July 6, 2017

EPCOR announces 2017 Payments Benchmarking Study results

KANSAS CITY, Mo. -- EPCOR has announced that the results of EPCOR’s first-ever Payments Benchmarking Study are now available. The purpose of the Study is to provide insights into the practices, approaches, and plans of similarly situated financial institutions in the central United States. Consumer and business payment products and services examined by the Study included: go-to-market and technology models; strategic issues, opportunities and challenges; and payments management and strategy.

Some key themes identified in the Study are:

  • Financial institutions tend to wait until the market identifies whether a product is worth investing in or not.

  • Outsourcing is the dominant core processing model of EPCOR member financial institutions.

  • Compliance and regulation tend to be a challenge, and has the greatest impact on profitability.

"EPCOR is excited to provide this tool to its members to assist them as they incorporate payments into their overall corporate strategy. We hope to continue this survey annually to ensure members can stay on top of issues that are affecting their organizations,” said Jen Kirk, AAP, vice president industry and government relations, EPCOR.

The EPCOR Payments Benchmarking Study – The Full Report contains the results provided by 128 financial institution participants, which included 89 banks, 33 credit unions, four thrifts and two which selected ‘other banking entities,’ with $100 - $250 million as a median asset tier. The information gathered and provided in the full study analysis report can be used to help financial institutions benchmark their practices and plans for payments products and services in the next two years.

 

 

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