Executive Profile Series with Jeffrey C. Mack from Cachet Financial

by Jeffrey C. Mack 0

How did you get into the mobile payments industry?

After spending 17 years of my career in commercial banking, I was intrigued by the opportunity that Remote Deposit Capture represented to the financial industry. I decided to build a business model for a company that would be solely focused on RDC as the core line of business. As the company and the industry evolved, we expanded our business model to become a leader in mobile payments. Today, RDC products represent three of Cachet’s suite of 14 mobile money products available to banks, credit unions and alternative financial institutions serving customers in the unbanked, under banked and underserved markets.

As the remote deposit capture and mobile money technologies become increasing popular among consumers what are some key concerns that consumers and the industry need to be aware of?

There will always be security concerns that need to be addressed, but innovative new technologies and proactive measures by financial institutions, including consumer education on best practices in using the technology, can help keep fraud to a minimum. Enhancing the overall customer experience will also become more important as the novelty of mobile banking fades and consumers become more focused on the efficiency of the technology in meeting their expectations. Additionally, it will become imperative that financial institutions offer the latest technology to keep pace with the rapidly changing mobile environment and the demands of the increasingly more mobile-centric consumer.
How is Cachet helping to resolve those concerns? We’ve built Cachet’s RDC and entire mobile technology platform with security and risk mitigation as a top priority. Our enterprise risk solution, CheckRisk Pro™, enables financial institutions to monitor transactions across multiple channels and act on fraud the same day it occurs, before losses are incurred. We also constantly monitor marketplace changes and consult with clients on security and risk mitigation best practices.

Optimizing consumer experience is also a key focus of Cachet’s technology platform. We address changing consumer expectations and requirements on a continual basis and strive to ensure a best-in-class experience via an intuitive, user-friendly interface, high-value mobile services, integrated customer support, and powerful back-end analytics and marketing tools that help keep consumers engaged.

How do you foresee your industry evolving over the next five years?

First, I think that consumer adoption of all mobile products will continue to grow at double digit levels. As consumer adoption grows, so will the need to address new opportunities that will be driven by the consumer experience and the industry’s desire to stay ahead of that curve. Second, technology will be the key to meeting growing consumer demands. Progressive financial institutions and solution providers will closely monitor and stay abreast of these consumer demands and proactively adjust their strategies and products accordingly.

How does Cachet standout from competitors?

Cachet’s sole focus is on developing, deploying and servicing best-in-class RDC and mobile money technologies that minimize cost and accelerate speed to market and ROI for our clients. This highly focused business model facilitates increased responsiveness, flexibility and innovation for our clients, and has enabled several first-to-market solutions like check-to-card loading for prepaid cards and a prepaid industry mobile money platform.

A commitment to World-class support is also a Cachet differentiator. For example, we recognize that many smaller financial institutions do not have the internal resources to manage the sales and marketing for their new product. Cachet provides a dedicated client services professional to work with each client, ensuring their users’ experience meets or exceeds expectations and their product is successful at launch and beyond.

What do you see as a big change coming to your industry?

I think the biggest change will be the accelerated growth in the number of users of mobile money technologies, creating increased growth opportunities for financial institutions that offer the technology and for the technology providers like Cachet. Accelerated mobile adoption will also fuel continued technology development and innovation to meet the ever increasing demands of the growing base of consumers and businesses using mobile technologies.