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Michael Carter

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Banks and Credit Unions: Wake Up to the Needs of Your Small Businesses

Posted by Michael Carter on Jun 24, 2020 11:30:00 AM

Banks and Credit Unions Wake Up to the Needs of Your Small Businesses

For years, small businesses have gotten very little help from their financial institutions – and no market segment gets a pass on this one. From mega-nationals to community-sized institutions, small businesses have seldom found the assistance they need. Instead, many institutions have either pushed them to retail accounts or offered these small business owners treasury/commercial services.  

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Topics: Digital Banking, Economic Recovery, Small Businesses

COVID-19’s Digital Transformation Wrecking Ball

Posted by Michael Carter on May 17, 2020 9:00:00 AM

COVID-19’s Digital Transformation Wrecking Ball

There is a business cartoon that has been circulating around social media – a group of employees is holding court in a conference room. The manager at the head of the table declares, “Digital transformation is years away – I don’t see our company having to change anytime soon.” Meanwhile, outside the window just behind him swings a giant wrecking ball labeled “COVID-19.”  

The term “bank” never appears, but there is no sector for which the message rings truer. While the migration of banks and credit unions to digital channels has been underway for several years, of course, the national brands have been the most aggressive, creating an online capabilities gap over most community financial institutions. Given the pandemic-prompted closing of most branches and the energetic push of customers of all stripes toward remote channels, those investments by the largest institutions seem more prescient than ever. 

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Topics: Digital Banking, COVID-19, Digital Transformation

SRM Clients Weigh in on Expected COVID-19 Impacts

Posted by Michael Carter on Mar 29, 2020 9:00:00 AM

Covid blog-1

Over two weeks ago, our firm offered perspective on some things banks and credit unions can do to proactively support accountholders during the COVID-19 pandemic. Since then, we have maintained ongoing contact with our more than 1,000 clients as this situation continues to evolve. Additionally, we surveyed our industry network of clients and friends to help us understand how the virus is impacting their financial institution’s operations – and they delivered.  

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Topics: COVID-19, Coronavirus, Digital Channels, Remote Channels, Business Process Improvements

The Double-Edged Sword of Technical Debt

Posted by Michael Carter on Feb 24, 2020 3:30:00 PM

The Double-Edged Sword of Technical Debt

A colleague of mine once said, “God was able to create Heaven and Earth in six days because He did not have an installed base of users.” Anyone who has spent any time in the software business understands this axiom all too well.

This is essentially the premise behind technical debt. As soon as your institution commits to a solution and begins adding customers or members to it, constraints emerge making it difficult to enhance or upgrade the technology.

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Topics: Open Banking, APIs, Technical Debt

New Decade, Added Focus: Banking Trends for 2020 and Beyond

Posted by Michael Carter on Jan 13, 2020 10:00:54 AM

New Decade, Added Focus Banking Trends for 2020 and Beyond

Each year, SRM interviews a subset of bank and credit union clients to get their perspective on key industry trends rising to the top of their strategic to-do lists. With another decade having drawn to a close, January 2020 serves as a nice vantage point to take things in through a wider lens.

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Topics: Banking Trends, Digital Wallets, Contactless Payments

PNC v. Venmo: Drawing a Line in the P2P Sand

Posted by Michael Carter on Jan 5, 2020 9:00:00 AM

PNC v. Venmo Drawing a Line in the P2P Sand

Protecting Share, or Poking the Bear?

I asked a good friend of our firm, Ginger Schmeltzer, owner and principal of GDS Advisors, to comment on the recent announcement that PNC was blocking its customers from using their accounts to fund Venmo transactions. Ginger’s take echoed a number of comments made around the industry concerning the news.

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Topics: P2P, Venmo, Zelle, Digital Banking

Data Sharing – Model Agreement or Trojan Horse?

Posted by Michael Carter on Dec 15, 2019 9:00:00 AM

Data Sharing – Model Agreement or Trojan Horse?

One of the hottest topics in banking for financial institutions as well as third-party providers is data sharing. Banks and credit unions possess terabytes of such information; many organizations that are not financial institutions covet access to this data to increase the value they bring to consumers.  This value could manifest in many ways, from a simpler customer experience to providing personalized offerings that anticipate the user’s need. 

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Topics: Open Banking, Date Sharing

Vendor Contract Management in a Recession – How Will Fintechs Fare?

Posted by Michael Carter on Dec 10, 2019 1:00:00 PM

Vendor Contract Management in a Recession – How Will Fintechs Fare

Will the United States see a recession in 2020While the economist and political pundits disagree about the when and why, the overwhelming majority of them agree that our current period of expansion cannot last forever. The last time a significant number of the “experts” believed that the “good days” would last indefinitely, the world experienced an economic meltdown unmatched since The Great Depression.   

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Topics: Fintech, Vendor Contract Management

With Regulators Looking On, How Scary is Managing Vendor Risk?

Posted by Michael Carter on Oct 23, 2019 2:15:00 PM

With Regulators Looking On, How Scary is Managing Vendor Risk

The FDIC and NCUA each issued wake-up calls earlier this year pertaining to vendor management. While neither reflects a change in policy, both agencies emphasized their intentions to look more closely at banks and credit unions’ supply chain management and business continuity processes, particularly in the technology arena. The tone of the communications sounded as if the guidance was being offered as “helpful advice.” However, such guidance – regardless of the tone – should cause bank and credit union leaders to assume that, in the future, their practices in these areas will be an examination focus. Here are some thoughts that could provide some assistance in such an environment.

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Topics: Vendor Contract Management, Vendor management, Vendor Risk

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

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