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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

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

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

A Four-Pronged Strategy for Growing Core Deposits

Posted by Patrick True

Fri, Nov 22, 2019 @ 08:30 AM

As 2020 draws near, community-centered financial institutions are facing increased challenges when attempting to grow core deposits. In the most-recent CSBS Survey of Community Banks, released in October, core deposit growth ranked higher than any other challenge faced.

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Topics: Commercial Lending, Financial Institution, Digital and Community Banking

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

Security Risk Assessments – A Balance of Risk and Controls

Posted by Viviana Campanaro

Wed, Nov 06, 2019 @ 09:29 AM

Risk – the possibility that something undesirable will occur – is always around us. And we make decisions based around risk every day, from the moment we take our first step, ride our first bike, drive our first car, or buy our first home. These types of risks are usually common and easily understood. As such, we have health insurance in case we get sick or injured, wear helmets on our bikes, wear seatbelts in our cars, and install alarm systems in our homes, all to reduce the risks around us. We understand that we can choose to either accept, transfer, or avoid the risks.

The way we manage security risk within the financial industry is similar, and yet, we often have difficulty doing it efficiently. Risk assessments can make us groan and very seldom make us happy, mostly because there are different types of assessments used to manage different types of risk. We check the compliance box, but don’t always have a complete picture of the issues that could result in a significant breach at the FI. So, how do we bridge the gap between business and security risk?

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Topics: Financial Institution, Cybersecurity, Risk/Fraud

Four Strategies for Winning the Hearts and Minds of Gen Z

Posted by Deborah Matthews Phillips

Wed, Sep 25, 2019 @ 11:03 AM

Most financial professionals would agree that in recent years, we’ve been inundated with articles and reports containing tips and tricks for capturing the loyalty of the Millennial generation. Yet, in what felt like a blink of an eye, the oldest members of that cohort are now approaching middle-age; and today, there’s a powerful generation emerging that deserves focus and attention – Gen Z.

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Topics: Financial Institution, Community Banks, Future Ready

What Does a Gorilla Have in Common with Emerging Payments Trends?

Posted by Deborah Matthews Phillips

Wed, Sep 11, 2019 @ 11:00 AM

What does a gorilla have in common with emerging payments trends? The answer to this riddle is rooted in a well-known phenomenon in neuroscience called “inattentional blindness” – the failure to notice visible but unexpected objects because attention is being focused somewhere else.

The concept of inattentional blindness emerged in popular culture in 1999, when Harvard University psychologists Daniel Simons, PhD, and Christopher Chabris, PhD, conducted a study where participants were asked to view a film of two basketball teams, and count how many times a basketball passed between members of one team. Half failed to notice a person wearing a gorilla suit walking across the floor mid-game.[1] (If you’d like to test your attention skills, you can view the video.)

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Topics: Financial Institution, Payments, Digital, Future Ready

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