Eric K. Faulkner
At the end of 2019, some economic pundits were forecasting a recession as early as this year, but at this point that seems like a stretch as the U.S. economy continues to fire on all cylinders. However, the coronavirus outbreak in China could cause some short term pains for the U.S. China provides and produces a massive amount of raw materials and products to the world and as a result, there could be some supply chain shortages along with production hits for a short period. At this point, it is too early to predict the overall impact and we continue to monitor the situation closely.
As we look forward to 2020, we also look back at a successful year in 2019. I am proud of CNB's accomplishments over the past year - focusing on efficiency improvements and new technology offerings for our clients. We launched Mobile Wallets, compatible with Apple Pay, Samsung Pay and Google Pay, which allow our customers to use their phone to pay for products and services without the need for a physical card. We also released ACH Positive Pay which complements our Check Positive Pay and is yet another tool we provide our customers to combat the ever increasing threat of fraud.
This year, we are excited to provide new opportunities for our customers to stay connected. We are on track to offer Zelle later this year. This person to person payment system will provide our customers with more flexibility and payment options all through their mobile phone or online. We will also be launching an improved email and text alert system. These notifications will not only alert our customers about low balances or ACH payments, but it will also provide them with options to take immediate action if they wish.
What opportunities and challenges does 2020 have in store for you and your business? Speak to our team and find out how we can help make your life easier.