Cole,
As community banks, we need to mount coordinated pressure on the big-3 data providers to innovate in the payment space. We are a client of Fiserv and our P2P solution (Popmoney) is clunky and expensive. It is as if Fiserv, Jack Henry, and FIS don't care. Maybe they are part of the vast conspiracy to disrupt banking. When you find a consumer payment system that you feel measures well against Venmo, please do share.
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Brian Riley
President & CEO
Mohave State Bank
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Original Message:
Sent: 04-06-2018 17:59
From: Cole Hewitt
Subject: FinTech
Amazon just announced they want to compete in this space as well via JP Morgan on the back of establishing some kind of checking account alternative. Customers are more than ever before relying on application based banking, credit card and peer to peer banking. How are community banks competing with up and coming FinTech applications (i.e. Venmo, CashAppl) that seem to be dominating the peer to peer payment space currently? Are you using a solution from your core provider or a third party or none at all?
------------------------------
Cole Hewitt
CFO
Yampa Valley Bank
------------------------------
As community banks, we need to mount coordinated pressure on the big-3 data providers to innovate in the payment space. We are a client of Fiserv and our P2P solution (Popmoney) is clunky and expensive. It is as if Fiserv, Jack Henry, and FIS don't care. Maybe they are part of the vast conspiracy to disrupt banking. When you find a consumer payment system that you feel measures well against Venmo, please do share.
------------------------------
Brian Riley
President & CEO
Mohave State Bank
------------------------------
-------------------------------------------
Original Message:
Sent: 04-06-2018 17:59
From: Cole Hewitt
Subject: FinTech
Amazon just announced they want to compete in this space as well via JP Morgan on the back of establishing some kind of checking account alternative. Customers are more than ever before relying on application based banking, credit card and peer to peer banking. How are community banks competing with up and coming FinTech applications (i.e. Venmo, CashAppl) that seem to be dominating the peer to peer payment space currently? Are you using a solution from your core provider or a third party or none at all?
------------------------------
Cole Hewitt
CFO
Yampa Valley Bank
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