Innovating Payments Top 3 News Headlines (Oct. 30)

Welcome to Innovating Payments Top 3 News Headlines for the Week of Oct. 30. In this issue, we explore how the economy could potentially alter retail banking outlook for 2023 and beyond, including whether retail banks will scale back digital transformation investments. Also, this year's National Survey of Community Banks names economic conditions and net interest margins as a top external risk by community bankers. In addition, according to PYMNTS' series "Executive Insights: The Next Three Years," Gen Z is starting to call the shots in payments.

Read on to learn more.

1.  Economy Alters Retail Banking Outlook for 2023 and Beyond (The Financial Brand)

Retail banks have a strong financial foundation despite economic headwinds that appear to be getting stronger as inflation rises, unemployment increases, and consumer concerns about meeting basic needs continue. A major question still to be answered is whether retail banks will scale back digital transformation investments, or will they continue to move towards becoming more future-ready. (Read more.)

2.  CSBS Community Bank Survey (CSBS)

This year's National Survey of Community Banks, conducted by the Conference of State Bank Supervisors (CSBS) and state financial regulators, was distributed during a period of economic upheaval. Consumer prices and interest rates were rising. Asset prices and economic output were dropping . . . This time around, on the tenth year of the conference, the challenges are macroeconomic. They appear to be more pervasive and more traditionally cyclical in nature. (Read more.)

3.    Move Over, Millennials - Gen Z to Start Calling the Shots in Payments (PYMNTS)

When we see what's transpired in the past three years, the utility of long-term outlooks becomes clear as the businesses that paid attention to trendlines in 2020 in many cases survived and thrived under extraordinary conditions stretching into the here and now - and after. In that spirit, PYMNTS' series "Executive Insights: The Next Three Years" is asking experts in different sectors of the connected economy to break out the magic eight ball and identify trends shaping payments in the coming three years - a tough ask given historic levels of uncertainty. (Read more.)

How is the economy impacting your 2023 outlook and plans? Speaking of the economy, does your financial institution plan to scale back digital transformation investments moving forward? Finally, what steps is your financial institution taking to meet the payments needs of Gen Z?

Check back soon for our next issue, which will again highlight the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.