Staying on top of payment technology trends can be challenging, but knowing what's coming can help you be ready to give consumers what they want, even before they ask. Here's what to look forward to in the year to come.
AI has the potential to transform financial services by optimizing operations, enhancing the customer experience, and playing a part in the creation of new products. A number of financial institutions are looking to gain a competitive edge through improved customer experience and product differentiation. This is especially the case in payments, where there is a never ending-flow of rich data to feed analytics.
Retail payments are facing massive transformation due to a perfect storm of emerging digital technologies, consumer demand for speed and choice, a fast-evolving competitive landscape, and regulatory change across the globe.
Use cases and consumer demand for Real-Time Payments continues to expand and payment ecosystem participants need to catch up in order to prepare for the impacts that Real-Time Payments may have on their business.
Blockchain is not a brand new technology. It is built on existing technologies and concepts that together constitute a novel infrastructure system that can be applied to various industries and use cases.
When it comes to establishing a workable strategy for mobilizing financial institution growth, the institution needs to take into account the current state of the business along with any potential vertical channels of growth. In practicality, the core strategy components for growth should involve the client relationship and ways to improve product economics. Let's take a look at why this works.
A successful financial institution is a careful balance between depositors putting money into the institution and borrowers taking it out. Sometimes success on one side of the balance beam can require needed attention on the other. The important thing is to identify the problem and take the right actions to balance the business plan.
EFTs and ACH transfers are popular methods of money transfer for both consumers and businesses. Such electronic means have made payments much more accessible, and they are continuing to grow thanks to the explosion of online goods and services. The difference between these two can be confusing because they are both types of electronic fund transfers.