The clock is ticking with Jack Henry’s planned sunset of SymConnect in 2024, driving the need to prioritize your Credit Union’s migration strategy to SymXchange. This guide aims to be your strategic companion, offering planning tips and high-level directives for a smooth transition from SymConnect to SymXchange and for setting up SymXchange efficiently. By leveraging […]
Read More >
Blog Page 4
< Remove Filter
Category: Fintech
Modernizing ACH: How Financial Institutions Gain Efficiency, Control, and Flexibility Over a Legacy Payment System
Automated Clearing House (ACH) is a payment standard developed by Nacha, and The Federal Reserve and The Clearing House Electronic Payments Network (TCH EPN) operate compliant ACH networks in the US. Often bundled in large batch files, ACH is utilized in commonplace financial transactions in the US, such as bill payments and paychecks, due to […]
Read More >
The Death of Best of Suite in Community Financial Institutions
How often do you ask yourself, “Why can’t our FI keep pace with the product offerings of our larger competitors?” Multiple factors are at play when it comes to speed to market for new products. However, the “elephant in the room” for the majority of community FIs is the dependency on one important vendor… The […]
Read More >
Every Financial Institution Needs This Indispensable Role – 5 Super Powers of the Product Manager
in Fintech , IT Management
In the increasingly competitive banking landscape, there lies an often overlooked yet vital role that directly impacts the success of every product and service a financial institution (FI) offers – the product manager. Lack of ownership, indecisiveness, poor communication, reactive mentality, and ineffective technology management can be common in the financial services industry, leading to […]
Read More >
Unlocking AI’s Potential in Banking: Mitigating Security, Compliance, and Reputational Risks for Financial Institutions
in Fintech , IT Management , Tips and Tricks
With the booming popularity of OpenAI’s ChatGPT, Artificial Intelligence (AI) is once again the hottest topic in technology. As the widespread adoption of AI in everyday practical applications becomes more of a reality, the banking industry grows more eager to deploy AI-based solutions. The possibilities range from smart chatbots that handle customer inquiries with high […]
Read More >
6 Banking Integration Lessons Learned One Month After SVB Collapse
It all started on a Thursday with a phone call from our CEO, David: “Are you on top of this SVB thing?” By the end of the weekend, Silicon Valley Bank (SVB), one of the most storied banks in the technology industry, had collapsed, the FDIC had taken control, and our team had been all-hands-on-deck […]
Read More >
Open and Reusable Core API: Building a Universal Data Model for Fintech Integration to the Core
Integrating with the core is hard. In general, the challenges involve legacy systems, data security concerns, regulatory compliance requirements, system complexity, and vendor dependencies. The difficulty is further complicated because each banking core possesses integration nuances specific to its technology. Imagine the impact on innovation in financial services if those subtleties were addressed through standardization. […]
Read More >
American Bankers Association: Middleware Helps Banks Minimize Dependencies and Unleash Innovation
The American Bankers Association (ABA) released its 2022 Exploring Banking Middleware Solutions report detailing the strategic benefits of implementing middleware for banks. Community banks’ potential to innovate directly relates to their connection with the core banking vendor. However, according to ABA, nearly 42% of banks surveyed are dissatisfied with their core provider. As a result, […]
Read More >
Community FIs Need to go Beyond Banking Core Integration to “CICaaS”
Banks and credit unions require more than just integration between their banking core and other systems. Many community financial institutions (FIs) are looking for a connectivity solution that makes integration easy and repeatable, freeing them from the constraints of their core vendor. Once this solution is in place, community FIs often wish to build upon […]
Read More >