Session Descriptions

Payments Landscape:
Competing with FinTech and Big Banks

Your members are paying for products and services every single day. Their wallet carries numerous cards and one or more of these cards could even power their digital wallet(s). FinTech and large financial institutions continue to pursue consumers to adopt their “superior, seamless, convenient, secure, and incentive-laden” payment instruments.

How do you compete in this arena? What would it take for you to earn your consumers’ confidence to be that top-of-wallet card? What would a leading-with-payments strategy do for your financial institution? Can you truly lead with payments?

Five things form the foundation of an effective payments strategy:

  1. Superior Service: Timely and proactive responses will make it easier for your organization to serve existing members, retain members and attract new members.
  2. Earnings Growth: More cards means more usage, which means portfolio growth – payments as a strategic moneymaker for your organization.
  3. Circumvent Fraud: Fight to circumvent fraud – card present, card not present, social engineering, heuristics and even curtail false positives.
  4. Drive Innovation: The future is about touch-point real-time authentication – card controls, deciphering big data and being like (or better than) FinTech.
  5. Consistent Experiences: Giving the consumer seamless frictionless experiences – p2p, debit, credit, ACH, digital wallet.

Do these five things well, and you can counter FinTech, lead with payments and nurture your way to becoming your members’ primary financial institution. Join us for a discussion on ideal practices – innovative, yet practical ideas to power your payments strategy.

Sundeep KkapurPresenter: Sundeep Kapur, Educator & Founder, Digital Credence

Program Level: Intermediate
Field of Study: Specialized Knowledge and Applications
CPE Credits Available