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SRM Perspectives on Key Industry Trends

New OCC Fintech Charter Gives Challengers & Neobanks A Competitive Edge

Posted by Paul Davis on Jul 22, 2021 9:15:00 AM

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In recent years, challenger banks, neobanks, and other fintech startups have intensified their efforts to compete as financial services providers. Now, regulators have renewed interest in shifting the odds in their favor.

By obtaining a new specialized charter through the Office of the Comptroller of the Currency (OCC), new competitors may gain strategic advantages over more conventional banks and credit unions.

Here is a closer look at some legal and regulatory developments which could determine just how entrenched fintechs will become in the payments system – and how competitive they can be with core banking products and services.

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Topics: Payments, Fintech, Digital Banking, FDIC, Challenger Bank, Neobank, Growth Strategies

SRM Mid-Year Trends 2021 | Banks & CUs Perform Balancing Act

Posted by Paul Davis on Jul 14, 2021 9:30:00 AM

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SRM recently released its list of 2021 midyear trends that banks and credit unions should monitor during the second half of this year. Naturally, these developments didn’t appear out of thin air – our top-performing project managers and experts make it their business to examine and spotlight those topics which carry the greatest strategic impact for payments and financial services.

In this post, SRM shines a light on some big acts we’ve long anticipated will draw attention by the millions, billions, and trillions.

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Topics: Digital Banking, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, payment trends, Voice Assistants

Despite Crypto’s Correction, No Change to Fundamentals

Posted by Larry Pruss on Jul 8, 2021 10:00:00 AM

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Bitcoin has lost half of its value since reaching an all-time high mid-April. Although one might think this setback would cast a pall over a gathering of cryptocurrency enthusiasts, the overall tone of Coindesk’s Consensus conference in late May remained constructive and upbeat.

For those keeping their eyes on the prize, these two paths are not contradictory. Crypto’s long term value proposition hinges on its adoption as a means of exchange, not its volatile pricing as a speculative asset class. And there’s no sign of slowing down among large financial institutions and scrappy entrepreneurs creating trading and custody platforms and expanding payment capabilities for digital coins. These are the areas where banks and credit unions of all sizes need to take note.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management

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