4 Ways That Forward-Thinking Banks Are Using Real Time Payments To Drive Innovation
Forward-thinking banks and The rise of real-time payments (RTP)
If you’re a leader in the financial services industry, you’ve likely become an expert at studying—and adapting to—change.
So much has shifted in the industry. Fintechs have upended old business models and now compete for market share. New customers who have grown up on digital apps and services have begun demanding greater responsiveness and more personalised experiences from their banks, requiring them to become more forward thinking banks. Rules around customer practices, lending, and other banking activities continue to change as regulations become increasingly complex.
So how do financial services institutions drive innovation in this fast-changing environment?
One change in particular stands out for its potential to drive innovation: the adoption of real-time payments (RTP). On its face, RTP is a big win for customers. It enables a more frictionless banking experience with fewer holds, moving payments with the same quick gratification that customers have come to expect from other modern services, such as instant messaging, video streaming, and one-hour delivery. But RTP may be an even bigger win for banks. That’s because once you’ve modernised your core infrastructure to handle RTP—even partially—you start to unlock a whole new world of potential products and revenue streams.
RTP itself is just a back-end payment system, but by modernising your core, you suddenly gain the flexibility and agility to grow your bank in ways that weren’t possible even a few years ago. A rising multitude of banking and payment APIs lets you tap into the new openbanking economy and its hyper-connected, “one-to-many” ecosystems.
Access your free eBook to explore four ways that forward-thinking banks are creating new revenue and growth using the changes around RTP.
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