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Articles by Implementing Zelle
Big Banks Line Up Against Small Institutions in War for Faster Payments
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.
To Win Gen Z, Banking Providers Must Make Payments Seamless
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.
Staying Relevant in the Age of Disruption
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.
Banks Expand Innovation Investments to Battle Fintech
With the perceived threat of disruption in retail banking growing due to the influx of tech companies, start-ups and even new banking organizations, the banking industry is responding aggressively to these new threats by increasing innovation investment.
The New Payments Battleground: What We Learned By Implementing Zelle
Person-to-person payments is the front line for banking providers in the fintech arms race. Financial institutions must adopt this new offering quickly or concede yet another strategic product to rising fintech startups. Here's what FirstBank learned in their first year with Zelle. Banking requires strong risk management skills, which is why many executives in the financial industry often hedge when it comes to change. This often results in the slow adoption of new technologies.
Why Mobile Wallets Are Struggling
Just a few years ago, many in the banking industry predicted that mobile wallets would quickly replace consumer's use of cash and plastic. But mobile wallets haven't exactly taken off. Consumers just aren't that interested. The reality is that mobile wallets still have a long way to go. What problem do mobile wallets solve? From the consumer’s perspective, not much. They don’t like change, and see little need to switch to a different payment method unless there’s a clear benefit.
Innovation in Banking: Killer Ideas? Or Idea Killers?
What separates financial institutions that cultivate killer ideas from others who ruthlessly crush the creative spirit out of their employees? Why do most banking providers struggle with innovation while others, like Idea Bank in Poland, are putting ATMs in cars? Or Barclays, who has Pay@Pump, a contactless payment system that allows thirsty customers to get a pint of beer without waiting in line at the pub. If your bank or credit union struggles with innovation, you can turn that around.
Banking Fails to Meet Needs of Most Valuable Consumer Segment
The needs of the 50+ age cohort are much more significant than any previous or future generation. Banks and credit unions who meet these needs will benefit from increased revenues and loyalty, while building a gateway to their children's banking loyalty as well. The 50+ generation of consumers is the most financial challenged in history. Numbering more than 110 million in America alone, they are confronting a future of complex options and less financial confidence than any previous generation.
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