As of late, I can’t go a day scanning my Google Reader or social media where I don’t see an article about a new mobile payments startup, unique loyalty features, the possibility of retailers coming together to form their version of a mobile payments platform, acquisitions announced, or predictions on which competing technology will come out on top. What we do know is that billions of dollars in transactions are being processed outside of the traditional banking system. As a result, this has opened up doors for thousands who have been shut out of the financial services industry until now.
As FIs and banks hear more and more that mobile payments are a necessary channel to compete in, they must weed through all the news and competing tools to identify or re-align their own mobile payments strategy and potential partnerships with services that provide consumers with a seamless way of paying for items – possibly even a consolidated method that keeps both the consumer and the merchant relationship in mind. To do so, banks will need to rely heavily on a multitude of data sources and customer banking behaviors to make use of real time tools for the online banker. Does this daunting task in a state of constant change sound familiar? Welcome to the club!
During our upcoming webinar, “Guiding Principles for Mobile Payment Readiness”, on October 3rd our financial services enterprise technology experts, Mike Panzarella and Jeff Fisher, will provide insights on trends and key success factors for traditional banks to compete in this digital age of mobile payments to recapture business profitability and engage with customers.
