Columbia Bank New Jersey’s Post

𝗥𝗕𝗔 𝘁𝗼 𝗹𝗼𝗼𝗸 𝗮𝘁 𝗺𝗲𝗿𝗰𝗵𝗮𝗻𝘁 𝘀𝘂𝗿𝗰𝗵𝗮𝗿𝗴𝗶𝗻𝗴 Ellis Connolly of the Reserve Bank of Australia has just given a speech at the MRC | Merchant Risk Council. I recently wrote about excessive merchant surcharging. He makes the observation that we are in a very different world to when surcharges were introduced, and the policy needs to be addressed. In the graph below you can see that debit cards (one of the more common ways to pay) only have a small merchant fee, yet surcharges are known to cost 1.6% or more, despite least-cost-routing. Also in his presentation he highlighted the gap between big merchants and small merchants. In addition, the transparency of cross-border fees is another issue that he touches on - one area of focus for the RBA. https://lnkd.in/gmqdP_cm #Paymentsandbanking #finance #centralbank #paymentsregualtion

MULIT BANK ATMs POP UP IN SUPERMARKETS TO HELP SMALL FIRMS (www.thetimes.co.uk/) Small firms handling cash will be able to deposit their takings in more than 100 machines by the end of the year that will be linked to their accounts at the big high street banks. The first three multi-bank ATMs are working at sites in Atherstone, Warwickshire, Swanage in Dorset, and Heathfield, East Sussex. Seventeen should be open by the end of the month, including in Chipping Norton, Oxfordshire, Bradford, and Billericay, Essex, with several hundred planned in the next few years. They are part of the response by the banks and industry regulators to the gap in cash handling and broader banking services to small businesses left by the rapid closure of high street branches. Some 6,005 branches have closed since 2015, according to the consumer group Which? — more than 60% of the total that were then open. #kentinvictachamber #kentbusiness #smes #ashfordfor #smallbusinessowners #cashmanagement https://lnkd.in/ennnUCPQ

Seeking a well-needed upgrade for payment processing? Check out our latest episode of Talking Wealth, featuring Natalee Wedderburn, Head of Merchant Acquisition and Card Sales at JN Bank, who introduces the JN Pay Point of Sale machine for business owners. Watch the full episode on the Jamaica National YouTube channel. #JNTalkingWealth #Savings #JNPay

Seeking a well-needed upgrade for payment processing? Check out our latest episode of Talking Wealth, featuring Natalee Wedderburn, Head of Merchant Acquisition and Card Sales at JN Bank, who introduces the JN Pay Point of Sale machine for business owners. Watch the full episode on the Jamaica National YouTube channel. #JNTalkingWealth #Savings #JNPay

The last two banks standing in a rural town in the UK are set to close within the next year 🏦 Coming at a time where bank closures are rife, many residents are concerned about the lack of access to cash and the impact that this will have on elderly and vulnerable residents. So, what more can be done to ensure the community can access cash and partake in banking activities amidst these closures? Read more BBC News 👉 https://bit.ly/4amnerU #Banking #AccessToCash #BankBranchClosures

Seeking a well-needed upgrade for payment processing? Check out our latest episode of Talking Wealth, featuring Natalee Wedderburn, Head of Merchant Acquisition and Card Sales at JN Bank, who introduces the JN Pay Point of Sale machine for business owners. Watch the full episode on the Jamaica National YouTube channel. #JNTalkingWealth #Savings #JNPay

This is a great concept and is much needed in many communities. During previous stages of my career, I’ve run outsourced estate management mandates for two major high street banking networks and been involved in consultancy projects for many of the others. When arriving at a bank branch to undertake a condition survey or rental valuation, the etiquette was that you wait your turn to be seen with everybody else. For this reason, in my time, I’ve stood in many 100s of customer queues in many 100s of bank branches in diverse locations all across the UK. One of the things that I learnt from this was just what an important a part of the local community these retail banks were. I would find local businesses owners with the day’s takings, young people opening their first account, couples buying a house, travellers changing their money, older people managing their pensions and much, much, more. Let's hope that Banking Hubs can fill that gap. #cashaccess #retailbanking #community

I have fond memories of my career at Nationwide Building Society. As Head of CRM, the mediated channels sat in my remit (as well as email, statements, DM, onsite messaging). The challenge: how to arm branch staff with up to date, data driven insights about each member in order to have an informed conversation, rather than just something transactional. Ultimately, how to make every branch (and contact centre) based engagement count. It involved continuous analysis to find member facts, gaps and opportunities, that were presented as on-screen prompts to branch staff upon authenticating a member. Back then, we called them 'ice-breakers' Things like.... - A bond worth £x matured 2 weeks ago and the balance is still in their account - This looks like an insurance renewal date - offer quote - Member should move to this savings account for a better rate - Please validate their email address - Member has been pre-approved for a credit card - Last time this member used the branch was x months ago and use the website, tell them about the app - Member is not yet paperless - Etc etc... A mix of sales and service next best actions that gave branch staff the confidence to have those types of conversations. But crunching the data, running the selections and loading them into the CRM system was one thing. Getting staff to use them was another...and it needed continuous engagement with the network. Regular roadshows and events with branch managers as well as identifying 'champions' in each region that acted as evangelists, carried out training, collected feedback and future ideas from their patches. TOP TIP: If you've got a 'free' channel in your CRM armoury - then maximise it. Especially if it's a channel that you can exploit where the customer is at that very moment 'on your estate'. These types of CRM systems carry a lot of negative baggage and battle scars where projects have cost too much and/or took too long to implement. That need not be the case! Learn about the Engagement Hub from R-cubed here: https://lnkd.in/eriB3pwF #crm #buildingsocieties #branches #contactcentres #website #engagement #insurance

MULTI-BANK ATMs POP UP IN UK SUPERMARKETS TO HELP SMALL FIRMS (www.thetimes.co.uk/) Small firms handling cash will be able to deposit their takings in more than 100 machines by the end of the year that will be linked to their accounts at the big high street banks. The first three multi-bank ATMs are working at sites in Atherstone, Warwickshire, Swanage in Dorset, and Heathfield, East Sussex. Seventeen should be open by the end of the month, including in Chipping Norton, Oxfordshire, Bradford, and Billericay, Essex, with several hundred planned in the next few years. They are part of the response by the banks and industry regulators to the gap in cash handling and broader banking services to small businesses left by the rapid closure of high street branches. Some 6,005 branches have closed since 2015, according to the consumer group Which? — more than 60% of the total that were then open. #smes #kentbusiness #kentinvictachamber #cashflow #smallbusinessowner

It is important for business owners to be innovators, and JN Bank is here to help you along the way. In our latest episode of Talking Wealth, Natalee Wedderburn, Head of Merchant Acquiring and Card Sales at JN Bank, discusses how small business owners can become JN Pay merchants. Watch the entire episode on the Jamaica National Group's YouTube channel (https://bit.ly/3UhDBjY ). #JNTalkingWealth #Savings #JNPay