When it comes to digital payments, we’ve come a long way. Global mobile payment transactions are valued at over $2 trillion, and more than three-quarters of consumers cite their preference for banking digitally.
Friendly fraud is on the rise, now accounting for up to 75% of all chargebacks. From instances of kids using their parents’ cards to purchase items to flat-out falsification to reverse an overspend, friendly fraud occurs when a cardholder disputes a legitimate transaction as fraud with the hope of having those funds returned.
According to the latest survey from the Conference of State Banking Supervisors, 99.8 percent of community bankers feel the adoption of new or emerging technologies to meet customer demand is at least somewhat important, with 64.7 percent labeling it “extremely” or “very” important.
The countdown is on. FedNow goes live in just a few months, and its looming launch creates a sense of urgency around the execution of instant payments.
The countdown is on. FedNow goes live in just a few months, and its looming launch creates a sense of urgency around the execution of instant payments.
Instant payments have arrived.
In the five years since the launch of the RTP Network, volumes have steadily increased by more than 10 percent per quarter, and in Q3 2022, the network moved 45 million transactions valued at $19.7 billion.
Digital transformation is the 2022 payments phrase of year. You can’t attend a meeting without hearing about its importance in the financial services landscape, and when you consider that nearly nine in ten Americans are now using some form of digital payments, you understand why it needs to be a top priority.
Even if you aren’t hearing the words “faster payments” or “instant payments” directly from your customers, trends and research show the demand is there – and rising. Recent Federal Reserve surveys reveal growing interest in faster payments
In 2020, nearly 18 million Americans were defrauded via digital wallets and person-to-person (P2P) services, according to Javelin Strategy & Research. With numbers like that, P2P solutions like Zelle have come under fire, and issues are escalating.
When it comes to payments, the generational divide has been shrinking. While Gen Z and Millennials still lead the way in digital payments adoption, Baby Boomers and Seniors (over 76) are increasing their digital payments prowess.
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.
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 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?”
In less than two months, the International Standards Organization (ISO) standards update for 8-digit Bank Identification Numbers, or BINs, takes effect. This new standard means that card processors must be able to accommodate and manage transactions using 8-digit BINs.
The average person spends nearly two and a half hours on social media per day, so it’s no wonder social payments have started to infiltrate the financial services industry.
The average person spends nearly two and a half hours on social media per day, so it’s no wonder social payments have started to infiltrate the financial services industry.
With the eldest members of Gen Z clocking in at age 24, they represent a market ripe for targeting with banking services. But what they are looking for differs from what Millennials and Gen X required of community banks at the same age.
Have you ever been ready to jump into your next meeting only to notice you didn’t have your mobile phone? If so, I’m betting you felt a sense of panic that only subsided once your phone was back in hand.Because without it, you’d lost your lifeline.
A semiconductor chip shortage has emerged as a real challenge for banks. Industries from automobile manufacturing to consumer electronics have been reporting issues for months, and now the effects have spread to the payments industry.
