Most U.S. banks are still running on the same technology put in place in the 1980s. As a result, they are losing market share to digital-first non-bank financial players built for speed and convenience. With the nation increasingly embracing real-time payments, the shortcomings of inefficient, inflexible legacy infrastructure will further widen this gap. Fortunately, it’s not too late for banks to compete. We break down the fundamental aspects of real-time payments, the strain on legacy systems as real-time capabilities are adopted and what banks must do to adapt and compete in our report “The Time is Now to Understand Real-Time Payments.”
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Most U.S. banks are still running on the same technology put in place in the 1980s. As a result, they are losing market share to digital-first non-bank financial players built for speed and convenience. With the nation increasingly embracing real-time payments, the shortcomings of inefficient, inflexible legacy infrastructure will further widen this gap. Fortunately, it’s not too late for banks to compete. We break down the fundamental aspects of real-time payments, the strain on legacy systems as real-time capabilities are adopted and what banks must do to adapt and compete in our report “The Time is Now to Understand Real-Time Payments.”
The Time is Now to Understand Real-Time Bill Payments
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Americans are looking for real-time payments, and with plenty of digital-first NBFIs entering the game, they don’t have to settle for the slow, ineffective legacy systems that banks have in place from the 1980s. If banks don’t adapt – soon – they will lose a significant amount of market share. Luckily, we put together an eBook for what banks must do to adapt and compete. Download our newest report, “The Time is Now to Understand Real-Time Payments”
The Time is Now to Understand Real-Time Bill Payments
lp.billgo.com
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Watch the third episode of our #TalkingTechwithCSI series to learn more about the future of real-time payments and how banks can integrate the FedNow Service into their payments strategy: https://bit.ly/3R0dw7H
Talking Tech with CSI: The FedNow Service & Real-Time Payments
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Instant payments are gaining momentum in the US. How are banks preparing? We surveyed 300 senior payment professionals to find out. Download our report to discover how the US is embracing the future of payments.👇 https://lnkd.in/eXab9AhM
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The future of community banking is clear: innovate or get left behind. This article from The Financial Brand explores the growing divide between community banks that are embracing new technologies and those that are clinging to outdated methods. The key takeaway? Community banks can't afford to be complacent. They need to be proactive in adopting new technologies to meet the evolving needs of their customers. The article explores actionable steps for community banks to thrive in today's landscape. Read more to discover how your bank can stay ahead of the curve. Link: https://buff.ly/3ywKCoL
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Did you know that a study by Cornerstone Advisors shows that bank leaders need to be aware of the various macroeconomic challenges? In the 2024 Cornerstone Report, "What's Going on in Banking", you'll learn the challenges to look for including a weak economy, regulatory changes, and the need to invest in emerging technologies. Also, you'll discover how nearly 1 in 4 consumers are considering smaller banks, such as credit unions and community banks, for their next credit card. Check out PYMNTS article to dig deeper into how smaller FIs should focus on delivering key features and addressing cardholder preferences. You can learn more about what it takes to hit challenges head-on in this week's Inside Payments newsletter. https://lnkd.in/d2bMzvJM Subscribe Now: https://lnkd.in/dPQvs52j
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🌟 With a 435% growth in the past decade, the #subscriptioneconomy is here to stay! 🌟 With such an immense growth rate, the saying "You can't stop the waves but you can learn how to surf" is an equally powerful message for the financial industry. 🏦 So how do banks ride this unstoppable wave🌊 of subscription #banking? Dive into our article 👉 https://hubs.ly/Q02NlTHD0 to see how they are gearing up. Stay informed, stay ahead, and be part of the change! 🌐✨ #payments #innovation #futureready #digitalbanking #trends
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You're 42% more likely to achieve a goal if you write it down. Record your financial goals and track your progress with our free My $ Snapshot tool within digital banking. Learn more: https://bit.ly/3OCXRsh
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Check out our latest insights on Neo Bank. Learn how digital banks are changing the financial world with new technology and better services. Dive in to see what’s next for banking. #financeapp #bankapp #mobileapp
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Increasing regulatory pressure is encouraging more support for vulnerable customers, but vulnerability can be difficult to spot and transient amongst consumers. How can data help businesses overcome their challenges in this area? Find out the answers with our experts at the last Open Banking Expo event - https://lnkd.in/eW7tdYed #webinar #costofliving #inflation #datainights
The importance of identifying vulnerable customers - panel debate | Video | Equifax UK
equifax.co.uk
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