Much of the attention in the payments industry goes toward the consumer-facing side of the relationship. It shouldn't be a complete surprise because the success of new technology ultimately resides in the hands of customers who are willing to test out and, hopefully, embrace the latest and greatest systems. However, banks and financial services providers play a major role in enabling merchants to deliver innovative experiences to their customers.
According to IT analyst and consultancy firm, Ovum, 43 percent of banks' senior IT executives supported revenue growth as one of the top three strategic priorities this year. Improving internal operations is a core process for 38 percent of banks surveyed. While focusing on the customer-facing aspects of business remain critical, banks hope to streamline back-end processes and enhance product conversions.
Local banks have found success in the customer service model for many years. People are often cautious with their finances, but community banks establish a level of trust with their clients to help them feel at ease with depositing their checks. Traditionally, customers would come into a bank and make a deposit while speaking with a teller. However, the digital age has shifted the banking paradigm in such a way, that consumers are now using new technology to view their finances and interact with their financial institutions.