When it comes to community bankers’ technology to-do lists, 35% view investing in digitalization as their top business opportunity. We’ve clearly arrived at a tipping point where community bankers are not just talking about the digital experience, they are incorporating it into actionable plans.
Community Bankers Association of Illinois (CBAI) is no stranger to fintech collaborations, but the idea of helping shape fintech offerings tailored to community banks was too intriguing an idea to pass up.
According to the Federal Reserve, nine in 10 businesses (or 29.25 million) expect to be able to send and receive instant payments by 2023.
Fortunately, in many cases, community-based financial institutions have begun the process to meet these needs.
The first rewards credit card was introduced by American Airlines in 1934 to help it sell tickets. Ninety years later, merchants accepting credit cards and issuing co-branded rewards cards continue to create value for consumers and businesses.
The importance of experienced advocacy representation of community banks’ payments needs has never been greater, which is why the ICBA Payments and Technology Policy team has imbedded resources into myriad decision-making boards, committees, and standards-setting bodies.
The pandemic has clearly had a lasting impact on customers’ payment behaviors, marked by an unprecedented rise in ecommerce transactions, projected to reach $8.3 trillion by 2025. Amidst this sea of change, community banks are asking, “What does this shift mean for my payments strategy?”
Bank innovation continues to be a central focus for regulatory agencies. From the launch of innovation offices and office hours to policy statements encouraging innovative approaches, regulators have embraced—and now expect—new forms of responsible innovation. Often, this innovation relies upon strategic bank-technology collaborations.