Hybrid seems to be the new word these days. Hybrid cars get better gas mileage. Why not apply a hybrid to your business model? As many of you, I grew up hearing that I didn’t need something new every time I asked, and I could make do with what I had. I guess those core values stuck because I don’t necessarily think that you have to have an all or nothing proposition for your lockbox product offering. You may already have an established customer base with a group of talented people who do a great job—so why would you take all of that and outsource it? If you have the desire to enter into new markets such as healthcare or property management and don’t want to incur the expense of building out a new facility, an option exists and is in play today. By taking a hybrid approach, a blended style of outsourcing, financial institutions have more options than ever to consider.
With a hybrid approach, you decide what you want to remain in control of and what you want a partner to help with. Here are a few examples of hybrid outsourcing to consider:
1. The healthcare market is a large revenue opportunity for financial institutions. There are hundreds upon thousands of healthcare providers right outside your door, but processing those payments can be complex. There is everything from high tech scanning and data recognition to fully compliant with HIPAA (Health Insurance Portability and Accountability Act) archive and data exchanges. Don’t be overwhelmed and walk away from this potential revenue. By partnering with an organization that has the expertise you need, and will be your product innovator, marketing department, billing and finance and operational arm, you are able to offer a new service to a new customer group without changing anything within your core operations.
2. Accept all payment channels. We all know there are several new and emerging payment channels that customers prefer using—but can your financial institution accept them all? With an integrated receivables hub, offered through an outsourced model, now you can.
3. Expand your geographical footprint. Do you want to grow your financial institution without the expense of brick and mortar costs? Your financial institution can gain access to a unique capture network that allows you to capture and process payments from just about anywhere.
By simply adding on to what you have today, a new hybrid approach can give you happier customers, more revenue, expanded geographic footprint and a happy chief financial officer.