A Kodak moment?
If you know what Kodak film was you likely also know the saying; we are toast! Many banks and credit unions feel this way as technology has contributed to a 30-year steady decline of their ranks via consolidations and mergers. Are banks and credit unions next in line for their Kodak moment?
Not likely anytime soon, but consider these recent trends from the Federal Reserve. For the first time ever the Federal Reserve 2016 studies show that debit cards have overtaken cash as the dominant form of payment, ATM use continues to dwindle, and mobile banking payments keep rising (53% of smartphone users). Here at Finex, growth is dependent on our ability to keep pace serving members embracing these dominant payment methods. In short how are we making your financial life easier and more convenient 24/7?
While we are doing well in this regard, it really is a never-ending effort to stay current. This past year we have taken the following steps; upgraded home banking and bill pay modules, restructured checking to offer Axcess Cash Back debit cards, mass reissued EMV chip cards, and enhanced card fraud and identity protections via a new MasterCard partnership.
With these upgrades in place, we now are nearing completion of the ONE BIG UPGRADE that you are all most interested in. Within the next month, Finex is rolling out our brand new mobile app with an integrated mobile check deposit solution, SnapDeposit. It really will be an improvement that will make an impact!
When we picture your financial future, we see smartphone cameras SnapDepositing checks 24/7 and a graphic display of your rising credit score, not a Kodak moment from the banking past.
Michael Palladino President/CEO
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