In the post Dodd-Frank-Durbin world, the mantra chanted by many is that banks have to be more innovative and nimble. They have to provide differentiated value in the face of fierce competition from non-banks. Customers want to interact 24/7, through multiple channels, and using varied payment methods. The holy grail is a real-time, 360 degree view of the customer that includes all relationship types (deposit, loan, investment etc. etc.), channels of interaction (online and brick and mortar) , and all payment vehicles from check to card to wire.
Easy, right? Wrong!
Most financial institutions are saddled with systems that are decades old, and impossibly silo'd. The choices in front of financial institutions are to:
(a) Extend the reach of legacy systems through systems like payment hubs, or
(b) Rip out old technology completely and replace them with new systems.
The Bank Administration Institute (BAI) will address this choice between the devil and the deep blue sea, among many other interesting topics, at Payments Connect in Phoenix, March 7 through 9.
I will be providing an overview of the topic and moderating discussion on the topic at a session, aptly entitled, "Technology and Process En Route to Payments Profitability: Getting the War Elephant to Dance."
If you're planning to be at the conference, you may want to put this session on your agenda. It should be informative and interesting. If you don't plan to be in Phoenix, watch this space, I'll post a summary in the near future.
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