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.
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.
Declining check volume. Mail delivery delays. Economic pressure to cut operational costs. These are just some of the reasons banks across the U.S. are outsourcing their lockbox processing.
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.
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.
In today's technology-driven world, electronic checks are a necessary solution to the growing demand for speed, security, and simplicity in online payment transactions. It was this demand that paved the way for CheckAlt's eCheck solution.
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.
In 1951, after a string of bank robberies, Willie Sutton was caught, and then interviewed. He was asked why he keeps robbing banks. His response: “Because that’s where they keep the money.”
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.
Why should banks and credit unions consider consolidating their vendor relationships? Here are three top reasons.
