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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

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

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

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

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

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

The Power of Credit Cards: Drive Satisfaction and Competitive Value

Posted by Rich Dambra

Wed, May 08, 2019 @ 11:00 AM

As a community bank or credit union, you may be used to hearing that you’re important to your accountholders, not just in terms of product offerings, but to their overall financial well-being. But what if the value you bring to them could be further enhanced and solidified by issuing credit cards?

Credit cards have evolved beyond a simple payment. Today, they include purchase protection insurance and real-time alerts for worry-free purchasing, financial flexibility to cover unexpected expenses, and rewards programs for consumers who like to earn cash back or miles towards their next vacation.

As your cardholders continue to embrace credit as a tool to reach their financial and lifestyle goals, how are you supporting them?

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Topics: Credit Unions, Payments, Community Banks

Oh, the Humanity! Keeping Your Personal Touch While the Industry Goes Digital

Posted by Kevin Moland

Wed, Apr 17, 2019 @ 08:05 AM

In the middle of his emotional description of the horrific Hindenburg disaster, American radio journalist Herb Morrison blurted out, “Oh, the humanity!” That phrase has since become a meme used to caricature highly emotional responses to not-all-that-tragic events.

During conversations with my software company peeps, I frequently refer to the humanities degree hanging on my wall to alert them to my lack of technical training. In college, I caught a lot of flak for my choice of major. My left-brained fellow students didn’t see much use for my right-brained education. Over the years, however, the things I studied in school have gained in value. A very positive stint in banking led to a successful financial services software career. Along the way, I picked up a good bit of technical knowledge, but my primary value was always an ability to deal with people in a technical context.

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Topics: Credit Unions, Payments, Digital, Community Banks

Tap and Go: How Contactless Cards Could be Shaping the Future

Posted by Keri Crane

Wed, Jan 30, 2019 @ 11:00 AM

Next-generation contactless cards are getting a lot of press these days. Contactless cards were unsuccessfully attempted years ago, but there are several reasons to believe that they will be a success over the coming years – from merchant and issuer adoption to increased security and quicker transaction times.

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Topics: Payments, Community Banks, Future Ready

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