Instant payments have been on the radar for some time – The Clearing House’s RTP Network has been operational since late 2017. But the Federal Reserve’s launch of FedNow, the second instant payments network in the US, has reshaped the landscape – shifting the dialogue from “if instant payments will take hold” to “when and how will they take hold.” This was evidenced when over 1,750 people joined the Fed’s recent town hall on the topic – a potent indicator of market interest.
Topics: Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments
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.
Topics: Payments, Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network
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.
Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Banking-as-a-Service, Real-time payments, Venture Capital
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.
Topics: Vendor Contract Negotiation, Benchmarking, Bank Vendor Management, Credit Union Vendor Management, Data Analysis, CRM, Customer Relationship Management
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.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Deposits, liquidity, Gig Economy
The Consensus 2023 conference was a fruitful experience for those hungry to know more about emerging digital asset trends. Over 15,000 people from various industries attended the CoinDesk-hosted event in Austin, Texas. Well-known and admired companies, including PayPal, Pepsi, Franklin Templeton, and Mastercard, were on site to share stories about their blockchain-related projects.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Digital Assets, Blockchain, Regulation, Digital Identification
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The deposit market, which had been remarkably dull and easy to overlook for over a decade, continues to deliver new twists. The latest shot across the bow comes courtesy of Apple and Goldman Sachs – in the form of a savings account with a 4.15% annual rate and no minimum balance.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Deposits, liquidity, Apple Savings
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It’s an understatement to say that 2023 has been demanding for credit unions.
A flurry of interest rate hikes has created balance sheet challenges. The recent failures of two large banks, and the voluntary liquidation of another, have created questions about the public’s underlying confidence in the financial services industry.
Topics: Digital Banking, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Deposits, CFPB, Overdraft Fees
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We were already seeing banks and credit unions step up efforts to attract and retain deposits before last month’s bank fallout resurrected discourse about the importance of liquidity.
Financial institutions of all sizes are doubling efforts to hold onto depositors while serving people who have moved their accounts from Silicon Valley Bank, Signature Bank, and others. Deposit balances have become a hot topic – the Independent Community Bankers Association just announced that it would be a focus of its next fintech accelerator season.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Deposits, liquidity, Checking Accounts
The banking industry’s reaction to recent advances in artificial intelligence (AI) platforms such as OpenAI’s ChatGPT and freshly released GPT-4 has been a mix of excitement and caution.
Morgan Stanley is among the banner clients of GPT-4, using it to enhance its internal knowledge base and handle federated search capabilities for its wealth management personnel. JPMorgan Chase, in contrast, has tried to restrict employee use of ChatGPT. We believe adoption is inevitable, especially after Microsoft integrates GPT’s capabilities into its Office products.
Topics: Vendor Contract Negotiation, AI, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Large Language Models, ChatGPT
