Regina Taylor
Director, Client Services
Conclusive Analytics

Due to the lag in purchasing time between products, banks will continue to need to look for ways to stay relevant during the customer sales life cycle. How do banks stay relevant?    According to the Boston Consulting Group “The payments business constitutes up to 35% of revenues and 40% of costs for banks.” Since we know rolling out new products/services keeps the customer engaged – payment transformation can be a game changer.

We started seeing an evolution in payments transformation a couple of years ago with depositing a check by phone.  As it continues to move forward, there are several key factors influencing the evolution of payments transformations; including the impact of technology, changing customer expectations (in particular those of retail customers), and the growing impact of regulation.

A few of the more innovative payments transformed product/service:

2015 will continue to rapidly evolve the payment recognition.  Expect to see large banks acquiring technology apps.  We will also start seeing trends where banks look for additional innovative ways to leverage customer spending data for targeted promotions as well as new ways to differentiate the customer experience.