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SRM Perspectives on Key Industry Trends

Prepare Now for CFPB Clampdown on Overdraft, NSF Fees

Posted by Paul Davis on Jan 25, 2024 11:07:00 AM

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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.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Fee Income, CFPB, Regulation, Overdraft Fees, NSF Fees, Service Charges

Delay Deploying Instant Payments at Your Own Risk

Posted by Dean Nolan on Jan 17, 2024 11:02:00 AM

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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.

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Topics: Payments, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, FedNow, Real-time payments, RTP Network, instant payments

How to Gain an Edge Making 2024 Financial Targets

Posted by Paul Davis on Jan 16, 2024 11:15:00 AM

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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.

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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

Posted by Larry Pruss on Nov 2, 2023 11:27:00 AM

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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.

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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

Posted by Myron Schwarcz and Keith Ash on Oct 31, 2023 11:02:00 AM

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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.

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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

Posted by Jeff Ostheimer on Oct 3, 2023 11:03:00 AM

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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.

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

Reputation Matters When Evaluating Transformation Initiatives

Posted by Simon Rose on Sep 28, 2023 11:05:00 AM

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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.

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Topics: Technology, Innovation, Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Transformation, Reputation

Tips for the Tech-Focused Financial Institution

Posted by Paul Davis on Jul 19, 2023 11:07:00 AM

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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.

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Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Banking-as-a-Service, Real-time payments, Venture Capital

Harnessing CRM to Deliver Sustained Success

Posted by Simon Rose on Jul 6, 2023 11:19:00 AM

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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.

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Topics: Vendor Contract Negotiation, Benchmarking, Bank Vendor Management, Credit Union Vendor Management, Data Analysis, CRM, Customer Relationship Management

Transaction Accounts –The Key to Deposit Funding

Posted by Tim Keith on Jun 7, 2023 11:05:00 AM

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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.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Deposits, liquidity, Gig Economy

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