Innovation – From the Checkbook to The Next Revolution of Fintech

Pictured above: Scott Sanchez, VP, Product Innovation Officer

With a $300 loan and an idea for the first personalized flat-pocket checkbook and holder, W. R. Hotchkiss founded Deluxe. Like most inventions, the idea for the checkbook didn’t come out of Hotckiss’s desire to be famous or simply create something; the checkbook was born when a need was identified, and a solution was sought out. Over the past 107 years, Deluxe has gone on to develop many more innovations, helping beat out the competition and grow into the industry leader we are today.

As the original payments company, we’ve taken the checkbook and used that history and momentum to propel us into the modern-day payments’ ecosystem. Whether it’s digitizing B2B payments, automating the accounts receivable (AR) and accounts payables (AP) processes, or connecting payroll and accounting, Deluxe’s legacy of innovation continues today. Transformation through innovation has been part of our company for more than a century and we’re doubling down on it as we set ourselves up for the next 100 years.

So how does Deluxe use innovation to fuel our growth? Rather than taking our best guess and creating products to take to market and find problems your product can solve, Deluxe works in a “jobs to be done” framework. This approach requires the customer to be front and center, with a focus on uncovering what “job” our product or service helps customers get done. By taking a “Customers First” approach, we’re not only getting to know our customers better than ever before, but also helping them solve problems they didn’t necessarily know we could solve. After all, Innovation and Customers First are two of our five core values. Watch the video below for a more in depth look at how we innovate at Deluxe.

With change moving at breakneck speed, and solutions being obsolete within weeks and months (not years and decades), a company must be built for agility – this takes the entire company having an “everyone innovates” attitude. Revolutionary innovation isn’t done in a silo. Gone are the days when one person, one team, or even one company does all the innovation. By making our process inclusive rather than exclusive, collaborative rather than secretive, and community/customer focused rather than technology focused, we’re building a stronger foundation for the next revolution of fintech.

“Everyone Innovates” means everyone at each level within Deluxe seeks better ways to serve our customers. From plant operations and manufacturing to our product marketing and finance teams, evaluating challenges to put our customers first ensures we deliver the best solution possible. There are countless examples of innovation happening across Deluxe, and by combining efforts and bringing in the right people for the job to be done, we can double down on those efforts and accelerate even more.

Through the years, Deluxe has built a reputation as a company that combines ingenuity with integrity. A dynamic organization that favors collaboration and flexibility. A knowledge leader that's smart, versatile, forward-thinking and contemporary. An indispensable partner for growth. It’s that legacy of innovation that’s allowed us to make it this far – and ensures a strong future for years to come.