JimPicPainted  JIM's JOURNAL
      The Banking Business Blog
     Opinions, & Observations on the Business of Banking...  And Other Musings... !



As many FinTech researchers have been forecasting over the last several years... the future of the banking industry will depend on its ability to leattorneysverage the power of customer insight, advanced analytics and digital technology to provide services that help today's tech-savvy customers manage their finances and better manage their daily lives. We could not agree more ! It's time to put the customer first again ! At MICR Prime that is exactly what we do, put your business and profit goals front and center.

Talks with one of the largest Colorado Credit Unions:

Recently in a discussion with one of the largest Credit Unions in Colorado, he told us: "I can’t remember the last time I wrote a paper check.” (A typical comment from a lot of FI "C suite" executives.) But, following a really quick review of our "Check:r" On-Site Check Production, Binding and Finishing Solution (it took all of 5 minutes), the next time we met with him it was a 180 degree turn around. “I can't believe we leave this much money on the table letting 3rd party check service vendors fill our customer's personal and business check orders". He looked it up -- $4800 in check orders last month! Needless to say HE IS INTERESTED ! Thought you’d like to get in on the story; we’ll let you know what happens.

More About Check Service Vendor Agreements:

When attorneys analyze a Check Service Vendor's (CSV) agreement they quickly discover it to be a clever document, very carefully crafted so as not to break any “restraint of trade” laws. An “Agreement to Sell Proposal” is really all it is (or can be for that matter). But CSVs would love to have you think otherwise. Multiple pages, sales targets, different product classes and pricing, discount percentages, length of term, target dates, small print, and signature lines – all looking very “contractual” without actually being one but coming pretty darn close. The purpose, of course, is to discourage “shopping”. The long standing ingrained global perception that these agreements are restrictive “contracts” is simply untrue. (Here’s where your attorneys can earn their keep.)

So now you say, “Okay, so what -- big deal! Paper checks -- give me a break; that’s penny ante stuff. It’s why we farm it out.“ First glance -- can’t disagree. And, if fee income is where it should be and shareholders are overjoyed with the profit picture then what follows won’t be of any interest; stay with what you’re doing. On the other hand, if LDRs, customer service quality, and bottom line profit keeps you up at night, then MICR Prime's short order on-site check production solution that follows may be the simple silver bullet you’ve been looking for all along.

What are the Benefits?

“What are the benefits, you ask? …and, it better be good.” Okay, first off, there’s no risk; it’s all guaranteed. Second, you won’t upset the workflow! The brand new on-line short order check ordering portal captures the orders. This simple alternative can live alongside your regular CSV order page to give your clients an option. To see how the check:r system works go to the check:r on-site check production page to see the details, including projected bottom line revenue and core deposit retention (great benefit). Two more FI benefits – 1) you retake the CSV pass-through money drain – you stop the bleeding and 2) your marketing people get a tangible customer service benefit that upscale check user clients quickly understand and appreciate.

In Summary:

Finally, looking at things from the customer’s standpoint, do you occasionally put yourself in their shoes; find out what they like? Does the “bank-speak” where you work always turn on “we’ve always done it this other way”? Hopefully the “good enough for who it’s for” is not the operating principle where you work. You’ve probably experienced that negative don’t care outlook somewhere before and, guess what, like the rest of us, you gossip about it with friends. And you’ve most likely experienced the exact opposite -- you stumbled on a great bargain or encountered unexpected excessive good quality service. You remember it, you talk about it with friends. As a banker you have to know that no amount of money can buy passive good referral word-of-mouth marketing like that. It’s priceless.

To wrap it up, if you would like to see for yourself how the MICR Prime solutions can benefit your operation we would love to send you a working version of our MICR Document Production program, a finished check:r checkbook and enough supplies so you can prove to yourself how simple it is to – Bring The Profits Home (to your bottom line) where they belong.



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