Four words: Cutting-Edge Modern Stack.
It’s not just a set of buzzwords. It’s the way to compete more effectively and control your own destiny. How does the modernization of your technical platform – aka your “stack” – affect bank strategy and innovation?
Let’s break it down:
The Three Pillars of Community Banking Innovation
Any bank's product and service range is ultimately enabled or limited by the technical platform powering the organization behind the scenes. Your stack enables a set of business capabilities that serve your customers' needs.
1. Leveraging A Cutting-Edge Modern Tech Stack
We often hear from clients that they want to offer their customers the latest real-time payment capabilities. For example, they want their cardholders to receive payment alerts on their mobile devices immediately after transactions. They want to integrate into the Accounting, ERP, or HR platforms they are already using to run their businesses. They want real-time feedback, support, and resolution for the customers while they are on the go.
Those cutting-edge experiences, and many more, are only enabled on modern technical stacks. They simply can’t be done on old mainframe batch-driven solutions that were written before mobile devices even existed.
It’s not just about having the latest technology for technology's sake. A modern system will keep you in touch with your bank's and customers' evolving needs. You get the tools to offer real-time capabilities without having to hire a team of programmers or contract for software development. A modern stack operates ahead of the point of need with capabilities that empower you to make decisions on the fly.
2. Staying in Control
Here’s where it gets interesting. Many community banks are stuck in agent programs where the large institutions call the shots and collect the majority of profits. That makes it tough to grow your business and hit growth goals.
With the right solution, you can regain control. Using your bank’s BINs and balance sheets, you have the flexibility to set competitive rates and maximize ROI. Want to run your own cashback bonus? You probably can’t with an ordinary agent program. But with our program, it’s no sweat.
What’s it add up to? Bespoke value propositions that resonate with your bank customers, incredible customer experiences, and, of course, profit.
3. Getting Comprehensive Program Management
You might be nodding your head yes, but wondering whether your bank has the resources to manage all of this.
We hear that a lot.
Torpago’s comprehensive program management services are your secret weapon. You choose what services you manage in-house and which ones Torpago will handle for you.
No underwriter’s on staff? Torpago can set up and drive your underwriting program.
Short on 24x7 Customer Support capacity? Torpago can surge your Customer Support capabilities in live phone, chat, and email.
Need strength in Risk Management and Fraud Prevention? Program management services support your program where needed.
Many of our clients are working in Commercial Card programs for the first time. Torpago helps you go forward. From mobile app integration to collections, these services have got you covered. It's like having a team of experts at your fingertips, ready to support your bank's growth and success.
The Bottom Line
So, what does all this really mean for a community bank like yours? Not only can you compete effectively with the big players, but you can outpace them. You can provide an exceptional experience by offering cutting-edge modern tools and leveraging your customer relationships to reduce churn and grow revenue.
The banking industry is evolving rapidly. You have the opportunity to control your destiny—not just prepare for the future but shape it. Torpago’s comprehensive program management services give you the flexibility you need to offer the latest technology to your customers, allowing you to remain competitive and grow your business.
You can’t afford to get left behind with net income margins shrinking. Embrace a cutting-edge modern stack and outpace your competition.
