Even as the U.S. makes initial moves towards a real-time payments system, industry experts acknowledge that the transformation will be slow.
Although regulatory authorities are tempted to over-reach when designing faster payments systems, they would be better off encouraging competition and market forces.
To reverse their declining share of mobile bill pay customers, banks need to view bill pay as a customer retention tool with long-term revenue-generating possibilities.
A combination of self-assessment, automation and performance and stress testing can help protect payments systems from unexpected problems.
To help increase the use of mobile wallets by consumers, banks should consider beaming technology that can transmit barcodes into the POS system.
Mitek’s Mobile Verify captured the BAI Innovation Showcase Award at BAI Payments Connect 2016 for automating ID authentication to boost mobile account opening success rates.
For cash-poor customers, the best thing a bank can do is speed up funds availability – as long as fraud controls keep pace.