Payments offer unprecedented change and opportunity. Are you keeping up?

Many banks and credit unions have traditionally viewed payments as necessary and nondifferentiating, relegating them to the back burner of transformational priorities. Persisting in this view is a potentially serious mistake, given the pace and scale of change – change that is only just beginning.

The forces shaping the speed and ease of money movement are challenging, but at the same time they open a window of unprecedented opportunity for financial institutions. Payments are already on the other side of pretty much everything, whether it be consumers buying goods, trade and commerce, lending, supply chains, trade finance, or securities trading. As payments become more real time, online and information-rich, they become ever more central to the way consumers and corporations do business.

We believe three principle factors are driving change in payments, which provide both challenges and opportunities for all those involved:

 

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