According to the BAI Banking Outlook: Trends in 2020 survey, roughly half of Millennial, Gen X and Gen Z consumers expressed a willingness to switch financial services providers for better banking apps and digital platform capabilities. Put simply, they value a better experience and more importantly will switch providers for one. Today’s consumer expects quick and reliable Read More
The research has not been exhaustive, but there is a 99.99 percent certainty that the predictions published in our industry for 2020, as well for the next decade, did not include the COVID-19 pandemic.Though most financial institutions have a pandemic crisis plan – proposed by the regulators since 2007 – few expected to break the seal on Read More
In the not-too-distant future, we’ll no longer have to drive ourselves to work each morning. Instead, a driverless car will ferry us to the office as we sit serenely in the passenger seat, catching up on the news and sipping a warm beverage.Banking services are heading the same way. The time is coming when we will have Read More
Payments are the largest source of non-interest revenue for many banks, yet the majority of institutions do not have an enterprise payments strategy. To succeed in the rapidly evolving payments landscape, banks must develop a strategy that incorporates consumer attitudes about payments, the growth of embedded payments and the convenience of contactless cards. Consumer experience. Financial institutions Read More
A shift is under way in how banks and other corporations adopt and apply new technologies. For the payments industry, ease of integration has become a primary focus and serves as both a driver and limiter of innovation.We surveyed roughly 160 treasury and banking executives in 2019 on payment trends and found that nearly two-thirds of them Read More
This will be a transformational year for acquiring banks that are focused on improving the value they offer to merchants while protecting consumers’ privacy. As the evolution of payments technologies continues, mergers and acquisitions are going to create new opportunities to improve payment solutions and value-added services.Acquiring banks, also known as merchant acquirers, allow businesses to accept Read More
We’ve heard the hype about mobile wallets for almost a decade. And heard it. And heard it. And yet ... the road to adoption has been slow. Passenger-pigeon slow. Tin-can-and-string slow. Ugly-beige-rotary-phone slow. The stats tell the story. The Bain/Research Now Retail Banking NPS Survey 2018 found less than one in ten Americans reported using Apple Pay Read More
To sell or to engage? Many financial institutions struggle with this question relative to customer onboarding. And we have an answer: Engagement wins. According to Javelin Strategy & Research, financial institutions can boost the profitability of new checking account customers if onboarding successfully engages them. That is: Fully engaged customers provide an estimated $212 more in annual Read More
In order to be considered customer-focused in all areas, including payments, many businesses have unintentionally created chaos in their back office. They’ve added new payment channels even as old methods, such as checks, have refused to die. Companies today may accept six or more payment types to keep everyone happy — and each channel has its own Read More
Faster, smoother, more-open payments systems are coming our way thanks to a little something called an API. That stands for application programming interface, which is what, exactly? You can think of an API as an automated way to deliver data or processes from servers to clients outside the walls. The programming interface keeps everything automated -- which Read More
