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This year’s Money 20/20 conference marked a notable return to large-scale in-person industry events, as thousands of professionals gathered in Las Vegas to discuss all things fintech. It’s unsurprising yet ironic that this group, finally able to meet face-to-face, focused on digital solutions enabling remote commerce.

Here’s an overview of key takeaways from four days of in-depth discussions with clients and other experts in this dynamic sector.

Every relationship – even long-term ones – needs an occasional tune-up.

Banks and credit unions that want to stay at the top of their game must change with the times, evaluate longstanding agreements with third parties, and incorporate cost savings whenever and wherever they can. Those efforts can free up funds to pursue growth strategies, including adding or expanding digital capabilities.

Periodic reviews can also help financial institutions determine if their providers are meeting the conditions of their contracts. A fresh set of eyes from an outside advisor can help evaluate exceptions, reduce processing fees, and negotiate potential marketing bonuses.

The global supply chain has drawn more mainstream attention over the past year than in generations – or perhaps ever. Supply chain issues have affected everything from shipping container shortages to automobile production to gaming consoles to, believe it or not, credit and debit cards.

A critical factor in most of the items previously mentioned is an ongoing shortage of silicon chips. Such chips are a building block for virtually all electronic products enjoyed by consumers worldwide.

We believe this supply risk should be on the radar of every financial institution, given the importance of keeping customers equipped with active payment cards. With effective planning, issuers can minimize the potential impact on their organizations.

Although credit unions have been acquiring banks for nearly 20 years, the banking industry has recently intensified its efforts to slow the pace of activity. The pushback is partially due to the aggregate number of credit unions buying banks – roughly 100 have taken place since 2003 – and that the purchases are, on average, becoming more significant.

A case in point is Midwest Community Bank in Freeport, Illinois, which recently became the 12^th bank to agree to be sold to a credit union this year. Overall, the credit union industry could eclipse the all-time high of 16 bank acquisitions announced in 2019.

The Independent Community Bankers of America (ICBA), which has objected to these transactions for years (largely citing the tax-exempt status of credit unions), sent a letter to Treasury Secretary Janet Yellen in July recommending that the federal government assess an exit fee on credit unions when they buy banks.

This proposal represents an interesting shift for the ICBA, one that we will look at more closely below.