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Michael Carter

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Does Experience Matter in Vendor Cost Benchmarking?

Posted by Michael Carter on Aug 18, 2019 9:00:00 AM

Does Experience Matter in Vendor Cost Benchmarking

Sports are one of America’s greatest pastimes, and anyone spending even half an hour watching them will likely exclaim, “How did that player do that?” Indeed, with the help of science, today’s athletes are dieted and trained to have bodies “made” for their sportModern athletes can achieve heights not previously seen. However, science alone does not guarantee the modern athletesuccess. 

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Topics: Vendor Contract Management, Vendor Cost Benchmarking, Contract Negotiation

What If Vendor Contract Management Could Save You Money?

Posted by Michael Carter on Aug 11, 2019 9:00:00 AM

What If Vendor Contract Management Could Save You Money

Vendors, compliance, risk – OH MY! The burden of vetting vendors and ensuring that they do not introduce unacceptable risk to the organization falls squarely on the shoulders of financial institutions.

The cost of regulatory compliance in financial services is far from stagnant. In a report by Thompson Reuters, 54% of the respondents in the United States expected increases in cost to their compliance budget. As the time and money for regulatory compliance grows, what if vendor contract management could save you money (or even make you money) instead of always being that loud “sucking sound” you hear? 

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Topics: Vendor Contract Management, Contract Tracking

Automating Vendor Invoice Auditing Delivers 44% Cost Savings

Posted by Michael Carter on Aug 4, 2019 9:00:00 AM

TAB_Auditing

Vendor invoices in the financial services industry are complicated, with some listing over 500 line items. Further, annually auditing these invoices is a time-consuming task and, in the face of that kind of resource drain, many financial institutions tend to compare one month’s invoice to the last. If the amounts are similar, the invoice is approved. 

This may sound rather casual, but even when banks and credit unions commit the time required to manually review vendor invoices, human error compromises the value of that effort. Further, human errors made during the manual review process can become self-perpetuating, compounding over time without the institution’s knowledge.

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Topics: Contract Management, Vendor Contract, Vendor Invoice Auditing

What to Make of Your Digital Banking Decisions as NCR Acquires D3

Posted by Michael Carter on Jul 8, 2019 11:22:57 AM

SRM NCR D3

Last Tuesday, NCR acquired D3 Banking Technology (D3), a digital banking software company that provides solutions to regional banks. This comes just six years following NCR’s purchase of Digital Insight, a move that NCR explained would allow it to offer financial institutions a complete “omni-channel consumer experience.” Others saw the purchase as part of a “makeover” that NCR needed to survive. Whatever the case, the $1.65 billion paid for DI would suggest this was no trivial action on the part of NCR.

Is D3 another arrow in the quiver as NCR continues to remake itself? Does the acquisition signal a “reboot” to the makeover centered around DI that has stalled? Could the purchase suggest an attempt by NCR to go to market with two technologies, one more fit for smaller institutions and the other an up-market option? In fact, in the July 2 press release announcing the deal, NCR claimed that the latter question could be answered in the affirmative. The news release noted that D3 “immediately expands” NCR into new markets, notably “U.S. large banks and over time, international banks.”

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Topics: D3 Banking, NCR, Digital Banking

Planning Your Digital Transformation Journey

Posted by Michael Carter on May 5, 2019 9:00:00 AM

planning your digital transformation journey

In case you haven’t heard, the digital channel is essential to your financial institution’s future success and perhaps to its very survival. While this point is broadly accepted in concept, an alarming number of banks and credit unions have yet to take concrete steps toward aligning their omnichannel model with customer trends.

In many cases, this inaction is a product of fear. Digital transformation is a daunting undertaking and it can be hard to know where to begin, especially with other priorities competing for bandwidth. As is the case with fitness programs, however, the most important starting point is often to simply begin moving.

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Topics: Technology

Responding to the FDIC’s Letter to Avoid Vendor Contract Gaps

Posted by Michael Carter on Apr 9, 2019 9:00:00 AM

FDIC Letter (1)

A letter from the Federal Deposit Insurance Corp. (FDIC) issued Tuesday, April 2, contained a warning that caught the attention of many financial institutions and their vendors. Specifically, the FDIC stated that it had encountered a number of situations where banks were not sufficiently controlling the risk associated with their supplier relationships.

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Topics: Technology, Vendors & Contracts

The Cautionary Tale of Robinhood and Its Dealings With Financial Regulations

Posted by Michael Carter on Mar 3, 2019 9:00:00 AM

Robinhood-1

The “hawks versus doves” debate regarding financial institutions and FinTechs has been raging for years. Are these startup firms (and even some established industry service providers) that seek to reinvent financial services actually out to steal banks’ and credit unions’ lunches? Or is there more that unites these groups than divides them, creating opportunities for synergy and collaboration?

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Topics: Insider

Four Digital Trends Disrupting the Payments Landscape

Posted by Michael Carter on Feb 3, 2019 9:00:00 AM

trends image 3 (2)

Our CEO, Brad Downs recently shared SRM’s key fintech trends for 2019, with a focus on items that banks and credit unions should factor into their near-term planning. Allow me to build upon those by looking more specifically at payments trends while also applying a broader time horizon, isolating the macro-level developments that have been underway for some time and continue to shape the industry.

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Topics: Technology

News from the Interchange Wars

Posted by Michael Carter on Jan 17, 2019 9:00:00 AM

Interchange Fees

Unless they work in the industry, most consumers who make a purchase with a card would struggle to define the word “interchange.” On the other hand, for the organizations who largely make it possible to use cards to make a purchase – issuers, merchants and processors – interchange is always top of mind.

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Topics: News

Trending in 2019: Tipping Points for Banking Breakthroughs

Posted by Michael Carter on Jan 9, 2019 12:00:00 PM

iStock-912425208

At the start of each year, SRM publishes a list of the trends that are most likely to impact the financial services industry over the coming 12 months.  The trends we described are based on qualitative and quantitative research as well as from one-on-one conversations we had with bankers and thought leaders in the industry.

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Topics: Vendors & Contracts

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