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Sleeper Strategies for Winning Real-Time Payments

Posted by Lee Wetherington

Tue, Jan 21, 2020 @ 11:13 AM

I grew up in payments.

In the mid-90s, I cut my teeth on Standard Entry Class codes, Return Reason codes, and the logistics of batch clearing and time-based risk in ACH. I know. Sexy, right?

In Payments Land, geeks like me loved to talk shop. Still do.

Comic-Con and Star Trek conventions have nothing on regional payments conferences where payments nerds brandish obscure acronyms and flex arcane knowledge in passive-aggressive conversations about who’s liable for fraud in unusual transaction scenarios.

Today, most payments pros still think of payments in terms of technical categories based on who’s sending the payment, who’s receiving the payment, and which rules apply.

But this tactical mindset creates big blind spots; and blind spots can be dangerous, even fatal, when disruption is at the door.

Accenture predicts that banks risk losing $280 billion in payments revenue by 2025 as more payments become instant, invisible, and free.

So. What to do?

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Topics: Financial Institution, Payments, Digital

The Future of Legacy Data Conversions

Posted by Jason Mayhall

Wed, Jan 15, 2020 @ 10:22 AM

When was the last time you took a roll of camera film to be developed? How about taking out a phone book to look up a number? When was the last time you bought a CD or LP of your favorite band? Physical music (CDs, records, cassettes), camera film, print media (phone books, encyclopedias, newspapers), pay phones, and landline phones. These are just a few examples of items used frequently for more than 100 years that are now virtually gone within the past two decades. Technology has evolved to make these items nearly obsolete, which no one could have fathomed just 20 years ago. The same is happening to the world of data conversions.

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Topics: Financial Institution, Data Management, Future Ready

The Partnership Series – Volume One: Financial Institutions and Technology Firms

Posted by Patrick True

Fri, Jan 10, 2020 @ 11:29 AM

The financial services industry seems to be transitioning into a new phase of technological advancement. The last 10 years have seen the beginning of a technological renaissance in many areas of the industry, affecting the way that both consumers and businesses interact with financial institutions. From payment services to lending and risk management, financial institutions continue to focus their resources on creating the best user experiences for clients and the most efficient workflows for employees. While the first 10 years of this process was shaped by the birth of new financial technology providers, the next 10 will more likely be driven by collaboration and partnerships between these companies and financial institutions.

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Topics: Commercial Lending, Partnership, User Centricity

Best of 2019

Posted by Strategically Speaking

Wed, Jan 08, 2020 @ 11:39 AM

The beginning of a new year – especially a new decade – is a time of reflection. Looking back, 2019 was a tremendous year filled with insightful blog posts written by some of the industry’s finest thought leaders. We look forward to what new topics 2020 will bring – and in the meantime, would like to take a look at some of the top posts from 2019.

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Topics: Payments, Cybersecurity, Digital, Modern Membership

Professional Guides on the Path to Digital Change

Posted by B.J. Hall

Fri, Dec 20, 2019 @ 08:30 AM

Commercial lending is no longer immune to the digital transformation that has forever changed the world of banking. Now business borrowers, like consumer borrowers before them, are demanding faster access to capital and a better customer experience. Yet many commercial lending teams still have no technology in place to satisfy those demands. Why?

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Topics: Commercial Lending, Future Ready

Four Emerging Trends Driving Financial Technology Through 2020

Posted by Susan Griffin

Fri, Dec 13, 2019 @ 08:30 AM

The world of financial technologies has been experiencing dynamic changes in recent years. As we prepare to enter 2020, it is important to look at how the past 10 years have shaped our industry and highlight emerging trends that are likely to dominate the software development landscape in the next 12 months. Here are the top four trends that are likely to impact future software development in the year ahead.

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Topics: Commercial Lending, Future Ready, Financial Technology

Digital Payments Deliver in Money Moments of Need

Posted by Jennifer Geis

Wed, Dec 11, 2019 @ 11:05 AM

Most everyone would agree that technology has vastly changed the way we live our daily lives. With more than 203 million daily active users, Snapchat has taken over the way we communicate.1 When meeting someone new, the majority of Millennials and Gen Zers ask for a person’s Snapchat rather than a phone number. Gen Z uses TikTok – which was the most downloaded app worldwide for the month of September (2019) – to view the latest music, fashion trends, and how-to videos.2 Amazon has changed our shopping habits, with 92% of Americans reporting to have brought something on Amazon.3 And now, one in two adults with a U.S. bank account has access to P2P payments via Zelle right in their mobile banking app.4

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Topics: Financial Institution, Digital and Community Banking, Payments

U.S. Core Providers Supporting the Credit Union Movement

Posted by Nicole Harper

Fri, Dec 06, 2019 @ 11:07 AM

A look at the core players

More than 600 credit unions have changed core processors in the past five years. The pace of change and transformation happening in the financial services space makes selecting a technology partner more important than ever.

Each year, Callahan develops a valuable resource guide to help credit unions explore their core processing options.  Callahan strives to make this publication the go-to resource for credit union leaders seeking valuable analysis and actionable insights in a rapidly changing world. The 2020 Supplier Market Share Guide: Credit Union Core Processors provides a look at U.S. core providers supporting the credit union movement. Collectively, these core providers have helped America’s credit unions achieve strong performance.

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Topics: Credit Unions, FI Operations, Future Ready, Modern Membership

Comparing Clouds: Is A Private Cloud Environment a Better Choice than Public for Hosting Your Infrastructure?

Posted by Sebastian Fazzino

Wed, Dec 04, 2019 @ 09:56 AM

Cyber threats are becoming increasingly sophisticated, complex and pervasive, leaving financial institution (FI) and consumer data more vulnerable than ever before. As risk proliferates, it is no longer a question of if an attack will happen, but rather when fraudsters will strike. FIs, as a result, are challenged to keep up with evolving cybersecurity initiatives, IT regulatory compliance demands, and critical disaster preparedness issues – all while staying within budget and focusing on other significant priorities, such as lending and deposit growth.

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Topics: Financial Institution, Cybersecurity, Risk/Fraud

Credit Scoring for Small Businesses: A love-hate relationship

Posted by Nathan Streeter

Wed, Nov 27, 2019 @ 10:02 AM

I have a love-hate relationship with credit scoring for small business clients. Having started my career in banking, where we moved from traditional underwriting to credit scoring, I have seen both the good and bad of scoring models. Over the past 20 years there have been numerous shifts in how financial institutions attract and attain small businesses. One of the primary transformations is due to credit scoring.

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Topics: Commercial Lending, Small Business, Financial Institution

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