To start down the road to success, embrace these five drivers and four approaches.
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.
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.