As expectations for faster, more convenient financial services continue to grow, focusing on technology and innovation has become increasingly more critical to address consumer demand. But, as you focus more of their time and efforts on the development and implementation of solutions designed to best meet account holders’ financial needs, it’s imperative to maintain awareness of existing issues that can put revenue, account holder relationships and reputation at risk. Products and services that aren’t monitored regularly or maintained properly can become performance and service liabilities and can expose your institution to increased regulatory scrutiny.
Monitor the reliability of your revenue sources
A decreasing number of income-producing sources and the possibility of a reduction in interchange revenue could have a significant impact on the bottom line going forward. If the recent settlement of the class action, anti-trust lawsuit involving Visa/Mastercard and a group of U.S. retailers results in merchants opting to pursue their own lawsuits to negotiate for better rates, the outcome could strike a blow to essential fee income.
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