In the 12 years I’ve attended financial services conferences across the country, this year’s Association of Financial Professionals (AFP) event in Chicago was a standout. AFP is always a good conference for me because everyone I’ve built relationships with over the years attends. It’s the perfect event to get face time with people I’ve stayed in touch with all year long.
The expo floor at the Association of Financial Professionals (AFP) 2018 was buzzing not only with large banks and corporate treasury management companies, but with fintech companies like CheckAlt showing off their innovations for financial institutions and their customers. This is quite a change from previous years, where the show was dominated only by the larger institutions.
Blockchain technology has been a hot-button topic since it was unveiled in 2008, with various camps believing it will—or won’t—completely disrupt the finance industry. Ten years later, the debate continues. Yet I believe we’re getting closer to finding an answer.
The following is a first-person narrative editorial documenting an experience at Money20/20 in Las Vegas, Nevada, October 21-24, 2018.
I’m back this week from a whirlwind trip to Money20/20 in Las Vegas. As always, the conference is a “who’s who” of the payments space, with more than 10,000 attendees.
However, I was struck by something my Uber driver asked me on the way to the airport after the conference. Upon hearing that I had attended Money 20/20, he responded with this question:
“So, what’s new with money?”
To remain competitive in our tech-driven economy, businesses want to provide their customers the freedom to pay for products and services utilizing any method. Those businesses are choosing banks that make it easy for them to view and manage every electronic and paper payment they receive.
A decade after the global financial crisis, the steady growth seen in the financial sector should be viewed with cautious optimism. Credit unions must stay laser-focused on pivoting toward digital transformation to manage evolving risks, push efficiency, and actually benefit from current growth opportunities—before the economy changes course.
Customer expectations are advancing faster than ever before. They don’t have the time or patience to be slowed by dated technology—they demand time-efficient interactions with their financial institution, and access to data at their fingertips. If customer expectations aren’t met, you can’t expect their loyalty for a lifetime.
Thankfully, cost-effective, leading-edge fintech solutions can easily bridge the technology gap and bring credit unions into the 21st century.
Did you know that regulators are pushing for faster electronic payments for all Americans by 2020?
Though Americans are still writing billions of checks per year—2.5 billion, to be precise, according to market research firm Aite Group—financial institutions across the country are helping their customers switch to electronic payments with CheckAlt’s LoanPay.
Converting bank clients who have traditionally paid by check to an electronic payment system isn’t easy. Though after integrating CheckAlt’s LoanPay solution, The Upstate National Bank was able to transition 20 percent of its client base—many of whom were wary of electronic payments—from paper payments to digital transactions.
Our Financial Services industry is highly regulated and experiences a seemingly constant flow of new rules being proposed, debated, and implemented. This impacts financial institutions both big and small. As part of CheckAlt’s effort to support our client community, we actively engage with our financial institution clients to stay abreast of their compliance pertaining to regulatory changes.
Smartphone banking has become the norm. In the face of this, behemoth banks, desperate to reduce their expenses in order to keep their products competitive and please shareholders, are closing branch locations by the thousands. This has unlocked an opportunity for smaller financial institutions to buck the trend, grow their physical presence, and better serve their communities.
Many financial institutions (FIs) offer their customers the ability to pay bills via an online portal; this service is called Online Bill-pay. To initiate the transaction, a consumer will typically select or key-in the company they are making the payment to (e.g., a utility, department store, homeowner’s association, etc.), and then key-in other critical pieces of information, including their account number and the dollar amount of the payment.
Klik Technologies, Corp. is known best for providing lockbox treasury management solutions to banks and credit unions that don’t have the wherewithal, resources or expertise to perform such services in-house. But we can also partner with financial institutions that may have internal lockbox capabilities for their existing markets, but may need our services for new markets that are outside of their footprint.
The financial services industry is increasingly having to grapple with the new normal: a rapidly changing technology landscape and commercial client behavior.
Today only very large institutions have the resources to meet the demand, especially in a rapid and frequent manner – so how can community banks and credit unions compete in such an evolving competitive landscape?
At CheckAlt, we listen to our customers, and if there is a pressing need, we don’t wait for the product life cycle to enhance our products and services. And sometimes we win industry awards because of our quick and effective responses.
Acquisition creates industry leading provider of payment solutions to close to 500 financial institutions and hundreds of corporate customers with a national footprint to serve growing customer base
LOS ANGELES - June 16, 2016 - CheckAlt, a leader in mobile and Check 21 payment and item processing solutions, today announced that it has acquired Klik Technologies, Corp. (“Klik”), a New York corporation that was a wholly owned subsidiary of MUFG Union Bank, N.A..
Financial Regulators Announce New Deposit Reconciliation Guidance
WASHINGTON — The five federal financial agencies released guidance on Wednesday that requires financial institutions to ensure they are addressing discrepancies customers sometimes face between the amount they deposit in their account and the amount they are credited.
By Allison Murray, Executive Vice President, Business Development
Financial institutions really want us to be a partner in disruptive technology. I attend a lot of conferences in the disruptive space, and bankers as well as credit union executives tell me that they are experiencing interloping companies, such as Apple, Amazon and other players, trying to take away customers by offering a host of alternative financial services. They are entering these markets, but are causing great disruption and upheaval in the process.
By Robert MacMahon, Executive Vice President, Business Development & Channel Management
By now, practically every traditional bank or credit union understands that they have to find ways to either compete with or embrace FinTech to attract and keep customers.
But it’s not just about retail customers, particularly Millennials who have been bred to expect that technology should meet just about every demand at their fingertips.