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Frictionless Payments: The Never-Ending Pursuit

Posted by Penny Webb

Apr 26, 2017 11:30:00 AM

“Frictionless payments” is an industry concept that has been around for many years. The phrase is used to describe a desire to limit the amount of customer interaction during a transaction, making the purchase process as smooth as possible from start to finish.

While the payment portion of a purchase can be the more laborious aspect of retail transactions, merchants and financial institutions must also focus on the end-to-end user experience when looking for ways to simplify the act of making a purchase. Streamlining the purchasing process should be a top priority for retail establishments and nonprofit organizations that want to attract new customers or contributors, or drive existing users to return more often.

No matter the industry or organization, there are essential gains to be made by applying the frictionless payments approach to customers’ purchase or donation experiences.  

The following techniques are often used to reduce friction in the payments process...

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Topics: Payments

Not All Lines of Credit Are Created Equal

Posted by Patrick True

Apr 21, 2017 11:00:00 AM

Revolving lines of credit to small businesses help fulfill a critical need for cash flow. They bridge the gap between the time services are completed or goods are shipped and the time payment is made for the resulting invoices. For most small business owners, this time gap can be challenging, especially since it is unpredictable and can leave the business at the mercy of its customers. For small businesses in the U.S., this time gap averages 50 days, although it varies by industry. Filling the gap with predictable cash flow is a critical requirement for businesses that are growing, as well as businesses that have opportunities for quick-pay and volume discounts.

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Topics: Commercial Lending

Four Pillars of a Strong Response to User Accessibility Needs (Part 3)

Posted by Terry Randall, Laura Reece, Emily Gafford, Nathaniel Kincy and Danielle Shearer

Apr 19, 2017 11:30:00 AM

In part one, began our three part series on user accessibility by discussing the Design and Construction stages of your site and attempted to convey the importance of a trusted partner who will be handling those critical foundational steps. In part two we talked about the actual content going on your site and hopefully gave you some tips on how to deliver your message in a way that all users can appreciate.

Today in the final installment, we’re shifting our focus to the last two pillars: Testing and Feedback Loop.

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Topics: Websites, Customer Experience

Four Pillars of a Strong Response to User Accessibility Needs (Part 2)

Posted by Terry Randall, Laura Reece, Emily Gafford, Nathaniel Kincy and Danielle Shearer

Apr 12, 2017 11:15:00 AM

Last week we began our three part series on user accessibility by discussing the Design and Construction of your site. The primary takeaway is that you are very likely to be extremely dependent upon your vendor to help you make great decisions that give you the best blend of aesthetics and user accessibility. There are a lot of great folks out there. Find someone you TRUST, someone who has exhibited the subject matter expertise to do the job. Today our focus shifts to an area in which you, as the owner of the website, can have a great deal of control - the content that goes onto your site.

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Topics: Websites, Customer Experience

The 20th Anniversary of “The Five Keys to Accounts Receivable Financing”

Posted by Patrick True

Apr 7, 2017 11:00:00 AM

Twenty years have passed since Paul Sims and I published an article in the Journal of Lending and Credit Risk Management (now the RMA Journal) entitled “The Five Keys to Depending on Accounts Receivable as a Repayment Source.” It is hard to describe the amount of change we have seen in financial services during those 20 years, and the challenges institutions have faced. While almost everything about the commercial lending process has changed since 1997, from technology to borrower/lender communication, the five keys are still just as relevant today as ever.

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Topics: Commercial Lending

Four Pillars of a Strong Response to User Accessibility Needs (Part 1)

Posted by Terry Randall, Laura Reece, Emily Gafford, Nathaniel Kincy and Danielle Shearer

Apr 5, 2017 11:30:00 AM

Financial institutions (FIs) and their vendors/partners are currently caught up in what can certainly feel like a tidal wave of activity regarding user accessibility, specifically access to FI websites. Seemingly every day a new article or blog-type post is being written <blush> trying to inform us, direct us, chastise us, or sell us a product to help us. Based on the research our team has completed, and the lessons learned that we now have under our belt as we work through this evolving issue, I wanted to share what we have come to believe are the four pillars to be addressed in order to pursue an excellent experience for ALL consumers of the digital channel. 

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Topics: Websites, Customer Experience

The Next Generation of Frictionless Payments

Posted by Deborah Matthews Phillips

Mar 29, 2017 11:15:00 AM

I confess…I am that picky person that pinches the produce and squeezes the Charmin at the grocery store. Honestly, I don’t enjoy grocery shopping – I dread standing in line, knowing there are better ways to invest my precious free time. Amazon launched a new concept store in Seattle, Amazon Go, for the 67% of consumers like me that never shop for groceries online yet yearn for greater convenience.

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Topics: Information Technology, Payments, Tomorrow's Technology

FinTech “Space Race” to Build a Fully-Integrated Commercial Lending Platform

Posted by Terry Renoux

Mar 24, 2017 11:00:00 AM

 

Conditions within the commercial lending sector during the past ten years have led financial institutions to seek greater efficiency throughout the loan fulfillment process. The demand for more integrated lending platforms is produced by three distinct market conditions:

  1. The rise of alternative third-party lenders since 2010.
  2. The need to increase production speed and reduce costs, in part due to the competitive pressures created by the new alternative lenders along with historically low net interest margins.
  3. The need for data integration to allow previously disparate systems to communicate with each other.

This third item, data integration, will make it much easier for institutions to manage risk and comply with upcoming changes to the loan loss recognition standards put forth by FASB.

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Topics: Commercial Lending

Four Things Product Teams Can Learn from Archery

Posted by Nick Wellner

Mar 22, 2017 11:30:00 AM

Growing up, I dabbled in archery. My dad bought a cheap fiberglass bow and showed me how to shoot a target on to of a stack of hay bales. When I started bow hunting again in my twenties, archery became a renewed passion. I attempt to shoot my bow every day; and slowly but surely, I’m hitting the center more and more consistently.

This is no easy task. A perfect shot requires your bow’s sight to be properly tuned and exactly aligned when you release. Your bow must be drawn back to the same spot each time, and released in the same exact motion. Most of the time, one of these variables is off, and your arrow doesn’t hit the center of the target. If you want to improve your next shot, you have to figure out what to adjust.

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Topics: Financial Services Industry, Information Technology

6 Tips For Planning Stress Free Data Conversions

Posted by Jason Mayhall

Mar 15, 2017 11:15:00 AM

With mergers and acquisitions, changing systems, or decommissioning systems, data conversions are inevitable. Without proper planning, you may expose your financial institution to missing data, data breaches, conversions dragging on for months and months, legacy hardware failure, recurring maintenance cost, increased staffing, and efficiency delays, among other risks.

With proper planning data conversions can go smoothly. The following tips can help you speed up the arrival of your data and insure the quality and accuracy of your conversion.

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Topics: Data Management

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