Interchange, one of the highest, recurring, non-interest revenue streams, is even more important in today’s highly competitive environment. Forward-thinking banks and credit unions need to diversify their revenue models to accommodate decreasing interchange. They also need to ensure that their card technology provider can help them respond to the dynamic regulatory environment while helping them optimize operating efficiencies, reduce operating expenses, and maximize ongoing card program performance.
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Non-interest income is declining and traditional fee structures are at risk as fintechs, big techs, and neo banks charge less for financial services and condition accountholders not to pay for those services.
Interest income is at risk with fintechs, big techs, and neo banks offering better rates, more innovative application and funding experiences, and borrower-defined terms. And in the digital era, a digital application and origination experience is now an expectation not a differentiator. Considering the importance of interest income, the unprecedented competition for consumer and business loans, and the seamless digital lending experience expected today, banks and credit unions need to more efficiently and effectively originate more loans and provide a modern borrower experience.
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Compounding the industry-wide revenue challenges even more, banks and credit unions are facing increasingly complex financial management. To better manage and improve financial performance, you need ongoing access to data-driven, actionable insights. But financial management has become significantly more complex and virtually impossible to do effectively, efficiently, and accurately without automated, integrated tools that enable data access and aggregation, ongoing analysis, and financial forecasting.
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