In today’s financial landscape of big banks and online banks, credit unions and community banks must be more innovative than ever before to remain competitive. However, “innovation” usually requires funds. If your financial institution doesn’t have any money left in its budget to add services, hire staff or support new marketing initiatives (which most credit unions plan to do in 2020), how can you keep up with the competition?
The answer may be to “find” the money you need to attain the items on your wish list, and it’s easier than you may think. It could be sitting right there in your vendor contracts, just waiting for you to set it free. With the help of a third-party contract negotiation expert, you can get the best deal from existing or new vendors—with the added bonus of not having to take on the lengthy negotiation process yourself.
So, what would you do with some extra money in your budget? You could use it to compete in the digital wallet space by upgrading to tokenization. Or, you could start issuing instant debit and credit cards to give account holders immediate access to their new accounts. Maybe a new hire or some extra marketing dollars could go a long way. Or, perhaps you need to replace expensive equipment, like ATM machines, or upgrade them to make sure they’re Windows 10-ready in 2020. If your wish list seems never-ending, it’s time to start looking for a way to make things happen.
continue reading »