The CFPB has proposed a rule to limit overdraft charges at larger U.S. banks and credit unions – though financial institutions of all sizes should take note.
Prepare Now for CFPB Clampdown on Overdraft, NSF Fees
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Fee Income, CFPB, Regulation, Overdraft Fees, NSF Fees, Service Charges
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.
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.
Topics: Digital Banking, Vendor Contract Negotiation, AI, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Interchange, Regulation, Debit Cards
Collaboration, Expanding Services, and Emerging Tech: Six Takeaways from Money 20/20
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.
Topics: Vendor Contract Negotiation, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Crypto, instant payments
Debit Interchange Finds Itself in the Fed's Crosshairs
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.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Durbin Amendment, Debit Cards, Interchange Fees
Finding the Right Partners Matters with Card Conversions
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 Matters When Evaluating Transformation Initiatives
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
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