Visionary Aite Predicts Payments Evolution
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A new year means new opportunities, and Aite Group’s Top 10 Trends Report tells us to be ready for changes in 2018!
It looks to be an amazing year of challenges for retail banking payments as well as wholesale banking. Note: Both sites also feature a link to their Top 10 Trends in Financial Services, 2018 summary in PDF format.
See that “tower of tips” to the right? Check out #1 on the retail side: Tech Firms become Banks.
As Aite explains:
Financial institutions’ (FIs’) ability to overcome organizational and technology constraints and turn data into intelligence will dictate whether they can survive and thrive.
No mention of checks on the hot list… hmmm, how could that have been missed? Well, in 2017, the large bank market did move aggressively toward improving paper-originated payment flows with a variety of platform updates — including a robust finish by OrboAnywhere — closed strong, and we expect greater inroads to the omnichannel as well as down market for 2018, particularly in check fraud prevention as well as with new validation features. (We’ll be exploring restrictive endorsement enhancements in upcoming posts.)
One that jumped out to us was “The Great Payments Divide,” #10. I like to call them “the payment wars,” as you are seeing a great market shift toward real-time, faster clearing and the emergence of new crypto options.
It’s going to be an interesting ride, so buckle up!