Banks: The Instant Money Opportunity Too Many Banks Overlook – Detailed Whitepaper
December 17, 2017
Banks have never faced a more challenging and competitive environment than they do right now. First, there are the strong generational trends underway that have many consumers shying away from the traditional banking experience.
Then there are the business and regulatory pressures that are forever increasing banking transaction costs. And, certainly, technological trends have changed peoples’ perceptions and relationships with money, including prepaid products and services, peer-to-peer lending, online wallets, and mobile adoption that move at web speed.
- // TAGGED
With the new year comes new expectations for FinTech firms.
Recent PYMNTS data finds that fraud losses run about 2% of revenues — $51 million annually for the average FinTech.
The Power of Open-Loop P2P Payments
The FinTech Fraud Ripple Effect details the frictions customers experience when using FinTechs for their money mobility needs.
With more workers living paycheck to paycheck, having fast access to their hard-earned cash is crucial.