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A recentu00a0u003ca href=u0022https://thefinancialbrand.com/78423/2019-top-banking-trends-predictions-outlook-digital-fintech-data-ai-cx-payments-tech/?edigestu0022u003eRetail Banking Trends and Predictions reportu003c/au003eu003cstrongu003eu00a0u003c/strongu003edetails a number of developments that banks and credit unions can prepare for and stay on top of this year. And fortunately, a number of these trends can be addressed with a fully disclosedu00a0u003ca href=u0022https://www.jmfa.com/Services/JMFA-Overdraft-Privilegeu0022u003eoverdraft programu003c/au003eu00a0and proactiveu00a0u003ca href=u0022https://www.jmfa.com/Services/Contract-Renegotiationsu0022u003evendor contract negotiationsu003c/au003e.nnu003cstrongu003eu003cemu003eOverdraft Service That Delivers on Multiple Levelsu003c/emu003eu003c/strongu003ennOffering a fully transparent overdraft service such asu00a0u003ca href=u0022https://www.jmfa.com/newodpu0022u003eJMFA NEXT GENERATION OVERDRAFT PRIVILEGEu003csupu003eTMu003c/supu003eu003c/au003eu00a0to account holders gives your bank or credit union the opportunity to stay ahead of many of the yearu2019s projected advances.nnu003cstrongu003eTrend: Removing Friction from the Customer Journeyu003c/strongu003ennThe great news for community banks and credit unions is that au00a0u003cstrongu003efocus on human connection and delivering exceptional serviceu003c/strongu003eu00a0u2014 a typical differentiator for community-sized financial institutions u2014 is what will win account holders over. A genuinely customer-centric approach, complemented (but not replaced) by the latest technology, will become more important to attract and retain account holders.nnA fully disclosed overdraft program ensures a smooth customer journey, starting with upfront information about limits and fees. Access to the service means theyu2019re free to use it in the event of an emergency or short-term need. By empowering the consumer with all the facts and freedom of choice, this type of overdraft solution virtually eliminates end-user surprises, confusion,u00a0and dissatisfaction. And a seamless, automated process means that your staff isnu2019t left to manually approve overdrafts or rely on complex algorithms to define individual limits.nnu003cstrongu003eTrend: Finding and Training New Talentu003c/strongu003ennAs financial institutions continue to engage in a u201cwar for talent,u201d properly training those highly skilled individuals you recruit will become increasingly important. Whether youu2019re training new personnel or keeping staff up to date on the system, JMFA offers ongoing training and support.nnAccess to online continuing education opportunities can keep you informed on the latest overdraft developments and strategies while you learn from the comfort of your workspace.u00a0u003ca href=u0022https://www.jmfa.com/JMFA-Academy-Homeu0022u003eJMFA Academyu003c/au003eu00a0goes one step further with free in-person sessions facilitated by our overdraft experts. Attendees receive one-on-one assistance and peer-to-peer discussions of real-world situations designed to help you deliver the best overdraft service to your account holders while remaining 100% compliant.nnu003cstrongu003eTrend: Improving Multichannel Deliveryu003c/strongu003ennTechnology will be necessary, not to replace brick-and-mortar branches but rather to support front-line staff in providing advice and support. Account holders want that face-to-face interaction and will appreciate speaking to a human in certain instances rather than trying to navigate a mobile app for information.nnWe offer communication materials and training to help your employees discuss the program in a compliant, easy-to-understand way. This also helps aid in delivering the aforementioned frictionless customer journey, as clients likeu00a0u003ca href=u0022https://www.jmfa.com/About-JMFA/Case-Studies/First-Century-Banku0022u003eFirst Century Banku003c/au003eu00a0have experienced firsthand.nnu003cstrongu003eu003cemu003eLong-Term Growth and Innovation from Service Contractsu003c/emu003eu003c/strongu003ennItu2019s easy to get caught up in the day-to-day business when it comes to your vendor contracts. Why not find out if there are hidden savings youu2019re missing out on by leaving negotiating contracts with the experts? u00a0The savings could help keep your bank or credit union on pace with the biggest technological developments and much more.nnu003ca href=u0022https://www.jmfa.com/Tools/JMFA-Contract-Optimizer-Analysis-Requestu0022u003eJMFA Contract Optimizeru003c/au003eu00a0offers an easy, turnkey process: we assess your current contract(s), project how much we could save you by renegotiating (or using another vendor) and engage in professional negotiations with vendors to secure you the best deal. Best of all, our fee is contingent upon the savings we find you, so you know youu2019ll always come out ahead. The savings you achieve could help you stay ahead in areas such as:u003cstrongu003eu00a0u003c/strongu003ennu003cstrongu003eTrend: Expanding Digital Paymentsu003c/strongu003ennThe demand for faster payments using a number of digital platforms will grow in 2019. With JMFAu2019s numerous connections to vendors of all kinds, as well as our in-depth knowledge of their contracts and pricing, adding services like digital payments can be more affordable than you think.nnFor many of our clients, contract negotiating means saving on services they already have as well as securing new technology at an exceptional price to keep up with todayu2019s increased demand for high-tech services. In the case ofu00a0u003ca href=u0022https://www.jmfa.com/About-JMFA/Case-Studies/TheBANK-of-Edwardsvilleu0022u003eTheBANK of Edwardsvilleu003c/au003e, we secured mobile banking and smartwatch banking as a single, lower-priced line item. This, in turn, helped allow the bank to offer a top-of-the-line Internet banking product (which was previously out of its budget) to its account holders.nnu003cstrongu003eTrend: Investing in Innovationu003c/strongu003ennAccording to theu00a0u003ca href=u0022https://thefinancialbrand.com/78423/2019-top-banking-trends-predictions-outlook-digital-fintech-data-ai-cx-payments-tech/?edigestu0022u003eRetail Banking Trends and Predictions reportu003c/au003e, 2019 promises to be the year of u201cdoingu201d instead of u201ctalking about,u201d as financial institutions focus on serving account holder wants and needs.nnInnovation, however, takesu00a0capital. If your budget suggests you donu2019t have enough to offer an innovative product or solution, examining your vendor contracts may change your mind.u00a0u00a0u003ca href=u0022https://www.jmfa.com/About-JMFA/Case-Studies/The-Bank-of-Marion-Contract-Negotiationsu0022u003eThe Bank of Marionu003c/au003eu00a0was pleasantly surprised when JMFA found more than $1.5 million in savings across three of its vendor contracts. They used their savings dollars to invest in mobile and online banking technology upgrades to provide a better account holder experience.nnWith the year already in full swing, now is the time to determine how your institution will stay in front of banking trends headed our way. A fully disclosed overdraft program and a third-party review of your vendor contracts offer two ways to do just that u2014 and so much more.


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