Consumer trends drive need for payments innovation

by. Ryan Anderson

“Unspooling the Payments Value Chain,” a white paper I recently wrote, explores the disruptive consumer trends and technologies that are reshaping the way consumers expect to save, spend and make money.

In the paper, I highlight the importance of financial institutions (FIs) focusing on consumer relationships and engagement, as well as offering value-added services and social features to payments solutions. Below is an excerpt from the paper:

“Today, FIs are operating in an extremely competitive environment. Not only are consumers’ tastes and expectations changing, technology is evolving rapidly and new channels are emerging and expanding. Two of the biggest areas in the mobile landscape with the potential to improve the user experience are mobile banking and m-commerce…

Experts are quick to point out the mobile landscape is just one area of innovation, and FIs need to offer segmented consumer experiences that are consistent across various applications and provide advanced digital wallet capabilities…

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