Digital payments became more popular during the COVID-19 pandemic, putting pressure on merchants to provide frictionless and secure transaction options.
• Traditional banks are experiencing a new wave of competition in the payments industry in the form of nonbank digital players including technology giants and start-ups, which is compelling them to digitize and use new strategies and operating models in order to keep up with consumer demand.
• A platform to integrate all available information about customers’ needs and preferences would include options to increase customer engagement, such as promotions, offers, and mobile wallet loyalty programs.
• Younger consumers are a target demographic for buy-now-pay-later (BNPL) options. Banks have a unique advantage to compete against digital banking and offer BNPL options in that they can leverage this rich customer data and have comfortable footing in competing against fintech firms.
• The range of digital banks and wallets from which consumers can choose is placing more importance on a user-centric approach to help a fintech company stand out.
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