Digital Payments Strategy for Smaller Financial Institutions: A Must-Have

Digital payments have evolved with the growth of the internet and shifts in e-commerce.

Boston, December 5, 2019 – “Digital payments” is defined broadly across most financial service providers and merchant categories. While some recognize the concept as Apple Pay or online bill pay, others see it as a mobile wallet or mobile banking app. The most widely accepted, simple definition of a digital payment is a transaction that is initiated without the use of a physical card or paper currency.

This report provides readers with a solid foundation of knowledge about digital payments and guides them through the process of developing and implementing a customized digital payments strategy for their FI. It is based on Aite Group interviews with community bankers and industry experts in February and March 2019, and it is accompanied by a worksheet that FIs can use to help them understand their organization’s progress toward digital transformation.

This 25-page Impact Report contains six figures and six tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the zipped file containing the corresponding charts and accompanying interactive worksheet, and the Executive Impact Deck.

This report mentions, Apple, Bank of America, Chime, Facebook, Google, JP Morgan Chase, Kohl’s, Moven, PayPal, Quicken, Samsung, Venmo, and Zelle.

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