Welcome to Innovating Payments Top 3 News Headlines for the Week of Jan. 8, 2023. In this issue, we look at the eight trends that will shape payments, retail, and the Digital Economy in 2023, according to PYMNTS. Also in this issue, President & CEO Jim Aramanda announces his retirement in early 2023. David Watson, who most recently served as Chief Product Officer at SWIFT, will succeed Aramanda. In addition, this month's Digital-First Banking Tracker® examines how financial institutions need to tailor experiences to younger digital natives looking for service beyond checking accounts and deposits.
Read on to learn more.
1. The Eight Trends That Will Shape Payments, Retail, and the Digital Economy in 2023
The holiday ornaments have been put away, the resolutions have been made, the new year well wishes have been given. That means it's time for predictions about the year to come. This year, I'm going to share eight trends that provide business leaders and innovators across payments with a strategic framework for success. These trends are based on PYMNTS data and frameworks, along with my reflections on the hundreds of conversations I had with executives in 2022 about their pain points, priorities and goals for the future. Knowing these trends and this strategic framework, you will be armed to make your own predictions - and I'll also throw some of my own below. Read more.
2. David Watson Named CEO of The Clearing House (The Clearing House)
The Clearing House (TCH) today announced that President & CEO Jim Aramanda will be retiring in early-2023, after 15 years leading the company. Aramanda will be succeeded by David Watson, who most recently served as Chief Product Officer of Swift. In this role, Watson maintained responsibility for Swift's product engineering, development, and innovation with focus on the company's services to banking, securities, market infrastructure, and corporate customers. His appointment is effective February 1, 2023. Read more.
3. Banks Risk Missing Out on Millennials' Wealth-Building Needs (PYMNTS)
Digital tools are helping improve financial inclusion for banks in the United States, and many customers use their mobile phones to manage their bank accounts. The number of U.S. adults who have used a mobile phone to make a payment or transfer funds in the last 12 months increased by 20 points to 54%. The rising number of FinTechs churning out innovative digital financial services also gives consumers options. Three in four U.S. consumers would switch banks if it meant gaining access to safer, more cost-effective digital services. Read more.
What 2023 predictions strike a chord at your institution? Where do you see the new year taking you? With David Watson at the helm of The Clearing House, effective Feb. 1, 2023, what changes do you expect to see? As reported by PYMNTS, three in four U.S. consumers would switch banks if it meant gaining access to safer, more cost-effective digital services. What is your financial institution doing to expand its digital offerings in 2023?
Check back soon for our next issue, highlighting the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.