Our blog is dedicated to sharing our thoughts and expertise about the banking industry and how you can experience quantifiable results for your financial institution. We invite you to hear the perspectives from our banking professionals through our posts.
Debit card interchange income is the top contributor to deposit-based non-interest income for most banks, and if it’s not for yours – you must ask why! Two factors make debit card interchange income a smart thing on which to focus growth efforts. First, interchange fees are not paid by your customers (see “What is Interchange […]
While there are conflicting outlooks on what financial institutions can expect from the economic environment in the next five years, experts generally agree that “expecting the unexpected” is a sound business practice. Major global or national events are always possible, although the potential impact is not yet fully understood or there is disagreement on what […]
At PRI, we spend our days helping financial institutions look at every aspect of their businesses to determine where they can improve their processes, which leads to enhanced culture and employee engagement. There are many avenues of attack we can take that lead to improved efficiency and increased profitability, which is our ultimate goal. As […]
While digital transformation and its risks are top-of-mind for the majority of financial institution senior leaders, there is still a wide gap between the cost of implementing digital solutions and their eventual success within the organization. In fact, in 2019 research indicated that up to 70% of digital transformation initiatives did not reach their goals […]
It’s not a one-off project, and there’s really no end point. Digital transformation is constantly evolving and must be part of a thoughtful, ongoing business strategy. With time and staffing currently in such a crunch, the FI must be laser-focused on what will be the most impactful solutions to address customer pain points. A new […]
With continued talk of a recession and ongoing economic uncertainty, financial institutions are searching for creative ways to increase profitability. The PRI team’s expertise goes deep in this area, and in this week’s blog, Jen Megee, Director of Process Improvement at PRI, shares five proactive actions financial institutions can take to make a meaningful impact […]
When asked why it is vital to take the time to focus on efficiency and effectiveness in a financial institution, the go-to answer typically involves reducing costs and improving profitability. At PRI, however, cost reduction and improved profits as primary drivers are prioritized behind enhancing the customer experience. Mikelle Brady, PRI partner, says that the […]
When a financial institution conducts a merger or acquisition, one of the main aspects the organization’s leadership tends to prioritize more than others is system conversion. While this is of course a major factor, there is much more to successful M&A integration than this one piece of the pie. Mike Holt, PRI partner, says there […]
In this blog, Phil Jarrell, debit card services expert at PRI, examines the new rule and how it may affect FIs. Jarrell said the key lies in whether the issuer’s network supports PINless transactions. ______________________ Thanks to the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Reserve has required […]
In the blog Top Buzzwords in Banking and What They Mean to Community Institutions, PRI consultant Brady Chianciola discussed “digital transformation” and how it goes much farther than simply digitizing an FI’s operations. The term refers to truly transforming the company and strategically changing the way it operates for the customer’s journey. “Digital transformation means […]
