Ben Flexner’s Insights on: Instant, Invisible And Free: 3 Words That Could Spell Problems For Many Banks
While the reach of mobile based payments continues to expand and the hallmark convenience and incentives for users of these payment methods evolve in new ways, it can be hard for banks to adapt. However, this also creates new opportunities for banks to take advantage of the strategies and provide supplemental or competing services. By directly partnering with fintech providers to provide co-branded solutions which still allow the bank to partake and benefit from the payment strategy, or by providing their own versions of these same solutions, banks can be the up-front service provider of choice for consumers who bank within walls. At the end of the day, there are likely to be some growing pains and banks may have to get creative to shift some of their existing business models to accommodate this relatively fast change in adoption of new payment methods and strategies, but the opportunity exists for those willing to stand up and take it.