In this episode, Bob Steen of Bridge Community Bank reflects on his remarkable 40-year tenure in the banking industry and the evolution of payment systems. Bob shares his early experiences, starting from his military service in 1970 and his involvement in transitioning military payroll from paper to electronic format, an essential precursor to direct deposit. He discusses the bank's pioneering role in adopting check imaging in 1996, well ahead of the Check 21 Act, and its evolution to embrace instant payments with the RTP (Real-Time Payments) and FedNow systems. Bob emphasizes the significant cost savings and efficiency gains from the early adoption of electronic payment technologies and discusses the skepticism and challenges faced, particularly regarding fraud risks. He also highlights how instant payment systems have transformed banking operations, improving processes like payroll management and enhancing customer experience. Bob’s story underscores the importance of proactive adaptation and innovation in the banking sector, demonstrating a commitment to staying ahead of the curve in payment technologies. His insights offer a unique perspective on the industry's past and future, driven by technological advancements and customer-centric solutions.
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