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As community bank payment products become an increasingly central product line for small business customers, community banks are seeking new ways to connect with this important segment in today’s digitized environment.
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COVID-19 has created financial strain for millions of Americans. For example, 56 percent of consumers have reported difficulties paying bills due to loss of employment or income, and another 76 percent of small businesses have acknowledged cash flow shortages.
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Digital transformation isn’t just a buzzword—it’s become a critical need that will determine winners and losers in the coming year. The delay in innovation within banking has meant that many card issuers are now rushing to catch up with the technology adoption seen in other industries.
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The global pandemic has prompted consumers to reimagine how they interact with others, how they handle their daily duties, and how they conduct their financial business.
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Overnight, our banks were called upon to enhance and expand our digital offerings not because they perhaps needed a technology upgrade, but because our customers needed to be able to transact in new, remote ways.
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Community banks were already planning for a digital payments transformation, but the shift in spending habits during the coronavirus quarantine caused many community banks to accelerate, or prioritize, that transformation.
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In today’s card risk environment, your bank needs a comprehensive fraud strategy that includes cardholder education backed by powerful fraud prevention and detection technology.
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A banker asked me recently how to increase the profits of his bank’s credit card program. This Midwest bank had been issuing cards for more than a decade, but recent growth had been stagnant, and the banker was looking for strategies to improve the portfolio.
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Artificial intelligence is a hot topic across all lines of business in all industries, and banking is no exception. How an institution views AI’s place in its organization varies from one bank to the next.
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Recently, with the growing popularity of mobile wallets and contactless cards, we are seeing criminals using contactless near-field communication (NFC) acceptance as an alternative way to monetize stolen magnetic stripe data. With the number of cardholder payment options available to consumers (e.g. magnetic stripe, mobile, contact chip, and contactless chip) it is increasingly important for issuers to take a comprehensive validation approach across the different form factors and interfaces through which a payment can be made. Use of best practices for point-of-sale (POS) entry modes validation is an essential step for identifying and preventing fraud.
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In order to help combat synthetic identity fraud, Electronic Consumer Based Social Security Number Verification, or eCBSV, is being developed as a result of section 215 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, Public Law (PL) 115-174.
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Account takeover fraud (ATO) continues to challenge consumers, businesses, and the financial services industry. This article examines today's ATO landscape and offers recommendations and protections for consumers, merchants, and financial institutions.
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Finding a new vendor can be a test of your negotiation skills, especially when nearly everything in business is negotiable. Follow these 12 tips from ICBA's executive vice president and chief digital strategy officer, Prabash Shrestha, to glean his winning tips and strategies for vendor negotiation.
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In the latest issue of Bancard Confidential, Kimball, Minnesota-headquartered Harvest Bank shares how it has leveraged ICBA Bancard's charitable giving platform to help support local non-profits and charitable organizations in the communities it serves.
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Could a fingerprint or iris scan be the answer to consumer password fatigue? Perhaps. In China, several face-detecting technologies are being used to authorize payments, with the Alipay “Smile to Pay” mobile app among the most popular.
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The time has come for community bank card issuers to begin ramping up their contactless payments strategy. More than half of the top 100 U.S. merchants are already contactless enabled and smaller merchants are also speeding to adopt contactless point-of-sale technology in a bid to improve the cusotmer experience.
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ICBA Bancard’s Senior Vice President of Card and Payment Products, Julie Hanson, says that many times when she is discussing debit and credit card portfolio strategies with community bankers, they are unaware of the many core benefits that are baked into their Visa and Mastercard programs.
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A Visa study examines how digital trends are reinventing consumer expectations. This shift in the ecosystem is driven by universal connectivity, prevalent social media use, the rise of Internet of Things (IoT) devices, and increasingly interactive user experiences along the entire customer journey and across all channels.
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As more community banks look for ways to deliver innovative solutions to their customers, they will most likely have to find ways to work with financial technology companies.
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Last month, Visa eliminated the use of static passwords for its Verified by Visa cardholder authentication service. Static passwords were once thought to be an easy and secure way to verify a consumer’s identity, but with more than 1.8 billion compromised accounts floating around on the Dark Web, these stolen credentials are now said to be responsible for more than 80 percent of all hacking-related breaches.
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Community bankers raised more than $10,000 for the youth non-profit Project 150 with ICBA Bancard’s new charitable giving platform, powered by FIS at the ICBA Community Banking LIVE this past March. ICBA Bancard’s new charitable giving platform helps move charitable donations to the web and can help banks drive organic portfolio growth while raising awareness for qualifying local charities or disaster relief programs.
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Mobile platforms for prepaid cards and omni-channel merchant capture are just a few of the innovative technologies community banks can leverage to establish traditional banking relationships with the unbanked or underbanked. Scalable cloud-based solutions make it affordable for even the smallest banks to compete with large banks and with nonbank financial services competitors, such as check cashers.