Insights and Strategies for Financial Institutions Facing the Future of Payments
Sundeep Kapur, Digital Credence
Financial institutions striving to stay relevant and lead in payments, should carve out time to read a new white paper from Digital Credence and Vantiv, now Worldpay. Redefining the Future of Payments-A Perspective, features a thorough analysis of the payments landscape and the threats, challenges, and opportunities financial institutions face.
With extensive research into cross-channel transactions, experiences of financial institution executives, FinTech providers and consumer expectations, this white paper explains how payment innovation impacts financial institutions from many angles. Redefining the Future of Payments-A Perspective, opens with a summary of the seven factors driving innovation in payments, ranging from mobility to emerging payment networks. While the author acknowledges that FinTech and other emerging players threaten to displace financial institutions at the center of payments, he notes that institutions, nonetheless; remain relevant because they can guide consumers and businesses on their financial journeys. To face the challenges posed by new entrants into the marketplace, financial institutions need to develop comprehensive payments strategies centered on consumers, especially in the areas of universal acceptance of different payment types, transaction security, and the ability to earn rewards.
While financial institutions desire recognition, cardholder loyalty and affinity, their cardholders seek value-based services. In addition to addressing these concerns, this white paper explores several other pertinent issues including countering fraud without sacrificing the cardholder experience, how global payments initiatives are changing how consumers transact, integrating digital payments into your offerings and increasing operational efficiencies.
The top 13 areas institutions can innovate and improve to succeed in today’s fast-paced, competitive marketplace, financial institutions must be able to balance traditional and emerging income opportunities. Offering expert insight backed by thorough research, Redefining the Future of Payments-A Perspective, provides tangible ways to achieve this goal.