The demand for faster payments continues to grow. This article briefly recaps current options including same-day ACH, The Clearing House RTP, push-to-card services, and FedNow. Additional information and resources can be found on the Faster Payments Council website.
The concept of a ‘primary banking account’ has been evolving as more and more consumers maintain accounts at different institutions for specialized purposes. People may now view their primary account as being where they feel the greatest amount of engagement and emotional attachment. Regardless of how it is defined by individual customers, Cornerstone’s data point to credit unions slowly losing the battle for that coveted ‘primary account’ status to fintechs among younger customers. Surprisingly the major banks are down a bit too. But community banks have been holding their own or even growing a bit.
Bank executives agree that AI has a tremendous potential to enhance operations through improved customer experiences, better management of risk, and more efficient operations. Risks include avoiding bias in models, data gathering and integrity, and recruiting/retaining the skilled people needed to support this technology.
Traditional bank core system providers have been busily making acquisitions and developing new services to help bridge the gap between legacy systems written in the 1980s and the cloud-native solutions required to be competitive in today’s world. How quickly the current clients of Fiserv, Jack Henry, and FIS will begin to see the benefits of these initiatives remains to be seen.
PenFed is now offering a range of home care functionality through its mobile app. By partnering with Househappy this new service can simply members’ ownership experience through services such as connecting them to trusted contractors and providing digital storage of home information.
What is the future for ATMs as we move towards a cashless society? Alternative uses might include cash capture rather than cash dispensing. Or checkout kiosks in hotels or restaurants. Or maybe even video game terminals?? One thing the article didn’t explicitly envision was that the machines will just quietly disappear over time. . .
