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SRM Perspectives on Key Industry Trends

Setting the Course for a Fintech Blueprint

Posted by Prakash Natarajan & Jeff Ostheimer on Aug 24, 2023 11:17:00 AM

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SRM’s recent report makes the case that banks and credit unions of all sizes need to develop a fintech blueprint – an actionable, comprehensive strategy to address industry evolution. In a previous blog, we outlined some recent innovations – open banking, real-time payments, and embedded finance – that should serve as a call to action.  

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Topics: Fintech, Vendor Negotiation, Strategy, Customer Journey, Customer Service

Key Considerations with the Official FedNow Launch

Posted by Paul Davis on Aug 15, 2023 11:05:00 AM

FedNow Blog

The official launch of the Federal Reserve’s FedNow platform on July 20 culminated a four-year undertaking by the central bank.

While the payments world didn’t change overnight, the launch has raised the potential for new use cases. I previously shared my thoughts on what financial institutions should consider in terms of real-time payments.

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Topics: Payments, Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network

The Importance of a Fintech Blueprint

Posted by Prakash Natarajan & Jeff Ostheimer on Aug 7, 2023 11:03:00 AM

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Most banks and credit unions will claim to have a “fintech strategy,” but their plans are often rudimentary at best. Those who went the extra mile to build plans with greater specificity were rewarded when the pandemic spurred a need to transition operations and customer engagement to digital channels. Much like disaster recovery planning, the payback only becomes apparent in hindsight.

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Topics: Open Banking, Fintech, Vendor Contract, Strategy, Early Warning, Paze

Tips for the Tech-Focused Financial Institution

Posted by Paul Davis on Jul 19, 2023 11:07:00 AM

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This year is proving to be pivotal for tech-focused banks and credit unions.

Real-time payments will get a shot in the arm from FedNow’s debut, while Banking-as-a-Service (BaaS) is plugging more fintechs into mainstream financial services. Still, the failures of Silicon Valley Bank and Signature Bank created challenges for some early-stage companies.

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Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Banking-as-a-Service, Real-time payments, Venture Capital

Harnessing CRM to Deliver Sustained Success

Posted by Simon Rose on Jul 6, 2023 11:19:00 AM

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The concept of Customer Relationship Management (CRM) dates back centuries – even if the “database” resided in a shopkeeper’s memory or, at best, a handwritten ledger. It wasn’t until the 1980s that modern marketing techniques sought to harness growing computing power, turning CRM into a multi-billion-dollar industry.

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Topics: Vendor Contract Negotiation, Benchmarking, Bank Vendor Management, Credit Union Vendor Management, Data Analysis, CRM, Customer Relationship Management

Why Credit Unions Need a Security-First Mindset

Posted by Cynthia Schroeder on Jun 27, 2023 11:17:00 AM

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It is a scenario every credit union dreads – a security breach that either compromises member data or locks employees out of network servers.

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Topics: Vendor management, Credit Unions, Cyberattacks, Encryption, Cybersecurity, Zero Trust Architecture

Five Takeaways from the Fintech + Insurtech Generations Conference

Posted by Paul Davis on Jun 22, 2023 11:32:00 AM

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I recently attended the Fintech + Insurtech Generations conference in Charlotte, N.C., which brings together visionaries across the broad spectrum of finance and technology.

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Topics: Payments, Open Banking, Digital Assets, Blockchain, Regulation

Tokenized Deposits Deserve a Closer Look

Posted by Larry Pruss on Jun 15, 2023 11:17:00 AM

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Most bankers associate the term “tokenization” with data security and authentication routines used to prevent system intrusions. Apart from a handful of innovators, few institutions have focused on tokenization – the process of creating a digital representation of any item of value.

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Topics: Payments, Blockchain, FedNow, Tokenization, Commercial Banking

The Future of Credit Cards Under Threat

Posted by Keith Ash on Jun 9, 2023 11:01:00 AM

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Sens. Dick Durbin (D-Ill.)t, Peter Welch (D-Vt.), Roger Marshall (R-Kan.), and J.D. Vance (R-Ohio) have re-introduced the bipartisan Credit Card Competition Act of 2023 (CCCA). Companion legislation was introduced in the House by Reps. by Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.).

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Topics: Visa, Interchange, credit card competition act, Durbin, Mastercard, Issuers

Transaction Accounts –The Key to Deposit Funding

Posted by Tim Keith on Jun 7, 2023 11:05:00 AM

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For several years, federal stimulus dollars swelled the checking account balances of many consumers, who found few, if any, safe alternatives to earn higher yields. That era has now receded into the rearview mirror.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Deposits, liquidity, Gig Economy

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