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SRM Perspectives on Key Industry Trends

How Financial Institutions Are Trying to Appeal to Younger Consumers

Posted by Paul Davis on Jan 18, 2022 9:30:00 AM

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Topics: Payments, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Rewards Programs, Gen Z

The New Metrics of Consumer Loyalty

Posted by Jehan Sherjan on Jan 13, 2022 9:30:00 AM

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Branding, Loyalty, Sustainability

Stablecoins Could Enter the Mainstream in 2022

Posted by Larry Pruss on Jan 10, 2022 9:30:00 AM

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Topics: Vendor Contract Negotiation, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, DeFi, Stablecoins, CBDC

The Banking Trends That Will Define 2022, Part Two

Posted by Ben Mrva on Dec 28, 2021 9:30:00 AM

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In a recent post, we discussed two trends we anticipate driving strategy discussions for bank and credit union leadership teams in 2022. Our first trend breakdown focused on operational items – including back-office automation, loan originations, branch footprints, and artificial intelligence.

This blog will look at evolving customer trends that financial institutions (FIs) should address to maintain their valuable status as financial services providers of choice.

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Topics: Payments, Vendor Contract Negotiation, Credit Card, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, Buy Now Pay Later

How Credit Unions Can Take Advantage of the NCUA’s Crypto Guidance

Posted by Patti Wubbels on Dec 20, 2021 9:30:00 AM

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The National Credit Union Association delivered an early gift to the institutions it regulates – guidance for handling digital assets such as cryptocurrency.

A growing number of credit unions have shown interest in offering crypto services to their members. Still, many have been reluctant to take the plunge without parameters from the NCUA. The agency’s guidance should provide some comfort for leery executives.

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Topics: Vendor Contract Negotiation, Crypto, Cryptocurrency, Bank Vendor Management, Credit Union Vendor Management, DeFi, Digital Assets

Banking Trends That Will Define 2022, Part One

Posted by Ben Mrva on Dec 10, 2021 9:30:00 AM

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With changing economic conditions, inflation, COVID-19’s continued fallout, and escalating consolidation in the financial services space, predicting what’s to come in the new year is anything but certain. Despite the challenging environment, the consultants and analysts at SRM have identified key trends that will impact banks, credit unions, and fintechs in 2022.

Rather than scrambling to adjust as they play out throughout the year, we advise financial institutions to embrace the wave ahead and implement these trends into their 2022 planning.

Enjoy part one of two in our series on what’s in store for the year ahead.

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Topics: Vendor Contract Negotiation, Automation, Bank Vendor Management, Credit Union Vendor Management, Loan Growth

Identifying Revenue Opportunities in 2022

Posted by Paul Davis on Dec 1, 2021 9:30:00 AM

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It will be difficult for financial institutions to boost revenue in 2022 – many will need to be more innovative than ever to add customers, book loans, and bring in fees.

Interest rates should remain low next year, and competition will intensify as loan demand returns. Customers’ shifting preference for digital channels will require tech investments that will further pinch bottom lines.

Financial institutions are looking at niche businesses, acquiring loan portfolios, and creative revenue strategies to offset those pressures. Here’s a look at some tactics being employed.

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Topics: Fintech, Bank Vendor Management, Credit Union Vendor Management, Buy Now Pay Later, Cannabis Banking, Revenue

Money 20/20: Meeting in Person to Tackle Virtual Challenges

Posted by Keith Ash on Nov 22, 2021 2:30:00 PM

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This year’s Money 20/20 conference marked a notable return to large-scale in-person industry events, as thousands of professionals gathered in Las Vegas to discuss all things fintech. It’s unsurprising yet ironic that this group, finally able to meet face-to-face, focused on digital solutions enabling remote commerce.

Here’s an overview of key takeaways from four days of in-depth discussions with clients and other experts in this dynamic sector.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management

How to Renew a Card Processing Contract

Posted by Ben Mrva on Nov 17, 2021 9:30:00 AM

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Every relationship – even long-term ones – needs an occasional tune-up.

Banks and credit unions that want to stay at the top of their game must change with the times, evaluate longstanding agreements with third parties, and incorporate cost savings whenever and wherever they can. Those efforts can free up funds to pursue growth strategies, including adding or expanding digital capabilities.

Periodic reviews can also help financial institutions determine if their providers are meeting the conditions of their contracts. A fresh set of eyes from an outside advisor can help evaluate exceptions, reduce processing fees, and negotiate potential marketing bonuses.

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Topics: Vendor Contract Negotiation, Credit Union Vendor Management, Case Study, Credit Card Processing

How the Global Chip Shortage Could Lead to Headaches for Financial Institutions

Posted by Keith Ash on Nov 9, 2021 9:30:00 AM

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The global supply chain has drawn more mainstream attention over the past year than in generations – or perhaps ever. Supply chain issues have affected everything from shipping container shortages to automobile production to gaming consoles to, believe it or not, credit and debit cards.

A critical factor in most of the items previously mentioned is an ongoing shortage of silicon chips. Such chips are a building block for virtually all electronic products enjoyed by consumers worldwide.

We believe this supply risk should be on the radar of every financial institution, given the importance of keeping customers equipped with active payment cards. With effective planning, issuers can minimize the potential impact on their organizations.

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Topics: Vendor Contract Negotiation, Credit Card, Debit Card, Bank Vendor Management, Credit Union Vendor Management

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