CINCINNATI, Dec. 14, 2016 — Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, today announced the first installment of its trends to watch in 2017, beginning with financial institutions. This is the second year Vantiv has issued trends to watch for the upcoming year for its business units including financial institutions, eCommerce, integrated payments and merchant services.
“As the year comes to a close, everyone agrees 2016 was a very eventful year in the payments industry. Next year will be the same for financial institutions, as we see evolving technology and innovation across the entire landscape changing the way we think about payments,” said Bill Hampton, senior vice president and general manager of financial institution services at Vantiv. “In 2017, we expect to see more payments go mobile, digital and cross-border, increasing the importance of real-time data analytics, as well as the need for robust, yet nimble security and fraud prevention strategies.”
2017 Trends for Financial Institutions
In 2017, more payment options will lead to additional risks for financial institutions. Key trends that Vantiv has identified include:
- Fraudsters are getting smarter: Fraud is evolving in response to EMV and all groups need to join forces to increase security and fight fraud.
- What worked in the past doesn’t work today: Financial institutions need to provide value to consumers and instill trust to help increase brand loyalty. More legacy financial institutions will partner with FinTech startups in 2017 to leverage their services and appeal to a younger audience.
- Make data actionable: Consumers expect their financial institution to be able to provide real-time recommendations based on changes in their financial profile. In 2017, financial institutions and cardholders need to leverage big data to make a difference for their customers.
- Blockchains will change everything: Distributed ledgers such as blockchains offer a revolutionary way to transfer value. By allowing companies to make and verify transactions on a network instantaneously without the middle man, financial institutions are able to speed up transactions and cut costs while lowering the risk of fraud.
To view the full infographic for Vantiv’s Financial Institution Trends 2017 click here. More trends for 2017 will be posted throughout December and January.
Vantiv, Inc. (NYSE: VNTV) is a leading payment processor differentiated by an integrated technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes, enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the second largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high-growth channels and verticals, including integrated payments, eCommerce, and merchant bank. Visit us at the new www.vantiv.com, or follow us on Twitter, Facebook, LinkedIn, Google+ and YouTube .
© 2016 Vantiv, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced herein are the property of their respective owners. Vantiv and other Vantiv products and services mentioned herein as well as their respective logos are registered trademarks or trademarks of Vantiv, LLC in the U.S. and other countries.
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