Apple Pay, Samsung Pay and Google Pay are gaining in ubiquity. But are community banks ready to seize the opportunity?
Payments trends in 2016 will include accelerated competition in mobile wallets, more experimentation with blockchain technology and progress in faster payments.
Financial institutions must meet the diverse needs of customers with multiple options for billing and payments, along with extras such as same-day payment options and due-date alerts.
The so far disappointing rollout of EMV chip cards could spur consumers to gravitate to mobile wallets for payments.
For banks to compete with digital disruptors requires adopting technologies that enable them to improve their products and services in terms of both cost and the customer experience.
Five key market-shifting trends will require financial institutions to stay agile in 2016 to accommodate the rapid pace of change in payments.
Same-day ACH services can both lower payments costs for banks while improving customer service.
Understanding the key implementation considerations involved with payments hubs will both ensure shorter implementation cycles and generate a faster return on investment.