Realtime payments (RTP) is great for the consumer, but what about for the banks? Will realtime payments lead banks to lost revenue on transfer fees or fines from bounced checks?
That is likely.
But real-time payments will also open doors to new revenues possibilities, thanks to data from realtime transactions.
“What we’re really talking about is real-time communication,” Jordan Lampe, head of strategic projects at payments platform Dwolla, said in the episode of Fintech Unfiltered podcast released today.
Lampe explained how banks can use transactional data to tailor existing products and services, but also create new ones based on the realtime information exchange taking place between financial institutions during the transaction. So, while some may think realtime payments will eat into a bank’s revenue stream, others like Lampe, believe that RTP will bring banks monetary value add by pushing banks to become more customer-centric in their services and offerings. And possibly more innovative, as well…
Listen to the full podcast below:
Fintech Unfiltered is presented by Bank Innovation and INV Fintech, Bank Innovation‘s sister accelerator. INV is a global accelerator that seeks startups that target any and all facets of the fintech ecosystem. The accelerator partners with technology companies, as well as banks, to create the best possible startups, technologies and financial services products.Like This Post