ATLANTA, Feb. 25, 2019 – Xtensifi, a digital consulting firm that enables financial institutions to create and execute their mobile and online strategies, announced today that it was recently selected by Farmers Insurance Federal Credit Union to provide strategic consulting services to help accelerate digital transformation of member services.
In today’s marketplace, technology develops at lightning speed, and the payments technology market is evolving especially fast. Financial institutions’ payment solutions need to keep up with this pace, yet many FIs cannot move nimbly to new capabilities because they are locked in with vendors through long-term contracts. A five- to seven-year contract with a slow-to-innovate vendor is not usually worth the discount that comes with it. Why the lock-in? Banks get locked into these long contracts for several reasons. First, they usually