Considering the state of the payments industry and the importance of payments to a financial institution’s business model and revenue goals, every bank and credit union needs a modern payments strategy that supports today’s industry-wide threats and opportunities.
Successfully competing near- and long-term in this new world of payments requires an offensive strategy – a dynamic, detailed strategy that is rich in what-if scenarios and regularly updated with data-driven insights. To help you get started, here are 11 Big Questions to Help You Develop a Modern Payments Strategy – questions you should carefully consider, like:
- How are you going to aggressively and successfully compete, near- and long-term?
- Is banking as a service (BaaS) your friend or foe?
- Are you open to open banking?
- Are you supporting the incredible demand for real-time payments?
- Do you have a near- and long-term digital currency plan?
- Do you have a payments data strategy?
- And more – five more to be exact, which you can find in this article.
Considering payments are the most common money moments and part of everyday life for consumers and businesses, there is no end in sight for the disruptive and opportunistic innovation. Banks and credit unions that don’t invest the time and resources to modernize their payments platform and keep it in a future-ready state will need an alternative strategy – one to replace the revenue impact from lost payments.
Jack HenrySM is committed to simplifying the complexity of payments and helping diverse financial institutions develop modern, highly scalable, highly competitive payments platforms that support all payment channels and types.