Are You Prepared for the Twists?

Originally posted on forwardbanker.com.

Guest post written by Scott P. Wallace, Vice President of Marketing, Deluxe Corporation.

Deluxe Financial Services is the NAFCU Services Preferred Partner for Check Printing, Online Check Ordering, Check Fraud Prevention, and Member Loyalty Solutions.

Traveling the Trip of Banking

Picture this: It’s 1950. A family of seven, plus their beloved pet dog, piles into a station wagon and sets out for a cross-country road trip with the radio blaring tunes as they cruise down the two-lane highway. There are no mobile phones to ask for directions and no GPS to keep them on track to their destination. It’s just mom, dad, five kids, Fido, a map book, and the open road.

Fast forward to today. It’s 2013. A family of four sets out on a road trip, but now with the aid of a GPS-enabled smartphone, apps to keep them abreast of road constructions and detours and a portable DVD player to keep the kids entertained.

We’re still taking road trips, but how we’re getting there and the tools we use are different.

And the same could be said in today’s financial environment. Consumers still rely on their financial institution, but how they receive communication and the tools they use vary.

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Fraud Insights

Originally posted on forwardbanker.com.

Guest post written by Scott P. Wallace, Vice President of Marketing, Deluxe Corporation.

Deluxe Financial Services is the NAFCU Services Preferred Partner for Check Printing, Online Check Ordering, Check Fraud Prevention, and Member Loyalty Solutions.

Banking margins are being squeezed and fraud continues to rise. This is not a good combination. To combat this, financial institutions want to stay aware of the trends and opportunities to mitigate losses to help improve bottom line profits.

A survey of both financial institutions and non-financial institutions compiled by the Federal Reserve Bank of Minneapolis provided some great insights into payments fraud.

What they found was fraud is a problem across all those surveyed no matter what their asset size, type of institution, or payment products offered. For financial institutions, the payment method most vulnerable to fraud was signature debit cards with over 83 percent experiencing an attempt. However, that’s only one of nine possible methods documented in the survey that fraudsters have tried to use.

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Are Your Members Banking Around?

Originally posted on forwardbanker.com.

Guest post written by Scott P. Wallace, Vice President of Marketing, Deluxe Corporation.

The 2014 Deluxe Exchange Conference offers crucial advice on the most pressing topics in financial services. Use code NASC14 to register »

The level of consumers who use multiple financial institutions is quite high, and the level of customers considering switching institutions also rose last year. This could prompt some financial institutions to review their policies through important financial decisions in order to be sure that customers not only have what they need, but also that they will lead with their strong points.

Consumers are sending many messages to financial institutions.

Switching: Customers who considered switching financial institutions in 2012 rose to more than 10 percent, which is slightly higher than the seven percent recorded the previous year, according to a report from Ernst & Young. One reason for the switches is the continued fee changes by some financial institutions, which upset approximately half of the customers.

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