Emerging payment technologies will gain ground in 2017. Some represent competition and risk for banks, but others may help them get in on the action.
Experts say it’s time to ring out the old paper statements, and ring in the new possibilities in two-way video, for starters.
Even as the U.S. makes initial moves towards a real-time payments system, industry experts acknowledge that the transformation will be slow.
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.
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.