8 Jun 2017
by Anna Bennett
Easy Payments. The expected norm these days.
Disruption is happening across the payments landscape. Globalisation and digital transformation continue to alter the landscape. Typically, banks are constrained in their ability to react to new competition.
Accordingly, the way customers do business and spend their money has evolved radically and quickly – in just a few years. Unfortunately for banks, depleted overseas assets and easy access to reduced costs of owning correspondent banking has meanwhile allowed digital competitors to enter important channels and segments. Indeed, they’ve done so with frictionless, fast evolving services and in particular easy payments services. Recent research shows that P2P payments are subsequently becoming the norm amongst the younger generation. Now new entrants are picking off key customer segments and channels in the payments sector, with mixed messages around customer ownership. Furthermore, this shift of power is likely to accelerate further with the introduction of new payment regulations such as PSD2.
So how can you keep customers using your services and inspire them with easy payments solutions that fit with their busy lifestyles?
At FINkit, we’ve conducted extensive consumer research to give our clients some MVP’s. These demonstrate how to start along the journey of delivering easy payments services that engage consumers.
Please CLICK HERE to arrange a FREE team discovery workshop to understand how you can put in place better banking products quickly with FINkit.