Independent Banker - January 2023 - 16

PORTFOLIO
◎FOCUS PAYMENTS
5 payments trends you
should know about
The payments landscape is evolving, and customers' needs are changing.
Here's how community banks can enhance their payments offerings.
By Colleen Morrison
ayments account for up to 30%
of bank revenue, and that income
stream is under attack. Increased
competition signals that the payment
relationship with the customer is
up for grabs by a growing group
of challengers.
CB Insights revealed that Q3 2022
fintech investments in payments
continue to dominate financial
services, with early-stage deals
P
reaching a record high even as overall
funding begins to cool.
" What's interesting to me is the
macro environment, " says Marilena
Lakoumentas, senior vice president
and chief digital officer at $3.3 billionasset
Bank of Tampa in Tampa, Fla.
" We've got capital market resets that
are potentially happening, technology
advancements and continued
heightened digital expectations.
People are looking at Amazon and
how they're transacting and how
they're making payments, and it just
raises the bar for everyone. "
Top trends in payments
As 2023 kicks off, community
banks can respond to today's
payments landscape by addressing
five key trends.
1
Adopt faster payments.
Federal Reserve research
shows that upwards of
60% of consumers want
a real-time view of their account
balance and immediate posting of
payments they initiate. In addition,
70% equate some level of bank
satisfaction with access to enhanced
faster payment capabilities.
With FedNow, the Federal Reserve's
new instant payments rail, set to
launch in mid-2023, community
banks can link up to the system,
monitor its volume and identify use
16 // ICBA Independent Banker // January 2023
Photo by Juan Moyano/Stocksy

Independent Banker - January 2023

Table of Contents for the Digital Edition of Independent Banker - January 2023

Table of Contents
Independent Banker - January 2023 - Cover1
Independent Banker - January 2023 - Cover2
Independent Banker - January 2023 - Table of Contents
Independent Banker - January 2023 - 2
Independent Banker - January 2023 - 3
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Independent Banker - January 2023 - Cover3
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