Financial institutions may accept six or more payment types, while customers need simpler, more-efficient payment solutions.
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.
To combat payments fraud, banks should offer their corporate customers more control and visibility to stop unauthorized transactions.
Although interest in digital payments increases rapidly, the use of old-fashioned cash is likely to persist for a good while longer.
If rising interest rates do indeed become the ‘new normal,’ community banks should consider reviewing their strategies for loan/deposit re-pricing, bond/wholesale funding and the use of interest rate derivatives.
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.