Cards and Payments: Delivering the Digital Opportunity
The last decade has created new threats to banks and card issuers that exceed those of the past. The stars are aligning in such a way as to leave established banks and card issuers at risk of being left behind in the wake of new technology, new customers and a new era of competition.
This isn’t the gradual or incremental change banks have dealt with in the past. Both the pace of change and the rate of adoption and discarding of technology have accelerated greatly, driven by the ubiquity of mobile devices. Think of Facebook: it grew from zero to 1.2 billion active monthly users in just 10 years, and more than 75% of users access it via a mobile device.
The heavy use of mobile devices coincides with the emergence of a new breed of customer – the Digital Native. Customer needs and demands always evolved, but this time it is different. These consumers interact with many products and services in very different ways to their predecessors. Digital technology isn’t a novelty for them; it’s the de facto standard.
Banks and card issuers recognise that digital is the future but banks are not always recognised as places where innovation flourishes. Download this exclusive white paper to learn what banks can do to be more successful at delivering innovation.