Texpo is right around the corner, April 7th-9th in The Woodlands, Texas. While this is a regional conference, it tends to draw beyond the State of Texas with rich content and great networking opportunities. U.S. Dataworks is excited to be exhibiting again this year and we look forward to meeting with you and discussing the future of payments.

We stand at a crossroads for the future of payments, particularly from the perspective of financial institutions. Once our “franchise” payments and payment processing dominated the industry, but this has slowly been moving into the hands of non-financial institutions.  New customers for financial services (re: Millennials and Gen Zs) no longer seek out a primary financial institution; they believe that they can do everything with Venmo. Banks of all sizes find it hard (or are not trying) to tell their story – a story that includes:

  •   Defining the differences between a relationship with a primary financial institution and a relationship with a fintech provider
  •   Having a relationship banker to whom you can direct specific credit requests and discuss financial strategies
  •   Protecting your interests in this rapidly changing world of faster payments

With the numerous faster payment options that have been released, with more to come, it becomes even more critical for financial institutions to aggressively pursue the options that will make them strategic partners for all customers. Staying abreast of the rapidly changing payments and treasury services environment is paramount.

As I peruse the conference schedule, there are a couple of sessions that caught my eye.  If you are registered to attend this year’s Texpo conference and want to engage in sessions that will educate and be thought-provoking, here are some I suggest:

The Ardent Mills’ Story: Kneading A/R Challenges with Integrated Receivables and 50% Fewer Costs – Monday, April 8th 9:45 AM – 10:45 AM
Nothing is more critical to a business than the ability to efficiently post account receivables. Given that the types of payments that can be received and the difficulty most businesses have in matching up payments to remittance info, hearing from a company that tacked this problem head-on should be an eye-opener.  You should be having conversations with your business customers, who like Ardent Mills, are looking for solutions. Will your institution be a solution provider as a part of your treasury services or will your customers look for non-bank 3rd parties?

Faster Payments: Bridging the Gap Between Consumer Experiences and Business Expectations Monday, April 8th 2:30 PM – 3:30 PM
The Real Time Payment (RTP) Application from The Clearing House is live and you ignore it at your peril.  This session features a banker discussing the benefits of RTP as well as the lessons learned from implementing the solution.

Leadership Requirements for Workforce 2020 & Beyond – Tuesday, April 9th 1:45 PM – 3:00 PM
OK, this session is not related to payments but there is a definite need to address our future leaders.  As younger professionals enter the workforce, they are not as “Grounded”, in my opinion, as Gen X and Baby Boomer generations that preceded them.  I wrote about this in my book, Grounded; the need to empower young professionals to assess crises and make good decisions. This session seems like a good way to advance the thinking in that area with specific strategies as takeaways.

If you are a farmer or manufacturer, you place special importance on the maintenance of the equipment that allows the business to prosper. In financial services, the reliance on “big iron” machines is non-existent.  But education, connecting with your peers, establishing relationships on which you can rely for information and assistance in times of crisis is our defacto “maintenance”. I hope that while you are at Texpo, we get a chance to meet. I genuinely enjoy the ability to talk with bankers and industry professionals about the future of banking and payments. And if you haven’t registered for Texpo, there is still time to do so.