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What every financial institution should know about the new Apple Card

Posted by Keri Crane

Wed, Oct 30, 2019 @ 10:07 AM

This card has the capability to redefine consumer expectations. Evaluation isn’t about going down a list, comparing traditional credit card features. The Apple Card’s worth lies within the digital experience, flexibility with payments, and immediate gratification. Nicely stated by Lisa Eadicicco of Business Insider, “The new credit card lives entirely in your iPhone’s Wallet app, allowing you to make purchases, view your transactions, and pay your balance directly from your mobile device.”

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Topics: Payments, Digital, Future Ready

Still serving… outside the branch

Posted by Danny Payne

Wed, Oct 23, 2019 @ 11:37 AM

I live in the middle of small-town USA. We had a joke in Elizabethtown, Kentucky. When they broke ground on a new building, we’d say it’s either McDonalds or another bank.

Well, that used to be the joke. These days, you don’t see many new banks being built. As a matter of fact, there have been more banks acquired in the past five years than built. As a matter of fact, our iPay Solutions™ group is moving into what once was the main corporate branch of First Federal Savings Bank in Kentucky.

My question is, “Are the branches closing and consolidation happening because we don’t need that service anymore?” I don’t think so. Because on any Friday afternoon our local credit union looks like it is giving away money. So there must still be an opportunity to service a need for those community banks and credit unions, even in our little town.

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Topics: Digital, Community Banks, Future Ready

Alexa, Is 2020 the Year of Voice Commerce?

Posted by Penny Webb

Wed, Oct 16, 2019 @ 12:34 PM

Voice commerce, also known as vCommerce, is a buying principle that allows customers to make purchases using software applications on enabled devices with voice commands. The consumer typically interacts with a virtual personal assistant like Apple’s Siri or Amazon’s Alexa and the voice replaces the need for point-and-click or typing information in a search field. The customer utilizing the voice command technology can search for information and make purchases simply by speaking the request near an enabled device.

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Topics: Digital and Community Banking, Digital, Future Ready

The Right Time for Real Time

Posted by Tammy Wilson

Wed, Oct 02, 2019 @ 10:34 AM

Do you ever feel like you are caught up in a whirlwind? That happens every so often, when there is so much change that it is challenging to absorb it all. It is hard to know what is meaningful and attention-worthy, and how to distill the important nuggets into strategic decisions that best position you for the near term and beyond.

The payments world is experiencing one of those whirlwind periods: fintech innovation, mega-mergers, ramped up competition from non-financial brands, and new payment networks. One thing seems certain: the winds of change are not slowing, and thinking it is safe to wait for the storm to pass might be a dangerous plan.

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Topics: Payments, Future Ready, Modern Membership

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

When It Comes to Resiliency, Can You Handle The Truth?

Posted by Eric Flick

Wed, Sep 04, 2019 @ 11:00 AM

I love movies. One of my favorites is A Few Good Men starring Jack Nicholson and Tom Cruise. In the movie’s climactic scene, Cruise, a military lawyer, demands the truth from Nicholson’s Col. Jessup character. In what has become one of Nicholson’s most famous movie lines, he intensely blurts out, “you can’t handle the truth!” In my 30+ years of working with technology, most of it around the financial services industry, I often find this statement bouncing around in the back of my mind as I’m talking with IT professionals.

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Topics: Financial Institution, Information Security, Future Ready, Risk/Fraud

Better than Before: How to Make Digital Banking More Personal & Meaningful than Banking in the Branch … By Leveraging Your People in the Branch

Posted by Lee Wetherington

Wed, Aug 28, 2019 @ 11:00 AM

I’m tired.

We just moved, and I grossly underestimated the work involved.

I had prepared for the pain of packing, loading, unloading, and unpacking everything we own; but I hadn’t accounted for the real work of establishing new relationships for everything we need. Things like utilities, Internet, garbage pickup, grocery store, dry cleaners, dentist, dermatologist, pharmacist, eye doctor, doctor doctor (sic), barber, hair stylist, manicurist, pedicurist – don’t judge, I require a lot of pruning to be presentable.

But what about a new financial institution? Do we really need one?

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Topics: Digital and Community Banking, Digital, Community Banks, Future Ready, Modern Membership

Why Openness Is Critical to the Future of Banking

Posted by Stacey Zengel

Wed, Aug 21, 2019 @ 11:00 AM

As someone who reads this blog and follows the industry, you’ve likely heard a lot of talk about open banking recently. Headlines with references to “Open APIs” and “Shared Data” continue to appear in inboxes and popular topics with industry reports.

We know that in today’s market, consumers don’t compare financial institutions (FIs) so much as they compare experiences. As we speak, tech behemoths like Google and Amazon continue to take an innovative approach to customer engagement and expansion. A Celent report even notes that Amazon has been recently negotiating with big banks to launch a checking account, and the company has also formed a mortgage lending unit.*

Consumers clearly want freedom, flexibility, and choice. And it naturally follows that the FIs that will thrive in the future will be those that demand an open platform that is focused on optimizing the end-user experience for today’s consumers.

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Topics: Information Security, Community Banks, FI Operations, Future Ready

Innovation on Tap at FinovateSpring 2019

Posted by Nicole Harper

Wed, Jun 19, 2019 @ 11:01 AM

Innovation on Tap

Tapping the Fintech Community at FinovateSpring 2019

The city by the bay welcomed FinovateSpring in May at San Francisco’s Hilton Union Square. Innovation was on tap with 60 fintech demos, presentations from industry thought-leaders, strategy roundtables, and more. The Finovate conference series continues to be where you can see the future of fintech first.

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Topics: Fintech, Future Ready, Data and Analytics

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