive by examining past depositor behavior. They also look at factors that tend to predict depositor longevity. For example, customers may be less likely to switch banks if they have higher average deposit balances and use multiple banking products (such as checking and savings accounts, mortgages and auto loans).

  1. How can you get to know your customers better?

To build customer loyalty, it’s critical to ensure that customers are engaged. According to research by Gallup, engaged customers are more loyal, and they’re more likely to recommend the bank to family and friends. They also represent a bigger “share of wallet” (that is, the percentage of a customer’s banking business captured by the bank).

Recent retail banking studies show that fewer than half of customers at community banks and small regional banks (less than $40 billion in deposits) are actively engaged. The percentages are even smaller at large regional banks (over $90 billion in deposits) and nationwide banks (over $500 billion in deposits). That’s the good news. The bad news is that 50% of customers at online-only banks are fully engaged.

So, how can community banks do a better job of engaging their customers to compete with online banks? The answer lies in leveraging their “local touch” by knowing their customers, delivering superior service, and providing customized solutions and advice. To do that, banks must ensure that their front-line employees — tellers, loan officers, branch managers and call center representatives — are fully engaged in their jobs.

Encouraging employees to engage with customers has little to do with competitive salaries and benefits. Rather, it means providing employees with opportunities for challenging work, responsibility, recognition and personal growth.

  1. How can you develop your online presence?

An increasing number of customers — younger people in particular — use multiple channels and devices to interact with their banks. These include online banking, mobile banking applications and two-way texting.

To build loyalty, banks should enable customers to use their preferred channels and ensure that their experiences across channels are seamless. And don’t overlook the importance of social media platforms. Younger customers are more likely to use these platforms to recommend your bank to their friends and families.

Ask the right questions

Your customer retention strategies shouldn’t be based on guesswork. Consider periodically engaging with customers concerning their level of satisfaction with your current systems and processes. Ask what they’d like to see improved. A brief survey, or even a short conversation, can provide valuable input on ways to keep your customers satisfied with your bank’s services over the long term.

©2021