Financial institutions are excited about the future of their payments businesses as most are predicting growth and investing in technology to support it. While FIs are exploring many new technologies, the mobile channel, faster payments solutions and generative AI are rising above all others.
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This new research conducted by American Banker explores the 2024 outlook on the payments business, approaches toward new payments technologies and concerns about fraud.
Key findings include:
- The mobile channel has become so important to the payments business it is driving interest in new mobile wallets and affecting how payment products are designed.
- The adoption rate of faster payments solutions is accelerating with considerable interest in this area, especially from credit unions.
- Fraud is the biggest obstacle to growth, with the cost to implement new technology hindering FIs.
- More than eight in 10 FIs are using or plan to use generative AI-based tools to support their payments business with a focus on fraud prevention and customer service.