The advent of instant payments is transforming the global payments landscape.
People are drawn to around-the-clock access to funds, immediacy, irrevocability, and transparency in instant payments. It can also become a rich source of data for many interested parties.
Topics: Vendor management, Point-of-Sale, FedNow, Real-time payments, instant payments
It is a scenario every credit union dreads – a security breach that either compromises member data or locks employees out of network servers.
Topics: Vendor management, Credit Unions, Cyberattacks, Encryption, Cybersecurity, Zero Trust Architecture
Banks and credit unions are taking a new look at the role their core systems play in delivering products and services to customers.
Topics: Innovation, Fintech, Vendor management, Core Platforms, Cloud
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In a recent conversation with a Colorado banker about tech strategies, he mentioned a looming investor meeting. He was putting together an overview and was trying to decide the best way to proceed.
"These are the people who provide the underlying support for what we're doing, so I want to make sure they know the road we're on will provide the value they want," he told me.
Topics: Digital Banking, Vendor management, Cryptocurrency, Digital Assets, Banking-as-a-Service
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After a two-year hiatus, Bank Director's Acquire or Be Acquired was back with an in-person event in Scottsdale, AZ, last week.
Topics: Fintech, Vendor management, Automation, Cryptocurrency, Mergers & Acquisitions, Expense Management
Financial institutions should brace for substantial regulatory change in the year ahead.
Turnover at the top of several federal agencies, including the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corp. (FDIC), foreshadows more scrutiny for FIs.
Everything seems to be on the table, including timelines for implementing the Current Expected Credit Loss (CECL) accounting standard, data privacy, and Bank Secrecy Act compliance.
There are, however, several areas that we believe merit the most attention in the coming months.
Topics: Vendor management, Cryptocurrency, Interchange, Regulations, Mergers & Acquisitions, Overdraft
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Many of you will remember the initial fear experienced when the Internet debuted in the 1990s. At the time, the popular narrative was that every business, no matter how big or small, would be on the information superhighway by the year 2000, replacing conventional media forms like newspapers, billboards, and the yellow pages. Fast forward nearly 30 years, and now everyone’s life is touched (and in many ways, sustained) by the Web.
Topics: Vendor management, Cryptocurrency, Fee Income, Deposits
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Creating a US central bank digital currency (CBDC) could have several benefits; however, it would also cause a plethora of systemic challenges for the existing financial system.
Topics: Vendor management, Cryptocurrency, CBDC, Federal Reserve, Blockchain
It’s not surprising commerce continues to migrate to digital channels across all sectors and that the pandemic has pushed further the already speedy digital banking trend. In the FI world, consumers rely on their bank or credit union’s virtual branch to navigate real-life decisions.
A recent family trip to Florida’s gulf coast reminded me of how much importance customers put into “What it says on the website.” We visited an area decimated by Hurricane Michael the year prior; although it remains a beautiful destination, the storm’s impact was still evident. Some businesses only had websites left standing, as we soon came to learn.
Topics: Digital Banking, Vendor management, Process Optimization
Given the whirlwind of recent events, it seems like ages since January, when one of our payments experts Larry Pruss weighed in on Visa’s acquisition of Plaid, API aggregator for P2P players such as Venmo. He discussed what this combination could mean for banks and credit unions going forward, reinforcing two key points:
Topics: Vendor management, Product Roadmap
