Implementing Zelle

Subscribe to The Financial Brand via email for FREE! Both consumers and businesses want payments to be faster and simpler — witness on the consumer side the boom in the use of Zelle, Venmo and other services. The Federal Reserve has announced plans for its own faster payments initiative. The nation’s largest banks, hard at work on a faster payments scheme of their own, aren’t happy about the proposed FedNow.

Subscribe to The Financial Brand via email for FREE! The payments landscape looks far different than it did even five years ago, and it will likely undergo even more rapid changes in the next five. The announcement by Facebook of its new cryptocurrency, Libra, is just one example. We are moving further into the digital age where a large portion of consumers will be from Gen Z, those born after 1996.

Competition in the banking industry is getting stiffer. The need to innovate is becoming more urgent, as is the need for traditional institutions to plan more effectively. There is tremendous pressure to understand what consumers want. Established players must adapt quickly to defend their market share, remain relevant, stay competitive and grow.