The Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) recently issued a joint statement that expressed the agencies’ concerns with banks that have business dealings tied to digital assets, including cryptocurrency.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Digital Assets, Blockchain, Crypto, Regulation
Over the past year, SRM's experts have shared dozens of blogs, providing insight into industry-relevant topics.
We've covered a wide range of themes, including fintech trends, crypto, lending and deposit strategies, critical regulatory headwinds, and ESG programs.
Topics: Fintech, Vendor Contract Negotiation, Interchange, Buy Now Pay Later, Digital Assets, Overdraft, credit card competition act
Ask a bank or credit union executive to share their biggest challenge for 2023, and many will put gathering and retaining deposits at the top of their list. It is a remarkable reversal from previous years when FIs were awash in deposits and struggling to find optimal ways to put that liquidity to work.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Deposits, Balance Sheet
In SRM’s 30 years of experience representing our clients in vendor contract negotiations, we’ve developed deep insights into the best way for financial institutions to approach this process. We recently boiled down several best practices into a timely white paper titled “Rising to the Challenge – SRM’s Seven Rules for Optimizing Vendor Contracts.”
Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Expenses
I’m delighted that Sievewright & Associates (S&A) is now a part of SRM!
The acquisition comes after five straight years of solid growth in the S&A business, where we served more than 100 credit unions across the country ranging from $400 million to $53 billion of assets. The opportunity to join forces with an organization of SRM’s caliber, scale the business, and broaden support for credit unions all presented compelling reasons to sell.
Topics: Deposits, Credit Unions, Expense Savings, Leadership, Balance Sheet, Loans
This year’s edition of Money20/20 was back in full force. It was a well-attended event by all players in the ecosystem, a definitive difference from last year when lingering COVID-19 travel restrictions kept many would-be attendees on the sideline.
The conversation among the 13,000 registered attendees in Las Vegas, and countless others working the periphery, expanded beyond last year’s darling – cryptocurrency – to encompass other issues financial institutions will face as they head into a potentially turbulent 2023. This year’s top themes included safety and security, innovation, and evolving regulation.
Here are a few recurring observations from our time there...
Topics: Cryptocurrency, Digital Assets, Regulation, Metaverse, FedNow
Budgeting season for 2023 is slowly wrapping up as banks and credit unions forecast revenue opportunities and looming expenses.
Financial institutions are considering future interest rate hikes, regulatory oversight, and increasing personnel and operational costs, among other things. The bigger picture is that client retention and recruitment will be critical to long-term success – invest now to ensure you’re ready to compete.
At SRM, we urge banks and credit unions to take a hard look at third-party contracts as they plan for the new year. There are also other considerations that should be made as you prepare for the future.
This year, we polled some of our experts, asking them to highlight areas that merit extra attention. Here are some highlights from their responses.
Topics: Fintech, Automation, AI, Digital Assets, customer retention, ITM, Staffing
Professionals focused on the strategic and operational aspects of digital assets such as cryptocurrency have learned to disregard the media cycles.
Last year’s breathless hype – driven almost entirely by a retail investor frenzy – has given way to a “crypto is dead” storyline that emphasizes volatility and fraudulent applications. Lost in the noise is the fact that Bitcoin’s price has been relatively stable over the past four months.
Topics: Payments, Vendor Contract Negotiation, Digital Assets, Crypto
Federal regulators continue to advise on how banks and credit unions conduct due diligence for digital assets solution providers.
A lapse in vetting could expose FIs to an array of risks, ranging from reputational impact to non-compliance with government sanctions and BSA requirements.
Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Crypto, Regulation
Branch networks require significant investment, real estate is getting more expensive, and utilities and security costs are spiking. Offices can also be labour-intensive, assuming financial institutions can attract and retain the right frontline staff.
At the same time, branch traffic is declining, limiting opportunities for locations to generate revenue. If ROI is a primary consideration, it’s getting harder for banks and credit unions to justify having large branch networks.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management
