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.
The payments industry is experiencing a profound transformation fueled by shifting consumer preferences, regulatory changes, and the introduction of numerous new technologies. From the decline of cash to the rapid adoption of digital wallets and real-time payments, the way individuals and businesses pay is evolving more quickly than ever before. In order to help community […]
In today’s world, community financial institutions find themselves at a crucial crossroads: how to combat escalating fraud risks without sacrificing growth, customer experience, and ultimately profitability. The task is not just to minimize fraud losses, but to do so without costing the bottom line. Striking this balance is essential because effective fraud management is no […]
Thinking about implementing a credit card program at your financial institution? Before embarking on the launch of a credit card program, an institution must consider if they want “to own or not to own.” According to Michael Fuccillo, PRI credit card consultant, it is important to evaluate the available issuing options periodically and implement the […]
While your financial institution is likely aware that debit cards generate significant interchange fees, it may be selling the complete picture of debit card value short. In addition to an average of $0.34 to $0.52 cents per transaction depending on how much your customers spend and where they shop, frequent debit card usage helps build […]
Can we talk about chargebacks? When a cardholder contacts a financial institution about a non-authorized transaction – also known as a dispute – it triggers a costly, multi-step back-office procedure referred to as a chargeback. Processors can charge as much as $35 for a chargeback only to inform the institution that the merchant denied the […]
As long as there have been financial institutions, there have been frauds and scams designed to separate them from the money they steward. The tactics have changed over time, but the results are the same – the bank is left holding the bag when fraud occurs, and for a small- to medium-sized community bank, the […]
The Financial Brand reports that up to 70% of businesses say that fraud losses have increased in recent years, and more than half of consumers feel they are more of a fraud target than a year ago. Experts warn that Generative AI will be one of the greatest drivers of fraud in 2024, making it more accessible to do-it-yourself […]
Many financial institutions provide ATMs at each branch location because “that’s the way it’s always been done.” However, banking has rapidly evolved since the 1960s when ATMs first appeared to give cardholders access to cash when the financial institution was closed. Has your institution recently analyzed whether ATMs are a profitable endeavor or more of […]
When working with financial institutions to improve profitability, the debit card program receives a bright spotlight because of its potential to increase the organization’s revenue and decrease its costs. PRI consultant Candace DeBarger says that four myths about debit cards can be a barrier to maximizing their profit potential, and she debunks them below. Myth […]
Twenty years ago, when cash was still a primary payment method, surcharge-free ATM access was an important competitive tool for smaller FIs including community banks and credit unions. Consumers were generally using cash for most small ticket purchases, sensitive to ATM-related fees and often chose their banking relationship based upon this kind of access. But times have certainly changed! Fast forward to current day, and the importance of ATM access has declined substantially. There has been a steep decline in the number of ATM cash withdrawals in recent years and in cash share of consumer payments with the rise of mobile payments, online shopping, cash back at point of sale and the increased use of debit and credit cards. Consumers have reduced need and desire to pay with cash, which means the surcharge-free offering may no longer be strictly necessary to attract and retain them.
