Omnicommerce: The Multichannel Customer Experience

Originally posted on Vantiv’s Blog.

Guest post written by Lorena Harris, VP of Corporate Marketing, Vantiv.  In the first of this three-part series, Lorena discusses how providing a consistent customer experience across channels is a critical component of omnicommerce.

Vantiv is the NAFCU Services Preferred Partner for ATM, Debit Card & Gateway Processing; Credit Card Processing & Servicing; Merchant Services.

Today, consumers use a growing array of digital devices as they shop—and that trend is creating some fundamental changes for merchants.

As I reported back in December, Vantiv/Mercator research recently found that about a fifth of consumers shop using “showrooming” techniques—that is, finding a product in a store, using their mobile device to comparison shop online, and then buying the item online or at another store.

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Commit to Success

Originally posted on Vantiv’s Blog.

Guest post written by Bob Long, Senior Vice President, Vantiv.

Vantiv is the NAFCU Services Preferred Partner for ATM, Debit Card & Gateway Processing; Credit Card Processing & Servicing; Merchant Services.

Many factors over the past few decades have driven credit and debit to be ubiquitous payment types today. But one thing is for sure: debit and credit cards did not grow by themselves. It took a commitment by issuers, acquirers, consumers and merchants to make the life-cycle of the card transaction work.

Through my experience, I’ve found that the word “commitment” summarizes those member financial institutions that move from good to great. This is best accomplished through a focus in three important areas:

Management Commitment: The management of your card program requires the proper resources and knowledge. Balancing risk, measuring growth, equating the increased non-interest income with card usage, focusing on growing the yield of your revolving balances – this all takes time. Seek out ways to take the complexity out of your credit program. Unsecured lending can be complex enough, and when you tie underwriting methodologies to multiple card product types, it gets even more complex. Use the resources of your credit union with those of your processing partner and commit to a collaborative, consultative approach.

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Payment Technologies: Gaps and Opportunities Awaiting the Next Big Thing

As an Android user, I love the TV commercial poking fun at iPhone fanatics waiting hours in line to buy the new iPhone, hopelessly waiting for the next big thing. With Apple’s recent move to acquire a security technology company, the blogosphere is full of predictions of what this could mean—will the next iPhone have Near Field Communication contactless payment technology? While Android phones have already embraced NFC technology, deploying NFC on iDevices could speed up the adoption of mobile payments. Or not.

Financial executives and merchants face different challenges with emerging payment technologies, including mobile payments, mobile wallets, mobile banking, NFC, EMV, prepaids, and more. Add in the consumers’ perspective—we want faster and convenient transactions, good economics, plus a little bit of the coolness factor—and you’ve got a grand mix of disconnects and opportunities.

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Carpe Diem – Living in a Post-Durbin World

The NAFCU CEOs and Senior Executives Conference this week has featured some outstanding presentations, including noted management guru John Spence (author of “Awesomely Simple”) and financial services expert Brett King (author of Bank 2.0).  But for me one of the more meaningful presentations came from Royal Cole, Vantiv’s Financial Institution President.

Last year everyone was uncertain about the impact of the Durbin amendment and the myriad of other new financial services regulations.  Flash forward and we now have a sense of what the future landscape is going to look like, which means that credit union executives should be assessing how (or if) their strategic plans need to change to adapt to the new reality.

Royal’s presentation was focused on precisely this point – titled ‘Carpe Diem – Living in a Post-Durbin World,’ it zeroed in on the growth opportunity facing credit unions today, and more importantly what we need to do to take maximum advantage of it.

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