4 payment trends financial institutions can expect in 2017
As EMV and mobile payments gained traction in the marketplace in 2016, the time has come to consider the trends expected to emerge in 2017. This infographic highlights a few areas that financial institutions should pay attention to in the upcoming year, including:
- EMV - Chip card technology will continue to have an impact, and it will be important for financial institutions to team up with other industry players to combat payment fraud.
- Customer value- Consumer perceptions indicate that it will be increasingly important for financial institutions to find new ways to increase their value to customers.
- Data- Financial institutions will need to increasingly incorporate and utilize real-time data.
- New technology- Institutions will have access to innovations in payment technology that help lower costs and reduce fraud risks.
- Fraudsters are getting smarter - up to $10 billion in fraud will be committed between now and 2020
- What worked in the past doesn't work today. 42% of Millennials are likely to switch financial institutions for convenience
- 37% of Gen Xers are skeptical of financial institutions post crisis
- Make data actionable - only 47% of banks ranked improving data analytics capabilities in their top three priorities despite data analysis being a major challenge
- Blockchains will change everything - 10% of GDP will be stored on blockchain-related technology
To put this infographic on your site, use this code.