Technology
We’re excited to see that, of the Top 5 Tech Innovations Your Bank Can’t Ignored, we can actually contribute significantly to three of them! Let’s call them the “Key 3”: Continue to embrace Check 21 Leverage electronic workflows Automated tellers Part of the shared theme of the Key 3 is that the branch bank is far from obsolete. Online…
Read MoreThe same report that finds 57% of organizations intend to use same-day ACH for last-minute payments also finds that business-to-business payments by paper check actually increased slightly from 2013, breaking the previous downward trend in check use. In fact, 86 percent have finally integrated their check payments systems with their accounting systems. There are still major…
Read MoreFor a variety of businesses and organizations, a lock box (or “lockbox”) solution is key to efficient and profitable payment processing for corporations, healthcare providers, and non-profits. Chris Nichols, Chief Strategy Officer at CenterState Bank, posted a great piece on LinkedIn about leveraging Lock Box services, along with a concise history. You’ll want to read the entire article, but here’s…
Read MoreStarting on September 23, all financial institutions in the U.S. will be able to accept Same Day payments, with the option to originate them. The August edition of the PYMNTS.com Faster Payments Tracker™, powered by NACHA, contains an informative interview with Steve Kenneally, Vice President of the American Bankers Association, to get his perspectives on this important step forward…
Read MoreEarlier this month we talked about 10 tips for spotting a fake check – were you paying attention? If not, this will likely increase your vigilence. In a story out of New Jersey, we learn that a check forgery ringleader used a computer to manufacture fake checks: Stephens created the checks using graphic software, inflating the amounts…
Read MoreDoctor-owned multi-specialty practices spent more than $32,500 per doctor in 2015 on new health IT, staff, maintenance, and related costs last year, according to a new analysis from the Medical Group Management Association. This is up from $23,000 in 2010. In 2009, President Obama signed into law the Health Information Technology for Economic and Clinical Health…
Read MoreThe other day a friend was telling me about how he ordered a lens for his camera via Amazon at 10am in the morning, and had an Amazon truck in his driveway at 3:30pm that afternoon. We used to be astounded by 48-hour delivery, and now the “click”-to-doorstep duration is only a little longer than the…
Read MoreHear it directly from the providers! In the new reality where patients are responsible for more of their healthcare expenses, hospitals need to be more “patient-centric” in their approach, as this shift from payer reimbursement to patient reimbursement has major implications for revenue cycle management. Frankly, it forces hospitals and health systems to abandon traditional processes for the adoption…
Read MoreBank of America has 23% fewer branches and 37% fewer workers than in 2009, the bank said in a recent presentation. Further, CNNMoney reports that they plan to cut another 8,000 jobs from their consumer business over time. Digital transactions are way less expensive and keep customers happy. In fact, BofA said it costs less than a tenth…
Read MoreThe days of the ATM as simple “cash-dispensing machines” are over. In order for banks to remain competitive, they have to tailor the ATM experience to client needs and the physical context in which the ATM exists. Also, the definition of an ATM is expanding into the realm of “kiosk”… In an interview with Aravinda…
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