We've heard several financial institutions intend to delay deploying instant payments capabilities, such as FedNow and The Clearing House's RTP Network, until 2025 as part of broader cost-control initiatives.
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Topics: Payments, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments
Financial institution executives who found 2024’s budget cycle particularly vexing are in good company. The unrelenting pace of technology, regulatory, and economic change makes allocating resources and meeting financial goals especially challenging. Time will tell if this is simply the “new normal,” but most internal processes have yet to adapt to these new demands.
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Topics: Digital Banking, Vendor Contract Negotiation, AI, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Interchange, Regulation, Debit Cards
Growth-focused companies rarely get excited about sectors with slow compound annual growth rates.
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Topics: Consumer Lending, Strategy, Distribution Channel, Product Proposition, Consumer Banking
SRM's experts spent much of 2023 tracking emerging developments in technology, regulation, and general trends in the financial markets.
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Topics: Payments, Vendor management, AI, Artificial Intelligence, Deposits, Regulation, liquidity, Interchange Fees
Financial institutions must be ready for a bevy of new regulations in 2024.
All major federal bank regulators (the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, the Federal Reserve, and the Consumer Financial Protection Bureau) have sought comments for proposed rules during the second half of this year. They cover many topics, including corporate governance, capital, liquidity, and artificial intelligence.
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Topics: Vendor management, AI, Artificial Intelligence, Deposits, Regulation, liquidity, Corporate Governance, Capital
Credit quality will become a bigger part of the conversation as banks and credit unions head into the homestretch of 2023.
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Topics: Net Income, Credit Quality, Changeoffs, Loan-Loss Provision, Earnings, Risk Management
After attending my first Money 20/20 conference I came away with an insightful experience filled with thought-provoking discussions on the future of finance. Over four jam-packed days, I captured notes from 16 sessions covering a wide swath of topics that are sure to (re)shape financial services.
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Topics: Vendor Contract Negotiation, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Crypto, instant payments
Most of this year's chatter surrounding card interchange has centered on the prospects for the Credit Card Competition Act's passage. While this pending legislation remains on the watch list, the plot has taken a sudden twist. The Federal Reserve, at an October 25 meeting, pulled debit interchange squarely back onto center stage.
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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Durbin Amendment, Debit Cards, Interchange Fees
The year ahead will bring a host of unknowns – including legislative and regulatory intervention, the resiliency of credit quality, and an unclear economic trajectory. A murky outlook will make it challenging for banks to determine a strategic course of action without hesitation.
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Topics: Revenue, Deposits, Expense Management, Regulation, Client Management, Credit Quality
The financial landscape evolves fast, with banks and credit unions constantly seeking ways to enhance their services, stay competitive, and comply with laws and regulations. One significant challenge they face is the conversion of their card processors – a complex and mission-critical task that can benefit from the expertise of a consulting partner.
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Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Credit Cards, Card Processing, Debit Cards
