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.
Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Credit Cards, Card Processing, Debit Cards
Reputation. It’s the single most important factor for any organization and should always be a key consideration for financial institutions evaluating any strategic, operational, and technology initiatives.
Topics: Technology, Innovation, Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Transformation, Reputation
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
