While modern payment methods better suit consumer needs, bank and credit union financial marketers must help them make a major transition.
The latest news about payments and digital payments trends, including mobile payments, contactless payments, real-time payments, and mobile wallets like Venmo and Zelle.
Powered by cards and savings, founder Max Levchin's Affirm is aiming to become a major payments brand, challenging traditional consumer credit.
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Retail head says security, not competition with Zelle, is what the issue is about. API agreements will reduce risk and avoid more 'battles.'
Underneath the hype are mediocre adoption numbers. But before dismissing mobile wallets, note that some data and other factors point upward.
As payments become commoditized, embedded and faster, monetizing payment data becomes ever more critical for retail financial institutions.
Targeting competitors' key search terms helped tech giant push its new financial card into banking consumers' view, planting a big flag.
Major setbacks may (or may not) doom the ambitious Facebook plan, but the underlying drivers for digital currency innovation remain.
Initially reluctant to promote another card technology, marketers are scrambling as NFC-powered credit cards begin to roll out in force.
Reluctance to embrace 'open' trend hinders banks and credit unions and encourages further Big Tech inroads. Fintech partnerships would help.
Many of the most successful fintech firms are using data and modern tech to gain scale and brand awareness.
As banks and credit unions vie for share, they must refresh their view of this oft-neglected generation, who make strong business prospects.
The arms race in credit card benefits may be at a stalemate. Some issuers are already de-escalating features, but not cashback rewards.
Why seemingly unrelated payment developments –Apple Card and Libra are two – may signal a critical turning point for banks and credit unions.
A private-sector faster payment system already exists but a public alternative could be cheaper for smaller banks and credit unions, in time.
Giant issuers have scale, but openings exist for community and regional card issuers that use their advantages, like tapping customer data.
Now that Apple Card is in the market, banks and credit unions must ask: Can we match this high-powered offering from Apple and Goldman Sachs?
Who needs to use cash when routine P2P transactions can be settled mobile to mobile? Zelle catches on beyond Millennials.
Completely frictionless payments can become mainstream if financial institutions and their vendors embrace digital identities.
The ecommerce giant continues its foray into banking with a new Store Card designed for people with poor credit or no credit history.
Payments are the lifeblood of banking brands, but without change they risk losing ground to simpler options, and emerging threats like Libra.
Despite the splash made by high-bonus cards like Chase Sapphire, cash-back offerings from Citi, Amex, BofA and others remain very popular.
To keep this 'mature' payment vehicle relevant to Millennials, banks and credit unions must adjust features and marketing.
What happens when a company like Apple with the world's most faithful customer base decides to become a bank?