There was a lot to do, see, and learn at this year’s Connect conference. And based on the attendance at sessions focused on overcoming today’s revenue challenges, generating meaningful increases is top-of-mind for many financial services professionals. The impact of payments on revenue goals and revenue realities can’t be ignored.
Considering the state of the payments industry and the importance of payments to a financial institution’s business model and performance, every bank and credit union needs a modern payments strategy that supports today’s industry-wide challenges and opportunities. There are two distinct approaches to developing that payments strategy, and they are not equal.
A proactive, offensive payments strategy leaves little to chance with dynamic, detailed plans that are regularly updated with data-driven insights. A reactive, defensive strategy takes a “we’ll cross that bridge when we come to it” approach. Financial institutions that continue to rely on defensive strategies are creating self-inflicted disadvantages as well as performance and operational risks. Those with a proactive payments strategy now have an array of complex considerations that didn’t exist just a few short years ago.
During the Connect session presented by Jack Henry’s Payments Strategy Group, a new service for those embracing offensive, forward-thinking payment strategies was introduced. The Jack Henry Payments Strategy Planning Service™ leverages a proprietary framework to help diverse financial institutions develop practical, modern strategies tailored exclusively to their needs.
It is a structured strategy development approach that pairs an experienced Jack Henry strategist with financial institution leadership to guide the team through a process that helps them produce an actionable payments strategy – a specific plan based on the institution’s unique mission, culture, and markets. The process also includes reviews of today’s highly competitive payments landscape, industry trends, and emerging growth opportunities in payments – with interactive discussions to ensure internal consensus on the payments strategy. It is an objective, unbiased service available to banks and credit unions whether or not they utilize Jack Henry’s payment solutions as part of their payments strategy.
The Jack Henry Payments Strategy Planning Service helps diverse institutions modernize their payments strategy based on the current state of the industry, anticipate the industry’s continued evolution, and develop and implement the strategic foundation necessary to remain relevant, competitive, and future-ready.
With a proven track record of supporting more than 60% of U.S. financial institutions with payment solutions, Jack Henry is uniquely positioned to help banks and credit unions elevate their payments strategy.
Traditional and non-traditional payment providers continue to introduce innovative solutions and enhance existing ones. That’s why it’s so critical for financial institutions to have actionable, insight-driven strategic payments plans in place to retain or reclaim their position at the center of their accountholders' financial lives.
You can learn more about the Jack Henry Payments Strategy Planning Service by exploring 11 Big Questions to Help You Develop a Modern Payments Strategy or by contacting PaymentsStrategicPlanning@jackhenry.com. You can also join our ongoing conversation about overcoming today’s revenue challenges at jackhenry.com.
We hope to see you next year! Our 2023 Jack Henry Connect will take place October 16 – 19 in Indianapolis, IN.
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