Breaking Down Your Payments Strategy Questions - Why do we need a specific payments strategy if we have an overall business strategy?

We’re often asked, “Why do we need a specific payments strategy if we have an overall business strategy?”

A decade or so ago, payments were thought to be more of a behind-the-scenes, operational backbone of banking, but those times have changed. In this constantly connected world, we’ve put the payments function into the hands of the customer or member—from mobile banking to digital wallets to remote deposit capture and beyond. Now, payments have become a significant customer/member touch point.

This means that as part of your mission, payments now play a critical role. How you choose to serve your customers/members, communities, and organizations, includes a payments experience. So, by nature of its importance, your payments strategy becomes a component of your overarching business strategy. They are not disparate plans but are symbiotic, both supporting the overall goal of achieving your business objectives.

At the end of the day, as we look at our payments strategies, they should be a significant component of how we respond to customer/member behavior, needs, and expectations.

In this tumultuous environment, a payment strategy provides the guardrails for how to address customer/member expectations, both today and tomorrow. Take your first step by getting a handle on this dynamic landscape through our “Building Blocks of Faster Payments” series.
 

Breaking Down Your Payments Strategy Questions:

• (Part I) - Why do we need a specific payments strategy if we have an overall business strategy?
• (Part II) - What are the most important elements of a payments strategy?
• (Part III) - What about faster payments? How do they tie into our payments strategy?
• (Part IV) - What role do FinTechs play in a payments strategy?