The Fed recently issued a report detailing average debit card interchange fees by payment card network. I know, it’s like Christmas in August, but try to contain your excitement. Joking aside, payment geeks like me find endless insights pouring over the details and footnotes of this annual publication. We regularly share these reports with our clients, and suggest they keep the information at their fingertips.
SRM recently reached out to several dozen credit union clients to better understand their priorities for the next 12 months, including new product rollouts to address areas of greatest interest to members. Their responses cover a wide area, which isn’t surprising given the unique client segments being served. Nonetheless, certain trends clearly emerge.
The typical financial institution has dozens of contracts in place with numerous vendors that support its operations (both customer-facing and internal). As a result, staying on top of the expiration dates for all of those agreements to maintain an effective renewal process can present a significant challenge. At a minimum, doing so is simply best practice, but in other cases, such due diligence may also be a regulatory requirement or a board mandate.
Topics: Vendors & Contracts