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Avoid-ATM-Upgrade-Fatigue-White-Paper-St

Over the last decade, financial institutions (FIs) have had to upgrade or replace ATMs at a more frequent rate in order to comply with mandated upgrades related to 3DES, ADA, EMV and PCI requirements, to name a few.

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ATMs are a widely-used resource for consumers to quickly access their accounts and cash while on the go. Over a quarter of consumers in the US use ATMs to access cash. And as bank and credit union cardholders flock to mobile, reliance on the ATM is increasing. Over half (54 percent) of frequent mobile banking users report an increase in ATM use, according to a study from Raddon Research Insights...

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Uncertain timelines and budgetary costs are just a few of the challenges financial institutions face as they migrate their ATMs to Windows 10. In this new white paper, sponsored by Star Financial Services, banks and credit unions will learn the latest information available about Windows 10 and explore the options available including purchasing new machines, upgrading existing hardware and outsourcing their ATMs.

Over a decade ago, social media exploded onto the scene and marketing via email and social media channels became a major part of the consumer journey, which led to increasingly customer-centric experiences. However, the strongly-regulated financial industry has not undergone the same transformation.

As new technology enters the market, small business owners can struggle to keep up with the constantly changing payment options. In many cases, small businesses suffer under the financial burden related to credit card transaction fees. And, integrating expensive and complex technology that requires an overhaul of existing hardware and software can challenge an owner’s ability to keep their business viable.

In 2017, Nielsen reported that Millennials comprise almost 26 percent of the American population with Generation Z coming in a close second with 22 percent. Spending preferences of these two groups, also known as the tech generations, have forced financial institutions to revamp traditional services.

By necessity, many merchants exhibiting at local events rely on cash-based transactions. The electricity, internet access and equipment needed for credit or debit transactions are often hard to obtain or completely unavailable. Easy-to-use mobile processing options, such as Pay Pal and Google Pay, usually come with hefty processing fees that eat into vendor’s profits. Consequently, consumers are driven towards the nearest ATM. If the ATM happens to be in an inconvenient location or off-site, attendees may avoid visiting the ATM, not spend any money or leave the event altogether.

Whether it be local, regional or even a national brand, people are traditionally drawn to things they know. Consumers in the Millennial demographic (born between 1981-1996), however, have been steering away from large, corporate brands in favor of smaller, less recognizable companies. Known as the Reverse Branding Trend, younger consumers are less prone to promoting big companies with flashy logos and catchy slogans. 

According to studies from HSBC Bank and the Bureau of Economic Analysis, consumers are steadily spending more on experiences than stuff. While total discretionary spending has nearly doubled in the past 15 years, money spent on travel, eating out and recreation has far exceeded expenditure on household goods, cars and other physical items.

ATMs have been a traditional part of banking since the first ATM debuted in London 50 years ago. While a novelty at the time, the ATM launched into widespread use throughout the 1970’s and 1980’s as consumers became more comfortable with changing technologies and self-service.

A 2013 global survey of consumers by SSI reported 70 percent of consumers expect a self-service option from their financial institution. For the past few years, this trend has become more pervasive. Now, a majority of Millenials prefer to conduct routine transactions themselves, consulting employees only if more help or information is required, according to a study by Source Technologies...

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September 23, 2019

Despite growth in online shopping and cashless technologies, consumers continue to love cash. According to the 2018 Diary of Payment Choice by the Federal Reserve Bank of San Francisco, cash accounts for approximately 34 percent of all payments across age groups, cemen...

It seems like only yesterday banks had to upgrade their ATMs to Windows 7. Yet here we are again on the verge of another major operating system (OS) update – just a short six years later. Microsoft has set the end-of-support date for Windows 7 for January 14, 2020. The...

Even under ideal conditions, the migration to a new operating system (OS) can be a prolonged process. With the end-of-life date for ATMs running Windows 7 quickly approaching, financial institutions (FIs) are being forced to amend migration strategies and budgets to ac...

December 5, 2018

Financial institutions require ATMs in easily accessible, convenient locations to retain and attract account holders. With changes in technology, increasing compliance requirements and security risks not to mention the upcoming migration to Windows 10, it may be financ...

December 5, 2018

Approximately 45 percent of Americans make New Year’s resolutions, and according to Static Brain they are 20 percent more likely to attain their goals than those who don’t make resolutions.

Moving into the new year, business owners may want to make a resolution too. And...

October 8, 2018

Branding is about much more than just a company logo; it’s about communication with consumers and building exposure within the community. Branding reflects how a financial institution (FI) differentiates itself from competitors. Consequently, brand awareness is one of...

October 8, 2018

Operating a successful non-profit is a rewarding labor of love but devoting countless hours to increasing donor engagement and raising funds is no longer enough. Working hard needs to become synonymous with working smart.

Online fundraising garners millions in charitabl...

October 8, 2018

Consumers understand and appreciate the ability to use their credit or debit card for transactions at virtually any location. In fact, total credit and debit card usage rose over seven percent between 2015 and 2016, totaling $5.98 trillion in card payments for 2016. As...

July 17, 2018

In 2017, Nielsen reported that Millennials comprise almost 26 percent of the American population with Generation Z coming in a close second with 22 percent. Spending preferences of these two groups, also known as the tech generations, have forced financial institutions...

Whether it be local, regional or even a national brand, people are traditionally drawn to things they know. Consumers in the Millennial demographic (born between 1981-1996), however, have been steering away from large, corporate brands in favor of smaller, less recogni...

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