In order to capitalize on emerging technologies to thrive in the increasingly volatile and commoditized payments space, Hatboro, Pa.-based Fox Chase Bank ($850 million in assets) recently created the position of chief payments officer, promoting former Visa International VP Keiron Lynch to fill the role. Lynch, who previously was the bank's chief administrative officer, will serve as EVP and chief payments officer and will be charged with delivering innovative payments solutions targeted at Fox Chase's business clients.
The position was created "to bring a keen focus on growing business deposits and related payment solutions," according to Lynch. "In addition, we strive to help our business customers with deciphering the new payments landscape — what check imaging, ACH conversion, card payments, alternate online payments and the like mean to them — and how to reduce cost and gain efficiency from using new payment types and higher-tech financial processes," he says, adding that he will work to instill a consultative philosophy at the bank with the aim of helping customers better understand the payments alternatives available to them.
Of course, technology also will help the bank improve the efficiency of its payments operations. "In fact, the IT department reports to me," Lynch notes. "Branches are expensive and are waning in importance to our business customers. Effective use of technology is what will bridge the gap, enabling us to serve business customers who are outside our traditional geographic footprint."