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But for financial institutions (FIs), some of which have been around for decades, understanding how to take the first steps in the digitization process can be an overwhelming task. That’s even more true for community banks, which lack the resources larger FIs have to support modernization initiatives and technology investment efforts.
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Nikita Melnikovs , member of the board at card payments technology company DECTA , told PYMNTS in a recent interview that for many SMBs, the most obvious first step to the online migration may not actually be the best one. “This technology basically eliminates obstacles to buyers’ payments,” said Melnikovs.
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This norm of using mobile devices to do everything from shopping to banking, mean security and a great userexperience need to go hand-in-hand. That is a staggering statistic clearly pointing to a poor userexperience. A streamlined userexperience that eliminates typing and scrolling is essential.
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The government’s experience in disbursing stimulus funds via paper check and direct deposit offered a chance for those in the digital disbursements technology arena to learn from the government’s successes and mistakes, according to Lisa McFarland , executive vice president and chief product officer at Ingo Money.
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Brex , the San Francisco financial technology startup, is offering FDIC insurance on its no-fee cash management account, the company announced Wednesday (July 22). With today’s uncertain economic and interest rate environment, offering our customers flexibility on how to store their cash is a powerful added benefit.”.
Navigating credit quality, compliance, and technology integration The ThinkBIG conference hosted by Abrigo fosters networking and professional development for bankers. The ThinkBIG panel gave several perspectives on how to approach credit quality and deposit stability. Read some hot topics discussed by the conference's opening panel.
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Kikkeri said that’s why FIs must consider how to leverage their FinTech partnerships and push to market the digital services that customers have become habituated to in the past six months. Apple and Google are bringing a new level of userexperience to banking and payments that did not exist before now,” Kikkeri said.
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