Financial Institutions as the facilitators of consumer payment for goods and services are feeling less prominent in their role, and in some cases as outlined by the article, are becoming essentially invisible in the transaction.
This trend leaves banks owning the expensive infrastructure that payments run on, while customer relationships are increasingly owned by retailers and other platform providers. So you – and your relationships and even transaction revenue – start to disappear behind other brands’ façades.
Mercator Advisory Group recognizes FIs need to take steps to fundamentally recast their relationship with consumers beyond facilitation of their payment methodologies. We anticipate those FIs that increasingly embrace a fiduciary and advisory role for their consumer clients will prove worthy of being retained as service providers. This is all the more important as the trend toward fee-less transactions on the consumer side becomes more likely with merchants, social media, and communication providers all vying to deliver payment capability.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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