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Jennifer Geis

Jennifer works in the Strategic Initiatives Group at Jack Henry & Associates. In her current role as a Strategic Initiatives Analyst, she focuses on the payments and analytics space. This emphasis includes working as an industry expert in the fields of online and mobile payments, as well as card and digital channel technologies. Jennifer works internally to act as the liaison between product and executive teams to recommend product enhancements, vendor partnerships, and marketing initiatives. She also works with industry analysts to research and forecast digital banking and electronic payment trends. She possesses over 20 years of experience in the financial services industry, working for a large regional financial institution and two of the top financial service solutions providers in the U.S. Her focus includes strategy, product development, marketing and management.

Recent Posts

To P2P or Not P2P: That is the Question

Posted by Jennifer Geis

Wed, Jan 22, 2020 @ 10:12 AM

Person-to-person (P2P) payments has been a hot topic in the financial services space. Zelle can already reach more than 50% of all direct deposit accounts (DDAs) in the U.S., and Zelle’s partnership with Mastercard and Visa will soon allow it to reach approximately 97% of all DDAs.1 As P2P has grown, more alternative players have gotten into the mix. Google is attempting to entrench itself into financial services by offering DDA accounts, leading to allegations on how P2P will be further leveraged via Google Pay. Facebook expanded its P2P payment solution to enable additional commerce between marketplaces and platforms. Amazon Pay plans to enable voice-based bill payment which is likely to create a new wave of P2P innovation. Being able to say to your mobile device, “Send Susan from Facebook $80 to pay for my share of dinner last night,” might be closer to reality than we think. We have to concede that competition, especially from unconventional providers, is expected to get even more convoluted in 2020.

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Topics: Financial Institution, Payments, Digital

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

Digital Bill Pay: The Next Big Tech Transformation

Posted by Jennifer Geis

Wed, Nov 20, 2019 @ 10:08 AM

Let’s face it, if someone asked us the top three things we hate to do, paying our bills would probably rank somewhere between going to the dentist and cleaning the toilet as far as our level of despise goes. Electronic bill pay has been around since the late 1990s and gained traction in the early 2000s as internet access became a household commodity. Since then, not much has changed with bill pay functionality to improve the experience or even make it more palatable. There have been two main ways to pay online, through your financial institution’s website or through your biller’s website. At first, financial institutions had a hold on the market with a consolidated – or one-stop stop ­– approach to paying bills. However, as consumers gained comfort with the internet, visiting multiple sites for multiple purposes, the demand for more robust feature/functionality surfaced. With features like instant payment confirmation, multiple payment options, and a better user experience, users’ preferences along with their trust and loyalty shifted away from the financial institution towards the biller. Currently, only 27% of consumers make their online bill payments through their financial institution.[1]

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Topics: Financial Institution, Digital and Community Banking, Payments

Data Analytics: What's the Hype About?

Posted by Jennifer Geis

Tue, Feb 05, 2019 @ 11:00 AM

 

There is no doubt that we live in a world full of data, and it’s multiplying at astounding rates. With the advent of the internet and our love affair with social media, the amount of data is increasing like never before. It is shocking if you stop to think about how much data is being created every minute of each day. From streaming videos, social media posts, online searches, emails and texts, to banking and payment transactions, the examples go on and on.

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Topics: Data Management, Community Banks, FI Operations, Risk/Fraud, Data and Analytics

Mobile Wallets: Where are we Now?

Posted by Jennifer Geis

Wed, Jan 02, 2019 @ 11:00 AM

 

Big Hype Low Volume

The biggest names in Fintech, such as Google, Apple, and Samsung, have invested millions of dollars in mobile wallet technology. Big Banks like Citi, Bank of America, and Chase have followed suit. Yet if we look at the mobile wallet market today, usage has been meniscal, and adoption has been slow. After years of disappointing wallet growth, mobile wallet providers are desperate to make their investments pay off as even more competitors are entering the field fighting for market share. Which mobile wallets are ahead of the pack?

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Topics: Credit Unions, Digital and Community Banking, Payments, Cybersecurity, Digital, Community Banks

Reinventing Your Card Strategy for the Digital World

Posted by Jennifer Geis

Wed, Oct 24, 2018 @ 11:00 AM

Cards Come First as Payment-Of-Choice

When is the last time you used your credit card? Most likely, you used it within the last few hours – or at the very least, within the past couple of days. Consumers worldwide are depending upon and using card payments at increasingly higher rates. What’s the reason for the hike in card usage? Cards are convenient. Cards allow us access to a trail of our purchase history. We’re rewarded when using our cards with points, cash back, or other items. And lastly, cards offer a “buy now pay later” benefit that we all can appreciate. According to a study done by VISA and Pymnts.com titled How We Will Pay, 61% of all consumers say speed or trust is the most important reason for using credit or debit cards. Two-thirds of people prefer to use cards or mobile options over cash. And 77% of people would still patronize stores if they dropped cash.

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Topics: Credit Unions, Financial Institution, Payments, Digital, Community Banks, User Centricity

Conversational Payments: How Voice Technology is Changing the Way We Pay

Posted by Jennifer Geis

Wed, Aug 15, 2018 @ 11:00 AM

Communication and conversation have come a long way within the past decade. I realize I’m totally dating myself, but in talking with my 15-year old daughter, who was frustrated because her iPhone battery didn’t last as long as she’d like, I explained that phones used to be connected to the wall. In horror, she asked, “How did you get in touch with people when you’re not at home?” I then explained further that someone could actually pick up another phone in the house and listen in on your conversation. After a huge gasp, she said, “Wow, that must have been a long time ago!” In reality, it hasn’t been that long ago, yet it seems like ages when comparing how far technology and the way we communicate has progressed.

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Topics: Financial Institution, Fintech, Payments, Future Ready

FinTech vs. BigTech and What Community FIs Should Know

Posted by Jennifer Geis

Wed, May 02, 2018 @ 11:00 AM

Fintechs emerge

There’s always been a lot of competition in the banking business. Big banks, community banks, credit unions and eventually online-only banks compete for market share, investor dollars, and  consumer trust. Back in the early 2000s, the notion of focused Fintechs emerged. PayPal was one of the first true Fintech firms. It received its first wave of funding in 1998 and later launched a mobile payment platform specifically for Palm Pilots and PDAs (personal digital assistants). Remember those? In addition to PayPal, other early Fintech players included Mint and Square. Mint created a personal finance management dashboard in 2006 and Square launched a mobile point-of-sale terminal in 2009.

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Topics: Credit Unions, Financial Institution, Fintech, Community Banks, Future Ready

New Year, New Payment Strategy? 5 Top Trends to Add to Your Payments Resolutions This Year

Posted by Jennifer Geis

Wed, Jan 31, 2018 @ 11:00 AM

As we ring in the new year, we can’t help but look forward to what lies ahead. New Year’s resolutions keep us focused on our goals and help us plan for success. With such historic advances such as real-time payments, artificial intelligence, mobile wallets, and open banking, 2017 has seen unprecedented advancements in the way we pay.

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Topics: Payments, Digital

Are You Ready for Real-Time Banking?

Posted by Jennifer Geis

Wed, Sep 13, 2017 @ 11:45 AM

For an overview and definition of real-time payments, read the previously published blog titled ‘The Biggest Misconception of Real-Time Payments’.

There is no doubt that we live in a society which values time. Innovative companies are cropping up every day to help us do things faster.

Financial services consumers are demanding not only speed, but convenience, automation, reliability, and transparency among transactions in addition to real-time funds availability. In addition to consumer expectations, drivers of this faster payment movement include technology innovation, new players and business models, business expectations, enhanced safety and soundness, and globalization and regulatory pressure. As we evaluate those drivers, many industry experts believe that financial service providers will begin to see benefits from functionality that leverages faster payments. 

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Topics: Payments, Future Ready

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