Why foreign exchange fees for credit cards need to be curbed

Sometimes industry self-regulation does a better job protecting consumers than government regulation does. The only viable way to curb outrageous and deceptive credit card foreign exchange fees is for the payments industry to police itself. Anyone traveling abroad using a credit card has been invited to pay in their home currency. It’s familiar. Most travelers accept the Read More

By |2020-05-27T17:58:34-05:00June 29th, 2018|Comments Off on Why foreign exchange fees for credit cards need to be curbed

Wooing deposit customers for wealth management

In the eight years since the financial crisis, the roller coaster changes within retail banking have driven large banks to more aggressively cross-sell existing customers on products and services outside of traditional loans and deposits. Slammed by a combination of low-interest rates and weak non-interest income, more retail banks have been working to sell their current deposit Read More

By |2020-05-27T18:00:06-05:00September 19th, 2016|Comments Off on Wooing deposit customers for wealth management

Time to change out legacy systems

Historically, financial institutions have adopted technology with a best-of-breed approach, utilizing different platforms from different vendors. This is especially true in check processing, where multiple platforms are leveraged to support a single financial transaction or payment type. The end result is multiple platforms, multiple vendors, multiple support resources – and multiple headaches.To process a single check, a Read More

By |2020-05-27T18:00:08-05:00July 19th, 2016|Comments Off on Time to change out legacy systems

Making printers part of your security strategy

Given the proliferation of printers in banking – a large institution may have tens of thousands in facilities spread across the country – printer management needs to play a critical role in the ongoing war against hackers.This issue recently came to the forefront in a hack at Bangladesh Bank that resulted in the loss of $81 million. Read More

By |2020-05-27T18:00:08-05:00July 12th, 2016|Comments Off on Making printers part of your security strategy

ValueWeb and the new age of finance

Money originated as a control mechanism for governments of ancient Sumer to control farmers, based upon shared beliefs. It was then structured during the Industrial Revolution into government-backed institutions, banks, which could issue paper notes and checks that would be as acceptable as gold or coinage, based upon these shared beliefs. We share a belief in banks, Read More

By |2020-05-27T18:00:10-05:00June 10th, 2016|Comments Off on ValueWeb and the new age of finance

Minimizing problems in legacy software

The financial services industry is evolving at an exponential rate in this age of digital transformation. Shifting customer expectations, disruptive technology and demanding regulatory requirements are constantly reshaping the sector. Many banks are finding that their current infrastructure and platforms are simply not capable of supporting the proliferation of user-centric, omnichannel and omnipresent capabilities that customers have Read More

By |2020-05-27T18:00:10-05:00June 7th, 2016|Comments Off on Minimizing problems in legacy software

FinTech property rights and banks

It’s an odd paradox: the financial services industry spends millions on title searches and title insurance each year, but has not been quite as diligent in exploring who actually owns the intellectual property behind its mission-critical technology. Granted, bank exposures are somewhat mitigated through contractual indemnification and warranties. However, as the industry continues to use more non-traditional vendors Read More

By |2020-05-27T18:00:10-05:00May 31st, 2016|Comments Off on FinTech property rights and banks

Improving bill pay for customer retention

Customers are becoming increasingly dissatisfied with the mobile bill pay experiences provided to them by banks. According to our discussions with financial institutions (FIs), only about 55% to 60% of customers are using their bank’s bill pay solutions. They are either switching to an outside app that is not affiliated with their bank or paying their bills Read More

By |2020-06-04T18:20:52-05:00May 31st, 2016|Comments Off on Improving bill pay for customer retention

Three strategies for protecting payment systems

Current payments systems are more sophisticated than their predecessors, with more functionality, higher transaction volumes and continuously operating, open environments. As banks and their partners have rapidly expanded these payments infrastructures, many have failed to incrementally grow their testing practices to keep up with the pace of change. Many are only testing a small portion of their Read More

By |2020-05-27T18:00:10-05:00May 25th, 2016|Comments Off on Three strategies for protecting payment systems

Enhancing mobile wallets with beaming technology

Despite all the excitement around mobile payments and mobile wallets, consumer adoption has been disappointingly slow. One reason is that current payment apps don’t enable “non-cash” payments and promotions, which reduce the customer incentive and benefit to use them. The value of storing credit and debit cards on a mobile wallet is obvious, but today’s mobile payment Read More

By |2020-05-27T18:00:10-05:00May 24th, 2016|Comments Off on Enhancing mobile wallets with beaming technology

Six ways to capitalize on the internet of things

$1.3 trillion: a massive sum, which represents the increased revenues and lower costs that will be created by the Internet of Things (IoT) between 2013 and 2022 in the financial services industry alone, according to Cisco. When you consider the financial opportunity in tandem with the possibilities that IoT offers to gather and disseminate information from an Read More

By |2020-05-27T18:00:11-05:00May 10th, 2016|Comments Off on Six ways to capitalize on the internet of things

Managing exceptions more efficiently

Exceptions are part of every operation in all businesses, but they are a source of particular concern for financial institutions (FIs). Regulatory examinations concentrate on exceptions to regulatory requirements and exceptions to best practices. The fiduciary responsibility that banks have concerning their clients’ money means that operational exceptions carry risk for financial liability and brand integrity. Exceptions Read More

By |2020-05-27T18:00:11-05:00May 3rd, 2016|Comments Off on Managing exceptions more efficiently

Flexible options for cloud computing migration

When it comes to cloud adoption by financial institutions, it’s no secret that the transition to the cloud has come at a slower rate for financial services than for other industries thanks to rigorous data security policies and stringent regulatory requirements. However, pressures to renew banking’s existing technology and applications because of shrinking margins and the emergence Read More

By |2020-05-27T18:00:11-05:00April 27th, 2016|Comments Off on Flexible options for cloud computing migration

Faster funds availability for customers

It’s not a challenge that will dissipate anytime soon: banks’ never-ending efforts to balance security and convenience. If we focus in on convenience, it really boils down to consumers’ lifestyle needs and demands for banking services. Initially, we might think that their expectations are met with new, shiny self-service options and mobile app capabilities. But in reality, Read More

By |2020-05-27T18:00:12-05:00April 6th, 2016|Comments Off on Faster funds availability for customers

The next generation of core systems, maybe

Core data processing at one time was a massive and diverse business that included dozens, if not hundreds of organizations.  Some of the most recognized names in financial technology once operated vast and large data centers scattered about the United States.Recently, I found a copy of the now-defunct Federal Savings & Loan Insurance Corp. magazine from 1985 Read More

By |2020-05-27T18:00:13-05:00March 22nd, 2016|Comments Off on The next generation of core systems, maybe

Enlisting the customer in fighting payments fraud

The level of fraud protection afforded to a business when conducting a transaction is very different from the level of protection offered to consumers. Consumers are allotted sixty days to dispute an unauthorized transaction while businesses are limited merely two days to report fraudulent activity, due to regulations like Article 4A of the Uniform Commercial Code.Although businesses Read More

By |2020-05-27T18:00:13-05:00March 8th, 2016|Comments Off on Enlisting the customer in fighting payments fraud

Top five market shifting trends in payments

For years, financial institutions have been enjoying the fruits of an industry-wide growth rate related to the move to a cashless society. As this trend continues, competition is accelerating from non-bank players and never before has it been so important to understand what is going on in the rapidly evolving debit and credit market. Non-interest income (NII) Read More

By |2020-05-27T18:00:16-05:00December 4th, 2015|Comments Off on Top five market shifting trends in payments

Preserving your legacy with archived data management

Typically, data conversion is costly. It’s no secret that migrating to a new system, whether because of a merger or acquisition, or because it’s simply time to replace a legacy archival system, can be a time-consuming and risk-heavy undertaking. Literally millions of images, reports, statements and signature cards–which must be retained in a financial institution for ongoing Read More

By |2020-05-27T18:00:17-05:00November 4th, 2015|Comments Off on Preserving your legacy with archived data management

Surviving data breaches with robotic process automation

Data breaches have become so common that virtually no business or financial institution is safe. The 2015 Verizon Data Breach Investigation Report confirmed that the top three industries most affected were public, technology/information, and finance. Data breaches cause data integrity to be compromised, including important financial and personal customer information, which puts customers and the organization at Read More

By |2020-05-27T18:00:18-05:00September 9th, 2015|Comments Off on Surviving data breaches with robotic process automation

Customer journey management for added value

For 15 years or more, marketers in retail banking have heard that delivering “the right product to the right customer at the right time” will yield the maximum conversion rate, product penetration and benefits of loyalty and net promoter score that come with a strong multi-product relationship. But this has not come to pass. Why? The answers Read More

By |2020-05-27T18:00:30-05:00August 16th, 2015|Comments Off on Customer journey management for added value