Pandemic induced changes in consumer behavior created dramatic shifts in the banking sector. April 2020 marked a pivotal point for U.S. banks, which saw a 50 percent decline in branch traffic and a 200 percent increase in mobile banking registrations, according to Novantis and Fidelity National Information Services, respectively. The need for online banking bill pay options experienced tremendous, unexpected growth in 2020.
The 55-75 demographic, which is most impacted by stay-at-home orders, became a catalyst for implementing digital banking strategies offering intuitive online features and the support necessary to educate new constituencies. Nearly all bank customers expressed interest in online bill-pay features during the pandemic with speed, ease-of-use, and compatibility with Apple and Android devices. With less foot traffic at branch locations, customers quickly demanded online banking bill-pay, deposit, and peer-to-peer options. To accommodate user preferences, bank leaders increasingly rely on the expertise of Independent Software Vendors (ISVs) to navigate secure pathways for customers to make bill payments, check account transactions and balances, and process payments via mobile, SMS, and email channels. To thrive in the future, ISVs must embrace advancing digital trends in 2021 and beyond.
As digital banking solutions continue to emerge, ISVs now have more options to leverage integrations to expand current product and service offerings. For example, ISVs partner with iCheckGateway.com (ICG) to leverage the following hosted payment gateway features as part of a complete package:
With the rise in ACH WEB DEBIT authorizations, ICG provides check verification services, a boon to banks who process payments for utilities and municipalities. The ICG-Verify check verification solution validates accounts and provides check account status in real-time. In partnership with Plaid, ICG’s check verification service prevents payment issues from occurring before transactions complete. At the point of sale, given the advance notice of insufficient funds availability, for example, payors may conveniently choose another payment option. Other solutions ISVs who partner with ICG also gain access to ACH processing tools include accepting Remote Deposit Capture and Check21 transactions.
Partnering with ICG offers many unique advantages, but focusing on the bank industry-driven priorities ensures that Independent Software Vendors can deliver optimum data security, reliable platform performance and interoperability, and superior customer satisfaction with each integration.
As a Level 1 PCI-DSS certified service provider, ICG engages such security functions as BIN filtering, tokenization, end-to-end encryption, iFrame implementation, antibot measures, velocity filters, transparent redirecting, and payment methods restriction throughout its platform.
ICG remains compliant with a plethora of security measures, meeting and exceeding the standards that Nacha recommends. Evaluating the ICG-Verify tools to validate the bank accounts and added protection services offered through Plaid, providing bank authentication tools and real-time account balance status information, merchants complete more transactions more securely.
The cohesiveness of operating within a single platform enables ISV bank clients to generate revenue through merchant account services offering all-in-one payment processing capable of handling multiple payment methods across all channels. Access to user-friendly developer tools, plugins, links, and APIs simplify the integration process.
Superior customer satisfaction is a top priority at ICG. The company encourages partner feedback to fuel the growth and efficiency of its platform. ICG commits to customer satisfaction, listening to their requests for the accelerated development and deployment of contactless payment and on-the-go service payment options by phone, computer, and internet-mobile connected devices.
The 2020 significant shifts in banking and commerce resulting from the pandemic seem to bring about positive changes for the economy, benefitting merchants and consumers alike. For ISVs, the opportunity to help banks implement secure, cost-effective digital payment technologies remains strong.
Review strategic ISV partner benefits when servicing the banking industry:
The positive feedback, additional service offerings, and competitive rates associated with ICG partnerships enable most ISVs to sustain deeper relationships with their customers as they become ICG merchants. The more ICG solutions the customers utilize, the more technical hooks the merchants have with the ISV’s software offering. The trusted relationship will benefit both the merchant with efficiency in their time and fees managing their business all in one platform and the ISV with the additional long-term revenue aside from the profits they keep from the software and merchant processing fees they were already going to earn with their customer.
Backed by the strength and experience of ICG, ISV partners enjoy competitive industry rates and one of the most secure transaction and software integration platforms in the marketplace. Developed to meet the stringent banking industry clients’ strict standards, bundling ICG’s technology with existing product and service offerings enhances current revenue stream profit potential. Teaming with ICG to build technology bandwidth without sacrificing additional resources to service customers typically results in more loyal, long-term bank client relationships for ISV partners.