3 payment trends financial institutions can expect in 2018
There is an opportunity to update the payments technologies employed at your financial institution – whether it’s a smarter cybersecurity system or faster processing software, there are new advancements that can improve your teams’ processes and increase cardholder satisfaction. This is increasingly important as emerging fintech players are seizing control of the industry. To stay competitive in an ever disrupted field, understanding and planning for these three emerging trends will give your bank or credit union the best chances for success:
- Mobile Wallet: The mobile wallet ecosystem is getting crowded with players from technology companies, financial institutions, retailers, mobile carriers and payments processors. While the adoption was slow at first, mobile wallets are increasing in popularity; and as technologies improve, the adoption rate is sure to follow in step. Financial institutions can reap great benefits by providing its own mobile payments offerings, particularly with a seamless experience and proven security system.
- Fintechs: Fintech startups and tech giants are disrupting the financial services ecosystem by providing innovative, agile solutions that are cheaper, more flexible and easier to implement and use. The accelerating pace of the innovation cycle in financial services means that a financial institution’s success is predicated on business model agility and the ability to rapidly deploy strategic partnerships. Ultimately, partnering with fintechs to leverage each other’s strengths and resources provides the biggest benefit for financial institutions.
- Blockchain: First and foremost, in 2018, it will be essential to understand blockchain technology. Given that it is a confusing topic, your best bet is beginning with some introductory educational offerings for your employees, C-suite included. The World Economic Forum estimates that more than 25 countries are investing in blockchain technology, filing more than 2,500 patents and investing $1.3 billion.
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