As millennials’ spending power grows and Gen Z waits in the wings, banks need to learn how these groups embrace high-tech—now.
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.
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.